Latest news with #DeFiLlama
Yahoo
6 days ago
- Business
- Yahoo
GENIUS Act may hit Senate floor this week
GENIUS Act may hit Senate floor this week originally appeared on TheStreet. If Senate Republicans and Democrats successfully negotiate, the GENIUS Act that deals with stablecoin regulation could see the Senate floor before the end of the week, journalist Eleanor Terrett wrote on X on June 3. A stablecoin is a type of cryptocurrency that, unlike usually volatile cryptocurrencies such as Bitcoin, maintains a stable value. It is usually pegged to a fiat currency like the U.S. dollar or a commodity like gold. Titled the Guiding and Establishing National Innovation for US Stablecoins (GENIUS) Act, the bipartisan bill aims to provide regulatory clarity for stablecoins. On May 19, the Senate advanced the bill with a 66-32 vote. The legislation has faced intense opposition from Democratic lawmakers such as Sen. Elizabeth Warren (D-MA), who have voiced concerns about the alleged conflicts of interest arising from President Donald Trump's engagement with multiple crypto ventures, including the USD1 stablecoin. Due to such concerns, more than 60 amendments to the bill have been put forward so far. Both sides are now negotiating to bring the list down to "a more manageable number," Terrett said. If the Republicans and Democrats are able to reach a deal, the bill could see the Senate floor before the end of the week, Terrett underlined. However, both parties failing to reach a deal could derail the bill further into next week. As per DeFiLlama, the stablecoin market is worth $248 billion, out of which USD1 occupies a meagre 0.0087% share. GENIUS Act may hit Senate floor this week first appeared on TheStreet on Jun 3, 2025 This story was originally reported by TheStreet on Jun 3, 2025, where it first appeared. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
15-05-2025
- Business
- Yahoo
Bitcoin Backed Token YBTC Comes to Sui as Bitlayer Integrates Its BitVM Bridge to Sui Network
Bitlayer, a bitcoin Layer 2 based on the BitVM paradigm, and Sui blockchain have teamed up to make bitcoin (BTC) more useful in the Sui ecosystem. The collaboration involves Sui integrating Bitlayer's BitVM bridge to launch Peg-BTC (YBTC), a Bitcoin-backed token, on its platform, according to an exclusive announcement shared with CoinDesk. It allows bitcoin holders to transfer their BTC into Sui via the BitVM bridge. The bridged version, Peg-BTC, can then be used within Sui's DeFi ecosystem to earn additional yields. "Bitcoin's dominance as a store of value is unmatched, but its utility in DeFi remains untapped. By integrating Bitcoin's liquidity into Sui's ecosystem, Peg-BTC (YBTC) empowers users to earn yield while maintaining direct exposure to BTC's value—a paradigm shift for BTCFi,' Charlie Hu, co-founder of Bitlayer, said in a press release shared exclusively with CoinDesk. BitcoinFi, or allowing BTC users to earn additional yields through DeFi, was one of the hottest topics at the Token2049 conference in Dubai. Franklin Templeton backed the idea at the event, saying it will boost BTC's appeal beyond the long-prevalent store of value story. Bitlayer is the Bitcoin-security equivalent Layer 2 built on the BitVM paradigm to bring smart contract capabilities to bitcoin without influencing its core consensus. It relies on off-chain computation and on-chain fraud proofs to keep the network secure and decentralized. Bitlayer's BitVM-powered zk bridge is a special tool that facilitates safe and secure movement of BTC onto different blockchain ecosystems without relying on centralized intermediaries or middlemen. It's trust-minimized, meaning it's designed to be very secure and decentralized. Sui is a Layer 1 blockchain focusing on offering high-speed and low-cost transactions through parallel processing. As of writing, its DeFi ecosystem comprised 49 projects, boasting over $2 billion in crypto deposits, per data source DeFiLlama. Integrating Peg-BTC (YBTC) into the Sui ecosystem opens up several new opportunities for users, like staking Peg-BTC to earn interest through various Bitcoin staking protocols. Users can also lend or borrow Peg-BTC by lending it out to earn yields or using it as collateral for loans. Additionally, Peg-BTC can be traded on popular decentralized exchanges within Sui, allowing users to swap and provide liquidity to earn trading fees. Hu said they plan to work with Sui's top protocols, with the biggest traction in terms of total value locked, fully diluted value and user base within the Sui ecosystem. Adeniyi Abiodun, Co-Founder and CPO at Mysten Labs, the company behind Sui, said they are taking a holistic approach while catering to the growing demand for BitcoinFi. "Sui is taking a holistic approach by onboarding a full stack of infrastructure and BTCfi asset options into the ecosystem, including staking, restaking, bridge integrations, WBTC, sBTC, and soon Peg-BTC (YBTC). Demand is growing for Bitcoin to serve a greater purpose beyond simply being held," Abiodun told CoinDesk. "Key integrations, such as the BitVM bridge with Bitlayer, are transforming the experience for Bitcoin holders by enabling them to earn, engage with DeFi, and put their assets to work on Sui," Abiodun added. As of today, BTC assets comprise over 10% of the total TVL locked in the Sui ecosystem, with over 587 BTC flowing into DeFi since February. "With support for leading BTCfi integrations, Sui's advanced programmability activates Bitcoin's utility, enabling users to move beyond holding and into a secure, high-performance chain," Abiodun noted. