Altcoin
इस पेज पर ताज़ा Altcoin न्यूज़ और मार्केट एनालिसिस की लिस्ट है। JrKripto पर इस कैटेगरी के आर्टिकल, एक्सपर्ट की राय और अपडेट देखें। क्रिप्टोकरेंसी के ट्रेंड और घटनाओं की विस्तृत कवरेज के साथ अपडेट रहें।
न्यूज़
ऑल्टकॉइन न्यूज़
ऑल्टकॉइन न्यूज़
ऑल्टकॉइन से जुड़े सभी आर्टिकल और न्यूज़ देखें। ऑल्टकॉइन की ताज़ा न्यूज़, एनालिसिस और जानकारी।
New Altcoin Gets Double Listing from South Korean Exchanges
South Korea's leading cryptocurrency exchanges, Upbit and Bithumb, have announced new listings for PROS, the native token of Pharos. Upbit announced that PROS, which is scheduled to launch its mainnet on April 28, 2026, will be available for trading on the KRW, BTC, and USDT markets, while Bithumb announced it will add the PROS/KRW trading pair to its platform. Thus, Pharos, one of the new Layer-1 projects, has gained more visibility in the South Korean market with support from two major exchanges on the same day. According to Upbit's announcement, Pharos trading will begin on May 8th on the KRW, BTC, and USDT markets. The exchange stated that deposits and withdrawals will only be supported through the Pharos network. Transfers from other networks will not be supported. Therefore, incorrect network usage could lead to risks such as uncredited assets or extended refund processes. Some temporary restrictions will also be applied during the listing process to ensure transaction security. Upbit will restrict buy orders for approximately the first 5 minutes after trading support begins. During the same period, sell orders below 10% of the previous closing price will also not be allowed. Furthermore, only limit orders will be available for the first two hours. Market orders and other conditional order types will be disabled during this time.According to data shared by the exchange, the previous closing price for PROS was 900.37 KRW, 0.00000774 BTC, and 0.621 USDT. As of May 8th, the latest prices were 990.89 KRW, 0.00000845 BTC, and 0.6759 USDT. This indicates an upward movement in the token price prior to the listing.A similar step has been taken by Bithumb for PROS. The exchange announced on its social media account that the PROS/KRW trading pair will be listed. KRW trading pairs are considered important in the South Korean market in terms of local investor interest. Therefore, the Upbit and Bithumb listings stand out as a noteworthy development for PROS in terms of short-term trading volume and market visibility.What is Pharos?Pharos is developed as an EVM-compatible Layer-1 blockchain network. The project uses an asynchronous BFT-based Proof-of-Stake consensus algorithm. The network's main goal is to provide a high-performance infrastructure for Web3 applications and real-world assets. Pharos aims to build an ambitious structure, especially in terms of scalability, with its parallel transaction architecture.According to the project's statements, the network aims for a capacity of approximately 30,000 transactions per second, a processing power of 2 Gigagas, and a block production time of less than 1 second. Pharos also plans to build an infrastructure that can support very large user bases. These goals are particularly important for RWA, or real-world asset-focused financial applications.Another noteworthy aspect of the Pharos ecosystem is the RealFi Alliance initiative. Through this structure, the project aims to make financial processes such as asset issuance, circulation, and revenue generation more integrated on the chain.The PROS token is used within the network for transaction fees, staking, and ecosystem incentives. Listing the token on major South Korean exchanges like Upbit and Bithumb could increase the new altcoin's access to liquidity. However, price volatility is generally high with new listings. Therefore, investors need to carefully monitor both transaction restrictions and price differences between exchanges. It's worth noting that it experienced a 30% increase at the time of writing.
What Is Centrifuge (CFG)?
In the crypto market, real-world assets have become one of the strongest narratives of recent years. Treasury bills, private credit products, funds, real estate-linked assets and institutional financing instruments are now represented not only in traditional markets, but also on blockchain infrastructure.Centrifuge (CFG) is a project operating in this field. The project aims to bring real-world assets onto the blockchain and make these assets more compatible with the DeFi ecosystem. In this respect, Centrifuge is viewed not merely as a cryptocurrency project, but as an infrastructure developed for on-chain asset management and RWA tokenization.Centrifuge’s main goal is to make assets that are difficult to access, operationally slow or limited in liquidity in traditional financial markets more transparent, programmable and usable on-chain. The project offers institutional-grade tokenization infrastructure for asset managers, fintech companies, credit providers and DeFi protocols. In Centrifuge’s documentation, the project is described as one of the tokenization platforms that connect traditional capital markets with on-chain infrastructure.Centrifuge’s Definition and OriginCentrifuge is a tokenization protocol that makes real-world assets, or RWAs, representable on the blockchain. The concept of RWA refers to the digital representation of physical or off-chain financial assets on a blockchain. This category may include bonds, real estate-linked assets, private credit portfolios, invoice financing products and similar financial instruments. How Centrifuge Protocol works. The project’s starting point is based on the idea of reducing inefficiencies in the traditional financial system through blockchain technology. In traditional financial markets, many types of assets struggle to reach a broad investor base because of high intermediary costs, closed data structures, limited access and lengthy operational processes. Centrifuge aims to make this process more automated, traceable and compatible with DeFi.Centrifuge was founded in 2017. In its early period, the project stood out with Tinlake, a platform developed on Ethereum. Tinlake allowed real-world assets to be financed through pools and enabled these pools to connect with DeFi capital. According to project documents, Tinlake became one of the first RWA initiatives in DeFi to use early examples of multi-tranche asset pools and revolving pool structures.This structure made Centrifuge one of the early RWA projects in the crypto market. Rather than building an ecosystem centered only on token price, the project focused on how real-world financial assets could be managed on the blockchain.Centrifuge’s approach involves three main parties: institutions issuing assets, parties managing or structuring these assets, and investors. Asset issuers bring real-world assets on-chain. Investors can access products linked to these assets through DeFi.For this reason, Centrifuge operates as both a technical and financial infrastructure project in the RWA market. On one side, there are smart contracts, vault structures and multichain architecture. On the other side, there are compliance controls, asset management, portfolio tracking and institutional financing needs.What Does RWA Mean?RWA stands for “Real World Asset.” The concept refers to the digital representation of an asset that has economic value outside the blockchain.For example, a treasury bill, private credit portfolio, real estate income, fund share or trade receivable can be tokenized after certain legal and technical processes. Through tokenization, these assets become easier to track, divide, program and use in DeFi applications.Centrifuge’s difference is that it does not treat RWA tokenization as a process of simply writing an asset onto the blockchain. The project covers a wider area, including asset management, investor access, permission structures, pricing, yield distribution and DeFi integration.Centrifuge’s History: Key MilestonesCentrifuge’s history progressed alongside the gradual maturation of the RWA sector in the crypto market. The project was founded in 2017 and focused in its early years on how real-world assets could be used within DeFi. Tinlake was the most important product of this period.Tinlake made it possible to turn assets into pools and provide financing through these pools. This structure attempted to bring the securitization logic of traditional finance into the DeFi environment. Assets were pooled, investor capital was directed into these pools and repayments could be tracked on-chain.One of the key milestones for Centrifuge was its 2021 integration with MakerDAO. According to project documents, Centrifuge integrated the first real-world asset pool with MakerDAO in mid-2021. In the same year, the RWA Market, which used the Aave protocol, was also launched.In 2022, BlockTower Credit bringing its credit operations on-chain through Centrifuge became another important stage in the project’s history. Centrifuge documents state that BlockTower financed $220 million worth of real-world assets through Centrifuge, while MakerDAO provided $150 million in senior capital to these pools.Over time, Centrifuge moved from a Tinlake-centered structure toward a broader on-chain asset management infrastructure. Centrifuge App, RWA Launchpad, vault structures and multichain architecture became parts of this transformation.2025 was an important transition year for the project. With Centrifuge V3, the protocol moved to an EVM-based and multichain architecture. With the V3 transition completed in July 2025, Centrifuge began operating on Ethereum, Plume, Base, Arbitrum, Avalanche and BNB Chain. During this process, Wormhole became one of the important components of the multichain infrastructure.In 2026, Centrifuge’s connection with the Base ecosystem became more visible. In March 2026, a product called deSPXA was announced on Base. This product was introduced as a structure designed to offer tokenized access to the Anemoy S&P 500 Index Fund for eligible non-U.S. users.In May 2026, Coinbase announced that it had selected Centrifuge as its Preferred Tokenization Infrastructure platform and made a strategic investment in the project.Tinlake PeriodTinlake represents the first major application phase of Centrifuge. This structure was based on financing real-world assets through pools. Asset originators included certain receivables or financial assets in the system, while investors could provide capital to these pools.During the Tinlake period, the aim was to bring traditional credit and securitization processes closer to DeFi. For this reason, the project established connections with major DeFi protocols such as MakerDAO and Aave at an early stage.This period shaped Centrifuge’s current RWA identity. The project’s current vault, pool, investor access and institutional asset management structures were built largely on the experience gained through Tinlake.Centrifuge V3 and the Multichain TransitionCentrifuge V3 refers to the project’s transition to a more scalable and multichain RWA infrastructure. With V3, Centrifuge moved from the old Centrifuge Chain-centered structure toward an EVM-based architecture.In the Centrifuge glossary, V3 is defined as the third version of the protocol, designed for scalable, permissionless and multichain asset tokenization. The hub-and-spoke model stands out in this version. The hub chain manages central coordination functions such as pool accounting, permissions and share prices, while spoke chains operate as networks where investors carry out actions such as depositing and withdrawing assets.This structure aims to reduce the limitation of RWA products being confined to a single chain. Asset managers and investors can interact on different networks, while the protocol coordinates these transactions in the background. This allows RWA products to be moved more easily into different ecosystems where DeFi liquidity is available.Why Is Centrifuge Important?Centrifuge’s importance comes from the role of RWA tokenization in the crypto market. In the early years of DeFi, the market mostly grew around crypto assets, stablecoins, yield farming and decentralized exchanges. However, this structure had limited contact with the real economy.RWA projects aim to fill this gap. The traditional finance world contains massive pools of assets. When some of these assets are brought onto blockchain infrastructure, DeFi may become less dependent on capital cycles within crypto alone.In this way, Centrifuge builds a bridge between DeFi and traditional finance. The project helps asset managers bring their funds on-chain, DeFi protocols access real-world yields and investors use tokenized assets.This structure is especially important for institutional adoption. For institutions, tokenization is not just a technological innovation. It also offers an opportunity to reduce operational costs, achieve faster settlement, create more transparent reporting and reach new distribution channels.Centrifuge emphasizes that tokenization can reduce costs through automation and blockchain-based efficiency. In the long term, the project aims to build a more comprehensive infrastructure that provides access, liquidity and interoperability for digital assets.The Importance of Centrifuge for DeFi and TradFiFor DeFi protocols, the most important contribution Centrifuge offers is access to real-world yields. Traditional DeFi yields are often tied to crypto asset demand, leverage cycles or liquidity incentives. RWA products, however, can bring cash flows from external markets such as credit, bonds and funds on-chain.This can create more diverse yield sources in DeFi. For example, a protocol may work not only with ETH or stablecoin liquidity, but also with tokenized credit products or funds. This expands the areas of collateral, lending and portfolio management.Centrifuge’s use in structures connected to the DeFi ecosystem, such as MakerDAO, Aave, Sky and Morpho, is notable in this respect. The project aims for RWAs not only to be held passively within DeFi, but also to be used across different protocols.On the traditional finance side, Centrifuge offers a more programmable infrastructure for asset managers and institutions. Processes such as fund creation, investor access, distribution, reporting and portfolio management can become more traceable on the blockchain.This structure is especially important for asset managers who want to reach different markets. Tokenized products can access a wider investor base within the framework of compliance rules. At the same time, when products become usable in DeFi protocols, new liquidity and collateral scenarios may emerge.Centrifuge being associated with major names such as Janus Henderson, S&P Dow Jones Indices and Coinbase strengthens the project’s claim on the institutional tokenization side. For example, in 2025, Janus Henderson’s AAA CLO strategy being brought on-chain through Centrifuge and supported by Grove with a $1 billion allocation became one of the project’s important developments in institutional credit products.How Does Centrifuge Work?Centrifuge’s operating logic is based on converting real-world assets into on-chain financial products. The