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The Lisk team has launched an onchain vote to wind down the Lisk DAO. The proposal calls for burning 100 million LSK and reducing the token’s total supply by 25%.The plan also includes transferring approximately 47 million LSK from the DAO treasury to Lisk Ltd. Meanwhile, the Lisk Chain will shut down completely on October 31, 2026.The Lisk price showed volatility following the announcement. According to market data, the token traded around $0.087 at the time of writing. LSK lost 5.3% over the past 24 hours. However, its weekly gain remained above 11%.Lisk DAO shutdown vote beginsThe Lisk team announced its plan to close the DAO and its related services through a proposal published on the governance forum. The proposal went live for an onchain vote on DeGov the same day.The team will burn the DAO’s annual allocations of 15 million LSK for each year from 2027 to 2032. Another 10 million LSK allocated for 2033 will also stay out of circulation.The total burn will therefore reach 100 million LSK. This will reduce LSK’s total supply from 400 million to 300 million.The team said the supply reduction would limit future token emissions. Project expenses will no longer rely on LSK sales from the DAO treasury.The Onchain Foundation will finance Lisk’s operations. The team expects the change to reduce recurring selling pressure on LSK.Approximately 47 million LSK will go to Lisk LtdThe proposal covers more than the token burn. Lisk Ltd will receive approximately 47 million LSK currently liquid in the DAO treasury or vested through 2026.The team will determine the exact amount when it executes the proposal. The assets will therefore move from the community-governed treasury to the company’s control.Lisk Ltd will also assume control of two liquidity vaults managed by the DAO through Arrakis. These vaults provide LSK-ETH liquidity on Uniswap v4 on Ethereum and Aerodrome on Base.After the transfer, Lisk Ltd will manage liquidity on decentralized exchanges. The team will pause the governance contracts and close the Lisk Governance Forum.Why is Lisk leaving the blockchain business?The Lisk team acknowledged that the Ethereum Layer 2 network failed to generate enough revenue over the past two and a half years. LSK distributions for ecosystem incentives also created selling pressure on the token.The team argued that heavy LSK spending and operational fragmentation made the existing model unsustainable. As a result, the Lisk Chain will shut down on October 31, 2026.Lisk will continue as a financial operations platform for businesses. The new product will bring bank accounts, stablecoin balances, payments and approval processes into a single workspace.LSK will serve as the loyalty token for the new platform. Businesses will eventually be able to earn LSK by using the platform and pay their fees with the token.What should LSK holders do?If the proposal passes, users will be able to unstake their LSK without paying an early-exit penalty. However, a three-day waiting period will still apply before the tokens become available.Users holding LSK on the Lisk Chain must move their assets to Ethereum before October 31. The bridge process takes at least seven days, so the team urged users to act before the deadline approaches.Investors holding LSK on Ethereum or a centralized exchange do not need to take any action. Lisk will position Base as one of the token’s primary networks alongside Ethereum.
Coinbase made two opposing decisions concerning three altcoins on the same day. The exchange added Basecat and DebtReliefBot, both built on Base, to its spot market while announcing plans to end trading support for IoTeX.The BASECAT-USD and DRB-USD pairs entered a phased launch process. IOTX trading is scheduled to stop at around 9:00 p.m. Turkey time on September 23, 2026.Coinbase launches BASECAT and DRB tradingAccording to Coinbase Markets' announcement, spot trading for Basecat (BASECAT) and DebtReliefBot (DRB) went live on August 24. The exchange created US dollar trading pairs for both assets.Coinbase offers the BASECAT-USD and DRB-USD pairs in supported regions. Users can access the markets through Coinbase Advanced.Institutional clients can trade the assets through Coinbase Exchange.The exchange initially placed the pairs in auction mode. During this stage, investors can submit limit orders and view the indicative opening price.Coinbase uses this process to facilitate price discovery and establish sufficient liquidity in new markets.Both tokens entered Coinbase’s listing roadmap on August 21. Inclusion in the roadmap alone does not mean that trading support has started.The exchange publishes a separate trading announcement once market-maker support and the required technical infrastructure are ready.Both tokens run on BaseCoinbase supports only the Base network versions of BASECAT and DRB. The exchange identified BASECAT’s contract address as 0xb2000000000000000000004c27f6523082f41d01.The contract address provided for DRB is 0x3ec2156D4c0A9CBdAB4a016633b7BcF6a8d68Ea2.Basecat is a memecoin featuring a cartoon cat wearing a blue construction hardhat. Coinbase data shows that the token has a circulating supply of around 1 billion.DebtReliefBot combines memecoin and artificial intelligence themes. The name was proposed by xAI chatbot Grok in March 2025.According to the project’s community portal, a crypto bot called Bankr later created DRB on Base.Base’s official documentation describes the network as an Ethereum Layer 2 solution incubated within Coinbase. The network aims to offer faster and cheaper transactions while maintaining Ethereum compatibility.BASECAT and DRB face selling pressureTrading volumes for both assets increased during the listing process. Selling pressure emerged after the initial price movements.Market data showed BASECAT trading at $0.0292 as of 12:08 p.m. Turkey time on August 25. The token fell 18.5% over 24 hours, while its trading volume approached $19 million.DRB traded at around $0.0001532 at the same time. Its daily loss reached 19.5%, while its weekly gain remained at 469%.This performance indicated stronger profit-taking after the rapid rally that preceded the listing.When will Coinbase suspend IOTX trading?Coinbase took the opposite direction with IoTeX. According to the exchange’s announcement, IOTX trading support will end at around 2:00 p.m. Eastern Time on September 23.This corresponds to 9:00 p.m. in Turkey.The decision covers Simple and Advanced Trade on Coinbase.com. Coinbase Exchange and Coinbase Prime clients will also be unable to trade IOTX after the stated time.The exchange has already moved its IOTX order books to limit-only mode. Users can submit limit orders or cancel existing orders during this period.Trades can continue to match when the required conditions are met.Coinbase said customers would retain access to their balances. Investors will still be able to withdraw IOTX from the platform after trading support ends.The exchange said it reached the decision after a regular asset review. It did not disclose which listing standard IOTX had failed to meet.It therefore remains unclear whether the decision relates to liquidity, technical infrastructure or compliance requirements.The version of IOTX traded on Coinbase operates on Ethereum. Users planning to withdraw their assets need to verify the destination wallet and network.IoTeX’s deposit and withdrawal guidance states that Coinbase accepts only the ERC-20 version. Sending native IOTX directly to an Ethereum deposit address on Coinbase could result in a loss of funds.The delisting announcement did not initially trigger a sharp decline in the global IOTX price. CoinGecko data showed IOTX trading at $0.00282 as of 12:08 p.m. Turkey time, up 0.8% over the previous 24 hours.
Bitcoin started the week of August 24–30 above $77,000. BTC gained more than 21% last week, while investors shifted their attention to US inflation, the Jackson Hole symposium and comments from Federal Reserve Chair Kevin Warsh. On the crypto calendar, network upgrades for BNB Chain and Zano stand out. New tokens from DGAI, PROPR and TMX will enter the market, while the circulating supplies of SIGN and ZORA will expand.PCE data will shape interest rate expectationsThe week’s most important data will be released simultaneously on Wednesday, August 26, at 3:30 p.m. Türkiye time. The US Bureau of Economic Analysis’ official calendar includes the July personal income and spending report and the second estimate of second-quarter economic growth.The market expects headline PCE inflation, which the Fed closely monitors, to rise 0.1% month over month. The annual rate is forecast to decline from 3.7% to 3.6%.Core PCE is expected to increase 0.2% monthly and 3.3% annually. A higher-than-expected reading could raise the possibility of an interest rate hike in September and push long-term Treasury yields higher.No revision is expected to the initial estimate showing that the US economy grew at an annualized rate of 1.5% in the second quarter. Durable goods orders are forecast to rise 0.5% in July.Jackson Hole’s theme directly concerns the crypto marketThe Kansas City Fed’s annual Jackson Hole Economic Policy Symposium will take place in Wyoming from August 27 to 29. This year’s theme is “Financial Innovation: Implications for Payments and Policy.”The theme matters for stablecoins, tokenized assets, digital payments and central banks’ approach to financial innovation. Central bank officials, economists and policymakers will attend the event.Fed Chair Kevin Warsh will deliver the symposium’s keynote address on Friday, August 28, at 5:00 p.m. Türkiye time. The time of the speech has been confirmed on the Fed’s events calendar.Markets currently assign an approximately 40% probability to an interest rate hike in September. Futures pricing has largely factored in at least one increase by December.Oil prices keep inflation risks alive for cryptoTensions involving Iran and the Strait of Hormuz are increasing the impact of energy costs on central bank decisions. Brent crude fell 1.5% on Monday but remained near $93 per barrel.According to Reuters, investors are awaiting details of new US sanctions against Iran. Iran’s threat to disrupt energy exports from the Gulf is keeping the risk of another increase in oil prices alive.Higher energy prices could fuel PCE inflation and make it more difficult for the Fed to move toward rate cuts. This outlook represents one of the week’s main risks for Bitcoin and altcoins, which remain sensitive to liquidity conditions.Two Asian central banks will announce rate decisionsThe Bank of Thailand will announce its interest rate decision on Wednesday, August 26, at 10:00 a.m. Türkiye time. The bank’s meeting schedule confirms the date, while the current policy rate stands at 1%.The Bank of Korea will announce its decision on Thursday, August 27, at 4:00 a.m. Türkiye time. The bank raised its rate by 25 basis points to 2.75% in July.South Korean policymakers have indicated that further tightening could remain on the agenda due to high inflation and strong economic growth. The decision could affect Asian currencies and regional risk appetite.BNB Chain and Zano networks will receive upgradesBNB Smart Chain’s Pasteur upgrade will activate on the mainnet on Tuesday, August 25, at 5:30 a.m. Türkiye time. According to BNB Chain’s announcement, node operators must upgrade their client software to version v1.7.7 before the activation.Pasteur will strengthen bridge transaction verification and validator key security. Tests on the testnet reportedly increased transaction capacity from 1,237 to 2,324 transactions per second.Privacy-focused network Zano will also activate Hard Fork 6 at block 3,833,000. According to the project, the network is expected to reach this block between August 25 and 27.The upgrade will introduce Gateway Addresses, making it easier for exchanges and cross-chain applications to connect with Zano. Wallet users, mining pools and node operators must update their software before the network reaches the target block height.Three tokens are entering the marketDGrid AI’s DGAI token will begin trading on Bitget on Monday, August 24, at 11:00 a.m. Türkiye time. The exchange confirmed the launch time for the DGAI/USDT pair in its official listing announcement.Propr, a proprietary trading platform built on Hyperliquid, will also launch the PROPR token on August 24. The project’s roadmap places the token generation event and the start of spot trading on the same date, although it does not provide an exact time.Fixed-rate lending protocol TermMax will hold its TMX token generation event on August 25. TMX is designed as the protocol’s governance and utility token.SIGN and ZORA token unlocks will be closely watchedA total of 207.78 million SIGN tokens will enter circulation. The project’s calendar lists the event for August 28 at midnight Beijing time, meaning the unlock will occur on Thursday, August 27, at 7:00 p.m. Türkiye time.At the current price, the SIGN unlock is worth approximately $3.63 million. The value will change alongside movements in the spot price.ZORA will unlock 166.67 million tokens on Sunday, August 30, at 8:30 a.m. Türkiye time. The unlock represents approximately 1.67% of the total supply and is worth around $1.1 million at the current price.Of the unlocked tokens, 72.5 million will go to investors, 52.5 million to the team and 41.67 million to the treasury. The latest distribution figures and approximate dollar value are available on ZORA’s unlock calendar.IREN will report its financial resultsIREN, which is shifting from Bitcoin mining toward artificial intelligence cloud infrastructure, will release its fiscal 2026 results on August 27. Due to the time difference, the company’s conference call will begin on Friday, August 28, at midnight Türkiye time.IREN’s investor announcement shows that the report will cover the fiscal year ending June 30. Mining revenue, energy expenses and investments in artificial intelligence infrastructure will be among the main items to watch.Bitcoin Asia will take place in Hong KongBitcoin Asia 2026 will take place in Hong Kong on August 27 and 28. The organizer’s event page says more than 150 speakers and over 10,000 attendees are expected.The program will focus on Bitcoin infrastructure, institutional capital, adoption across Asia and regulation. CZ, Balaji Srinivasan and Hong Kong Legislative Council member Johnny Ng are among the announced speakers.The full calendar of 24 developments for the week is as follows:August 24: PROPR token generation event.August 24, 11:00 a.m. Türkiye time: DGAI/USDT trading begins on Bitget.August 25, 5:30 a.m. Türkiye time: BNB Smart Chain Pasteur upgrade.August 25: TMX token generation event.August 25–27: Zano Hard Fork 6 activation.August 25, 5:00 p.m. Türkiye time: US July new home sales; forecast 619,000, previous 628,000.August 25, 5:00 p.m. Türkiye time: US consumer confidence; forecast 90.1, previous 90.8.August 26, 4:30 a.m. Türkiye time: Australia’s July inflation data.August 26, 10:00 a.m. Türkiye time: Bank of Thailand interest rate decision.August 26, 3:30 p.m. Türkiye time: US durable goods orders; forecast 0.5%, previous 0.3%.August 26, 3:30 p.m. Türkiye time: Second estimate of US second-quarter growth; forecast 1.5%.August 26, 3:30 p.m. Türkiye time: US July PCE inflation.August 27, 4:00 a.m. Türkiye time: Bank of Korea interest rate decision.August 27, 3:30 p.m. Türkiye time: US weekly jobless claims; forecast and previous reading 206,000.August 27, 7:00 p.m. Türkiye time: SIGN token unlock worth approximately $3.63 million.August 27–29: Jackson Hole Economic Policy Symposium.August 27–28: Bitcoin Asia 2026.August 28, midnight Türkiye time: IREN financial results conference call.August 28, 2:30 a.m. Türkiye time: Japan’s July unemployment rate.August 28, 3:30 p.m. Türkiye time: Canada’s June and second-quarter GDP data.August 28, 4:45 p.m. Türkiye time: Chicago PMI; forecast 57.9, previous 57.6.August 28, 5:00 p.m. Türkiye time: University of Michigan final consumer sentiment reading; forecast 51.August 28, 5:00 p.m. Türkiye time: Fed Chair Kevin Warsh’s Jackson Hole speech.August 30, 8:30 a.m. Türkiye time: ZORA token unlock worth approximately $1.1 million.
