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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.

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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.

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.

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NORTH KOREA TARGETS CRYPTO WORKERS WITH NEW INFO-STEALING MALWARE

A threat actor associated with North Korea has been infiltrating interviews in the crypto industry and infecting companies with malware. Their aim is to steal passwords for crypto wallets, primarily for companies based in India. The victims are having their computers remotely operated after agreeing to do a video interview with the exploiters and downloading suggested software.

DEFI LENDING HITS RECORD $55 BILLION TVL

DeFi lending protocols have reached a record $55.7B in TVL, with Aave v3 up 55% in two months and generating $1.6M in daily fees, while Morpho Blue and Maple Finance post major gains. Maple's 417% TVL growth is powered by undercollateralized RWA credit lines and tokenized debt infrastructure, marking a broader shift in capital markets behavior on-chain.

PROJECT 11: BUILDING BITCOIN'S QUANTUM-READY FUTURE

Project 11 is safeguarding crypto against the coming threat of quantum computing. The team's first product, yellowpages, offers a post-quantum proof of Bitcoin ownership, allowing users to generate quantum-resistant keys today without moving assets onchain. As quantum progress accelerates, the company aims to upgrade existing protocols like Bitcoin while also developing quantum-native systems such as quantum key distribution, certified randomness, and quantum money.

INTRODUCING THE BRALE STABLECOIN API

Brale has launched a production-ready Stablecoin API that enables businesses to integrate stablecoin-powered payments in minutes. The API offers 0 bps fees for on-ramps, off-ramps, and swaps across 50+ stablecoins on 15+ blockchains. It supports stablecoin issuance from Brale, Circle, and Paxos. It also features ACH support, virtual accounts, privacy-preserving transfers, and a single call interface for converting USD to onchain assets. Designed for B2B use cases, teams are using Brale for global payouts, merchant settlement, card programs, and programmable USD accounts.

SPARK: ACTIVE CAPITAL ALLOCATOR FOR DEFI

Spark is positioning itself as DeFi's most advanced onchain capital allocator by combining low-cost capital from Sky (formerly MakerDAO) with an active asset deployment engine called the Spark Liquidity Layer (SLL). Unlike traditional banks or passive DeFi protocols, Spark manages over $7.5B in assets across lending, real-world assets, and DeFi-native protocols. Spark issues sUSDS, a yield-bearing stablecoin backed by USDS deposits, and uses the SLL to rebalance capital across chains in real time. Its structural moat, driven by integration with Sky's capital base and governance-defined rates, enables it to offer sustainable yields, build feedback loops between savings and lending, and merge TradFi stability with DeFi composability at scale.

HOW TO MANAGE RISK IN CRYPTO

To manage risk in crypto effectively, define a clear invalidation level for every trade (price, time, or event-based), then use a formula to size your position based on how far your stop-loss is from entry. As trades evolve, track risk/reward changes and adjust stops or take profits only when the original thesis changes, not out of fear.

CRYPTO MOVED AWAY FROM RETAIL

Crypto fundraising has shifted from open-access ICOs to more exclusive strategies dominated by insiders, with retail increasingly sidelined. While retail briefly regained ground during DeFi Summer by providing protocol liquidity in exchange for high APYs, the rise of professionalized early-stage liquidity provision has created a new edge largely inaccessible to them. This model allows VCs and angel investors to supply critical, high-risk liquidity to nascent protocols in exchange for premium incentives – a game retail can rarely play. As valuations climb and dilution worsens, retail investors face diminished returns and limited opportunities, marking a return to a cycle of asymmetric access and outcomes.

EXPLANATION OF COINBASE COMMERCE PROTOCOL

Coinbase Commerce's new protocol uses smart contract escrow and customizable operators to enable programmable payments and refunds in USDC. This allows platforms like Shopify, Visa, or others to enforce their own rules (e.g. chargebacks and dispute logic) directly on-chain, mimicking traditional payment networks but with more flexibility and transparency.

NEUROCHAIN JOINS POLYGON'S AGGLAYER

NeurochainAI's Forknet is an OP Stack chain built with Conduit and integrated into Polygon's Agglayer ecosystem.

TRIPLE YIELD STACK: AAVE, PENDLE, AND ETHENA

Aave dominates the Ethena PT market, holding over 90% of the ~$2.06B locked, and enabling layered yield strategies with Pendle and Ethena.

VISA & MASTERCARD SHARES DECREASE AS RETAIL GIANTS EYE STABLECOINS

Visa and Mastercard shares dropped ~5% after reports that Amazon, Walmart, and others are exploring stablecoin payments days after the GENIUS Act advanced in Congress.

USDC SEES AN $8.9B NET MINTING SURGE ON ETHEREUM IN 2024

USDC supply on Ethereum grew by $8.9 billion in 2024, with mints significantly outpacing redemptions.

TRUMP ON GENIUS STABLECOIN BILL: ‘GET IT TO MY DESK, ASAP'

President Trump has called on the House to pass the GENIUS Act “LIGHTNING FAST” after its 68–30 approval in the Senate, urging lawmakers to send the stablecoin bill to his desk without delay or amendments. The GENIUS Act establishes a regulatory framework for US dollar-pegged stablecoins, requiring 1:1 reserves, licensing, AML compliance, and strict reserve usage rules to mitigate financial risk. Proponents argue it would cement US leadership in digital assets, while critics, including Senator Elizabeth Warren, warn of potential conflicts of interest tied to Trump's crypto ventures. The bill now heads to a closely divided House, where Republican support will be critical for final passage.

TREASURY SECRETARY BESSENT SAYS CRYPTO WILL 'LOCK IN' DOLLAR SUPREMACY

Treasury Secretary Scott Bessent stated that stablecoins could help “lock in” the dollar's global dominance by becoming major buyers of US Treasurys, positioning crypto as a strategic asset for the US economy. Bessent projected the USD-backed stablecoin market could exceed $2 trillion within three years, up from today's $240 billion.

COINBASE COMMERCE PAYMENT PROTOCOL POWERING SHOPIFY

Coinbase and Shopify have launched the Commerce Payments Protocol on Base, enabling trust-minimized, multi-step payment flows that meet the needs of real-world commerce. The protocol introduces a smart contract-based escrow system that supports operations like authorize, capture, refund, and void, bringing the flexibility of traditional payment systems to onchain transactions. It also introduces the concept of operators as trusted entities that facilitate transactions without compromising user intent or security. Now powering USDC payments across Shopify merchants, this open protocol lays the groundwork for scalable, composable crypto commerce accessible to developers worldwide.

ACCOUNT ABSTRACTION (EIP-7702) ON SONIC

Sonic is activating EIP-7702, enabling account abstraction for all users without new wallet addresses. This lets accounts delegate to smart contracts and gain features like batch transactions, social recovery, custom gas payments, and app-level authentication. With Sonic's native Fee Monetization system, developers can sponsor gas sustainably, turning wallets into programmable revenue engines while users gain flexibility and security at the protocol level.