first step in this process is for the asset issuer to include a specific asset or asset portfolio in the system. These assets may be credit products, funds, treasury products or other financial instruments.These assets are then managed within specific pools or vault structures. A vault refers to a structure where investors deposit capital under certain rules and become linked to the yield generated by the asset. Centrifuge’s user documents state that issuers can tokenize real-world assets through configurable on-chain vaults via RWA Launchpad.In this structure, investors can access tokenized products depending on compliance requirements. Each product may have different access conditions, risk levels and yield structures. This is important in the RWA market because not all products may be open to everyone.In Centrifuge’s older V2 structure, real-world assets were tokenized as NFTs, linked to off-chain data and then securitized within pools. It was possible to track on-chain which pool the assets were in, how much had been borrowed, whether repayments had been made and whether there were any delays.On the V3 side, the structure is shaped more around vaults, hub-and-spoke architecture and multichain access. This allows investors to interact on different networks, while pool accounting and coordination are managed at the protocol level.Asset TokenizationAsset tokenization means converting an off-chain asset into a digital representation on the blockchain. This representation can be used to track investor rights, income flows, repayment processes or asset performance.For Centrifuge, tokenization is not merely the act of creating a token. The legal structure of the asset, compliance conditions, investor access, pricing data and DeFi usage are also part of the process.For this reason, Centrifuge approaches RWA tokenization within a more institutional framework. The project offers infrastructure that allows asset managers to launch, manage and distribute their own products on-chain.Pool and Vault LogicPools and vaults sit at the core of Centrifuge. Multiple assets can be gathered under a single structure. Investors can then provide capital to this structure and gain exposure to the relevant asset portfolio.This model resembles the securitization logic used in traditional finance. However, blockchain infrastructure allows transactions to be tracked more transparently. Repayments, borrowing status and portfolio data can become more visible on-chain. Centrifuge "vault" logic V2 documents state that Centrifuge pools had a revolving pool structure. This allowed assets to be financed, repayments to be received and investor entries and exits to be managed over specific periods.Compliance and Risk ManagementCompliance and risk management are critically important in RWA projects. This area involves not only smart contract risk, but also legal structure, asset quality, credit risk, liquidity risk and investor suitability.For this reason, Centrifuge aims to build a more controlled bridge between DeFi and traditional finance. Asset managers can create their products within certain permission mechanisms and compliance rules.This separates Centrifuge from purely permissionless DeFi projects. The project’s goal is to make institutional-grade assets more usable on the blockchain and allow them to work in a way that is compatible with DeFi infrastructure.What Is the CFG Token Used For?CFG is the native token of the Centrifuge ecosystem. Historically, the token has been associated with governance, network fees and internal protocol participation processes. During the old Centrifuge Chain period, CFG was a core part of the on-chain governance mechanism and transaction fees.With the V3 transition, the CFG token structure was also updated. According to Centrifuge documents, the V3 CFG migration process took place between May 20, 2025 and December 3, 2025. During this process, legacy CFG and wCFG tokens on Ethereum were converted into V3 CFG at a 1:1 ratio. After the transition was completed, the bridge between Ethereum and the old Centrifuge Chain was fully disabled.For this reason, it is important to distinguish between the old token structure and the new V3 CFG when researching CFG. Especially when examining price history, circulating supply and exchange data, users should check which token version is being referenced. As of May 7, 2026, the CFG token price is trading around $0.2946151. One of CFG’s main use cases is governance. Token holders can have a say in the development of the protocol, token economics and ecosystem decisions. Centrifuge DAO represents the community side of this governance process.However, governance also went through updates after the V3 transition in 2025. According to Centrifuge documents, a proposal called CP 171 was approved by the DAO on November 3, 2025. After this proposal, the Centrifuge Network Foundation took over governance and oversight responsibilities, while the DAO retained the right to reassume governance operations in the future.For investors, CFG is also followed as a crypto asset linked to the RWA narrative. When interest in the RWA market increases, projects such as Centrifuge, which have early positioning and institutional integrations, may attract more attention. Still, this does not mean that the token price will automatically increase.CFG price changes depending on general market conditions, interest in the RWA sector, exchange liquidity, token supply, protocol revenues, institutional integrations and investor expectations. For this reason, when evaluating CFG coin price, it is necessary to look not only at the project narrative, but also at token economics and market data.Legacy CFG and V3 CFG DifferenceIn the Centrifuge ecosystem, legacy CFG refers to the token used on Centrifuge Chain. wCFG was the wrapped CFG version on Ethereum. With the V3 transition, these two structures were combined under the new EVM-based CFG.This transition aimed to simplify the user experience and make Centrifuge more compatible with the Ethereum ecosystem. Disabling the old bridge structure was also part of this transformation.For this reason, Centrifuge guides should include a separate section on the migration process when explaining the token. Older sources about CFG coin may not fully reflect the post-V3 structure.CFG Token and GovernanceOne of CFG’s most important functions is protocol governance. In the Centrifuge ecosystem, governance covers protocol upgrades, ecosystem decisions and processes related to token economics.The governance structure helps preserve the decentralized character of the project. However, in an area as regulation-sensitive as RWA, governance is not limited to community votes. The foundation, the team, asset managers and institutional partners also play important roles in the development of the ecosystem.For this reason, Centrifuge governance has a more complex framework than classic DeFi DAO structures. The project tries to manage both community participation and the operational trust required by the institutional tokenization market.Centrifuge’s Developers and CommunityBehind Centrifuge is a team that has long worked in the fields of RWA and on-chain finance. On the project’s official page, Bhaji Illuminati is listed as CEO and co-founder, Anil Sood as Chief Strategy Officer and co-founder, Jeroen Offerijns as Chief Technology Officer and co-founder, and Martin Quensel as President and co-founder. Lucas Vogelsang is also among Centrifuge’s co-founders. In 2025, the project went through an important leadership change. Bhaji Illuminati took over as CEO after Lucas Vogelsang. Lucas Vogelsang moved into a strategic board position. In the same announcement, the roles of Martin Quensel, Anil Sood, Jeroen Offerijns and Eli Cohen in the executive team were also shared.Centrifuge’s community does not consist only of individual token holders. The ecosystem includes Centrifuge Network Foundation, Centrifuge Labs, Anemoy, DeFi protocols, asset managers, investors and developers.In recent years, Centrifuge has stood out through news connected to major institutions such as Apollo, Janus Henderson, S&P Dow Jones Indices and Coinbase. In May 2026, Coinbase selecting Centrifuge as its preferred tokenization infrastructure and making a strategic investment became one of the latest developments showing that the project has become more visible on the institutional side.Frequently Asked Questions (FAQ)Below, you can find answers to frequently asked questions about Centrifuge (CFG):What is Centrifuge (CFG)?: Centrifuge is an RWA tokenization protocol focused on bringing real-world assets onto the blockchain. The project helps asset managers, fintech companies and DeFi protocols create tokenized financial products.What is CFG coin?: CFG is the native token of the Centrifuge ecosystem. The token is used in areas such as governance and protocol participation. After the V3 transition, legacy CFG and wCFG were combined under the new EVM-based CFG.When was Centrifuge launched?: Centrifuge was founded in 2017. The project’s first major product was Tinlake. Tinlake was one of the early RWA platforms that aimed to connect real-world assets with DeFi capital.Who founded Centrifuge?: Lucas Vogelsang, Martin Quensel, Anil Sood and Jeroen Offerijns are among the names that stand out in Centrifuge’s founding team. In 2025, Bhaji Illuminati took over as CEO, while Lucas Vogelsang moved into a strategic board position.How does Centrifuge work?: Centrifuge brings real-world assets on-chain through tokenized pools or vault structures. Issuers include assets in the system, while investors can access these assets depending on compliance conditions. Smart contracts play a role in accounting, permissions, investment and repayment processes.What is Tinlake?: Tinlake is Centrifuge’s early RWA platform. It made it possible to turn real-world assets into pools and provide capital to these pools through DeFi. The foundations of today’s Centrifuge infrastructure were largely built during the Tinlake period.What is Centrifuge V3?: Centrifuge V3 is the protocol’s new multichain and EVM-based version. It was designed to operate on networks such as Ethereum, Base, Arbitrum, Avalanche, BNB Chain and Plume. With V3, Centrifuge aims to make RWA products easier to use across different chains.What does CFG token migration mean?: CFG token migration refers to the process of converting old CFG and wCFG tokens into the new V3 CFG. This transition took place between May 20, 2025 and December 3, 2025. Tokens were converted at a 1:1 ratio, and the old Centrifuge Chain bridge was disabled.Which networks does Centrifuge operate on?: Centrifuge V3 was launched on Ethereum, Plume, Base, Arbitrum, Avalanche and BNB Chain. The project uses a multichain structure to allow RWA products to be used across different networks.Is Centrifuge suitable for investment?: Centrifuge is one of the projects in the RWA sector with a strong narrative and institutional connections. However, CFG coin price depends on market conditions, token supply, liquidity, regulatory risk and developments in the RWA sector. For this reason, it is important to conduct personal research and pay attention to risk management before making a decision about CFG or similar assets.Follow the JR Kripto Guide series for the latest insights on Centrifuge and RWA-focused crypto projects.
'New Era' Message in the Crypto Market: The Four-Year Cycle is Over
Bitwise Asset Management CEO Hunter Horsley said that the long-referenced four-year cycle narrative in the crypto market is no longer valid. Speaking in Miami as part of Consensus 2026, Horsley stated that investors should not expect the market to recover according to the old timeline.According to Horsley, in the past, the crypto market was generally interpreted as three years of ups and one year of downs. However, the weak market outlook experienced last year indicated that this pattern has broken down. Therefore, the Bitwise CEO argued that the "four-year cycle is dead," suggesting that the sector has now entered a different phase. Emphasis on the new era in the crypto marketHorsley stated that old patterns and reflexes from the previous era no longer provide sufficient guidance to investors in the crypto market. According to him, the sector is moving towards a new structure that is more institutional, more widely participated in, and where fewer large players are decisive.While describing this change, the Bitwise CEO used Winston Churchill's frequently quoted saying, "This is not the end, nor the beginning of the end, but the end of the beginning." According to Horsley, the crypto sector has now moved beyond its early stages and is approaching a more mature market structure. The topics of discussion are also changing in this new era. Horsley stated that traditional financial giants like Morgan Stanley are now more prominent in crypto conversations than in-house companies like Gemini. He also noted that with the stablecoin supply exceeding $300 billion, market interest is shifting not only to altcoins but also to payment and financial infrastructure.A "juggernaut" comment for Strategy's new instrumentAnother point Horsley highlighted was Stretch, a preferred investment vehicle developed by Michael Saylor's company, Strategy. This structure stands out with elements such as Bitcoin collateral, stable net asset value, and a target return of over 10%.The Bitwise CEO described Strategy's product as a "juggernaut" and said the structure is still in its early stages. According to him, while Stretch may seem unusual at first glance, it addresses one of investors' fundamental needs: a Bitcoin-collateralized, income-oriented, and price-capable instrument. Horsley also predicted that this structure could become widespread across the sector within the next 12 months. In this scenario, Bitcoin could find a greater place not only as a spot market or treasury asset, but also in fixed-income products. The Bitwise CEO stated that Michael Saylor's financial engineering approach plays a significant role in this transformation. However, the picture on the Strategy side is not entirely risk-free. While the company's STRC product reached record transaction volume last month, it was also noteworthy that Saylor acknowledged the possibility of selling from the Bitcoin treasury. This possibility is seen as a significant break from the company's long-held "no selling Bitcoin" approach. Strategy is the company that holds the most Bitcoin. The payment narrative for Bitcoin may returnHorsley also approached the idea of Bitcoin being seen only as a store of value with caution. According to him, the vision of Bitcoin as a payment tool from its early days has not completely disappeared; it simply means the market needed to solve a different issue first.The Bitwise CEO said that the main debate in the last 10 years has revolved around whether Bitcoin is valuable or not. Horsley noted that hundreds of millions of people hold BTC today, and there is a stronger acceptance of Bitcoin's value across broader segments of the market. According to Horsley, this creates a more favorable environment for the resurgence of Bitcoin's use cases in the payments sector.