Hyperliquid’s native token, HYPE, climbed to an all-time high of $77.55 on Aug. 21. The rally accelerated after U.S. President Donald Trump said efforts were underway to bring the platform into the U.S. market through a legal and compliant framework.The HYPE coin price traded around $76 following the record. The token gained roughly 4% over the past 24 hours and 37.6% over the past week. HYPE’s market capitalization reached $16.9 billion, while its 24-hour trading volume exceeded $1.75 billion. The move placed Hyperliquid among the 10 largest cryptocurrencies by market capitalization.Trump’s Hyperliquid remarks accelerate the rallyThe most significant development behind the HYPE rally came during a White House meeting hosted by Trump on Aug. 19. Executives from companies including Coinbase, Ripple, Kraken, Robinhood and Gemini attended the meeting.During his remarks, Trump said Commodity Futures Trading Commission Chair Michael Selig was working on Hyperliquid. The U.S. president stated that Selig was “working to bring Hyperliquid into the United States in a fully compliant and legal fashion.”The remarks strengthened expectations that Hyperliquid could enter the U.S. market. HYPE was trading at around $66 before Trump’s comments.The token gained more than 17% in two days and reached $77.55. Although its daily increase was more limited, its weekly gain exceeded 35%.Could Hyperliquid operate in the United States?Hyperliquid does not directly offer its services in the United States due to regulatory uncertainty surrounding decentralized exchanges and perpetual futures products. Its terms of service list U.S. users among those in restricted jurisdictions.Trump’s remarks provided one of the strongest political signals that this situation could change. However, neither the White House nor the CFTC has announced a formal license, application process or timeline for Hyperliquid.Earlier in 2026, the CFTC opened a new pathway for registered U.S. exchanges to offer products resembling perpetual futures. Hyperliquid representatives also met with the agency’s Innovation Task Force in July.Trump’s statement therefore does not amount to direct authorization for the platform to operate in the country. It indicates that regulators are working on a potential legal framework for Hyperliquid.Broader crypto rally supports HYPEHYPE reached its record high during a strong rally across the wider cryptocurrency market. Bitcoin gained 7% and approached $77,000, while Ethereum rose 4% to $2,381.XRP posted a daily gain of 18%. The total cryptocurrency market capitalization increased by 5% to $2.66 trillion.The rally triggered large short liquidations across the derivatives market. According to figures based on CoinGlass data, approximately $1.5 billion in positions were liquidated within 24 hours.Short positions accounted for $1.21 billion of that total. Forced buying accelerated gains in Bitcoin and major altcoins, while HYPE also benefited from the broader market momentum.What is Hyperliquid?Hyperliquid is a decentralized trading platform operating on its own Layer 1 network. It offers spot and perpetual futures markets for cryptocurrencies, commodities, foreign exchange and tokenized stocks.Its order book, matching engine and liquidation processes operate onchain. HYPE serves several functions across the network, including staking, governance and transaction fee payments.A potential regulatory opening in the United States could expand Hyperliquid’s user base. However, the legal structure of such a move and the products the platform could offer remain unclear.
MANTRA Chain, an RWA-focused Layer 1 network, completely halted its blockchain after discovering that an attacker had exploited a vulnerability in third-party software. Transactions, validators, public endpoints and some bridge services are currently unavailable.The MANTRA team did not initially disclose details about the incident. However, according to the latest update published on the project’s status page, the attacker exploited a vulnerability in an external dependency used by the network.The team identified the vulnerability and began preparing a patched software release. The full impact of the incident and the status of user funds remain unclear.Why did MANTRA Chain halt transactions?MANTRA Chain stopped block production as a precaution after detecting the incident. As a result, the network cannot process new transactions and no assets can move on-chain.The disruption affects MANTRA Chain validators, public blockchain endpoints, Migrate bridge operations and MANTRA-managed IBC relays. Some cryptocurrency exchanges have also temporarily suspended MANTRA deposits and withdrawals.In its initial statement on X, MANTRA advised users against submitting new transactions. The team said it would not restart the network until it was confident that doing so was safe.The network will require a coordinated restartMANTRA engineers are preparing and testing an update designed to close the identified vulnerability. The project’s own validators will remain offline until this process is complete.Other validators will also need to install the patched release before the network can resume operations. The team will therefore coordinate the restart with the wider validator set.MANTRA also said it was tracing fund movements connected to the attack and communicating with cryptocurrency exchanges. However, no verified information is available on how many assets the attacker accessed or whether users suffered any losses.The team said users do not need to take any action at this stage. It also warned against scammers claiming to offer “recovery” or “support” services related to the incident.MANTRA price falls more than 9%The network halt increased selling pressure on MANTRA. According to market data, MANTRA coin was trading at around $0.00448 when the article was prepared. The price fell approximately 9.5% over the past 24 hours. The token dropped as low as $0.004126 during the day, while its 24-hour trading volume surged by more than 500% to over $25 million.MANTRA replaced the former OM token as part of a transition completed in March 2026. The project distributed 4 MANTRA for every 1 OM and increased the maximum supply to 10 billion tokens.The network remains offline. The MANTRA team will issue another update after testing the patch and completing coordination with validators.
