TLDR CRYPTO 2025-06-24

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FEDERAL RESERVE REMOVES 'REPUTATIONAL RISK' FROM BANK EXAMINATIONS

The Federal Reserve has eliminated “reputational risk” as a factor in bank exams, aligning with the OCC and FDIC in removing a key regulatory barrier that critics say fueled discriminatory debanking of crypto firms. The change may allow banks to reengage with digital asset companies without fear of regulatory backlash. The move marks a notable shift in U.S. banking supervision amid political scrutiny of Operation Chokepoint 2.0 and growing pressure to clarify crypto access.

CRYPTO MARKETS HOLD AT 'INFLECTION POINT' AFTER BITCOIN'S DIP ON MIDDLE EAST FRICTION

Bitcoin rebounded above $102K after briefly falling below $99K on Middle East tensions. Analysts see markets at an “inflection point,” balancing geopolitical risk and macro uncertainty against growing institutional adoption, including Texas' Bitcoin reserve and new corporate treasury buys. While short-term positioning remains cautious, long-term demand signals resilience, with analysts eyeing July Fed updates and geopolitical developments as key directional catalysts.

A NEW FRAMEWORK FOR TOKEN MARKET TRANSPARENCY

Blockworks launched the Token Transparency Framework, an 18-criterion disclosure standard covering token supply and vesting, insider incentives, market-making and exchange agreements, entity structures, and financials to close critical information gaps in the crypto market. Initial adopters – Jito, Aerodrome, Raydium, Stride, Jupiter, and Morpho – achieved transparency scores above 35 versus a control group scoring 8–13. The open-source framework aggregates materiality-weighted scores across four categories and is intended to streamline due diligence for investors, market makers, and exchanges while complementing SEC initiatives like Safe Harbor 2.0.

CREATOR COINS ARE NOW ON ZORA

After the success of individual content coins, Zora has introduced creator coins to represent profiles in a succinct manner. Each profile has a coin, and creators earn on trades of their coins. Creator coins capture the value of all posts, as content coins are paired with creator coins.

DEFI'S LAST MISSING PIECE

Onchain DeFi continues to trail CEXes not for lack of innovation but due to painful fiat onramps that carry 3–10% fees, >50% failure rates, and slow settlements, causing over 90% user drop-off at the first step. CEXes treat fiat deposits as loss leaders to deliver virtually free, instant, and reliable onramps. The proposed solution is for revenue-generating DeFi protocols to allocate a portion of their revenues to subsidize onramp providers in real time, thereby matching CEX-style UX. Such onramp subsidies could unlock mainstream user growth and close the gap between CEX and DeFi adoption.

DEFI DERIVATIVES: EVERYTHING YOU NEED TO KNOW

DeFi derivatives platforms have seen a 100x surge in TVL since dYdX's 2020 launch and GMX's 2021 debut. This guide unpacks perpetuals fundamentals like leveraged exposure, funding‐rate mechanics, and delta‐neutral strategies, contrasts decentralized orderbook (DCLOB) vs “house” AMM ((X)LP) models, and explains margin requirements, liquidation engines, and oracle-driven price discovery. It also explores liquidity bootstrapping hurdles, the “middling trap” of migrating from in-protocol pools to market‐maker orderbooks, and the varied clearing, execution, and cross-margin designs across platforms.

DAOS VS FINTECH: A COST EFFICIENCY GAP EMERGES

A new chart highlights the stark contrast in annual operating expenses between major fintechs and DAOs. Coinbase, Robinhood, and Revolut each spend $1.9B-$3.3B annually, while DAOs like Circle and Aave operate on drastically leaner budgets ($491M and $64M respectively). This supports the thesis that blockchain-native protocols achieve global scale with far lower overhead, offering stronger developer leverage than traditional fintech counterparts.

KALSHI'S SILENCE ON GEOPOLITICS COULD COST THEM LONG-TERM

Polymarket's real-time coverage of the Middle East conflict is earning it widespread media citations, while Kalshi's lack of markets during a global flashpoint is a critical miss. In the attention economy of modern prediction markets, usefulness builds brand trust, which compounds through both media references and trader liquidity. Kalshi's strict regulatory compliance may preserve licenses, but as Polymarket becomes the default source of truth, it risks irrelevance.

GEOPOLITICAL AND NBA BETTING MARKETS SEE SPIKE IN OPEN INTEREST ON POLYMARKET

Polymarket saw a sharp rise in open interest for Iran-related prediction markets and the NBA Finals, with geopolitical tension and Game 7 fueling multimillion-dollar activity.

SINGAPORE'S HARSH DTSP RULES PUSH CRYPTO BUILDERS TO DUBAI

Singapore's upcoming June 30 DTSP enforcement removes any grace period for unlicensed crypto operations, dealing a blow to its ambitions as a global blockchain hub.

EIGENCLOUD'S POTENTIAL

EigenCloud enables the verifiability of onchain actions to be brought to offchain computation, with security provided through staking and slashing.

OKX CONSIDERING IPO

Prominent exchange OKX is considering a US IPO.