Grayscale DeFi Fund Changes: AERO Removed, New Altcoin Added
Grayscale Investments has made significant changes to its crypto portfolio as part of its first-quarter rebalancing for 2026. The company delisted Aerodrome Finance from its Decentralized Finance Fund and added Ethena in its place. Following Grayscale's announcement, Ethena's native token, ENA, gained over 6% in the last 24 hours. Ethena (ENA) is currently trading at $0.121, up 6.85% in the last 24 hours. The token's daily trading range is between $0.1134 and $0.1258, and the short-term recovery is reflected in its 7-day performance; ENA has gained 17.40% in the last week and 49.21% in the last 30 days. Despite this, the chart shows that the price remains well below the highs seen in 2024 and 2025. Aerodrome Finance Removed from Fund: Largest Weighting in UNIThe biggest change in Grayscale's DeFi fund was the complete removal of Aerodrome Finance. The company sold its AERO position and some of its existing fund components, according to the CoinDesk DeFi Select Index methodology, and acquired Ethereum. Aerodrome had previously been included in the fund in the third quarter of 2025, replacing MakerDAO. However, with the latest update, AERO's presence in the fund has completely ended.According to the new allocation, Uniswap remains the largest component in the Grayscale DeFi Fund. UNI continues to be the largest component of the fund with 35.22%. However, Uniswap's weighting decreased from 42.67% in the previous period. Aave also fell from 26.23% to 21.36%. In contrast, Ondo increased from 14.10% to 19.83%, taking third place in the fund. Ethereum entered the fund with a weighting of 13.59%. This is considered a remarkable starting level for a newly added asset. Curve holds 5.27% and Lido DAO holds 4.73% of the remaining assets. This shows that Grayscale is giving more space to themes related to yield, stablecoin infrastructure, and real-world assets on the DeFi side, not just decentralized exchanges and lending protocols. The addition of Ethereum also aligns with the recent increase in interest in yield-focused products in the DeFi market. The project is known in the crypto ecosystem for its stablecoin-like products and yield mechanisms.No new assets were added or removed from Grayscale's Smart Contract Fund. However, a notable change occurred in the fund's weightings. Ethereum once again surpassed Solana with a 30.14% share, becoming the largest component of the fund. Solana's weighting remained at 29.69%. Thus, the difference between the two major smart contract networks narrowed to less than half a point. In January, Solana held the top spot with 29.55%, while Ethereum was at 29%. This balance shifted in favor of Ethereum in the last quarter. Other components of the fund included Cardano with 17.96%, Avalanche with 7.69%, Hedera with 7.41%, and Sui with 7.11%. Sui, having fallen from its previous level of 8.55%, was one of the assets that lost the most weight within the fund.
What Is MANTRA (MANTRA)?
Today, the idea of representing real-world assets (RWAs) such as real estate, bonds, commodities, and fund products on the blockchain is gaining more importance. This field takes crypto beyond market-based trading and connects it more directly with the financial system. MANTRA is one of the projects aiming to bring real-world assets on-chain and support this process with a regulation-friendly infrastructure.MANTRA (MANTRA) is an RWA-focused Layer-1 blockchain network built around bringing real-world assets to the blockchain. The project stands out in the crypto market with its focus on tokenization, regulatory compliance, and institutional DeFi. MANTRA’s main idea is to make cryptocurrencies, as well as off-chain assets such as real estate, commodities, financial products, and similar instruments, more accessible through blockchain technology.RWAs, or real-world assets, have become one of the most discussed topics in the crypto ecosystem in recent years. This field does not limit blockchain technology to crypto transfers or speculative token trading. Instead, it focuses on bringing assets used in traditional financial markets on-chain and building a more programmable financial structure.At this point, MANTRA tries to build a more orderly, compliant, and usable bridge between DeFi and traditional finance. The network offers infrastructure designed specifically for RWA tokenization.MANTRA’s Definition and OriginsMANTRA’s starting point is based on reducing the gap between crypto and traditional finance. In its early period, the project became known through the OM token and DeFi products. Over time, it shifted its focus more clearly toward the RWA sector and positioned MANTRA Chain as a Layer-1 network developed specifically for real-world assets.Tokenization is one of the main concepts at the center of MANTRA. This concept refers to creating a digital representation of a physical or traditional financial asset on the blockchain. For example, when a real estate asset, artwork, commodity, or financial instrument is tokenized, it can be divided into smaller parts, tracked on-chain, and traded under certain rules.In theory, this model offers a more accessible investment structure. Assets that normally require large amounts of capital can be opened to smaller investor groups. Smart contracts can automate processes such as revenue distribution, transfer restrictions, identity verification, and transaction monitoring.What separates MANTRA from many other blockchain projects is that it does not approach RWA only as a market narrative. The project also tries to make regulatory compliance, identity verification, institutional access, and cross-chain interoperability part of its infrastructure. For this reason, MANTRA aims to combine an open blockchain structure with the control mechanisms required by permissioned financial applications.MANTRA’s History: Key MilestonesMANTRA first emerged as a DeFi project known through the OM token. In its early period, it grew through staking, governance, and community-focused financial products. However, as the RWA market developed, the project moved toward building a broader infrastructure through its own Layer-1 network.The MANTRA Chain testnet process began in November 2023. This period became an important stage in the project’s transition from a token-based DeFi structure into its own blockchain network. The testnet strengthened MANTRA’s narrative as a dedicated RWA-focused Layer-1.MANTRA Mainnet was officially launched on October 23, 2024. The mainnet launch marked a critical milestone for the project’s goal of bringing real-world assets on-chain.The year 2025 was intense for MANTRA in terms of both growth and trust-related discussions. The project received a VASP license from Dubai’s virtual asset regulator VARA. This license stood out as an important regulatory step, allowing MANTRA Finance FZE to operate as a virtual asset exchange and provide broker-dealer, management, and investment services.In April of the same year, the OM token experienced a very sharp price decline. The MANTRA team stated that forced liquidations on centralized exchanges played a role in the drop. The team also said that MANTRA had not sold tokens during the process and argued that some large OM positions were liquidated on centralized exchanges.After this event, the project took several steps to rebuild trust. MANTRA CEO John Patrick Mullin’s pledge to burn 150 million OM from the team allocation became one of the most notable moves in this process. The project also announced a broader token burn plan.In March 2026, the transition from OM to MANTRA became one of the project’s main agenda items. A 1:4 token split and ticker transition was planned for the OM token. With this conversion, 1 OM became equivalent to 4 MANTRA, and the maximum supply was updated to 10 billion MANTRA. From the official MANTRA website. As of May 2026, MANTRA price is around $0.0102577. Why Is MANTRA Important?To understand MANTRA’s importance, it is useful to look at why the RWA market has attracted so much attention. For a long time, DeFi, NFTs, Layer-1 networks, and Layer-2 solutions stood out in the crypto market. RWA differs from these areas because it directly connects with traditional financial assets.The tokenization of real-world assets can help blockchain become more practically integrated into financial markets. A tokenized bond can be transferred on-chain. A tokenized real estate product can be divided into smaller shares and offered to different investor groups.MANTRA’s importance comes from offering a network developed specifically for this field. General-purpose blockchain networks support many different use cases. MANTRA takes a more focused approach to RWA, compliant DeFi, and institutional tokenization.Another important aspect of the project is its effort to bring together an open blockchain structure with regulated applications. Fully open networks are common in crypto, but identity verification, transaction monitoring, and legal compliance are highly important on the institutional finance side. MANTRA aims to bring the needs of these two worlds together within the same infrastructure.This structure can be meaningful especially for banks, asset managers, real estate companies, fintech platforms, and teams that want to develop regulated investment products. These institutions need more than just a fast and low-cost blockchain network; they also need a technical framework that supports compliance processes.How Does MANTRA Work?MANTRA Chain operates as a Layer-1 blockchain. This means the network does not exist only as an application or token on another blockchain. MANTRA has its own validator structure, transaction infrastructure, and native token economy.The network’s technical structure is designed according to the needs of RWA applications. These needs include low-cost transactions, fast confirmation, cross-chain asset transfers, regulatory compliance, and developer-friendly tools. MANTRA aims to offer flexible infrastructure for DeFi and RWA applications.One of MANTRA’s important technical features is EVM compatibility. EVM stands for Ethereum Virtual Machine and refers to the environment where smart contracts run on Ethereum. MANTRA’s EVM compatibility allows developers to write smart contracts with Solidity and use tools from the Ethereum ecosystem. This feature makes developer migration easier. A team experienced in the Ethereum ecosystem can build applications on MANTRA without learning a completely new technology stack. This can mean faster product development and easier integration, especially for RWA projects.MANTRA Chain also places importance on cross-chain interoperability. Asset transfers and application interactions between different blockchain networks can help RWA products reach a wider ecosystem. In this way, tokenized assets can connect with different blockchain structures instead of remaining limited to a single network.Permissionless and Permissioned StructureOne of MANTRA’s most notable concepts is its use of an open blockchain together with a permissioned application model. This approach allows the network to operate as a public blockchain while letting certain applications remain limited to verified users or institutions.On the open blockchain side, users and developers can access the network, build applications, and carry out on-chain transactions. However, in areas closer to regulation, such as RWAs, some products cannot be opened to everyone without restrictions. For example, a tokenized real estate fund may only be offered to investors who have verified their identity or meet certain legal requirements.This is where compliance mechanisms such as KYC, KYB, KYT, and KYV come into play. KYC refers to user verification, KYB to business verification, KYT to transaction monitoring, and KYV to know-your-validator processes. With these structures, MANTRA tries to meet the need for trust and auditability in institutional DeFi.This model makes MANTRA a network that can also appeal to institutional structures. In traditional finance, trust, auditability, and legal compliance are among the essential parts of product development.What Is the MANTRA Token Used For?The MANTRA token is used as the native asset of MANTRA Chain. After the transition from OM to MANTRA, the token returned to exchanges under the name MANTRA within the network’s updated economic structure. The token is connected to network security, staking, transaction fees, governance, and ecosystem use cases.Staking is one of the most basic use cases of the MANTRA token. Users can stake their MANTRA tokens with validators and contribute to network security. In return, they may receive a share of the network’s reward mechanism.The MANTRA token also plays a role in network transaction fees. When users make transactions on-chain, interact with smart contracts, or use ecosystem applications, the MANTRA token becomes part of the economic system.On the governance side, MANTRA is important for community participation. Token holders can take part in decision-making processes related to the network’s future. These decisions may cover technical upgrades, ecosystem incentives, parameter changes, and the use of community funds. The latest community polls in the MANTRA ecosystem. The MANTRA token’s use cases are not limited to the network level. Ecosystem components such as MANTRA Zone, MANTRA Finance, RWA products, and stablecoin infrastructure also expand the token’s function. For this reason, MANTRA is considered both a technical network asset and an ecosystem participation tool.Transition from OM to MANTRAThe transition from OM to MANTRA became one of the project’s most important structural changes in the recent period. This transition should not be seen only as a name or ticker change. It represents MANTRA’s move from the old OM period toward a more institutional, RWA-focused, and mainnet-centered structure.According to the official timeline, the transition from OM to MANTRA was planned as a two-stage process. For users holding OM on MANTRA Chain or on supporting exchanges, the conversion was expected to happen automatically. OM token holders on EVM networks were told to use the official migration tool.The 1:4 conversion ratio means that every 1 OM token converts into 4 MANTRA tokens. This process was presented as a redenomination and supply adjustment that does not create economic dilution. While users’ token numbers increased, the total supply expanded at the same rate.After this conversion, MANTRA was defined as the