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Associated Press
21-04-2025
- Business
- Associated Press
Arch Finance Opens Miami Office to Expand Professional Access to Crypto Ecosystem for Institutional Investors
New office aims to provide wealth managers, family offices, and institutional investors with diversified exposure and expert advisory services in digital assets 'The digital asset market is evolving rapidly, and institutional investors need trusted partners to navigate this complexity'— Nicolás Jaramillo, CEO Arch Finance MIAMI, FL, UNITED STATES, April 21, 2025 / / -- Arch Finance, a leading crypto asset management platform with over five years of digital asset market experience, announced the opening of its new office in Miami today. This strategic expansion will bring Arch Finance's professional crypto investment solutions and advisory services closer to institutional investors, wealth managers, and family offices in South Florida and Latin America. Nicolás Jaramillo is personally leading this expansion effort, bringing his expertise and leadership to the U.S. market to directly oversee Arch Finance's growth and operations in the country. Founded in 2020, Arch Finance specializes in building diversified investment products across different verticals of the crypto ecosystem, allowing investors to gain exposure to Bitcoin and the full breadth of digital assets. Arch Finance is currently ranked among the Top 10 crypto asset managers worldwide, according to the global ranking published by DeFi Llama. In addition, Arch Finance offers tailored advisory services for traditional crypto investments, including ETFs and direct holdings, enabling investors to make informed decisions supported by seasoned experts. The company specifically caters to institutional investors and family offices seeking professional and diversified access to digital assets beyond conventional ETF exposure. This expansion comes as the crypto ecosystem is experiencing renewed growth, driven in part by recent political and regulatory developments in the United States. Donald Trump's return to the political stage and his public support for crypto initiatives—including the creation of a Bitcoin reserve fund and increased regulatory clarity—have contributed to a more favorable environment for institutional adoption. 'We see increasing demand from institutional investors seeking professional and diversified access to the crypto market. Miami's strategic location and growing relevance in the digital asset space make it the ideal hub to serve clients in Florida and across Latin America,' explained Nicolás Jaramillo, Founding Partner of Arch Finance. 'The digital asset market is evolving rapidly, and institutional investors need trusted partners to navigate this complexity' added Jaramillo. 'With our Miami presence, we are committed to delivering the tools, products, and expertise necessary to help investors access the full potential of the crypto economy.' About Nicolás Jaramillo Nicolás Jaramillo is the Founding Partner of Arch Finance. He previously led the creation of MACH, one of the largest digital banks in Chile backed by Bci Bank. Jaramillo has been acknowledged for his contributions to financial innovation and digital transformation in the region, including being named among the '100 Young Leaders' in Chile. He holds an MBA from IESE Business School, University of Navarra, one of Europe's leading business schools. About Arch Finance Arch Finance is a crypto asset management platform that builds diversified investment products across multiple crypto verticals. Since 2020, Arch Finance has been providing institutional investors, wealth managers, and family offices with professional, secure, and informed access to the digital asset market. The company also offers advisory services to help clients manage their crypto exposure effectively. Arch Finance is currently ranked among the Top 10 crypto asset managers globally, according to DeFi Llama, reflecting its leadership and sustained recognition in the industry. Nicolas Jaramillo Arch Finance [email protected] Legal Disclaimer: EIN Presswire provides this news content 'as is' without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the author above.