Bringing real-world assets onchain requires more than simply turning an asset into a token. Pharos Network aims to combine the speed, compliance tools, and liquidity infrastructure required by institutional finance on a high-performance Layer 1 network.Definition and Origins of PharosPharos is a Layer 1 blockchain network developed for real-world assets, cross-border payments, and institutional finance applications. The project focuses on closing the technical and operational gap between traditional finance and decentralized finance.PROS is the native coin of the Pharos network. Transaction fees on the network are paid in PROS, while the coin also plays a role in staking, validator participation, governance, and ecosystem incentives.It is important to note that the current ticker symbol of the Pharos coin is PROS. PHRS, which was used during the testnet phase, was distributed solely for testing and had no economic value.Other tokens using the PHAROS ticker have been created on different networks. These should not be confused with PROS, the native coin of Pharos Network.The project describes itself as an “inclusive financial Layer 1 for RealFi.” RealFi refers to blockchain infrastructure connecting with real economic activity, institutional assets, and verifiable revenue streams. What network architecture does Pharos use?Pharos operates as an independent Layer 1 network. Its Ethereum Virtual Machine support allows smart contracts and decentralized applications developed for Ethereum to move to Pharos with relatively limited modifications.The network is not limited to EVM support. Pharos uses a dual virtual machine architecture that aims to support WebAssembly-based applications alongside the EVM.This structure allows Ethereum developers using Solidity to retain their existing tools. It also provides a broader development environment for applications written in languages such as Rust, C++, and Go.Pharos is designed to execute transactions in parallel. The network identifies independent transactions and processes them simultaneously, reducing the bottlenecks found in blockchain architectures that wait for each transaction to finish sequentially.According to technical data shared by the project, the network can reach a capacity of up to 30,000 transactions per second. Pharos targets block times below one second and processing capacity of 2 Gigagas per second.These are performance figures reported by Pharos. Results under real-world conditions may vary depending on the number of validators, network activity, application structure, and hardware conditions.Why Pharos was created: its RWA and RealFi focusOne of Pharos’s main goals is to make it easier to issue real-world assets on a blockchain and use them across different financial applications. These assets may include bonds, private credit, commodities, energy projects, real estate, or regulated investment products.RWA tokenization often stops at recording an asset onchain. Additional infrastructure is needed for pricing, legal ownership, revenue distribution, investor eligibility, and secondary-market liquidity.Pharos is working to bring these components together around a single programmable network. Its design includes compliance tools such as digital identity, KYC processes based on zero-knowledge proofs, and programmable anti-money laundering controls.This approach allows users to prove that they meet specific requirements without placing all their personal information publicly onchain. However, these controls do not automatically make every financial product legally compliant.Issuers and application developers must also follow the rules of the countries in which they operate. Pharos provides technical tools for this process, while legal responsibility varies depending on the product and jurisdiction.History of Pharos: Key MilestonesPharos was established in 2024 by former blockchain executives and engineers from Ant Group and AntChain. Alex Zhang and Wish Wu are among the project’s prominent founders.Alex Zhang previously served as a technology executive in Ant Group’s blockchain division and as CEO of ZAN. Wish Wu is a co-founder and CEO of Pharos, leading the project’s strategy of combining institutional finance with blockchain infrastructure.The team also includes people with backgrounds at Ant Financial, Microsoft Research, and PayPal. Its technical staff works on blockchain infrastructure, digital payments, formal verification, and zero-knowledge systems.Pharos completed an $8 million seed funding round in November 2024. Lightspeed Faction and Hack VC led the round, while investors such as SNZ Capital, Reforge, Dispersion Capital, Hash Global, and Chorus One Ventures also participated.During the same period, the project partnered with ZAN, the Web3 brand of Ant Digital Technologies. The partnership was designed to focus on node services, security, hardware acceleration, and blockchain infrastructure.Testnet, mainnet, and the launch of PROSThe Pharos testnet went live in May 2025. Developers deployed applications in this environment, while users tested swaps, liquidity provision, asset transfers, and ecosystem tasks.A test coin called PHRS was used for testnet transactions. PHRS was created only to simulate gas fees and activity in the testing environment; it is not the same asset as PROS.The project entered its AtlanticOcean testnet phase in October 2025. Chainlink CCIP and Chainlink Data Streams integrations were also announced during this period.CCIP supports data and asset transfers between different blockchain networks. Data Streams aims to deliver the low-latency price data required by RWA markets to smart contracts.The genesis mint of PROS took place on December 12, 2025, when Pharos launched its private mainnet. The public Pacific Ocean mainnet went live on April 28, 2026.Pharos distributed PROS and held its token generation event on the same day. Native USDC issued by Circle and Cross-Chain Transfer Protocol support also became active on Pharos with the mainnet launch.CCTP allows USDC to move between supported networks through a burn-and-mint model. The system aims to reduce the need for representative assets held in third-party bridges.Following the mainnet launch, PROS began trading on OKX, Bitget, KuCoin, and several international platforms. Upbit and Bithumb also introduced South Korean won trading pairs for PROS in May 2026.The coin was later added to the market listings of platforms such as Coinbase, Kraken, and HTX. Trading pairs and regional access requirements vary between exchanges.Listings and the current state of the ecosystemPharos announced a $44 million Series A funding round in April 2026. Together with its seed round, the project’s total funding reached $52 million.Sumitomo Corporation’s investment arm, SNZ Capital, and Flow Traders were among the participants. The names of some financial institutions involved in the round were not disclosed.Pharos also launched a $10 million RealFi incubator program. The program aims to support teams building products on Pharos in the areas of RWAs, payments, DeFi, and blockchain infrastructure.Projects such as Centrifuge, Morpho, TermMax, Faroo, AquaFlux, Asseto, and Bitverse are part of the network’s ecosystem. These applications focus on areas including private credit, tokenized funds, institutional lending, and yield products.The RealFi Alliance is working to develop shared standards for issuing, pricing, verifying, and distributing RWA products across different networks. Organizations such as Circle, Chainlink, Centrifuge, Amber Group, LI.FI, Avalon, and Binance Wallet have participated in partnerships surrounding the initiative.Pharos’s scope is not limited to RWAs. The network also aims to support applications in which artificial intelligence agents can make payments, execute financial strategies, and interact with onchain data.At the time of writing, the PROS coin price was around $0.395. The coin had a market capitalization of $53.6 million and a circulating supply of approximately 135.6 million PROS. How Does the PROS Coin Work?PROS is the primary payment asset for transactions on the Pharos network. Users pay the required gas fees in PROS when transferring coins, interacting with smart contracts, or running applications.The collected transaction fees are expected to contribute to validator incentives and the network economy. The project states that part of these fees may be burned as adoption increases, although the scope of this mechanism will depend on future network decisions.Pharos uses a Proof-of-Stake-based security model. Validators stake PROS to participate in block production and transaction validation.Users who do not operate validators directly can delegate their coins to eligible validators. Staking returns vary depending on factors such as the network participation rate, issuance policy, and validator commissions.PROS holders are expected to participate in governance processes concerning network upgrades, technical parameters, and ecosystem initiatives. The rules for submitting proposals and voting may change as the network’s governance structure develops.The coin is also used for ecosystem incentives. PROS may fund developer grants, liquidity programs, rewards for bringing RWA assets to the network, and user campaigns.The project also states that PROS may gain additional RWA-related functions in the future. Possible uses include stablecoin collateral, priority access to financial products, and the use of RWAs in network security; these functions have not yet been finalized.PROS supply, allocation, and unlocksAccording to the tokenomics framework published by Pharos, the genesis supply was set at 1 billion PROS. This amount represents the initial distribution.A total of 35% of the genesis supply was allocated to community and network incentives. This section includes 15% for the ecosystem, 14% for node and liquidity incentives, and 6% for the community airdrop.Another 25% of the supply was allocated to the foundation and project treasuries. The foundation treasury received 16%, while the Pharos Labs-related treasury received 9%. Private investors received 20%, while another 20% was allocated to the core team. The combined share of the team and investors therefore amounts to 40% of the genesis supply.Team and private investor allocations are subject to a 12-month lock-up period. The coins then unlock linearly over 36 months.Some treasury and incentive allocations follow schedules extending from 48 to 60 months. The circulating supply therefore increases gradually over time.Only a limited portion of the total supply entered circulation during the network launch. As of August 2026, approximately 135.6 million PROS was in circulation, representing 13.6% of the genesis supply.The low circulation ratio creates a significant difference between the coin’s market capitalization and fully diluted valuation. Future unlocks may increase selling pressure if market demand does not grow at the same pace.No absolute maximum supply limit has been announced for PROS. This is because new coins may be issued in the future to support network security.According to the official plan, staking inflation remains at 0% for the first six months following the network launch. Annual coin issuance of 5% is expected to begin in the seventh month.The foundation may later adjust this rate based on staking participation, validator incentives, and security requirements. The 1 billion PROS figure therefore represents the genesis supply rather than a fixed maximum supply.AsyncBFT, parallel execution, and the SPN structurePharos combines Proof-of-Stake with an asynchronous Byzantine fault-tolerant consensus approach called AsyncBFT. The system aims to allow validators to reach agreement on transactions even if some network participants behave incorrectly or maliciously.The asynchronous structure relies less on the assumption that messages will always reach every participant within the same amount of time. This feature is important for a global network with validators located across different regions.Pharos’s execution layer uses a scheduler that examines dependencies between transactions. Transactions that do not affect each other can run simultaneously, while transactions accessing the same data are placed in a controlled sequence.Static analysis attempts to predict which data a transaction will access in advance. Speculative execution begins processing transactions believed to be independent in parallel and reruns the required transaction if a conflict emerges.The network also divides block processing into different stages. Consensus ordering, database preparation, transaction execution, Merkle tree updates, and storage writes can progress through different sections of the same pipeline.A storage structure called Pharos Store focuses on reducing the burden of growing blockchain data on nodes. It combines a delta-encoded multi-version Merkle tree with a log-structured page storage system.The project states that this approach can reduce storage overhead by up to 80%. This figure is based on Pharos’s technical measurements, and results may differ under independent network conditions.The Pharos network includes different types of participants, including validators, full nodes, and relayer nodes. Validators participate in consensus, full nodes store blockchain data, and relayers facilitate high-frequency communication between applications and the network.Special Processing Networks, or SPNs, form Pharos’s modular scaling model. These are specialized networks that can be created for a particular payment system, RWA market, privacy application, or computationally intensive task.Each SPN can have its own execution engine, validator group, and governance structure. At the same time, it maintains its data and liquidity connection with the Pharos mainnet.Validators can reuse their staked assets to secure SPNs. The restaking model may improve capital efficiency, although using the same collateral for multiple security obligations can introduce additional slashing and contagion risks.Why Is Pharos Important?The RWA market cannot grow through asset issuance alone. Assets must also be verified, transferred between networks, matched with eligible investors, and used in secondary markets.A significant portion of existing RWA products is held in a limited number of wallets. These assets may have lower transaction velocity than native crypto assets, while liquidity remains fragmented across different networks.Pharos aims to combine asset issuance and circulation within the same financial infrastructure. Native USDC support, Chainlink price data, and CCTP connectivity are among the core components of this model.The network’s sub-second finality target is particularly relevant for payments and real-time finance applications. Slow transaction finality can create a poor user experience in cross-border payments or high-frequency market applications.Protocol-level compliance tools are another feature Pharos uses to distinguish itself from general-purpose Layer 1 networks. Digital identity, zk-KYC, and programmable AML rules may allow only addresses that meet specific conditions to interact with certain assets.This model seeks to establish a balance between open DeFi and regulated finance. The extent to which an application requires permission depends on the rules set by the asset issuer and the regulations of the relevant country.Team, investors, and ecosystem partnershipsThe Pharos team’s background at Ant Group and AntChain gives the project experience with large-scale payment systems. Some members of the team previously worked on Alipay infrastructure and enterprise blockchain services in Asia.This background may make it easier for Pharos to communicate with institutional companies. Previous experience alone, however, does not guarantee network adoption or economic success.Investors including Hack VC, Lightspeed Faction, Sumitomo Corporation, SNZ Capital, and Flow Traders have provided funding to the project. The presence of traditional companies and crypto investors within the same structure is consistent with Pharos’s RealFi approach.The Chainlink integration supports the transfer of RWA price data and cross-chain messages. The Circle integration provides access to native USDC liquidity on the network.Centrifuge is working on the distribution and tokenization of institutional assets on Pharos. Protocols such as Morpho and TermMax provide infrastructure for lending and fixed-yield products.Energy, private credit, and AI-related applications are also being developed within the ecosystem. Pharos’s long-term position will depend on whether these projects can attract real users and capital.Competition, centralization, and volatility risksPharos is an emerging Layer 1 network. Since the mainnet became publicly available in April 2026, there is limited long-term data on security, uninterrupted operation, and performance under heavy usage.The project’s high throughput and low-latency figures are based on controlled tests and technical measurements. The network must maintain this performance across a larger application ecosystem and during periods of high economic activity.Competition in RWA infrastructure is strong. Alongside Ethereum and its Layer 2 networks, platforms such as Avalanche, Solana, Stellar, Plume, and MANTRA also focus on institutional assets and payments.Institutional blockchain selection does not depend solely on transaction speed. Liquidity, developer activity, security history, legal infrastructure, and connections with existing financial systems also influence the decision.Tokenomics creates a separate area of risk. As of August 2026, around 13.6% of the genesis supply was in circulation; team, investor, treasury, and incentive coins will enter the market in the coming years.The introduction of annual staking inflation may also increase the total supply. PROS may face pressure if demand generated by network usage falls behind new issuance and token unlocks.PROS traded around 65% below the peak recorded during the mainnet launch. This movement illustrates the price discovery, limited circulation, and post-listing volatility risks often seen in newly launched coins.Stake distribution should also be monitored on Proof-of-Stake networks. If a small number of validators control a large amount of PROS, the network may become more centralized in its decision-making and block production processes.RWA applications carry real-world counterparty risk in addition to smart contract risk. The value of a tokenized private credit or energy asset may depend on the borrower’s ability to repay, the asset’s legal structure, and its custody arrangements.Rapid transaction finality on a blockchain does not mean the underlying asset is legally sound. Users need to assess the market risk of PROS separately from the specific conditions attached to each RWA product on Pharos.Frequently Asked QuestionsBelow are some frequently asked questions and answers about Pharos (PROS).What is Pharos, and when was it launched? Pharos is an EVM-compatible Layer 1 network developed for real-world assets, payments, and institutional finance applications. The project was founded in 2024, and its testnet went live in May 2025. The private mainnet launched in December 2025, followed by the public Pacific Ocean mainnet on April 28, 2026. PROS entered the market with the public mainnet launch.What is the PROS coin used for? PROS is used to pay transaction fees on the Pharos network. The coin also plays a role in staking, validator participation, delegation, governance, and ecosystem incentives. It may be used as collateral or an access asset in certain RWA products in the future. These additional uses depend on governance decisions and product development.What network does Pharos operate on? Pharos is not a token project built on another blockchain; it is an independent Layer 1 network. Its EVM compatibility allows it to support Ethereum tools and Solidity-based smart contracts. The network also provides WebAssembly support, parallel transaction execution, and application-specific SPNs. PROS transactions take place on the Pharos mainnet.Who founded Pharos? Pharos was founded by former Ant Group and AntChain executives and engineers. Alex Zhang and Wish Wu are among the project’s prominent co-founders. Alex Zhang previously served as CTO of Ant Group’s blockchain division and CEO of ZAN. Wish Wu serves as a co-founder and CEO of Pharos.What is the PROS supply? PROS has a genesis supply of 1 billion coins. This amount is not a fixed maximum supply, as new coins may be issued through staking to support network security. According to the official policy, staking inflation remains at 0% during the first six months. Annual issuance of 5% is planned from the seventh month, although the rate may change depending on network conditions.Is Pharos suitable for investment? Pharos’s RWA focus, experienced team, and institutional partnerships may support interest in the project. However, the network has a short mainnet history, and most of the PROS supply has not yet entered circulation. Investors should monitor the unlock schedule, staking inflation, validator distribution, network usage, and actual liquidity within RWA applications. PROS is a highly volatile crypto asset, so each investor should assess it according to their own risk tolerance.Follow the JR Kripto Guide series for the latest information about Pharos, which is developing RWA and RealFi infrastructure on a high-performance Layer 1, and other emerging projects across the crypto ecosystem.