current native staking coin of MANTRA Chain. The maximum supply was also updated to 10 billion MANTRA.MANTRA Token EconomyThe MANTRA token economy was shaped by adapting the supply structure from the OM period to MANTRA. At the genesis stage, MANTRA Chain was launched with a total of 1,777,777,776 OM mainnet staking coins. Part of this reflected the old ERC-20 OM supply, while the remaining portion was allocated to the ecosystem, contributors, investors, and incentives.In the genesis distribution, the largest share was given to the OM Upgrade category. MANTRA Chain Association, core contributors, and airdrop allocations were also among the other important parts of the token economy. This distribution shows that the project aimed to bring both the old OM community and the new MANTRA ecosystem under the same roof.A long-term vesting structure was planned for the core contributors’ coin allocation. These types of unlock schedules aim to keep the team and contributors committed to the project over a longer period. On the airdrop side, a separate distribution model was used to support community participation. Mantra vesting calendar. Source: Mantra Chain/Docs MANTRA Ecosystem and RWA UseThe MANTRA ecosystem consists of several main components. MANTRA Chain sits at the center of these components. MANTRA Chain works as the main network where RWA applications are developed, tokens are transferred, staking operations take place, and institutional products can be brought on-chain. MANTRA Zone is one of the main interfaces through which users access the ecosystem. Token migration, staking, swaps, and access to ecosystem applications can be carried out through this area. This structure makes MANTRA’s technical infrastructure more accessible for end users.MANTRA Finance is one of the project’s key components on the tokenized real-world asset and compliant DeFi side. The aim here is to build a more orderly structure suitable for institutional use by bringing traditional financial products together with blockchain infrastructure.RWA use within the MANTRA ecosystem can spread across different areas. Real estate tokenization, commodities, financial assets, yield-generating vault structures, stablecoin-based payment systems, and settlement systems are some of these areas.What Is mantraUSD?mantraUSD is a stablecoin structure developed for the MANTRA ecosystem. This stablecoin, backed by short-term U.S. Treasury bills, was designed for use within the MANTRA EVM RWA ecosystem. The goal is to create a digital dollar layer for payments, settlement, liquidity, and yield products within the ecosystem.mantraUSD is intended to work in connection with RWA transactions, vault structures, DEX usage, and ecosystem rewards. This structure shows that MANTRA is not focused only on asset tokenization. The project is also trying to build the financial infrastructure through which these assets can be used and traded.For tokenized assets to function properly, it is not enough to bring the asset on-chain. Liquidity, a payment medium, yield distribution, and an on-chain settlement layer are also needed. mantraUSD stands out as one of the ecosystem components developed to address this need.MANTRA’s Developers, Partnerships, and CommunityOne of the best-known names behind MANTRA is John Patrick Mullin. Mullin stands out as MANTRA’s CEO and co-founder. The project’s strategy around RWA, DeFi, and tokenization is shaped largely around this leadership structure.According to the MANTRA team, the project’s broader goal is to create a compliant financial infrastructure that institutions can also use. The VARA license, mainnet launch, OM-to-MANTRA transition, and products such as mantraUSD are different parts of this strategy.The community also plays an important role in the MANTRA ecosystem. Staking participants support network security. Token holders can take part in governance processes. Ecosystem users contribute to the network’s daily use through MANTRA Zone, staking, swaps, RWA applications, and stablecoin products.However, the sharp decline in the OM price in 2025 created an important test for community trust. The steps the project took after this event focused mostly on rebuilding trust through token burns and communication.Frequently Asked Questions (FAQ)Below, you can find answers to the main questions that can help you understand the MANTRA ecosystem more clearly:What is MANTRA, and when was it launched?: MANTRA is an RWA-focused Layer-1 blockchain network developed for the tokenization of real-world assets. The project first became known through the OM token period. MANTRA Chain mainnet was launched on October 23, 2024.What does MANTRA Chain do?: MANTRA Chain provides blockchain infrastructure for RWA and DeFi applications. The network is designed for tokenization, staking, compliant financial applications, cross-chain transfers, and institutional use cases.What is the MANTRA token used for?: The MANTRA token is used as the network’s native asset. It plays a role in staking, network security, transaction fees, governance, and ecosystem use cases.Did OM coin convert to MANTRA?: Yes. In 2026, the OM token converted to MANTRA at a 1:4 ratio. With this transition, 1 OM became equivalent to 4 MANTRA, and the token’s current name became MANTRA.How did the transition from OM to MANTRA take place?: The conversion was planned to happen automatically for users holding OM on MANTRA Chain or on supporting exchanges. Users holding OM on EVM networks were told to use the official migration tool.Why is MANTRA important in the RWA sector?: MANTRA offers a network developed specifically for the tokenization of real-world assets on the blockchain. Its focus on regulatory compliance, identity verification, and institutional use strengthens its position in this field.What is mantraUSD?: mantraUSD is a stablecoin structure developed for the MANTRA ecosystem. It is intended to be backed by short-term U.S. Treasury bills and used as a payment, liquidity, and settlement layer within the MANTRA EVM RWA ecosystem.What is MANTRA staking?: MANTRA staking is the process of users locking their MANTRA tokens with validators to contribute to network security. Users may receive network rewards during this process.Is MANTRA reliable?: MANTRA aims to strengthen its institutional trust narrative through regulatory compliance, its VARA license, and RWA-focused infrastructure. However, the sharp decline in the OM price in 2025 created an important trust-related debate for the project. For this reason, MANTRA should be evaluated together with its technical developments, past market events, and the current state of its ecosystem.Is MANTRA suitable for investment?: MANTRA is one of the notable projects in the RWA and regulation-friendly DeFi sector. However, like every crypto asset, it carries high volatility, liquidity risk, regulatory uncertainty, and project-specific risks. For this reason, current data, personal risk profile, and independent research should be considered before making any investment decision.Follow the JR Kripto Guide series to learn more about MANTRA and RWA-focused crypto projects.
Solana and Google Cloud Form Partnership: New Platform Launched
The Solana Foundation and Google Cloud have launched Pay.sh, a platform that enables AI agents to make payments with stablecoins. The new system allows AI agents to use services like Gemini, BigQuery, and Vertex AI without subscriptions or traditional billing accounts. A new era in AI paymentsThe Solana Foundation and Google Cloud have announced a new platform that brings AI and crypto payments together. Launched under the name Pay.sh, the system allows autonomous AI agents to access API services and make payments using stablecoins on the Solana network. Pay.sh emphasizes a pay-as-you-go model instead of account creation, subscription initiation, or traditional billing processes. This allows AI agents to select the service they need, see the real-time price, and only pay for the API calls they use. Payments are made with stablecoins like USD Coin on the Solana network. The x402 protocol plays a key role in the new system. This standard, previously supported by companies like Coinbase and Cloudflare, aims to enable real-time micro-payments on the internet. Pay.sh combines this structure with Solana's fast and low-cost network, creating a more practical model for API payments. The platform's structure is particularly noteworthy for AI agents. In traditional cloud services, users typically need to create an account, define a payment method, obtain an API key, and manage usage limits. In the Pay.sh model, the payment process also functions as access authorization. This allows software to find and use API services without human intervention and pay only for what it consumes.Solana Foundation Chief Product Officer Vibhu Norby stated that the collaboration with Google Cloud aims to bridge the gap between autonomous agents and enterprise infrastructure. Norby said that a new system has been implemented where payments can be made per API call using Solana stablecoins.Pay.sh works with popular AI development environments such as Gemini, Claude, Codex, Openclaw, and Hermes. Users can connect their Solana wallets to the system and explore the services available in the API marketplace. In addition to official Google Cloud APIs, the platform also includes more than 50 community API providers. According to some sources, the number of accessible APIs has exceeded 75.One of the most important aspects for developers is the simplification of the integration process. Pay.sh comes with a command-line tool and allows developers to add their own endpoints to the platform. The Solana Foundation stated that the marketplace is currently active and there is no waiting list for developers who want to publish endpoints.On the enterprise side, Pay.sh can offer a new revenue model for companies holding private datasets within Google Cloud. Companies can make specific datasets accessible to AI agents without completely exposing the raw data. Since the payment, access, and billing process is managed through the x402 infrastructure, data owners can list their services with a stablecoin-based micro-payment model. This structure can create a new use case, especially for companies with large data repositories on BigQuery. Idle datasets can be transformed into paid API endpoints usable by AI agents. Making payments with dollar-pegged tokens can also provide a faster and more automated model compared to traditional billing processes. The launch of Pay.sh coincides with a period in the crypto sector where payment infrastructures for AI agents are rapidly gaining prominence. Coinbase's Agentic Market initiative, based on USDC and x402, similarly offers a marketplace where AI agents can make payments.
Morgan Stanley Ushers in a New Era in Crypto: Trading Begins
Morgan Stanley, one of Wall Street's largest banks, is expanding its presence in the cryptocurrency market through ETrade. The bank has launched a pilot cryptocurrency trading service on its online brokerage platform. According to Bloomberg, ETrade users will be charged a fee of 0.50% of the transaction amount. This rate indicates Morgan Stanley's entry into the retail crypto market with a highly competitive pricing strategy. Charles Schwab charges 75 basis points per transaction, while Fidelity Crypto charges 1% on buy and sell orders. Robinhood's fees range from 0.03% to 0.95% depending on transaction size, while Coinbase's fees for individual users can be higher for some transactions. Morgan Stanley's pricing strategy doesn't just mean the launch of a new crypto service. The bank plans to include ETrade's 8.6 million customers in this service later in the year. This shows that traditional financial institutions are now more directly engaging in competition in the crypto market. E*Trade users will initially be able to buy and sell Bitcoin, Ethereum, and Solana. In this model, users will directly own crypto assets instead of taking indirect positions through ETFs or funds. However, direct ownership brings additional risks for the investor. Issues such as custody, security, and market volatility require more attention compared to traditional investment products. Zerohash will provide the infrastructureThe crypto asset infrastructure company Zerohash is behind the service. The company will manage liquidity, custody, and clearing processes. Morgan Stanley's previous investment in Zerohash makes this collaboration noteworthy. Interactive Brokers led Zerohash's $104 million Series D-2 funding round. Funds led by Apollo, Northwestern Mutual Future Ventures, SoFi, and Jump Crypto also participated in the round. Morgan Stanley Asset Management President Jed Finn sees the crypto trading service as part of a larger transformation. Finn previously described this initiative as traditional finance's own answer to the next generation of platforms that cut out intermediaries. The bank's goal is not just to offer cheaper transactions; it aims to reshape how clients access digital assets within its own ecosystem.The bank is preparing to further expand its crypto services. According to sources, Morgan Stanley is working on services where crypto assets can be converted into exchange-traded products without being sold. It is also preparing for tokenized stock trading later in the year. This area involves representing and trading traditional securities through blockchain infrastructure.Morgan Stanley's digital asset plans don't stop there. The bank reportedly aims to launch its own digital wallet in the second half of 2026. This wallet is expected to be designed to hold not only cryptocurrencies but also tokenized versions of traditional assets such as stocks, bonds, and real estate.The crypto race is accelerating on Wall StreetMorgan Stanley has recently been taking more visible steps in the crypto sector. The bank launched a spot Bitcoin ETF product and is also working on Ethereum and Solana-related products. It has also applied to the U.S. Office of the Comptroller of the Currency to establish a federally authorized trust bank. The interest of traditional financial giants in crypto is also changing the direction of competition. Crypto-focused or fintech-based platforms like Coinbase and Robinhood have long held strong positions in the individual user market. However, with new products from institutions such as Morgan Stanley, Charles Schwab, Fidelity, and Goldman Sachs, this area is now becoming a major area of competition for Wall Street players as well.