Yahoo
21-04-2025
- Business
- Yahoo
Hyperliquid Captures 70% of On-Chain Perpetual Futures Market With $175 Billion Monthly Volume
Hyperliquid has taken a dominant position in the on-chain perpetual futures market, accounting for 70% of the total market share in recent weeks. The protocol processed $175 billion in trading volume in March and recorded $83 billion by mid-April. Hyperliquid's volume now stands at nearly 10% of the centralized exchange's total, pointing to a shift toward decentralized derivatives platforms. Perpetual futures, or 'perps,' are derivative contracts without expiration dates. They maintain exposure through a funding rate mechanism that periodically moves value between long and short positions. This structure allows traders to use leverage without fully funding spot positions, which appeals to more experienced market participants. On-chain perps are also non-custodial, which addresses concerns about exchange insolvency and settlement failures, especially during market stress. Smart contracts execute trades automatically, removing reliance on centralized systems that can fail under pressure. Data from DeFiLlama shows that while the total volume of perpetual futures sits above $7.8 billion, Hyperliquid alone accounts for $4.765 billion of that in 24-hour volume. Solana-based decentralized exchange Jupiter follows in second place with $579.02 million. ApeX Protocol, Vertex Edge, RabbitX Fusion, and GMX rank behind with smaller but notable shares. Hyperliquid's rise has pushed smaller competitors into stable but lower positions. The overall market concentration reflects trends in maturing sectors, where top platforms tend to benefit from increased liquidity and user retention. Since April 2024, Hyperliquid's upward trajectory has remained consistent. As more traders turn to on-chain solutions, platforms offering higher reliability and better risk controls appear to be gaining traction. Alongside its growing market presence, Hyperliquid's native token, HYPE, has shown upward movement. It is trading at $16.68 with a 1.23% increase in the last 24 hours. Weekly and monthly increases were recorded at 9.67% and 11.41%, respectively. The token's market cap is currently $5.58 billion, and its 24-hour trading volume recently jumped by over 17%. Earlier this month, HYPE rose by 8% in a day as trading volume surged by 47%. Future price estimates place HYPE between $18.485 and $27.340, while the lower end of forecasts suggests a possible dip to $8.834. Hyperliquid's recent performance, both in terms of market activity and token price, has positioned it as a leading protocol in decentralized derivatives trading. Multiple data sources, including The Block and DeFiLlama, are tracking its progress. Sign in to access your portfolio
Yahoo
18-04-2025
- Business
- Yahoo
The Crypto Analyst Who Predicted Mantra's $5 Billion Collapse
It started with a tweet. And, like most crypto catastrophes, it ended with billions wiped out and a founder claiming he did nothing wrong as his token spiraled 90% in spectacular fashion. Hedgeye digital assets analyst Ishmael Asad tried to warn Mantra's co-founder. He was laughed at, but just three days later, $5 billion on paper was evaporated. After Mantra's collapse this week, the analyst who warned a crash was coming tells Coinage he doesn't want to take a victory lap. "It feels good to be right and to ... have made some level of difference out there," Asad said. "So I feel good about being right. I can't say I feel good about everyone losing money and having another billion dollar crypto collapse here in 2025, but we'll get there. Someday. Hopefully." As Coinage covered in our interview with Mantra co-founder JP Mullin, a liquidation event triggered a massive re-pricing of the once high-flying real-world asset project. What had been one of 2024's biggest success stories quickly shifted into 2025's biggest failure as its OM token tanked on Sunday. Asad had caught some of the warning signs ahead of the collapse hitting, as he tracked a growing supply of tokens. 'I was definitely caught off guard by the hahas in front of all of his responses and kind of just the sheer arrogance,' Asad said, referring to Mantra co-founder JP Mullin's reaction on X. 'I was also caught off guard by not just JP Mullin's responses, but the community who also came at me… and told me, 'Yeah, thanks. But we've done the research already.'' As OM plummeted from about $8 to under $1 in the span of a weekend — roughly a $5 billion drawdown in paper value — it wasn't just Asad's timeline that looked eerily prescient. His skepticism was grounded in data going back months. 'We first started to realize it back in November,' he explained. 'We looked at tokenomics and the fundamentals and said, you know, this doesn't justify this current valuation.' But that warning didn't go over well either. 'They were definitely not receptive to any sort of differing opinions,' he said. 'I think they called me a witch.' At the core of Asad's thesis was a quietly dangerous detail: A doubling of OM's supply when Mantra migrated from Ethereum to its own L1. 'They literally doubled the supply,' Asad said. 'And out of that new supply… they kept a large chunk of that as well for core contributors, seed funding and ecosystem development grants.' It didn't help that hype around partnerships in Dubai created the illusion of traction. 'Meanwhile, there were no actual assets tokenized on Mantra,' Asad said. 'You can look at the Block Explorers, you can look at DeFi Llama. The total value locked on Mantra is like 4 million. And that's just a decentralized exchange. That's not tokenization.' Even as Asad warns against buying the dip, he remains puzzled by Mullin's performance in interviews post-crash. 'I don't think he really knows what he's doing,' Asad said. 'You look at the guy's background, you know, he graduated from college and went straight into Mantra as a founder.' So what comes next? With some OM tokens still locked and insiders claiming not to have sold, Mullin has floated the idea of a buyback or token burn. But to Asad, the damage is already done. 'I personally probably would stay away from this one because of permanent reputation damage,' he said. 'And clearly I would say an incompetent team.' Asad, who remains bullish on real-world asset tokenization as a crypto use case, says the problem isn't the vision— it's the execution. Instead, he's increasingly bullish on Polymesh, a project looking to similarly bring real-world assets onchain. At a market cap that is hovering around $150 million, it's far smaller than even Mantra post-collapse. Until then, his advice to anyone still holding out hope for OM is simple. 'Maybe at this current price it's more fitting to what's actually happening on the chain,' he said. 'But that $9 valuation? That was [too quick] and it was not justifiable.' Sign in to access your portfolio