Binance announced that it will end all spot trading for ICON (ICX), Secret (SCRT), and Storj (STORJ). Following the decision, SCRT lost more than 20%, while ICX approached a double-digit decline.According to Binance’s announcement, the three altcoins will be completely removed from the spot market on September 3, 2026, at 6:00 a.m. Türkiye time. Binance will automatically cancel all open orders once trading ends.Why is Binance delisting ICX, SCRT, and STORJ?Binance said it regularly reviews the cryptocurrencies traded on its platform. The exchange evaluates factors such as team commitment, development activity, trading volume, liquidity, and network security.The review also covers the projects’ public communications, their responses to Binance’s information requests, and regulatory developments. Binance considers community sentiment, changes in token supply, and changes in ownership structure as well.Binance did not separately disclose which criteria ICX, SCRT, and STORJ failed to meet. However, the exchange concluded after its latest review that the three assets no longer met its listing standards.Spot trading bots will also stop operating on September 3 at 6:00 a.m. Türkiye time. Binance urged users to update or cancel their active bots before the deadline to avoid potential losses.SCRT price drops 23%The delisting decision hit SCRT the hardest. As of 2:58 p.m. Türkiye time on August 20, the token had fallen 23.5% over the previous 24 hours to $0.0201. SCRT dropped as low as $0.0200 during the day. ICX traded near $0.0159 at the same time, down 9.7%. The token reached a new low of $0.01529.STORJ did not face the same level of selling pressure as the other two altcoins. Its price remained near $0.0406 after falling as low as $0.03749 during the day.Futures trading will end earlierBinance Futures will close positions in futures contracts linked to the three altcoins on August 26 at 12:00 p.m. Türkiye time. The exchange will remove the contracts from its platform after completing the automatic settlement.Users will no longer be able to open new positions after 11:30 a.m. Türkiye time on the same day. Binance advised investors who want to avoid automatic settlement to close their open positions before the deadline.Margin borrowing will stop on August 21 at 9:00 a.m. Türkiye time. Cross, isolated, and portfolio margin trading for ICX, SCRT, and STORJ will end on August 26 at 1:00 p.m.Spot Copy Trading support will end on August 27 at 6:00 a.m. Any assets remaining in portfolios will be sold at market price. Binance will transfer amounts that cannot be sold to users’ spot accounts.Withdrawals will remain available until November 3Binance will stop crediting ICX, SCRT, and STORJ deposits after 6:00 a.m. on September 4. Withdrawals will remain available until 6:00 a.m. on November 3, 2026.The exchange may convert tokens remaining in user accounts into stablecoins after November 4. However, Binance said the conversion is not guaranteed and that it may share further details in a separate announcement.
Bitcoin holders usually have limited options when they want to access liquidity without selling their assets or earn yield on BTC. These options often involve centralized platforms or bridged tokens. Zest Protocol is developing a decentralized alternative by bringing Bitcoin-focused lending markets on-chain.Definition and Origins of Zest ProtocolZest Protocol is a DeFi protocol that allows Bitcoin holders to borrow against their assets or earn yield by providing liquidity to lending markets. The project focuses on putting Bitcoin liquidity to work without relying on centralized intermediaries.ZEST was developed as the native token of this ecosystem. It is connected to community incentives, liquidity programs and a governance mechanism planned for activation at a later stage. The protocol consists of more than a single lending application. Zest Protocol’s official documentation covers several products, including Stacks Market, Stacks Swap, the planned Stacks Vaults and Bitcoin Collateral Vaults.Stacks Market allows users to deposit supported assets or borrow against collateral. Stacks Swap compares liquidity across different decentralized exchanges to find a suitable route for each transaction.Stacks, Bitcoin and the multi-chain architectureZest Protocol’s first operational lending market was built on Stacks. Stacks provides a programming layer that allows smart contracts and decentralized applications to operate around Bitcoin.The protocol’s contracts on Stacks were written in the Clarity language. Users can provide assets such as sBTC, STX and stSTX as collateral and borrow stablecoins such as USDCx and USDh.sBTC is a BTC-backed asset that represents Bitcoin within the Stacks ecosystem on a one-to-one basis. Zest Protocol aims to offer lending, borrowing and yield options to Bitcoin holders through this asset.The ZEST token itself has a multi-chain structure. The project’s documentation lists official ZEST contracts on BNB Chain, Stacks, Ethereum and Base.The BEP-20 version was used for the token’s initial centralized exchange listings. Support for Ethereum and Base was later added through Chainlink’s cross-chain messaging infrastructure, CCIP.The networks supporting the protocol and the token need to be considered separately. Zest Protocol’s lending product primarily operates around Stacks and Bitcoin, while the ZEST token can be transferred across different networks.Why the project was createdBitcoin is one of the largest sources of liquidity in the crypto market, yet running general-purpose DeFi applications directly on its base layer remains difficult. BTC holders therefore often turn to centralized institutions or representations of Bitcoin transferred to other networks.On centralized lending platforms, users send their assets to wallets managed by a company. They face direct counterparty risk if the company becomes insolvent, experiences liquidity problems or mismanages customer funds.Bridged Bitcoin products carry separate risks. The bridge infrastructure, custody model and smart contracts may rely on security assumptions that differ from those of Bitcoin itself.Zest Protocol aims to manage lending through smart contracts. Liquidity supplied by users is made available to borrowers according to defined collateral ratios and risk parameters.One of the project’s long-term goals is to allow BTC to serve as collateral without leaving the Bitcoin mainnet. Bitcoin Collateral Vaults is being developed for this purpose.Under the planned system, users lock BTC in a vault on Bitcoin. They can then borrow stablecoins from a liquidity pool on Ethereum or another EVM network.History of Zest Protocol: Key MilestonesZest Protocol’s history goes back to 2021, when the team joined Trust Machines to work on Bitcoin infrastructure. The team worked on Stacks, sBTC and Bitcoin-based smart contract infrastructure during this period.The project became an independent venture in 2023 after the team’s work at Trust Machines. The founding team includes Tycho Onnasch, Fernando Foy and CTO Emil E.Zest Protocol co-founder and CEO Tycho Onnasch serves as the public face of the project. Fernando Foy worked on smart contract development, while Emil E. focused on the technical infrastructure.One of the protocol’s first products was a Stacks-based lending market. The market initially supported assets in the STX ecosystem before sBTC gained broader adoption.Zest Protocol completed a $3.5 million funding round in May 2024. According to the project’s May 2024 announcement, Draper Associates led the round.Participants included Binance Labs, now known as YZi Labs, Flow Traders, Trust Machines, Asymmetric and Bitcoin Frontier Fund. The team said it would use the funding to expand its Bitcoin-focused lending infrastructure. ZEST launch and exchange listingsZest Protocol continued developing its Stacks market and Bitcoin yield products throughout 2024. During this period, the project also introduced a yield-focused Bitcoin product called BTCz.BTCz was designed as a tokenized asset that users received in exchange for depositing Bitcoin into the system. The project later shifted its focus to sBTC, its new lending market and Bitcoin Collateral Vaults, gradually phasing out BTCz.The protocol launched Stacks Market V2 in 2026. The new version introduced a “risk groups” model that allows different collateral and debt assets to be managed using parameters tailored to their individual risk profiles.The liquidation system also changed with V2. Under the previous model, an entire position could be liquidated at once after crossing the risk threshold. The new structure applies gradual liquidations.The ZEST token generation event took place on May 19, 2026. ZEST/USDT spot trading began on Gate and KuCoin on the same day.The token also began trading on Binance Alpha, accompanied by a distribution for eligible users. A Binance Alpha listing does not carry the same status as a standard listing on Binance’s main spot market.ZEST was later listed on other platforms, including BitMart. KuCoin opened a ZEST perpetual futures contract several days after spot trading began.The listings increased the token’s accessibility while making its early price movements more volatile. A low circulating supply and speculative demand for newly launched tokens created conditions for sharp short-term price swings.Bitcoin L1 expansion and current statusZest Protocol announced Bitcoin Collateral Vaults in May 2026. The product aims to give users access to stablecoin liquidity on EVM networks while keeping their BTC on the Bitcoin mainnet.The first phase is expected to use pre-signed Bitcoin transactions. These transactions limit the conditions and addresses under which the BTC held in a vault can move.The project aims to move the verification process to BitVM in the second phase. BitVM is an approach designed to verify the results of external computations without running general-purpose smart contracts directly on Bitcoin.The project team acknowledges that the BitVM-based version is not yet ready for production. Bitcoin Collateral Vaults is therefore progressing through a phased roadmap.Zest Protocol expanded its products within the Stacks ecosystem during the same period. Stacks Swap launched as a liquidity aggregator that compares transaction routes across decentralized exchanges such as Bitflow, Velar, ALEX and Arkadiko.Stacks Vaults is planned as a separate product that will combine automated yield strategies. As of August 2026, the official documentation still lists it among the upcoming features.At the time of writing, the ZEST coin price is trading at around $0.13. Depending on the data provider, the token has a market capitalization of approximately $19 million to $20 million.How Does the ZEST Token Work?ZEST is the native token of the Zest Protocol ecosystem. Its planned long-term use cases include governance, staking and protocol incentives.However, all these features were not activated when the token entered the market. The project’s documentation says governance and staking will be introduced once the protocol reaches sufficient scale.This distinction matters when assessing ZEST’s current utility. It would be inaccurate to say that token holders can already vote directly on every protocol decision.The planned governance