Coinbase Sued: Anonymous Whale Demands Return of Stolen Cryptos
Cryptocurrency exchange Coinbase has been sued over frozen funds allegedly linked to a major theft in 2024. The plaintiff is an anonymous crypto whale, identified only as “D.B.” in the filing. D.B. alleges that Coinbase froze funds associated with the stolen assets but refused to return them. The lawsuit is filed against Coinbase and an unidentified individual named “John Doe,” who is accused of the theft. While parts of the file are confidential, details revealed corroborate a major crypto theft in August 2024 that resulted in the loss of approximately $55 million worth of DAI.Access to wallet gained through fake pageAccording to the complaint, D.B. was the victim of a phishing attack on August 20, 2024. After the user logged into a fake website, the attacker gained access to the wallet and emptied the DAI assets. The filing states that the attack was carried out using a crypto theft infrastructure called “Inferno Drainer.” Inferno Drainer is known as one of the tools that helps malicious actors withdraw assets from user wallets, and has been mentioned in various phishing attacks in the past. In such attacks, users are usually directed to fake pages that mimic a real platform. Then, the approvals they unknowingly give open the door for attackers to move the assets in the wallet.According to D.B.'s lawyers, a portion of the stolen funds was later traced to an individual user account on Coinbase. The application states that this tracing was carried out by the blockchain security company Zero Shadow. However, the amount of funds in the Coinbase account was not disclosed in the lawsuit.Coinbase froze the funds but did not return themD.B. informed Coinbase after the theft. The exchange then froze the assets in question. However, the company stated that a court order was required for the funds to be returned directly to the plaintiff. The plaintiff's lawyers argue that Coinbase acted reasonably in the initial stages, but changed its attitude later. According to the application, despite D.B. proving under oath that he was the true owner of the funds, Coinbase did not process the return. Lawyers argue that it is unreasonable for the exchange to continue holding the funds at this point.D.B. is requesting the court to return the stolen crypto assets, which are said to be traceable. The filing states that the plaintiff argues that he is the true owner of the frozen cryptocurrency and has an immediate right to dispose of these assets.Legal process becomes more difficult in crypto theft casesThe case highlights the legal uncertainties surrounding the tracking, freezing, and recovery of stolen funds in the crypto market. While blockchain transactions are publicly traceable, it is often not easy for an exchange to directly return frozen funds to the victim. Exchanges may need a court order to avoid the risk of paying the wrong person or becoming a party to an ownership dispute.This prolongs the process for victims of crypto theft. The fact that funds are identified on the blockchain does not always mean they will be recovered. Especially when stolen assets reach centralized exchanges, clarifying legal ownership and how the relevant institutions will act becomes critical. According to FBI data, crypto-related fraud has increased significantly recently. Last year, losses from cryptocurrency scams reached $11.3 billion. This figure represents more than half of the total $20.9 billion in internet crime losses tracked by the FBI. Coinbase has not yet made a public statement on the matter, according to the information in the report.
What Is Katana (KAT)?
As the DeFi ecosystem has grown, opportunities have multiplied, but this growth has also brought serious fragmentation. Liquidity has been split across different chains, yields have become tied to short-term incentives, and the user experience has become increasingly complex. Katana stands out as a DeFi-centered Layer-2 network developed to offer a more focused solution to this picture. The network aims to concentrate capital around selected applications, create deeper liquidity, improve trading conditions, and build a more sustainable yield cycle.Katana (KAT) is an Ethereum-based Layer-2 network designed for decentralized finance, or DeFi. The project aims to reduce the liquidity fragmentation often seen in DeFi, use capital more efficiently, and redirect network revenues back into the ecosystem. For this reason, it would be incomplete to describe Katana only as a network that offers faster and lower-cost transactions. The project’s main idea is to bring DeFi activity around a more selected application layer and allow users to access trading, borrowing, lending, liquidity provision, and staking in a more integrated structure.At the center of Katana is the KAT token. However, KAT does not function like a governance token that controls everything in the traditional sense. According to the official token economics article, KAT is not the gas token of the network; ETH is used as the gas token on Katana. KAT’s main role appears after staking, through vKAT, in directing emissions to DeFi pools. This structure turns the token from an asset that is only bought and sold into a tool that influences liquidity flows within the network.Katana’s Definition and OriginsKatana is a DeFi-focused Layer-2 network. The project addresses Ethereum’s scaling needs specifically from a DeFi perspective. While many Layer-2 networks offer general infrastructure open to different types of applications, Katana builds a more selective model. The network aims to concentrate liquidity around core DeFi applications such as Sushi and Morpho. In Katana’s whitepaper, Sushi is highlighted on the spot DEX side, while Morpho is highlighted on the lending and borrowing side.This structure strengthens Katana’s narrative as a “chain specifically designed for DeFi.” For users, the goal is to offer a simpler experience. Instead of spreading steps such as bridging an asset, accessing yield opportunities, trading, or borrowing across different networks and scattered protocols, Katana aims to bring them into the same economic cycle.Katana’s starting point also takes shape here. As DeFi grew, more networks, protocols, and pools emerged. This variety gave users more options, but it also caused capital to spread out. Katana tries to build a more focused alternative to this fragmented structure. The network aims to keep the value created by active users and liquidity providers within the ecosystem and gradually build deeper market structure.Katana emerged as a DeFi network developed with the support of Polygon Labs and GSR. The project focuses on two core problems in DeFi: liquidity being spread across different networks and protocols, and incentive systems often relying too heavily on inflationary token rewards.This is also where Katana’s description as an “opinionated chain” comes from. The term means that instead of building a completely open ecosystem that treats every application equally, the network chooses to concentrate DeFi activity around specific core protocols. This is where the importance of Sushi and Morpho becomes clearer.How Does Katana Work?Katana’s operating logic is built on several core mechanisms. The first is the Vault Bridge model. Vault Bridge allows users to move selected assets to Katana through yield-generating wrapper structures. The initial vbToken set users receive on Katana consists of assets such as vbUSDC, vbUSDS, vbUSDT, vbWBTC, and WETH. In this model, bridged capital is not only moved between networks; it is also positioned in a way that generates yield for the Katana ecosystem.The second important structure is Chain-Owned Liquidity, meaning liquidity owned by the chain itself. Katana aims to build its own liquidity through core assets and distribute this liquidity across core applications. According to the documentation, Chain-Owned Liquidity is funded through sequencer fees and aims to help users access better pricing and deeper liquidity. These two mechanisms feed Katana’s DeFi cycle. Vault Bridge helps incoming capital be used more efficiently. Chain-Owned Liquidity helps the network grow its own liquidity base over time. Core applications such as Sushi and Morpho create the areas where this liquidity can be used for trading, lending, and borrowing. In this way, Katana tries to build a longer-term model where revenues from network usage are returned to the ecosystem, rather than relying only on short-term growth based on token incentives.KAT Token and Token EconomicsKAT is the core token of the Katana ecosystem. KAT was designed as an ERC-20 token that is transferable and can be held in Ethereum-compatible wallets. However, it does not provide voting power by itself. Users need to stake KAT in order to influence the KAT emissions directed to DeFi pools.There are three main token structures in the Katana ecosystem: KAT, vKAT, and avKAT. KAT is the base token. vKAT is a non-transferable NFT-based voting position received when KAT is staked. Each vKAT represents the user’s locked position and voting power over which pools KAT emissions are directed to. avKAT is an ERC-4626 vault token that offers a more automated staking experience. When a user deposits KAT into the avKAT vault, the vault votes on behalf of the user and automatically compounds rewards. On the token economics side, the initial total supply was set at 10 billion KAT. The official token economics article states that 20 percent was allocated to user liquidity mining, with 1 billion KAT of this amount going to core application user incentives. Of these incentives, 400 million KAT was allocated to Sushi, 250 million KAT to Morpho, and up to 350 million KAT to future perpetual DEX, launchpad, and yield tokenization products. Community airdrops received 15 percent, core contributors received 15.65 percent, the ecosystem and community treasury received 48.35 percent, and the public sale received 1 percent.Binance listed KAT on the spot market on March 18, 2026, with the KAT/USDT, KAT/USDC, and KAT/TRY trading pairs. In the announcement, Binance stated that KAT was given a Seed Tag and emphasized that the token may be considered a new asset with high volatility. As of May 2026, the Katana price is trading around $0.0094753. Why Is Katana Important?To understand why Katana matters, it is necessary to look at the liquidity problem in DeFi. As decentralized finance grew, more protocols, more networks, and more yield products appeared. This growth increased the number of options for users, but it also caused liquidity to be divided across many pools and chains.Liquidity fragmentation creates several core problems for DeFi users. A user who wants to trade may face higher slippage. Liquidity providers need to deal with a more complex picture when deciding which network or pool to place their capital in. For developers, launching a new application also becomes harder, because attracting liquidity turns into a major challenge alongside building the product itself.Katana responds to this problem with a more focused approach. The network tries to increase capital concentration by directing DeFi activity toward selected core applications. If this model succeeds, users may access deeper markets, liquidity providers may access more efficient incentives, and developers may benefit from a more prepared DeFi base.Katana’s Different ModelKatana’s difference is that it does not try to attract DeFi liquidity only through external incentives. The network wants to build its own revenue cycle. In the mainnet announcement, Katana states that VaultBridge, Chain-Owned Liquidity, AUSD, and net sequencer fees are used as mechanisms that support DeFi yield and liquidity. The same announcement also states that a 1 billion KAT liquidity mining incentive program was planned for two years, with rewards distributed more heavily in the early period.In this model, KAT emissions are not the sole objective. KAT rewards are initially used to attract liquidity and increase user activity. However, Katana’s long-term goal is to build a more sustainable liquidity structure through sequencer revenues, bridge yields, and core application activity as network usage grows.The vKAT system is also an important part of this model. vKAT holders vote on which pools KAT emissions should be directed to. According to the tokenomics article, these votes can increase rewards for liquidity providers and attract more liquidity; more liquidity can create a better trading experience; trading volume can then support sequencer revenues and the Chain-Owned Liquidity model.Advantages and RisksKatana’s most important advantage is that it tries to offer the DeFi experience within a more focused structure. The model built around core applications such as Sushi and Morpho can make trading, lending, borrowing, and liquidity provision easier to understand for users. Vault Bridge and Chain-Owned Liquidity aim to make capital more productive within the network.Another advantage is the separation between KAT, vKAT, and avKAT. Active users can vote directly with vKAT. More passive users can choose automated staking and reward compounding through avKAT. In this way, Katana offers different participation options for different user profiles.On the risk side, the picture needs to be read more carefully. Since Katana is a new network, smart contract risk, bridge risk, liquidity risk, network outages, withdrawal delays, and token volatility are important factors. KAT being listed on Binance with a Seed Tag also supports this risk perception. In addition, vKAT positions have a cooldown period for