TLDR CRYPTO 2025-06-23

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TEXAS SIGNS STRATEGIC BITCOIN RESERVE BILL INTO LAW

Texas became the third state to establish a strategic Bitcoin reserve after Governor Greg Abbott signed SB 21 into law, creating a stand-alone, publicly funded fund managed by the Texas Comptroller of Public Accounts. The companion HB 4488 shields the reserve from periodic treasury fund-sweeps and ensures its legal existence even if no BTC is purchased by next summer. Industry observers, including the Texas Blockchain Council, anticipate the state investing tens of millions of dollars into the fund.

BTC DROPS BELOW $100K FOLLOWING U.S. STRIKES ON IRAN

Crypto markets plunged after US strikes on Iranian nuclear sites triggered over $1 billion in liquidations within 24 hours, primarily from long positions, sending Bitcoin below $100,000 for the first time in 45 days. Altcoins suffered steeper losses, while the top 30 tokens by market cap held up best. Traders also braced for oil-price volatility after Iran's parliament hinted at closing the Strait of Hormuz. The nine-day BTC ETF inflow streak faces potential disruption amid the price drop.

UNISWAP, MORPHO, AND OTHERS COLLABORATE ON WEB3SOC

Uniswap Labs, Morpho, Maple Finance, Kiln, and Steakhouse Financial along with security firms Cantina and Secureum have rolled out Web3SOC, a structured framework inspired by SOC controls that evaluates DeFi projects' maturity across security, governance, compliance, and finance via tiered self-assessment tools. This initiative aims to instill institutional confidence by assigning maturity tiers (from nascent to enterprise-grade) and offering a due diligence checklist to streamline onboarding for professional partners.

PROOF-OF-GOVERNANCE AS THE ENDGAME FOR LSTS

Proof-of-Governance is the natural conclusion of liquid staking tokens by decoupling validator rewards from staker issuance. It allows protocols to cut staking issuance from about 5% to 0.25% without weakening security. With near-100% bonding and fee burning, net issuance to token holders approaches zero, making standalone LSTs redundant. Security derives from denying future validator fees rather than slashing stake, and onchain PoS already functions as a permissioned system. By shifting validator selection to offchain governance, Celestia could simplify its economics, eliminate redundant staking mechanics, and focus value accrual directly for TIA holders.

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5 CHARTS THAT EXPLAIN CRYPTO RIGHT NOW

Crypto is growing across the board with mobile wallet usage up 23% year-over-year, adjusted stablecoin volumes increasing 49%, and institutional flows into Bitcoin and Ethereum ETFs up 28%. DEXs now account for 17% of spot trading volume, up from 11% last year, while total transaction fees have dropped 43%, signaling more efficient blockspace usage. The industry is scaling and diversifying with wallets, payments, and tokenized assets all trending toward broader adoption and deeper utility.

HOW STABLECOINS CAPTURE VALUE ACROSS THE STACK

Stablecoins create value through a four-layer stack: issuers like Tether sit at the base, earning billions annually from Treasury yields, while chains like Ethereum and Tron capture fees from stablecoin transfers. Further up the stack, DeFi infrastructure (Curve, Aave, and Uniswap) enables swaps and yield strategies, and B2B/B2C apps monetize stablecoin utility through payments, wallets, and invoicing. While the top layer offers the most room for innovation, value flows upward from the foundational layer of issuer-controlled assets.

COINBASE IS QUIETLY TAKING ON VISA AND MASTERCARD

The GENIUS Act legalized stablecoin issuance in the U.S., prompting Visa and Mastercard stocks to fall while Coinbase and Circle's increased. Coinbase's new Commerce Payments Protocol introduces core features of traditional card networks like authorization, capture, refunds, and merchant fees into stablecoin payments powered by smart contracts and programmable "Operators." By enabling onchain equivalents to issuers, acquirers, and reward systems, Coinbase has laid the groundwork for a permissionless, incentivized payments ecosystem, one that could scale faster than expected as firms like Shopify, Amazon, and Walmart explore stablecoin adoption.

THERE IS NO PVE I LOVE YOU

Crypto discussions framing memecoin markets as “PvP” versus “PvE” miss the point that it's asset quality, not game mechanics, driving outcomes. Profit-taking is inherent to any tradable asset, and issues arise only when the underlying tokens lack real value. The memecoin cycle has industrialized issuance costs near zero, trading strategies are streamlined, winners narrow, and liquidity concentrates with insiders, stifling large upside moves. Nevertheless, speculative demand persists through high-convexity bets like Binance futures and breakout meme launches, even as the broader market shifts toward genuinely revenue-generating protocols such as perpetuals, lending platforms, launchpads, on-chain trading apps, and MEV infrastructure.

ALGORAND DOMINATES TOKENIZED STOCK MARKET WITH 77% SHARE

$348 million in tokenized real-world stocks are now live on-chain, with Algorand hosting ~$271 million (77%) of that total.

METAMASK ENABLES USERS TO UPGRADE TO SMART WALLETS

MetaMask has added a UI button that enables users to upgrade to smart accounts via EIP-7702, allowing access to enhanced features while keeping the same address.

THE L1 DILEMMA

The most successful L1s start as cults.

PUMP.FUN TOKEN AUCTION DELAYED

Pump.fun's token auction and listing has been delayed until mid-July.