structure may cover supported assets, risk parameters, protocol upgrades and the use of ecosystem resources. Its exact scope will become clearer as the governance modules are activated.ZEST was also designed for user and liquidity incentives. Community programs, airdrop distributions and campaigns intended to increase protocol usage fall under this category.An incentive token can generate lasting demand only if its rewards gain utility beyond short-term trading. High token incentives may create selling pressure if the user base and protocol revenue fail to grow.ZEST supply, allocation and token unlocksThe total ZEST supply is capped at 1 billion tokens. The documentation states that the supply is fixed and that no additional ZEST can be created beyond this amount.A total of 27.83% of the supply was allocated to the community. This share includes early-user distributions, protocol incentives and liquidity programs. The ecosystem development allocation was set at 24.82%. This portion can support liquidity provision, partnerships, marketing, exchange-related processes and product growth.Investors received 22.35% of the total supply. The team allocation stands at 25%.The combined investor and team allocation therefore reaches 47.35%. This makes it important to monitor their token unlocks in the coming periods.Approximately 14.6% of the total supply entered circulation during the token generation event. Most came from the ecosystem development fund, while a smaller portion was used for the initial community distribution.A significant part of the remaining community allocation follows a 24-month linear vesting schedule. The locked portion of the ecosystem development allocation is released gradually over 12 months.Team and investor tokens have a 12-month cliff. Their allocations are then scheduled to unlock linearly over 36 months.The initially low circulation rate creates a wide gap between the fully diluted valuation and the current market capitalization. Approximately 146 million to 150 million tokens were in circulation in August 2026, compared with a total supply of 1 billion.Tokens entering circulation in the future do not automatically lead to a price decline. However, the additional supply could place pressure on the price if market demand does not grow at the same pace.Cross-chain transactions and security structureUsers begin by depositing a supported asset into Zest Protocol’s lending market. The deposited asset can provide liquidity or serve as collateral for a loan.Liquidity providers earn returns from the interest paid by borrowers. Interest rates are variable and change according to the available liquidity in the pool and borrowing demand.Borrowers can withdraw assets only up to a certain percentage of their collateral value. The position’s health factor weakens if the value of the collateral falls or the value of the debt rises.Liquidation can begin when a position reaches the specified risk thresholds. Instead of closing the entire position in a single transaction, the V2 model applies gradual liquidation according to the level of risk.The protocol uses Pyth’s oracle infrastructure for price data. Accurate oracle information is critical for the correct calculation of collateral ratios and liquidations.Each collateral-debt pair can have different parameters under V2. For example, borrowing USDCx against sBTC may have different risk limits from borrowing another asset against STX.Users can also keep their collateral separate from the lending pool. Under this model, the asset remains only as collateral and is not lent to another borrower. The user does not earn interest on this portion.Zest Protocol experienced an attack targeting its smart contracts in April 2024. According to the project, the incident did not result in any loss of user funds.The team later helped establish Clarity Alliance, an auditing group focused on Clarity smart contracts. It also introduced Hypernative infrastructure to monitor suspicious on-chain activity.These measures aim to reduce technical risk, although they cannot eliminate it entirely. Software bugs, oracle problems, governance vulnerabilities and bridge risks can still affect audited protocols.ZEST’s presence on multiple networks also requires users to verify contract addresses. Transactions involving the wrong network or a fake token contract can result in permanent loss of funds.Why Is Zest Protocol Important?A significant share of Bitcoin holders prefer to keep their BTC for the long term. However, they may still need to sell the asset when they require unexpected cash or liquidity for another investment.Bitcoin-backed loans allow users to access stablecoin liquidity without closing their BTC positions. Zest Protocol is working to manage this model through on-chain contracts instead of a centralized lender.Liquidity providers operate on the other side of the system. These users deposit assets into pools and earn variable returns from the interest paid by borrowers.The scope of this model could expand when Bitcoin Collateral Vaults goes live. Keeping BTC on the Bitcoin mainnet without converting it into a wrapped token aims to reduce some bridge and custody risks.However, the first version’s use of pre-signed transactions introduces different trust assumptions. The operation and production performance of the final BitVM-supported model can be assessed once the product launches.Team, investors and ecosystem partnershipsThe Zest Protocol team worked on Stacks and sBTC infrastructure before creating the project. This background demonstrates the team’s technical experience with Bitcoin programming layers.Support from investors such as Draper Associates, YZi Labs, Flow Traders and Trust Machines also gave the project access to funding and industry connections. Investor support alone does not guarantee the protocol’s success.The Stacks ecosystem plays a central role in Zest Protocol’s growth. Potential liquidity in the lending market could expand as the use of assets such as sBTC, STX, stSTX, USDCx and USDh increases.Bringing together liquidity from Bitflow, Velar, ALEX and Arkadiko through Stacks Swap broadens the protocol’s product range. This allows Zest Protocol to seek a share of transaction flow on Stacks alongside its lending market.Connections to Ethereum and Base make it easier to move ZEST across different ecosystems. Stablecoin liquidity on EVM networks could become more directly relevant as Bitcoin Collateral Vaults progresses.The first-season points program and ZEST airdrop stood out on the community side. User incentives can support early liquidity, although lasting growth needs to continue after reward programs end.Smart contract, liquidation and volatility risksZest Protocol is exposed to the fundamental risks of DeFi lending markets. A smart contract vulnerability, incorrect price data or an unexpected network problem could affect user funds.Borrowers also face liquidation risk. If BTC or another collateral asset falls sharply, part or all of a position may be sold to repay the debt.Gradual liquidation aims to reduce the impact of sudden liquidations. Even so, it cannot fully prevent collateral losses during rapid market movements.Limited liquidity creates another potential problem. Interest rates can rise sharply if borrowing demand increases while available assets in the pool decline.One of the most significant risks for the ZEST token is its low circulating supply. Most of the total supply will unlock in the coming years, which means the market may need enough demand to absorb the additional tokens.The fact that the token’s governance and staking functions have not yet been fully activated also limits its current utility. It remains unclear when these features will launch and how much demand they will create for ZEST.Competition in the BTCFi sector is growing. Ethereum-based applications, emerging Bitcoin layers and institutional custody solutions are also being developed for Bitcoin-backed loans.The regulatory environment presents another source of uncertainty. Token incentives, decentralized lending services and stablecoin use may be subject to different rules across jurisdictions.ZEST’s price performance therefore depends on more than the protocol’s technical development. The Bitcoin price, broader market conditions, token unlocks and exchange liquidity can also affect its value.Frequently Asked Questions (FAQ)Below are answers to some frequently asked questions about Zest Protocol (ZEST):What is Zest Protocol, and when was it launched?: Zest Protocol is a Bitcoin-focused on-chain lending and liquidity protocol. The team’s work on Bitcoin infrastructure dates back to 2021, while the project became an independent venture in 2023. Its first products on Stacks began operating in 2024. The ZEST token entered the market on May 19, 2026.What is the ZEST token used for?: ZEST is used for ecosystem incentives, liquidity programs and community distributions. Governance and staking functions are also planned for the token. According to the project’s documentation, these features will be activated when the protocol reaches sufficient scale. Planned functions should therefore be distinguished from the use cases currently available.Which network does Zest Protocol operate on?: The protocol’s active lending market operates on Stacks and supports Bitcoin-focused assets. Bitcoin Collateral Vaults aims to establish a collateral and borrowing connection between the Bitcoin mainnet and EVM networks such as Ethereum. Versions of the ZEST token are available on BNB Chain, Stacks, Ethereum and Base. Users should verify the correct network and official contract address before transferring the token.Who founded Zest Protocol?: Zest Protocol’s founding team includes Tycho Onnasch, Fernando Foy and Emil E. Onnasch serves as CEO, while Emil E. is the CTO. The team previously worked on Stacks and Bitcoin infrastructure at Trust Machines. The project became independent in 2023.What is the ZEST supply?: ZEST has a total and maximum supply of 1 billion tokens. As of August 2026, the circulating supply varies between approximately 146 million and 150 million, depending on the data provider. The community received 27.83% of the total supply, while 24.82% was allocated to ecosystem development. Investors received 22.35%, and the team allocation stands at 25%.Is Zest Protocol suitable for investment?: Zest Protocol has operational products in the Bitcoin-backed lending sector and an experienced development team. However, ZEST is a new token, and most of its total supply has not yet entered circulation. Smart contract vulnerabilities, liquidations, token unlocks and sharp price movements should be considered. Whether ZEST is suitable for any investor depends on their personal risk tolerance, research and portfolio structure. Zest Protocol is building a broad BTCFi ecosystem that aims to make Bitcoin easier to use for lending and stablecoin liquidity. Stacks Market currently forms the operational foundation of the project, while Bitcoin Collateral Vaults, governance and new vault products are among the developments that could shape ZEST’s long-term utility.Follow the JR Kripto Guide series for updates on Zest Protocol’s Bitcoin-backed lending products, the Bitcoin Collateral Vaults roadmap and developments across the ZEST ecosystem.
