Daily Edition · Page 6

THE DAILY INDEX

Technology, AI, software, security, crypto and business

MARKETS & BUSINESS

TLDR Crypto

SHARES OF BULLISH SOAR IN NYSE DEBUT

Cryptocurrency exchange Bullish soared in its NYSE debut after raising $1.1 billion in an IPO priced at $37 per share, well above the expected range of $32-33. The stock opened at $90 and peaked at $118 before closing at $68, representing an 83% gain on the first day and valuing the company at over $10 billion. Led by former NYSE President Tom Farley and backed by Peter Thiel, Bullish focuses on institutional investors and has processed over $1.25 trillion in trading volume since launching in 2021.

AAVE V4 INTRODUCES LIQUIDITY HUBS AND MODULAR LENDING

Aave V4 re-architects DeFi lending by replacing fragmented markets with unified “Liquidity Hubs” and modular “Spokes.” Each spoke (Core, E-Mode, RWA, Vault, or custom) has isolated risk and draws from a shared liquidity pool, enabling more tailored borrowing configurations without cross-contamination. New features include support for fixed rates, LP shares as collateral, real-world asset integration, and institutional permissioning. The modular design improves capital efficiency while allowing diverse risk pricing for the same asset, like higher USDC yields in Ethena-specific spokes.

BEST NON-LEVERAGED STABLECOIN YIELDS

There are over a dozen platforms offering various non-leveraged yield opportunities, ranging from SummerFi's 8-11% base rates to Gearbox's 20% lending yields, with options including both liquid and time-locked positions across different protocols. Most stablecoin positions should remain unleveraged to preserve the ability to quickly enter and exit other opportunities while still generating meaningful returns. The strategy focuses on "sleep well" investing that beats traditional safe assets without the complexity or risk of leveraged DeFi positions

H1 2025 CRYPTO TALENT INSIGHTS

Dragonfly's talent team reported extreme volatility in crypto hiring during H1 2025, with January seeing a 60% surge in job postings before tariff headlines in February triggered a 60% drop in applications and record job cuts of 750 roles in March. The analysis revealed a critical 4-6 week lag where candidates returned to the market before companies resumed hiring, creating opportunities for teams that maintained steady hiring plans rather than reacting to short-term market moves. While go-to-market roles like sales and marketing whipsawed with market sentiment, technical roles like engineering and data science remained relatively stable throughout the downturn. The team expects a late Q3 rebound driven by planning cycles and regulatory clarity from the GENIUS Act, positioning current hiring as strategically advantageous for Q4.

CIRCLE'S ARC NETWORK - USDC GAS & BUILT-IN FX

Circle's Arc Network is a permissioned blockchain optimized for tokenized assets that offers 3-10K TPS with sub-350 ms finality. Built on the Malachite consensus, Arc uses USDC (and eventually USYC) as native gas and supports local stablecoin fees via embedded paymaster abstraction. Core features include opt-in privacy with view-key disclosures, RFQ-based FX trading, invoice-linked payments, refund/dispute resolution, and AI-powered treasury agents. Arc bridges seamlessly with TradFi and blockchains via CCTP, targeting enterprises that value regulatory compliance, settlement speed, and financial automation over decentralization.

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