exits; on the avKAT side, exiting through a DEX depends on liquidity conditions. For this reason, Katana may offer a strong DeFi model, but it should not be seen as a risk-free structure.Katana’s Use CasesOne of Katana’s main use cases is spot trading. Sushi is positioned as the network’s main spot DEX application. Users can trade supported asset pairs on Katana, add capital to liquidity pools, and aim to earn a share of trading fees.Liquidity provision plays a central role in Katana’s economic cycle. Since the votes of vKAT holders determine which pools receive more KAT emissions, liquidity flows depend not only on market demand but also on internal incentive direction. This structure creates a more direct relationship between active users and liquidity providers.However, liquidity provision always carries risk. When asset prices change, impermanent loss can occur. If pool depth is insufficient, exit costs may rise. If incentives change, yields may decline. For this reason, liquidity opportunities on Katana should be evaluated not only by looking at KAT rewards, but also by examining pool structure, trading volume, and market conditions.Lending and BorrowingMorpho stands out on the lending and borrowing side of Katana. Users can lend supported assets or borrow by providing collateral. Lending markets play an important role in capital efficiency within DeFi. Users can use lending markets to put their assets to work instead of holding them passively.For borrowers, Katana offers access to collateralized liquidity. This model can be functional, especially for users who want to manage positions within DeFi. However, on the borrowing side, collateral ratio, interest rate, and liquidation risk must be monitored carefully. If the market moves sharply, collateral value may fall and the user’s position may move closer to liquidation.Katana’s difference here is that it places lending and borrowing activity within a broader DeFi flywheel. Activity on Morpho becomes one of the components supporting the network’s broader liquidity and yield structure. As a result, lending and borrowing matter not only for individual user returns, but also for Katana’s core DeFi economy.Staking, avKAT, and DevelopersKAT staking is the main path for users who want to participate more actively in the Katana ecosystem. Users who stake KAT receive vKAT and can vote on which pools KAT emissions are directed to. This process connects Katana’s incentive distribution mechanism to user participation.avKAT makes the staking process more automated. When a user deposits KAT into the avKAT vault, they do not need to vote manually or collect rewards themselves. The vault votes on behalf of the user and compounds rewards. This structure offers a more practical option for users who do not want to closely follow the DeFi process.For developers, Katana aims to offer focused infrastructure for DeFi applications. In the mainnet announcement, it is stated that the Katana application supports adding funds from more than 75 chains, discovering more than 30 applications, managing DeFi positions, and tracking earned KAT tokens from a single view.Katana’s future will depend on how successful its claim of sustainable yield and lasting liquidity becomes in DeFi. The project aims to move beyond short-term token incentives and connect network revenues and core app activity to a stronger economic cycle.Instead of becoming a general chain that offers “everything” in DeFi, Katana is trying to build a more selective and focused structure. If this approach succeeds, the network could become a strong example in terms of capital efficiency and liquidity depth. However, this requires user activity, developer interest, liquidity provider participation, and network revenues to grow steadily.Frequently Asked Questions (FAQ)The most common questions about Katana (KAT) usually focus on how the network works, what the KAT token is used for, the differences between vKAT and avKAT, the staking process, and how the project differs from other Layer-2 networks. Below, you can find answers to the key questions that help explain the Katana ecosystem in a simpler way.What is Katana (KAT)?: Katana is an Ethereum-based Layer-2 network designed for DeFi. It aims to concentrate liquidity around selected core applications and offer a more efficient trading, lending, borrowing, and yield experience.What is the KAT token used for?: KAT is the core token of the Katana ecosystem. It does not provide voting power by itself. Users can stake KAT to receive vKAT and take part in directing KAT emissions to DeFi pools.Is KAT the gas token on Katana?: No. ETH is the gas token on Katana. The official tokenomics article states that KAT is not the network’s gas token and does not directly manage chain upgrades.What is vKAT?: vKAT is a non-transferable NFT-based voting position received when KAT is staked. It gives users voting rights over which pools receive KAT emissions on Katana.What is avKAT?: avKAT is a transferable ERC-4626 vault token designed for automated staking. It votes on behalf of users, collects rewards, and compounds them.Which protocols does Katana work with?: In Katana’s core DeFi structure, Sushi stands out on the spot trading side, while Morpho stands out on the lending and borrowing side. The network also uses mechanisms such as Vault Bridge, Chain-Owned Liquidity, and AUSD to support yield and liquidity.What is the total supply of KAT?: The initial total supply of KAT is 10 billion tokens. The distribution includes categories such as user liquidity mining, community airdrops, core contributors, the ecosystem and community treasury, and the public sale.How is Katana different from other Layer-2 networks?: Katana’s difference is that instead of positioning itself as a general-purpose L2 network, it tries to concentrate DeFi liquidity around selected applications. The network aims to build a more focused DeFi model that redirects yields generated from user activity and bridged capital back into the ecosystem.Is KAT listed on Binance?: Yes. Binance listed KAT on March 18, 2026, with the KAT/USDT, KAT/USDC, and KAT/TRY trading pairs. The token was given a Seed Tag.Is Katana risky?: Yes. Since Katana is a new and DeFi-focused network, it carries risks such as smart contract risk, bridge risk, liquidity risk, staking exit conditions, and token volatility. Users should understand the differences between KAT, vKAT, and avKAT before making transactions.To learn more about Katana (KAT) and similar crypto projects, you can continue following the JrKripto guide series.
Venture Capital Giant a16z Raises $2.2 Billion in Crypto Funding
Andreessen Horowitz has demonstrated its long-term position in the sector with its new fund for crypto startups. The venture capital firm, known as a16z, announced a new $2.2 billion crypto fund called “Crypto Fund 5.” The fund aims to invest in startups developing real use cases on blockchain infrastructure. According to the company's statement, the new fund will support crypto entrepreneurs at different stages. The capital is planned to be distributed over a period of approximately 10 years. a16z will focus particularly on founders working on payment systems, financial services, and decentralized structures.The company acknowledges that market sentiment is not as strong as in past bull periods. Nevertheless, it believes that fundamental indicators present a more solid picture for the sector. According to a16z, the crypto market is currently experiencing a quieter period; however, this quietness creates a healthier ground for entrepreneurs developing sustainable products.Focusing on sustainable productsIn their blog post, a16z partners stated that the new fund will focus on real use cases rather than short-term market excitement. The company believes that crypto infrastructure is now in the process of transforming into products that can be used in daily life. This approach is also reflected in the fund's investment areas. a16z sees stablecoins as one of the prominent areas. The fact that the digital dollar market has reached a market capitalization of $320 billion shows that growth in this area is not based solely on speculation. Stablecoins are increasingly used, especially for cross-border payments, savings, and daily transactions. According to a16z, the fact that traditional financial systems are slow, expensive, and sometimes unreliable is among the main factors supporting the use of stablecoins. Therefore, the company considers stablecoins as one of the most concrete use cases of crypto infrastructure. Other areas of interest for the fund include perpetual futures, blockchain-based lending protocols, prediction markets, and tokenized assets. a16z states that it sees significant growth in these sectors. This indicates that the fund will allocate capital not only to infrastructure projects but also to financial applications that can directly reach users. Confidence in crypto persists despite the AI waveThe timing of the new fund is also noteworthy. Artificial intelligence (AI) has been the strongest investment theme in the venture capital market recently. While many investors are allocating significant resources to AI startups, the cryptocurrency sector is not experiencing the same level of investment appetite as in 2021.However, a16z argues that the rise of AI has not diminished the importance of cryptocurrency, but rather increased it in some areas. According to the company, as software systems become more complex, the issue of trust is also growing. Many AI systems operate opaquely from the user's perspective, and internet infrastructure is increasingly reliant on centralized structures.The new fund is smaller than a16z's previous crypto fund. The company's fourth crypto fund raised $4.5 billion in 2023. Despite this, the $2.2 billion size shows that there is still significant capital available in the sector.The fund is also larger in scale than Huan Ventures' $1 billion fund and Dragonfly Capital's $650 million fund. Andreessen Horowitz, or a16z for short, is a large US-based venture capital firm. That is, it is not a publicly traded company; it is not listed on the stock exchange. Its core business is investing in technology startups from early stages to growth.
Bitcoin and XRP Show Positive Divergence in Crypto Funds: 5 Funds See Exits
Cryptocurrency-based investment products closed with inflows for the fifth consecutive week, according to CoinShares’ latest weekly fund flow report. However, the picture isn’t as strong as it seems at first glance. The net weekly inflow was $117.8 million, marking the lowest level in the positive streak. The most striking aspect of the week was the sharp shift in fund flows within days. From Monday to Thursday, a total of $619 million flowed out of investment products. A strong single-day inflow of $737 million on Friday turned the week back to positive. According to CoinShares Head of Research James Butterfill, this movement hints at a significant recovery in risk appetite by the end of the week. Total assets under management remained around $155 billion. While this level didn’t show a major change compared to previous weeks, the narrowing of fund participation was noteworthy. While nine different assets saw inflows the previous week, only four assets recorded positive flows in the latest report.Bitcoin was by far the strongest area of the week. Bitcoin investment products saw inflows of $192.1 million. Thus, net inflows into Bitcoin funds since the beginning of the year have reached $4.2 billion. However, this latest figure is significantly below the weekly average of approximately $1 billion seen in the previous three weeks. In other words, while Bitcoin remains at the center of investor interest, there is a noticeable slowdown in the pace of inflows.What about altcoins?In Ethereum, the picture has reversed. There was an outflow of $81.6 million from Ethereum investment products. This outflow ended a strong inflow streak of over $190 million in Ethereum funds for three weeks. In recent weeks, appetite for Ethereum had been showing signs of recovery; therefore, we can say that the outflow indicates a short-term shift in market sentiment.The picture remains mixed in altcoins. There was an inflow of $3 million into XRP funds and $3.6 million into multi-asset products. Short Bitcoin products also stood out with an inflow of $6 million. Therefore, we can conclude that while some investors are maintaining their bullish positions in Bitcoin, others are taking positions against downside risks. There was an outflow of $11.1 million from Solana investment products. Litecoin saw limited outflows of $100,000, and Sui saw limited outflows of $400,000. Chainlink recorded no weekly inflows.Regional and Funder DistributionIn terms of regional distribution, the US led with inflows of $47.5 million. However, this figure was significantly lower than the $1.1 billion inflow from the previous week. The slowdown in the US was consistent with the risk-aversion sentiment seen in the middle of the week. Germany was one of the strong markets of the week with inflows of $43.8 million. Canada recorded inflows of $16 million. Switzerland, Australia, and France were on the positive side with inflows of $5.2 million, $4 million, and $1.1 million respectively. In contrast, Sweden saw outflows of $1.9 million. On the funder side, iShares stood out with weekly inflows of $131 million. ARK 21Shares products saw inflows of $51 million, while Fidelity recorded inflows of $9 million. Grayscale products experienced outflows of $72 million. ProFunds Group also ended up on the negative side with a $21 million outflow.