High yields in the crypto market often come with directional exposure, complex transactions or short-lived token incentives. Solstice is trying to change this equation by turning the yield strategies used by professional funds into accessible assets on Solana. At the center of the protocol are USX, the yield-bearing eUSX and SLX, which provides access to the ecosystem.Definition and origins of SolsticeSolstice Finance is a DeFi protocol that brings institutional-scale yield strategies on-chain. The project describes itself as a “yield layer.” Its goal is to connect different sources of yield to Solana applications through standardized tokens.According to the Solstice whitepaper, the protocol consists of three main layers. USX serves as the settlement and entry-exit asset, YieldVault turns different strategies into on-chain tokens, and Nexus aims to bring yield, credit and payment products together in one consumer application.SLX is the access, utility and governance token within this structure. Users can stake SLX to receive stSLX. The staked token is connected to functions such as priority access to new vaults, certain redemption privileges, planned credit features and governance weight.It is important to distinguish between the tokens in the Solstice ecosystem. USX is designed to track the US dollar and acts as the asset through which capital enters and exits the protocol. eUSX is the yield-bearing token received when USX is deposited into YieldVault, reflecting the performance of the underlying strategy. SLX does not represent the dollar peg or the yield generated by eUSX. UI of Solstice App Which network does Solstice use?Solstice’s core products run on Solana. USX, eUSX, YieldVault and the main SLX contract operate on this network. Solana’s fast settlement, low fees and composability make it easier to use yield tokens in lending markets, decentralized exchanges and payment applications.Solstice does not operate its own blockchain or validator consensus system. Its transactions therefore rely on the underlying security of Solana. Solstice’s smart contracts, custody arrangements, price feeds and off-chain fund structure add further layers of risk on top of the network.Why was the project created?Institutional investment firms can use funding-rate arbitrage, hedged spot and futures positions, credit products and Treasury instruments to generate returns without taking direct market-direction exposure. These operations require substantial capital, professional infrastructure, custody agreements and continuous risk management.Solstice aims to reduce the need for users to manage these strategies individually. An off-chain strategy run by a licensed manager is connected to a transferable on-chain token through YieldVault. Users can then hold the relevant asset in their wallets or use it in supported DeFi applications.This model does not mean that the entire yield system operates on-chain. The whitepaper clearly states that capital moves through regulated off-chain structures. The Solstice Foundation oversees protocol direction and governance, while BVI-licensed Equinox Strategies Ltd manages the strategy of the Equinox Fund backing eUSX. Separate entities handle token issuance for each asset.History of Solstice: Key milestonesSolstice’s institutional strategy track record dates back to 2023. However, Solstice Labs was publicly announced on September 20, 2024, during the Solana Breakpoint event. Deus X Capital introduced the company as a venture intended to expand access to DeFi products for institutional and retail users.Solstice was established and funded by Deus X Capital, which has reported more than $1 billion in assets under management. Ben Nadareski was named co-founder and CEO, Deus X Capital CEO Tim Grant became co-founder and chairman, and Stuart Connolly joined as co-founder and chief investment officer.Nadareski previously served as vice president of trading at Galaxy Digital and director of mergers and acquisitions at SIX Digital Exchange. Grant has more than 25 years of experience across traditional finance and digital asset markets. The team aims to use this background to connect institutional capital with DeFi infrastructure.In December 2024, Solstice Labs acquired assets belonging to the institutional staking operations of Bridgetower Capital GmbH. The operations were placed under Switzerland-based Solstice Staking AG. According to the acquisition announcement, the acquired business serviced more than $1 billion in staked assets, including work carried out with Lido.Launch of USX, YieldVault and SLXSolstice Finance opened USX and YieldVault to the public on September 30, 2025. The protocol reported more than $160 million in total value locked on its first day. Galaxy Digital, Susquehanna Crypto, MEV Capital, Auros, Bitcoin Suisse and Deus X Capital were among the capital providers supporting the launch.Direct minting and redemption of USX are not equally available to all users. According to DeFiLlama’s USX page, these transactions are available to verified institutional participants that deposit collateral such as USDC or USDT. Other users can access USX through the protocol interface or supported decentralized markets.The SLX token generation event took place on May 25, 2026. Trading access opened on platforms including Binance Alpha and Bitget on the same day. SLX was later added to Kraken, Upbit and other exchanges. OKX opened its SLX/USDT spot market on July 10, 2026. Access through Binance is provided via Binance Alpha.Listings and current statusAs of August 20, 2026, data showed approximately 242.85 million SLX in circulation. The SLX coin price was around $0.066, giving the token a market capitalization of about $16 million and a fully diluted valuation of roughly $66 million. These figures change continuously with market conditions. SLX reached an all-time high of approximately $0.66 in June 2026. It later fell to around $0.063 in August 2026.Growth on the protocol side was not limited to SLX listings. Alongside eUSX, Solstice added strcUSX to the YieldVault structure, linking the product’s income to dividends from Strategy’s STRC preferred stock. aiUSX, tbUSX and some phases of Nexus are presented as forward-looking products in the whitepaper. They should not be treated as completed features.DeFiLlama data showed approximately $506 million in total value locked in the protocol on August 20, 2026. TVL measures the market value of assets held within a protocol. On its own, it does not demonstrate revenue, solvency or risk-free operation. How does the SLX token work?The core functions of SLX become available when the token is staked. Users deposit SLX and receive the liquid staking token stSLX. stSLX can be held in a wallet, locked or used as an access key for supported protocol features.The whitepaper outlines four main use cases for stSLX. These include priority access to new YieldVault capacity, faster redemption options for eUSX and other yield tokens, higher borrowing capacity in the Nexus credit market and governance weight. Some of the credit and advanced automation features within Nexus remain under development or in the planning stage.SLX holders should not be assumed to have complete control over the protocol today. Under the current model, the Risk Committee within the Solstice Foundation sets initial parameters, reviews audits and approves new product deployments. The community can signal its views on certain proposals, while binding votes through stSLX are expected to expand in later stages.SLX also does not provide ownership in the company, represent debt or grant rights over protocol revenue. Holding the token does not entitle users to dividends, profit distributions or guaranteed returns. Project documents limit the economic function of SLX to the access and governance features it provides within the ecosystem.SLX supply and tokenomicsAccording to the official tokenomics page, the SLX supply is fixed at 1 billion tokens. Community programs received 37.71% of the supply, while 24% was allocated to the foundation and 20% to the team and advisors. Airdrops received 10%, strategic TVL partners received 8%, and the public sale accounted for 0.29%. Approximately 24% of the total supply entered circulation at the token generation event. Team and advisor tokens are subject to a 12-month cliff followed by a gradual distribution schedule. Tokens allocated to the foundation, community and strategic partners also unlock according to different schedules.The distribution can be assessed from two angles. The community and airdrop categories together account for approximately 47.7% of supply. At the same time, a large share is allocated to the foundation, team and strategic TVL partners. Token unlocks can increase the circulating supply over time.Around one-quarter of the total supply was circulating on August 20, 2026. This creates a notable gap between the market capitalization and fully diluted valuation. If protocol use does not grow at a similar rate, new supply could put pressure on the price. Stronger demand could change the scale of this effect.Transactions and security on SolanaUSX, YieldVault tokens and SLX move on-chain. Some of the positions generating yield rely on off-chain parties, including licensed funds, custodians, prime brokers and centralized trading venues. Users therefore face both smart contract risk and traditional counterparty risk.USX reserves can include audited dollar assets, tokenized Treasury products and hedged positions in major crypto assets. Solstice publishes reserves and liabilities through a proof-of-solvency dashboard verified by Accountable. This transparency makes it easier to monitor the reserve structure. It does not guarantee that the assets will retain their value or that redemptions will always be completed immediately.Project documents state that the USX and YieldVault contracts have undergone independent security reviews. The audit page includes reports prepared by Halborn and other assessments. Audits may reduce code risk, but they cannot eliminate every vulnerability, oracle problem or operational error.The way eUSX works is also important. Users receive eUSX when they deposit USX into YieldVault. Yield is added to the exchange rate between eUSX and USX instead of being distributed as a separate payment. During redemption, eUSX is burned and the user receives USX plus accrued yield, subject to queue and capacity conditions.The underlying delta-neutral strategy generally takes a spot position in an asset while opening an equal-sized futures position in the opposite direction. If the price rises, the spot gain is intended to offset the futures loss. If the price falls, the futures gain is intended to offset the spot loss. A significant part of the yield comes from funding payments in perpetual futures markets.The term “delta-neutral” does not mean risk-free. Funding rates can turn negative, the hedge ratio can break down, positions can close at different prices across different platforms, or a counterparty can face solvency problems. eUSX yield should therefore not be read as a fixed interest rate. The current rate, the period it covers and the risks used to generate it should be assessed together.Why is Solstice important?One of Solstice’s distinctive features is the separation between the yield-generating strategy and the on-chain distribution layer. Licensed managers can run different off-chain portfolios, while YieldVault brings them to Solana through a common token standard. This removes the need to create a separate user and integration model for every new strategy.USX serves as the common unit of account and settlement asset within this structure. Users enter a YieldVault product with USX and later convert the yield token back into USX. eUSX depends on funding rates, while strcUSX offers a different source of yield linked to preferred-share distributions.This architecture allows yield tokens to be used as collateral or liquidity assets in other DeFi applications. Composability also creates new dependencies. Using eUSX as collateral in a lending market can introduce the liquidation and oracle risks of that market alongside the risks associated with Solstice.Team, community and ecosystem relationshipsSolstice was developed with the capital and company-network support of Deus X Capital. Its team includes people with experience in traditional finance, institutional trading, staking and DeFi. This structure may make it easier to work with off-chain funds and professional custodians. It also increases the protocol’s reliance on centralized institutions.USX and eUSX have established connections with platforms including Raydium, Orca, Kamino and Exponent in the Solana ecosystem. Data infrastructure providers such as Pyth and Chainlink are also among the ecosystem relationships announced by the project. The scope of each integration differs. A partnership announcement should not be interpreted as the other party assuming all risks associated with Solstice.Community participation initially developed through the Flares points program and the SLX airdrop. The share of token supply allocated to community programs can be used for liquidity campaigns, integration incentives and ecosystem grants. These distributions may increase user numbers, but the amount of activity that remains after reward periods end should be monitored separately.The project’s long-term plans include Nexus and Yield-as-a-Service. Nexus aims to bring yield optimization, credit, payment cards and AI-supported tools together in one interface. Yield-as-a-Service focuses on allowing fintechs, neobanks, payroll providers and corporate treasury applications to embed Solstice products into their own services.Protocol risks and SLX volatilityOne of the most significant risks for Solstice is the reliance of its on-chain tokens on off-chain strategies and entities. Problems at Equinox Strategies, a custodian, a prime broker or a trading venue could affect performance and redemptions. Segregated accounts and licensed managers are used to manage this exposure, but they do not remove it entirely.USX may lose its dollar peg. If the value, liquidity or accessibility of reserve assets deteriorates, the balance around $1 could come under pressure. Heavy redemption demand could also exceed the protocol buffer and cause repayments to enter a queue.Delta-neutral strategies carry funding-rate, basis, leverage, liquidation, execution and counterparty risks. Theoretical hedging does not mean every trade will close at the same time or at the expected price under real market conditions. Historical yield figures do not guarantee the same results in the future.Smart contracts, price oracles, bridges and the Solana network carry technical risks. On the governance side, the concentration of critical powers within the Risk Committee during the early phase may raise centralization concerns. Emergency pause authority can be useful for security, but users should review who can make which decisions.SLX carries additional risks. Some of the token’s use cases remain in the planning or development stage. The low circulating supply relative to the total supply, future unlocks and a relatively small market capitalization can create conditions for sharp price moves.Frequently asked questions about SolsticeBelow are answers to some of the most common questions about Solstice.What is Solstice and when was it launched?: Solstice is a DeFi protocol that turns institutional yield strategies into tokenized products on Solana. Solstice Labs was introduced in September 2024, while USX and YieldVault opened to the public on September 30, 2025. The SLX token launched on May 25, 2026.What is the SLX token used for?: SLX is the access, utility and governance token of Solstice. Users who stake SLX receive stSLX, which is used for priority access to new vaults, certain redemption options, future credit features and governance processes being introduced in stages.Which network does Solstice use?: Solstice’s core protocol and main SLX contract operate on Solana. CoinGecko also displays a BNB Smart Chain contract for SLX, although Solana remains the central network for USX, eUSX and YieldVault.Who founded Solstice?: The co-founders of Solstice Labs are Ben Nadareski, Tim Grant and Stuart Connolly. Nadareski serves as CEO, while Grant was named chairman. The project was established and funded by Deus X Capital.What is the SLX supply?: SLX has a fixed total and maximum supply of 1 billion tokens. Approximately 242.85 million SLX were in circulation as of August 20, 2026. The circulating amount can change as locked tokens are released.Is Solstice suitable as an investment?: There is no single answer that applies to everyone. SLX carries material risks due to its volatility, token unlock schedule and use cases that are still under development. USX and eUSX also involve reserve, counterparty, redemption, smart contract and strategy risks. Current token distribution, audit reports, the proof-of-solvency dashboard and personal risk tolerance should all be considered before making a decision. Solstice is trying to turn institutional yield strategies into standardized and usable tokens on Solana. The relationship between USX, eUSX, YieldVault and SLX gives the project a broader structure than a standalone governance token. Off-chain counterparties, variable yield sources and the token supply schedule remain areas that require close attention.Follow the JR Kripto Guide series for the latest information on Solstice’s USX, eUSX and YieldVault products, as well as the development of the SLX token within the Solana ecosystem.
