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THE DAILY INDEX

Technology, AI, software, security, crypto and business

MARKETS & BUSINESS

TLDR Crypto

TRUMP SUPPORTS BILL TO BUY 1 MILLION BTC

According to Senator Lummis, the BITCOIN Act, which directs the U.S. government to acquire one million Bitcoins over five years using existing Federal Reserve and Treasury funds, has President Trump's backing. She also revealed a White House team is drafting digital-asset bills first on stablecoins, then market structure, and finally a Bitcoin Strategic Reserve. The Senate Banking Committee has already advanced the bipartisan GENIUS Act on stablecoin regulation to the floor following a 66–32 procedural vote on May 19.

COBIE'S ICO PLATFORM SONAR GOES LIVE WITH PLASMA

Sonar, Echo's platform for Initial Coin Offerings (ICOs), has launched with Plasma's XPL token as its debut sale, raising $50 million at a $500 million fully diluted valuation. Pre-deposits open June 9, followed by a public sale available worldwide, with U.S. investors subject to a 12-month lockup and most others to a 40-day lockup. Plasma is a Bitcoin sidechain fully compatible with the EVM and is in private testnet ahead of a public testnet and late-summer mainnet launch. This is the first major ICO in several years and represents a shift in the regulatory landscape and appetite for consumer participation in early project stages.

FROM ZERO USERS TO DEFI KING: THE STORY OF HYPERLIQUID

Hyperliquid's founder Jeff Yan rebounded from a 2018 exchange failure by launching Hyperliquid's mainnet in February 2023 and organically growing daily volume from $3 million to $50 million in one month through relentless technical posting instead of traditional marketing. Generous cash incentives including testnet prizes, $1 per $10k weekly trading volume, and referral and open-interest rewards, paired with rapid listings of trending pairs and the community-owned HLP vault, drove TVL from $1.5 million to $6 million in 30 days and bumped daily volume past $1 billion. The November 2023 points program then trained traders to hold positions, boosting average daily volume from $100 million to $1 billion and cementing loyalty with the largest airdrop in DeFi history.

CANTOR'S $2 BILLION BITCOIN-BACKED LENDING ARM MAKES FIRST DEALS

Cantor Fitzgerald has launched a $2 billion Bitcoin-backed lending program, closing its first deals by collaborating on a credit framework with FalconX Ltd. and funding the first tranche for Maple Finance. This initiative follows Cantor's July 2024 announcement and builds on its crypto ventures, including the Twenty One Capital partnership with Tether and SoftBank. The crypto-backed lending market has rebounded to $36.5 billion in Q4 2024, more than double its Q3 2023 trough yet still below the 2021 peak of $64.4 billion.

SOLANA CO-FOUNDER'S PERSONAL ID LEAKED IN DATA BREACH

An apparent hack of the hip-hop group Migos' Instagram account exposed Solana co-founder Raj Gokal's driver's license, passport, phone number, and similar personal IDs, as well as those of his wife. The posts, which threatened that he “should have” paid 40 BTC as part of a likely blackmail demand and linked to a Telegram group, remained live for over an hour before removal. Gokal had already warned on X of recent takeover attempts on his email, social media, and other accounts.

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