Moscow Stock Exchange Launches Index for 4 Altcoins
Institutional steps towards the cryptocurrency market are accelerating in Russia. The Moscow Stock Exchange (MOEX), the country's largest securities exchange, is preparing to launch new cryptocurrency indices for four major altcoins, following Bitcoin and Ethereum. According to information shared by the exchange, the new indices, which will track the prices of Solana, XRP, TRON, and BNB, will be launched on May 13th. The new indices will be tracked with the abbreviations MOEXSOL, MOEXXRP, MOEXTRX, and MOEXBNB. Thus, the Moscow Stock Exchange's range of cryptocurrency products will not be limited to Bitcoin and Ethereum alone. This step shows that Russia is beginning to approach crypto assets from a broader perspective. However, direct trading will not be offered. Investors will not be able to conduct spot transactions of these assets; they will only be able to monitor price movements through a regulated reference index. The new cryptocurrency indices of the Moscow Stock Exchange will be based on price data from global cryptocurrency exchanges. According to the announced structure, Binance data will have a 50% weighting in the indices. Bybit will contribute 20%, OKX 15%, and Bitget 15%. This distribution is considered important in terms of preventing pricing from being tied to a single platform and feeding from a wider range of liquidity sources. The frequency of index updates is also noteworthy. MOEX's crypto indices will now be updated every 15 seconds during trading sessions. Compared to the previous daily update model, this structure will allow prices to be tracked much more closely in response to instantaneous changes in the market. Given the rapid changes in price movements in the cryptocurrency market, this transition could create a more functional environment for investors and derivative product developers.No statement regarding spot marketsHowever, the Moscow Exchange's move does not currently mean an opening to the spot crypto market. The primary use of the new indices will be derivative products for professional investors. Under current rules, direct delivery of crypto assets is not possible in these products. In other words, investors will be able to access financial products tied only to price movements without physically or on-chain delivery of Solana, XRP, TRON, or BNB. MOEX had previously ventured into this area with derivative products linked to Bitcoin and Ethereum. Derivative instruments linked to products from global financial giants like BlackRock were also on the exchange's agenda. This shows that the interaction between traditional finance and the crypto market in Russia is being established in a more controlled and institutional way. Russia's approach to crypto has undergone a significant shift in recent years. The start of the war in Ukraine in 2022 and the tightening of Western sanctions significantly altered the country's view of digital assets. While cryptocurrencies were once seen as risky and instruments that needed to be restricted, they are now considered a more strategic area, particularly in foreign trade, payment systems, and financial infrastructure. The country is also working on a broader digital asset regulation. The new draft law, currently under review, is expected to be finalized by mid-2026. It is stated that this regulation could open the door for individual investors to access crypto-related products on a limited scale. According to some assessments, an annual participation limit of approximately $4,000 for retail investors may be considered. The Moscow Stock Exchange's plans are not limited to this. The exchange reportedly aims to increase the number of cryptocurrency indices to at least 10 assets. It is stated that cryptocurrencies like Dogecoin and Cardano could also be included in the index in the future.
Bitcoin Surpasses $81,000: New Signal Comes from Options
Bitcoin surged above $81,000 in the morning, reaching its highest level since late January. This move in the leading cryptocurrency comes amidst strong macroeconomic risks and a mixed outlook for other major crypto assets. Despite this, Bitcoin's break above the $80,000 threshold has begun to shift the balance, particularly in the options market, which is closely watched. BTC was around $79,000 at the end of US trading hours on Monday. On Tuesday, it climbed above $81,000, gaining over 5% on a weekly basis. Currently trading around $80,689, investors are focused on whether the $80,000 level can be sustained. Other major assets in the market have seen more limited and mixed movements. Ethereum held steady around $2,379, experiencing a slight daily decline, but its weekly performance remained around 4%. XRP fell 0.03% to $1.40, while Solana similarly lost value, dropping to $84. BNB remained flat at $626.Geopolitical risks persist, Bitcoin overcomes pressure for nowWhile Bitcoin is rising, tensions between the US and Iran continue. Brent oil rose sharply on Monday following the controversial missile claim regarding Iran. Although it later retreated partially, it remained around $113. WTI oil traded near $104. This high level of energy prices continues to put pressure on markets in terms of inflation and global risk appetite.Developments in the region are also increasing uncertainty. It was reported that the US destroyers Truxtun and Mason passed through the Strait of Hormuz, escorting two US-flagged ships. While the US Central Command evaluated this passage in the context of "coordinated threats," the airstrike on a VTTI oil terminal in Fujairah kept concerns alive in the energy markets. US President Donald Trump's statement that the war could last two to three more weeks also indicated a weakening of the previously announced four-week ceasefire.Despite this, Bitcoin's reaction to these developments appears more resilient compared to previous periods. The macro picture has not significantly improved, but the pressure of geopolitical issues on Bitcoin remains limited for now.Option tables were waiting for a break above $80,000A significant part of the recent movement in Bitcoin is seen as linked to positioning in the options market. Bitcoin volatility has been low in the last week. Since the price did not move quickly, investors did not heavily buy hedging options. When hedging demand arose, the market mostly turned to put options, i.e., hedging against a decline. This picture showed that the market was more concerned about a possible pullback than a rally. However, there was a different positioning under the surface. Some option tables started to set up low-cost upside bets. These transactions are usually done with "call ratio" strategies. In this strategy, the investor buys call options that will gain value if Bitcoin rises only slightly; To reduce costs, they are also selling other call options at higher levels. This allows the trade to be established at almost zero cost, providing an advantage in a scenario where Bitcoin rises gradually rather than experiencing a sharp surge. Two important headlines stand out for Bitcoin in the coming days. Strategy's earnings report, to be released on Tuesday, is being closely watched by the market due to the company's Bitcoin-focused structure. The US non-farm payrolls data, to be released on Friday, could also impact interest rate expectations and risk appetite.
What is Midnight (Night)?
What Is Midnight (NIGHT)?When privacy comes up in the crypto market, people often think of fully closed transactions that are difficult to track. Midnight does not fit neatly into that mold. The project approaches privacy from a more practical angle: the sensitive data of a user, institution, or application should be protected; however, specific information should still be shareable for audit or compliance purposes when needed.Midnight (NIGHT) is a data protection-focused Layer-1 blockchain network that uses zero-knowledge technology. According to Input Output, Midnight is positioned as a network designed to protect personal data and support digital freedom. The project aims to create room for institutions to build regulation-friendly, privacy-preserving applications through its “rational privacy” approach, which means privacy that works according to context.This is why reading Midnight simply as a “privacy coin” would be incomplete. NIGHT token is the network’s visible and transferable native asset, while DUST offers a non-transferable resource model used to run transactions. This structure is one of the project’s most distinctive features. Midnight aims to bring privacy and compliance to the same table while making transaction costs more predictable.Midnight’s Definition and OriginsMidnight focuses on one of blockchain’s most fundamental problems: everything being visible to everyone. On networks such as Bitcoin and Ethereum, transparency has provided a major advantage in terms of trust. However, that same transparency can become a serious barrier in areas such as institutional finance, identity verification, health data, commercial agreements, and RWA.It is not easy for a company to move payment flows, customer information, supply chain details, or balance sheet activity into an environment where everyone can see them. The same also applies to individual users. On a blockchain, a trail that starts with a wallet address can eventually reveal a person’s transaction habits, asset distribution, and interactions with others.Midnight brings forward the idea of “programmable privacy” at this point. The network allows the truth of a piece of information to be proven through zero-knowledge proofs, without requiring the information itself to be made public. A user can prove that they meet a certain condition, while a developer can embed that verification into an application. In Midnight’s official statements, this structure is described as an architecture that allows developers to decide when and how privacy should be applied at both the application and transaction layers.Behind the project are Midnight Foundation and Shielded Technologies. Shielded Technologies is a technology company that spun out of Input Output and is positioned as one of the key technology partners of Midnight Network. The company describes itself as one of the core developers, architects, and contributors to the Midnight protocol.Why Is Midnight Important?Midnight’s importance goes beyond the word “privacy.” The issue here is not only hiding transaction details. The real question is whether blockchain can work in harmony with real-world institutions, regulations, and data security expectations.So far, many institutions have closely followed blockchain and even carried out pilot projects. However, an infrastructure where every piece of data is visible to everyone can only be used in a limited way, especially in regulated sectors. For banks, payment companies, insurance firms, healthcare institutions, or asset managers, privacy is not just a nice-to-have feature; in many cases, it is essential for operations to continue.Midnight’s “rational privacy” approach comes into play here. The logic is simple: instead of hiding everything from everyone, the system makes it programmable who can see what, and to what extent. The user protects their data, the application runs transaction rules, and an auditor or regulator can see only the limited information that is necessary for their role.This approach separates Midnight from classic privacy coin models. While projects such as Monero or Zcash are more commonly known for value transfer and transaction privacy, Midnight targets a broader application layer. Identity, compliance checks, collateral verification, RWA transactions, and institutional DeFi therefore sit at the center of the Midnight narrative.How Does Midnight Work?At the center of Midnight’s technical structure are zero-knowledge proofs. ZK technology allows one party to prove that a certain piece of information is true, without revealing the information itself. In practice, this is a cryptographic way of saying, “I meet this condition.”For example, imagine a user needs to prove that they are above a certain age, eligible to receive a service in a specific region, or able to meet a certain collateral ratio. Under normal conditions, verifying these details would require sharing an ID document, financial data, or personal information. In a Midnight-style structure, this information remains under the user’s control; what is sent to the network is not raw data, but a verification proof.In Midnight’s official mainnet announcement, this structure is described through “client-side proofs.” Sensitive data remains on the user’s device, a zero-knowledge proof is generated through a local proof server, and this proof is sent to the network for verification. As a result, identity, eligibility, credit, or compliance checks can be carried out without exposing the underlying data to the entire network.Another important part of the network is its dual-state ledger architecture. On Midnight’s own website, this model is explained as the interaction between public on-chain state and local private state through ZK proofs. This allows applications to have both a public layer that everyone can verify and a private data area that belongs to the user.On the developer side, this model is supported by a programming language called Compact. Compact is introduced as a TypeScript-based, statically typed domain-specific language. Its purpose is to allow developers to write privacy-focused smart contracts without needing to become experts in ZK cryptography. What Is NIGHT Token?NIGHT is the native and governance-focused token of Midnight Network. However, there is an important detail here: NIGHT is not a private token. According to Midnight’s official NIGHT page, NIGHT works as an “unshielded,” open, and transparent token. Transaction information can be viewed publicly.This is a deliberate choice. Midnight does not build privacy by turning value transfer into a completely dark environment. While NIGHT token works like the network’s capital and governance asset, the transaction execution side is handled through a separate resource called DUST.Users who hold NIGHT generate DUST. DUST is designed as a shielded and non-transferable resource used to pay transaction fees and run smart contracts on the Midnight network. In official documents, NIGHT is compared to a “solar panel,” while DUST is compared to “electricity.” NIGHT is held, DUST is generated over time, and network transactions are run using DUST.The goal of this model is not necessarily to fully separate transaction costs from token price volatility, but to make them more predictable. In the traditional gas model, a user directly spends the network’s native token to make a transaction. On Midnight, NIGHT is not spent; DUST works more like a renewable capacity that is generated over time.What Is DUST? Why Is It a Separate Resource?DUST is one of the most interesting parts of Midnight’s token economy. It is a non-transferable, shielded resource designed only for network usage. You cannot use DUST to pay someone, trade it, or settle debt. This makes Midnight’s privacy approach more controlled.In the official NIGHT explanation, DUST is described as non-transferable and as a resource that decays when unused. Because of this, DUST does not become a tool for anonymous value transfer; it is used only to run transactions.This distinction is especially important for institutional use. If a company wants users to interact with an application, it can hold NIGHT, generate DUST, and allocate that DUST to application usage. This means the end user may not need to buy a token or understand the gas model for every transaction.Midnight’s mainnet announcement also refers to this model through the example of “self-funding applications.” A developer or application owner can hold