Bitcoin climbed from around $64,300 to $68,700 within approximately one hour. The sudden move caught traders betting on lower prices off guard. More than $70 million in short positions were liquidated during the period.Bitcoin traded near $68,450 as of 6:45 p.m. Türkiye time on August 19. The cryptocurrency reached an intraday high of $68,776. BTC’s 24-hour gain reached 5.6%. However, most of the increase occurred within the previous hour. Bitcoin had traded sideways near $64,000 earlier in the day.Short liquidations exceed $70 million in one hourMarket data showed that leveraged cryptocurrency positions worth $71.99 million were liquidated in the past hour. Short positions accounted for $70.18 million of that amount.Long liquidations remained at just $1.81 million. Therefore, traders betting on lower prices represented approximately 97.5% of all liquidations during the period.Four-hour liquidations climbed to $116.06 million. Short positions accounted for $94.39 million of the total. Over the past 24 hours, exchanges closed $139.52 million in leveraged positions.The liquidations affected 22,260 trader accounts. The largest individual liquidation occurred on OKX and involved a Bitcoin position worth $4.07 million.The automatic closure of short positions can create additional buying pressure. As prices rise, they can reach new liquidation levels and trigger further forced purchases. This process can accelerate a rally within a short period.Ethereum outperforms Bitcoin during the rallyThe Bitcoin rally quickly spread across the altcoin market. Ethereum gained 8.6% and reached $2,082.Solana rose 6.6% to $82.09, while XRP gained 6.5% to trade at $1.068. Dogecoin advanced 4.2%, BNB gained 2.6% and SUI climbed 6.2%.The total cryptocurrency market capitalization reached $2.31 trillion. Market data showed that the figure increased by 4.38% over the past 24 hours.Daily cryptocurrency trading volume also rose 18.3% to $61.5 billion. Bitcoin’s market dominance reached 59.28%.Why did Bitcoin rise?No single confirmed announcement has emerged as the immediate trigger for the sudden rally. The move came as expectations surrounding cryptocurrency regulation in the United States improved.Reuters reported that the White House was hosting executives from the cryptocurrency and prediction market industries on August 19. SEC Chair Paul Atkins, CFTC Chair Michael Selig and White House crypto adviser Patrick Witt were expected to attend.The SEC also published a new regulatory proposal covering token sales. The proposal could exempt certain token offerings from securities registration requirements.Markets will also follow the Federal Reserve minutes scheduled for release at 9:00 p.m. Türkiye time. A more hawkish message on the interest rate outlook could increase volatility following the rally.Whether Bitcoin can remain above $68,000 will be important for its short-term direction. The liquidation-driven rally will require continued spot-market buying volume to sustain its momentum.
Ripple Prime, Ripple’s institutional brokerage arm, raised $275 million through a bond offering. The company will use the proceeds to expand its US operations and strengthen its institutional financial infrastructure.According to the company’s August 18 announcement, Ripple Prime sold senior unsecured notes to institutional investors through a private placement. The company upsized the transaction to $275 million from its original target.Ripple said the offering attracted investors from several major financial markets. However, the company did not disclose the initial target, maturity date or coupon rate.Ripple Prime will use the funds in the USRipple Prime will use the proceeds for working capital and general corporate purposes. The company plans to expand its multi-asset clearing, prime brokerage and financing services in the US.The new capital will also support investments in personnel and technology. Ripple Prime serves institutional investors active in digital assets, foreign exchange, fixed-income securities and derivatives markets.Ripple Prime President Noel Kimmel said the transaction marked the company’s first notes offering. According to Kimmel, the new capital will support the platform’s growth plans and its goal of becoming one of the world’s largest non-bank prime brokers.The notes received a BBB credit ratingCredit rating agency KBRA assigned a BBB rating to Ripple Prime’s notes. This rating places the debt instrument within the investment-grade category.Senior unsecured notes are not backed by specific assets. However, they rank ahead of subordinated debt and company equity if the issuer encounters repayment problems.KBRA’s assessment highlighted Ripple Prime’s expanding balance sheet and its move into profitability in 2025. The agency also viewed financial support from parent company Ripple as an important factor.KBRA said Ripple held nearly $5 billion in cash and more than 40 billion XRP as of the third quarter of 2025. However, the agency identified Ripple’s dependence on digital asset-related revenue as one of the main credit risks.Piper Sandler acted as the lead placement agent for the offering.Borrowing capacity reaches $475 millionIn May, Ripple Prime secured a debt facility of up to $200 million from funds managed by Neuberger Specialty Finance. The company uses the facility to expand client financing and margin capacity.The latest offering brings Ripple Prime’s total borrowing capacity secured within roughly three months to $475 million. The earlier agreement is a credit facility, so it should not be assumed that Ripple Prime has drawn the entire amount.Ripple acquired the platform, previously known as Hidden Road, for $1.25 billion in 2025. It later rebranded the business as Ripple Prime, creating an institutional brokerage arm covering traditional and digital markets.According to Ripple’s May announcement, Ripple Prime’s revenue tripled year over year following the acquisition. The new debt financing gives the company additional resources for its capital-intensive brokerage and client financing operations.XRP price risesThe notes offering does not involve an XRP purchase, token burn or transaction on the XRP Ledger. The financing therefore has no disclosed mechanism that would directly affect the XRP price. Still, XRP traded near $1.04 at the time of writing. The cryptocurrency gained 4% following the announcement.Ripple Prime’s growth could expand Ripple’s institutional financial ecosystem over the long term.
Kraken has started offering eligible customers in the European Economic Area access to more than 7,000 US stocks. Users can manage traditional shares, cryptocurrencies and tokenized xStocks products through the same account.The new service is available only to eligible EEA customers. Turkey is outside this region, so residents of the country should not assume they can access the service.Kraken adds more than 7,000 US stocksAccording to Kraken’s August 18 announcement, investors can directly buy and sell more than 7,000 US stocks. Trading is available through Kraken Pro on desktop and mobile, as well as the standard Kraken app.Payward Europe Digital Solutions (CY) Limited provides the traditional stock service. The company is an authorized investment firm operating under the European Union’s MiFID II framework.Kraken said eligible customers will pay no commission on direct stock trades. However, foreign exchange costs, spreads and other fees may still apply.The platform supports more than 600 crypto assets alongside traditional stocks. Kraken also offers over 700 tokenized stocks and exchange-traded funds under its xStocks brand.Users can therefore access US markets without moving capital from their crypto accounts to another brokerage. For some companies, traditional shares and their tokenized versions will be available side by side.Traditional shares and xStocks provide different rightsAlthough both products may track the same company’s price, their legal structures differ. A traditional share represents a direct ownership interest in a company.xStocks are tokenized representations of real shares. Each token is backed one-to-one by the corresponding share held through custodial institutions.However, xStocks holders do not become direct shareholders of the underlying company. The tokens do not provide voting rights, access to company information or direct ownership claims over the underlying shares.Dividends are also not distributed as conventional cash payments. Their economic value is reflected in the holder’s balance of the same token through a rebasing mechanism.Jersey-based Backed Assets (JE) Limited issues the xStocks products. According to the legal disclosure in Kraken’s announcement, they are offered through Payward Digital Solutions, which is licensed by the Bermuda Monetary Authority.Kraken also states that xStocks are not registered with local securities regulators. The protections available under MiFID II for direct shares should therefore not be treated as identical to those governing xStocks.xStocks extend trading beyond traditional market hoursTraditional shares remain tied to US exchange hours and brokerage infrastructure. xStocks can be traded 24 hours a day, five days a week by eligible EEA customers.The tokenized products can also be withdrawn to compatible self-custody wallets. Users can store them outside Kraken or use them through supported on-chain applications.This flexibility introduces additional risks. Smart contract problems, incompatible wallets, blockchain outages and third-party applications could expose investors to losses.Although xStocks track their underlying shares, liquidity may be lower outside regular market hours. The difference between the token price and the traditional share price could therefore widen temporarily.Kraken said cumulative xStocks transaction volume has exceeded $38 billion since the products launched. The latest integration expands its strategy of combining crypto exchange and traditional brokerage services on one platform.Customers in Turkey are outside the launch areaThe service covers the European Union, Iceland, Liechtenstein and Norway, which together form the European Economic Area. Turkey is not an EEA member.Kraken has yet to confirm whether customers residing in Turkey can access the new selection of more than 7,000 US stocks. Eligibility may depend on a customer’s country of residence and account verification details rather than citizenship alone.Kraken plans to expand its integrated stock offering into additional markets over the coming months. The company has not announced a launch date for Turkey.
The crypto market will focus on the Federal Reserve’s interest-rate debate and the European Union’s transaction ban targeting 14 crypto platforms during the week of August 17–23. Several token unlocks are also scheduled, including ZRO, TRUMP, KAITO and AVAX.Bitcoin started the week trading at around $63,500. Weak US employment and retail sales data have reduced expectations for an interest-rate increase, while rising oil prices continue to keep inflation risks alive. FOMC minutes could revive the rate debateThe week’s most important macroeconomic event will arrive on Wednesday, August 19, when the Federal Reserve publishes the minutes from its July 28–29 FOMC meeting at 9:00 p.m. Türkiye time.The Fed kept its target rate unchanged at 3.50%–3.75% in July. The decision passed by a 9–3 vote, with Beth Hammack, Neel Kashkari and Lorie Logan supporting a 25-basis-point increase.The three dissenting votes have made the minutes more significant. Investors will examine whether support for tighter policy extended beyond those three officials and what conditions might persuade other members to back an increase.US data released since the July meeting have pointed to slower economic activity. In a Reuters poll, 94 of 104 economists expected the Fed to leave rates unchanged at its September meeting.Futures markets have also lowered the probability of a September rate increase to around 30%, down from approximately 50% a week earlier. The minutes will reflect the Fed’s position at the time of the meeting, so investors will weigh them against the weaker data published since then.Oil prices are keeping the rate outlook uncertain. Brent crude gained 6% last week and moved above $89 on Monday. Supply risks in the Middle East could raise energy costs and complicate central banks’ efforts to control inflation.The effect was visible in the week’s first major data release. Canada’s annual inflation rate climbed to 3% in July, driven partly by a 25.7% year-over-year increase in gasoline prices.EU ban targeting 14 crypto platforms takes effectThe European Union’s transaction ban covering 14 crypto service platforms will take effect on Sunday, August 23. The measure forms part of the crypto provisions in the EU’s 21st sanctions package against Russia.According to the Council of the EU, the listed platforms are based in Georgia, Panama, the United Arab Emirates, the Marshall Islands, Kyrgyzstan and Belarus. The bloc says the entities helped Russia circumvent existing financial sanctions.The ban prevents EU operators from conducting direct or indirect transactions with the listed platforms. Its scope is limited to the entities named in the annex to Regulation 2026/1848.The regulation also creates a pathway for broader restrictions on crypto services in countries that systematically help Russia evade sanctions. This mechanism could allow the EU to target crypto services across an entire jurisdiction instead of adding individual companies to its sanctions list.Counterparty screening will become more important for EU-based exchanges and custody providers. Transfers linked to the listed platforms could face additional checks, potentially affecting some users’ deposit and withdrawal transactions.Coinbase and Circle agreement enters renewal periodThe USDC collaboration agreement between Coinbase and Circle will enter its first three-year renewal term on August 18. The agreement governs the distribution of USDC-related revenue and the economic relationship between the two companies.The contract submitted to the SEC took effect on August 18, 2023. Its initial term lasted three years and can renew automatically for additional three-year periods if both parties meet the specified performance requirements.The date marks the continuation of the existing commercial framework. Circle and Coinbase have not announced a separate USDC token launch or network upgrade tied to the renewal.ZRO and TRUMP unlocks enter focusThe week’s token calendar includes several unlocks that are significant in dollar value or as a share of circulating supply. Their dollar values are approximate and will continue to fluctuate with spot prices.August 17: Aster will unlock approximately $28.3 million in ASTER, equivalent to 1.8% of its circulating supply.August 18: Official Trump will release around $40 million in TRUMP, equal to 4.1% of its circulating supply.August 20: LayerZero will unlock approximately $20 million in ZRO, representing 4.4% of its circulating supply.August 20: Kaito will unlock around $12.2 million in KAITO.August 21: Avalanche will unlock approximately $23.1 million in AVAX, equivalent to 0.7% of its circulating supply.August 21: Morpho will release around $22.7 million in MORPHO, representing 3.9% of its circulating supply.August 21: Akedo Games will unlock approximately $14.1 million in AKE.Market data show that the ZRO unlock includes allocations for private investors, founders, team members and the community. Transfers to investors and team members with relatively low cost bases could increase the risk of short-term selling pressure.The same data source reported that DATA Network postponed the unlock for its early backers and core contributors from August 13, 2026, to February 13, 2028. Under the revised schedule, 25% of the allocations will unlock in 2028, while the remainder will be released gradually through February 2031.Token unlocks make previously restricted assets transferable. Their effect on prices will depend on the recipients’ decisions, market liquidity and demand during the same period.Gnosis and THORSwap votes will concludeThe week’s most extensive DAO proposal comes from Gnosis Chain. GnosisDAO is considering transforming the network from a standalone layer-1 blockchain into a rollup settled on Ethereum.The proposal aims to establish synchronous composability between Gnosis Chain and Ethereum. Voting ends on August 19, although approval would not mean the transition takes place immediately.ShapeShift DAO is voting until August 18 on a proposal to move its rFOX staking program from Arbitrum to Ethereum mainnet on October 1. The plan would increase revenue-sharing rewards to 50% for three months to encourage migration.Rocket Pool is considering replacing Snapshot with RocketDash as its official offchain signaling platform. Decentraland is voting on a governance and appeals framework for platform-wide bans. Both votes will end on August 19.Voting on THORSwap’s TIP-19 proposal will continue until August 22. The proposal would migrate THOR tokens to METRO on Ethereum mainnet at a one-to-one ratio.Compound’s Proposals 595 and 596, which covered zeroing rates in deprecated markets and applying layer-2 security upgrades, concluded on August 16. They are therefore excluded from the week’s upcoming events.This week’s macroeconomic calendarAll times are Türkiye time, UTC+3.August 18, 3:30 p.m.: US import and export prices for July.August 18, 4:15 p.m.: US industrial production for July. Monthly growth is expected at 0.3%, following a 0.1% increase.August 19, 9:00 a.m.: UK inflation for July. Headline inflation is expected to rise to 3% from 2.6%.August 19, 12:00 p.m.: Final euro-area inflation data for July. The preliminary estimate showed headline inflation at 2.9% and core inflation at 2.5%.August 19, 9:00 p.m.: FOMC minutes from the Fed’s July 28–29 meeting.August 20, 3:30 p.m.: US initial jobless claims. Economists expect 201,000 applications, compared with 209,000 previously.August 21, 2:30 a.m.: Japan’s July inflation data. Core inflation is expected at 1.8%.August 21, 9:00 a.m.: UK retail sales for July.August 21, 11:00 a.m.: Flash euro-area composite PMI for August. The forecast stands at 51.6.August 21, 4:45 p.m.: Flash US composite PMI for August. The forecast stands at 53.2.Crypto companies will report earningsInvestors will also follow the financial results of three companies connected to Bitcoin mining and blockchain infrastructure. BitFuFu is scheduled to report its second-quarter results on August 17, while Canaan’s results are expected before the US market opens on August 18.Ethereum-focused BTCS is scheduled to report after the market closes on August 18. Mining output, energy costs, crypto asset valuations and cash positions could influence the companies’ share prices.Crypto events begin in Wyoming and BaliThe Wyoming Blockchain Symposium, organized by SALT and Kraken, will take place in Jackson Hole from August 17 to 20. Speakers include Cynthia Lummis, Tim Scott, Michael Novogratz, Denelle Dixon and Kraken co-CEO Arjun Sethi.Coinfest Asia will take place in Bali on August 20–21. Its program will focus on stablecoins, tokenized assets, Asian regulatory frameworks and institutional blockchain adoption.No high-profile token launch has been confirmed for the week. The FOMC minutes, oil prices, EU sanctions and the existing token supply calendar are therefore likely to carry greater influence over the direction of the crypto market.
U.S.-listed spot Bitcoin ETFs recorded approximately $390 million in net outflows last week. The withdrawals reached their highest level in six weeks, while Bitcoin managed to remain above $63,000 on Monday.Bitcoin was trading at around $63,500 at the time of writing. BTC has gained 0.8% since the start of the day, recovering only a small portion of last week’s losses. Bitcoin ETFs posted outflows on four daysAccording to SoSoValue data, U.S. spot Bitcoin ETFs recorded $389.71 million in total net outflows during the week of August 10-14. This marked the products’ largest weekly withdrawal in six weeks.The funds ended four of the five trading sessions with negative flows. Investors withdrew $144.67 million on August 10, $61.16 million on August 12 and $131.13 million on August 13.Another $57.63 million left the funds during the final trading session of the week. Bitcoin ETFs consequently recorded their first three-day outflow streak since the end of July.Fidelity’s FBTC posted the largest outflow among individual funds. Investors withdrew $153.23 million from the product over the week.Grayscale’s GBTC lost $88.3 million, while BlackRock’s IBIT recorded $78.96 million in outflows. ARKB, managed by ARK Invest and 21Shares, shed $70.36 million.Only two funds stood out on the positive side. Grayscale’s BTC fund attracted $75.98 million, while Morgan Stanley’s MSBT received $7.08 million in net inflows.Bitcoin followed the Nasdaq higherBitcoin began the new week with a modest gain despite the ETF outflows. Positive sentiment in U.S. equity markets helped BTC remain above $63,000.Nasdaq 100 futures rose 0.5% on Monday, reaching their highest level since July 2. No clear crypto-specific catalyst appeared to be supporting Bitcoin’s move.The price action suggests that BTC is currently moving alongside technology stocks and broader risk appetite. However, weakness in ETF demand raises doubts about the durability of the recovery.Spot ETFs allow investors to gain exposure to Bitcoin’s price without holding the cryptocurrency directly. Markets closely monitor their flows because sustained withdrawals indicate weaker demand through the ETF channel.Ethereum ETFs were flat as Solana stood outSpot Ethereum ETF activity remained limited compared with the $390 million withdrawn from Bitcoin funds. U.S. Ethereum ETFs ended the week with total net outflows of $2.26 million.BlackRock’s ETHA lost $16.39 million, while investors withdrew $5.6 million from Fidelity’s FETH. A $15.07 million inflow into Grayscale’s ETH fund offset most of those withdrawals.Solana ETFs attracted $10.26 million in net investment over the same period. This represented their strongest weekly inflow since mid-May.The figures show a clear divergence among crypto ETF products. As capital left Bitcoin funds, some investors shifted toward Solana and other altcoin products.Why do Bitcoin ETF outflows matter?Money leaving Bitcoin ETFs does not guarantee an immediate decline in BTC’s price. Bitcoin’s ability to hold above $63,000 indicates that demand elsewhere in the market has absorbed the ETF-related selling pressure so far.Still, the $390 million weekly withdrawal points to weaker short-term institutional demand. Continued outflows during the new week could leave Bitcoin’s support around $63,000 increasingly vulnerable.Alongside ETF data, investors will monitor the Federal Reserve meeting minutes scheduled for release on Wednesday. Signals about the interest-rate outlook could influence risk appetite across both technology stocks and Bitcoin.
Crypto wallet provider SafePal has disclosed that unauthorized parties accessed the order information of approximately 39,798 customers. The exposed data included names, email addresses, phone numbers, shipping addresses and purchase details.The incident did not provide direct access to SafePal wallets or users’ crypto assets. However, the combination of physical addresses and hardware wallet purchase records could help scammers create more convincing attacks against affected customers.SafePal data breach originated in order tracking systemAccording to SafePal’s security notice published on August 16, the incident resulted from an authorization flaw in the order-tracking function of a plug-in connected to customer order information. Under certain conditions, the flaw allowed one customer’s order details to be accessed by another party.The breach affected approximately 39,798 customers who placed orders between March 2, 2025, and April 11, 2026. The compromised records included customer names, email addresses, phone numbers, shipping addresses and information about purchased products.SafePal said it has fixed the vulnerability and introduced additional security measures across its order system. The company is also working with an independent cybersecurity firm to verify the fix and conduct a broader review of its order-processing infrastructure.Affected customers were notified on August 16 through emails. SafePal also created a separate verification page where users can check their status using their order number and shipping country.Seed phrases and private keys were not exposedThe SafePal data breach did not affect the company’s wallet infrastructure or hardware devices. Seed phrases, private keys, wallet passwords and other wallet credentials were not included in the exposed records.Bank account information, payment card numbers and government-issued identification documents were also unaffected. SafePal said it found no evidence that the incident compromised access to customer wallets or funds.Customers whose order information was exposed do not need to replace their hardware wallets or transfer their assets solely because of the incident. Users who entered or shared a seed phrase or private key through a suspicious message or website should treat the wallet as compromised.In that situation, SafePal recommends creating a new wallet through a trusted device or the company’s official application. Any remaining assets should then be transferred to the new wallet immediately.What risks does the exposure of physical addresses create?Attackers can use the leaked data to produce more credible phishing messages. A scammer who knows which product a customer purchased, along with their phone number and delivery address, could impersonate a SafePal employee or shipping company representative.Possible methods include fake product return instructions, refund offers, mandatory firmware update notices and fraudulent customer support calls. Attackers may also send malicious links, physical letters containing QR codes or unexpected hardware packages to customers’ addresses.SafePal said it has already taken down more than 30 fraudulent websites and phishing links connected to scam activity. The company continues to monitor new domains and submit removal requests for threats reported by users.Affected customers should approach unexpected communications by email, phone, text message or post with caution. SafePal employees do not initiate phone calls and will never ask users to disclose their seed phrase, private key or wallet password.The company also recommends typing the SafePal website address directly into a browser instead of following links in emails. Users should avoid scanning QR codes found in unexpected letters and should not use unsolicited hardware devices delivered to their address.Incident follows Trezor customer data breachSafePal’s disclosure came only a few days after Trezor announced a separate incident involving customer information. According to Trezor’s official statement, unauthorized access to systems operated by logistics provider ShipMonk affected approximately 13,689 customers.The Trezor breach also exposed names, email addresses, phone numbers and shipping addresses. The company’s wallets, devices and customer funds remained secure.The two incidents show that hardware wallet security risks extend beyond devices and private keys. E-commerce, order-processing and logistics systems also hold sensitive information that can connect crypto investors with specific physical addresses.SFP price reaction remains limitedSFP, the native token of the SafePal ecosystem, did not experience a sharp sell-off following the disclosure. According to price data, the token was trading at approximately $0.23 at the time of writing. SFP’s 24-hour price movement remained around 1%. The limited reaction suggests that the data breach has not yet triggered a significant loss of confidence in the token market.