NIGHT and generate the DUST needed to cover users’ transaction costs. This can create a smoother experience for users who are not familiar with crypto.Midnight’s HistoryMidnight was followed for a long time as a privacy-focused project connected to the Cardano ecosystem. The year 2025 marked a period in which the project accelerated in terms of institutional structure, token economy, and community distribution. The rise of Midnight Foundation and Shielded Technologies showed that the project was moving toward a more organized ecosystem structure.The tokenomics whitepaper published in 2025 set the NIGHT token supply at 24 billion. The document states that NIGHT would be minted on Cardano, and once the Midnight mainnet opened, the NIGHT tokens on Cardano would work together with their counterparts on Midnight. The same document also states that NIGHT would exist in a multi-chain structure both as a Cardano Native Asset and as the native token of the Midnight network.The most discussed part of the token distribution was Glacier Drop. According to Midnight’s December 2025 guide, the first stage of Glacier Drop targeted self-custody users holding ADA, BTC, ETH, SOL, XRP, BNB, AVAX, and BAT. The snapshot date was June 11, 2025, while the participation period ran from August 5 to October 20, 2025. During this process, more than 3.5 billion NIGHT tokens were claimed by over 170,000 eligible wallet addresses.NIGHT token officially launched on Cardano on December 4, 2025. The tokens claimed by the community began entering circulation through the Glacier Drop thawing schedule starting on December 10, 2025. The tokens were not released all at once; a gradual unlocking model was preferred.The most critical recent development for the project happened on the mainnet side. Midnight Network announced on March 29, 2026, that the network had gone live. With the genesis block, state continuity and permanence on the network officially began.Midnight Mainnet and the Federated Node ModelThe launch of Midnight mainnet does not mean that the project has become fully permissionless and fully decentralized from day one. The network initially moves forward with a federated node operator model. Under this model, certain trusted operators run the network, with a gradual transition toward broader decentralization targeted over time.In Midnight’s February 2026 announcement, Google Cloud, Blockdaemon, AlphaTON Capital, and Shielded Technologies were listed among the federated node partners. It was stated that Google Cloud would contribute to network infrastructure and security, while its Mandiant unit would provide threat monitoring and incident response support.Worldpay and Bullish later also joined as federated node operators. On the Worldpay side, stablecoin payment infrastructure and compliant payment flows stood out. On the Bullish side, zero-knowledge-based proof of reserves work came into focus. Bullish’s goal is to provide proof of reserves while verifying solvency without exposing sensitive data such as wallet addresses, counterparties, or transaction history.Midnight’s Use CasesTo understand Midnight’s use cases, it is enough to ask one question: which data should not be public? Financial transactions, identity information, company agreements, collateral structures, customer records, health data, and private market transactions are among the main examples.One of the first use cases is private trading and liquidity management. On public blockchains, large orders, wallet movements, or strategy traces can be seen by everyone. This can create risks such as front-running, copy trading, and strategy exposure. Midnight aims to offer a structure where information such as order size, transaction timing, and strategy can be verified without becoming public. The official website lists private trading and liquidity formation among the main use cases.The second area is institutional lending and capital markets. In a lending protocol, collateral, leverage, portfolio distribution, or liquidation rules need to be verifiable. However, making this information public can be risky for institutions. Midnight aims to verify this information through cryptographic proofs instead of exposing the raw data.The third area is RWA tokenization. When real estate, private equity, structured products, or regulated assets are tokenized, ownership records alone are not enough. It also matters who can trade these assets, which rules apply in which region, and how eligibility checks and audit processes are handled. Midnight aims to offer selective disclosure and a programmable compliance layer for such transactions.The fourth area is identity and eligibility verification. A user may be able to prove that they meet a certain condition without having to share all personal documents every time they enter a platform. For example, accredited investor status, age verification, regional eligibility, or a KYC result can be verified without exposing the raw data.Monument Bank Example on the Institutional SideAmong Midnight’s recent developments, the Monument Bank partnership also stands out. According to an announcement published in March 2026, Monument is working with Midnight Foundation on the tokenization of retail deposits. This development shows that Midnight is trying to move beyond being a theoretical privacy infrastructure and enter concrete use cases on the banking side.This example matters because deposit tokenization is a highly sensitive area. User balances, account information, compliance checks, and banking regulations all come into play at the same time. Building such a structure on a fully open network is difficult from both user privacy and institutional security perspectives.Midnight’s claim becomes clearer here. Institutions may benefit from blockchain’s instant settlement, programmability, and digital asset infrastructure without having to expose customer data to the public. If this narrative succeeds, it would not be surprising to see Midnight become part of more pilot projects in RWA and institutional DeFi.NIGHT Token EconomyThe total supply of NIGHT token has been set at 24 billion. According to the tokenomics whitepaper, the total supply is minted on Cardano at the beginning of token distribution; the tokens are then divided into circulating and non-circulating categories. Tokens can enter circulation through the distribution process or block production rewards. The key point here is that NIGHT is not spent directly as transaction fuel. NIGHT generates DUST. DUST runs transactions. NIGHT is also expected to play a role in governance and network security.According to CoinGecko data, as of May 4, 2026, NIGHT is trading at around $0.03097; its market capitalization is around $514 million, and its circulating supply is around 16.6 billion NIGHT. The same data page lists the total and maximum supply as 24 billion NIGHT. Since this type of market data changes quickly, it should always be updated before publication.The fact that NIGHT is listed on exchanges provides an advantage in terms of liquidity. CoinGecko lists trading pairs for NIGHT on centralized exchanges such as OKX, Gate, Binance, KuCoin, Kraken, Bybit, and HTX. However, listings, price performance, or trading volume alone do not guarantee the project’s long-term success. Midnight’s real test will be developer interest and real use cases.Midnight’s FutureMidnight’s roadmap for 2026 is quite busy. According to the January 2026 State of the Network update, the project’s focus in 2026 shifted from token distribution to mainnet, scaling, and cross-chain hybridization. In the Hilo phase, NIGHT token was expected to go live on Cardano mainnet, while in the Kūkolu phase, the goal was to move toward a stable federated mainnet and the first production applications.With the mainnet now live, the project is currently moving forward mainly through application deployment, node operators, institutional use, and developer tools. The next critical point will be the emergence of dApps that are actually used on Midnight. Privacy technology can create broader value only when it is carried into daily use.In the Mōhalu and later phases, broader network participation, validator diversity, staking rewards, and a DUST capacity market are expected to come into focus. These areas will show more clearly how NIGHT token works not only as a market asset, but also as part of the network economy.In the long term, Midnight’s main claim is to become a privacy infrastructure that works with different chains. If this happens, Midnight would not be limited to its own network; it could also provide a privacy layer for applications in other ecosystems. This is a major goal, and it will not be easy to implement. Still, the project’s Cardano connection, institutional partners, and ZK-focused architecture make it one of the projects worth following.Frequently Asked Questions (FAQ)Below, we answered some of the questions you may have about Midnight:What is Midnight (NIGHT)?: Midnight is a Layer-1 blockchain network focused on data privacy and selective disclosure, powered by zero-knowledge technology. Its goal is to allow users and institutions to build blockchain applications without exposing sensitive data to everyone.What is NIGHT token used for?: NIGHT is the open and transferable native token of Midnight Network. It is associated with network security, governance, and DUST generation. NIGHT is not spent directly as transaction fuel; it generates DUST.What is DUST?: DUST is a shielded and non-transferable resource model used to run transactions on the Midnight network. Users who hold NIGHT generate DUST over time. DUST cannot be sent to other users as a payment tool.Is Midnight a privacy coin?: Midnight is not a classic privacy coin. NIGHT token is open and transparent. The project’s privacy approach is based on providing programmable privacy for applications and data.Which ecosystem is Midnight connected to?: Midnight stands out as a project born around Cardano and Input Output. Shielded Technologies, a technology company that spun out of Input Output, is one of Midnight’s key technology partners.Has Midnight mainnet launched?: Yes. Midnight Network announced that its mainnet went live in March 2026. This marked the beginning of real on-chain activity with the production of the network’s genesis block.What is Midnight’s biggest advantage?: Its strongest advantage is that it combines privacy with a regulation-friendly and developer-friendly model. Selective disclosure, zero-knowledge proofs, and the NIGHT-DUST model are the core parts of this structure.Is Midnight risky?: As with every new blockchain project, Midnight carries technical, regulatory, competitive, and adoption-related risks. Since the network is still in a new mainnet phase, its long-term performance will become clearer through application usage.To explore new projects, token models, and current developments in the crypto ecosystem more closely, you can follow the JR Kripto Guide series.
Critical Week in the Crypto Market: Data, Fed, and Earnings Reports Coming Out Simultaneously
The cryptocurrency market is entering the first week of May with a busy agenda. The calm price movements seen in Bitcoin and altcoins in recent days do not mean that investors' risk appetite has fully recovered. Macroeconomic data to be released this week, the earnings reports of major crypto companies, and messages from the Fed are among the topics that could lead to a change in market direction in the short term. According to CoinDesk's weekly market calendar, investors face three main tests: US employment data, crypto company earnings reports, and discussions regarding the independence of the Fed.The most critical macroeconomic topic of the week will be the US employment market. The non-farm payrolls data for April is being watched as one of the first significant readings to be released after the federal government shutdown in 2025. Data that falls below expectations could open up room for the Fed to start cutting interest rates sooner. Conversely, a strong employment picture could postpone expectations of interest rate cuts, putting pressure on risky assets.Company earnings reports will test Bitcoin's treasury strategyThe second important agenda item of the week will be the first-quarter earnings reports of crypto companies. Companies closely watched by the industry, such as Strategy, Coinbase, MARA, CleanSpark, Hut 8, and Core Scientific, will announce their financial results this week. These balance sheets are important not only in terms of revenue and profit figures, but also in showing how companies manage their Bitcoin positions. Sales data, especially among Bitcoin miners, is noteworthy. Riot sold 3,778 BTC in the last quarter at an average price of $76,626. MARA sold 15,133 BTC during the same period. These figures show that miners are being more selective in their balance sheet management and are able to convert their Bitcoin reserves to cash according to market conditions. On the Strategy side, investors' focus has shifted from classic software revenues to the company's Bitcoin financing model. The company has long been evaluated based on its Bitcoin purchases and capital increase strategy. Therefore, the balance sheet announcement will be closely watched in terms of the sustainability of institutional Bitcoin demand.The third headline of the week will be the FedSan Francisco Fed President Mary Daly and Chicago Fed President Austan Goolsbee will speak at a conference on central bank independence on Friday. These speeches are gaining further significance as Jerome Powell's term as Fed chair ends on May 15, 2026. Although his term ends, Powell reportedly plans to remain a member of the Fed Board of Governors.Political pressure on the Fed is making market expectations regarding the interest rate path more fragile. Investors are trying to price in not only economic data but also political developments that could affect the Fed's decision-making independence. This creates a situation where low volatility in risky assets like cryptocurrencies can suddenly be disrupted.Echo Base partner Jennifer Hanny also pointed out this fragile market outlook. According to Hanny, investor positioning is not intense and volatility remains low. However, this creates an asymmetrical environment where seemingly calm markets can quickly repricing with any catalyst. DAI, ZKsync Lite, and lock-ups are on the token agendaProject-based developments are also prominent on the crypto calendar. Coinbase is halting DAI transactions on May 4th and beginning the process of converting remaining balances to USDS. It is reported that the exchange will end its DAI trading support on May 4, 2026, and some sending and receiving operations will be temporarily suspended between May 4-6.The complete decommissioning of ZKsync Lite is also expected on the same day. According to the ZKsync team, this process means the planned decommissioning of the old network and does not affect ZKsync Era and other ZK Stack systems.On the token lock-up side, Ethena and Hyperliquid stand out. Ethena is expected to unlock approximately $17.34 million worth of ENA, equivalent to 2.12% of its circulating supply, on May 5th. On the Hyperliquid side, a HYPE lock release, worth approximately $17.5 million, representing 0.18% of the circulating supply, will be observed on May 6th. Looking at the overall picture, the crypto market is preparing for a week where it will react not to a single development, but to several different headlines simultaneously. US employment data will shape interest rate expectations, corporate earnings will reveal institutional Bitcoin strategies, and Fed speeches will determine the market's risk perception. Therefore, the current calm appearance may be misleading; increased volatility in the second half of the week would not be surprising.
