The crypto world moved fast this week. Decisions were delayed, platforms were restructured, projects pivoted, and traders kept their eyes wide open. The U.S. SEC hit pause again. Bitcoin, XRP, Litecoin ETFs? All delayed.
Bitwise, CoinShares, and Fidelity have to wait. Movement, however, is afoot. Canary Funds’ Staked TRX ETF received clearance for review. On Berachain, one stablecoin, HONEY, encountered a roadblock. Its backing asset, USDC.e, became exhausted. Redemption? No chance—temp
Co-founder Smokey confirmed HONEY is still supported, predominantly by BYUSD. Traders can continue trading, but require additional steps. Sei Labs released a new vision. The Sei Giga whitepaper presented a multi-proposer EVM Layer 1: Autobahn consensus, high speed, and 200,000 TPS.
Crypto Shifts: vision, volume, transparency
It seeks Ethereum compatibility without Ethereum’s limitations. Polygon experienced a major departure. Mihailo Bjelic parted ways. Vision mismatch, he explained. He isn’t alone—other founders also departed. Polygon now moves forward with a new leadership roster.
Fake trading volume dominated headlines. Proxy bots were out of control in meme tokens. An analyst revealed how bots account for 80% of volumes in certain tokens. The outcome? Misleading rallies. Traders bought in because of hype. Genuine volume, it’s elusive.
Hyperliquid Labs came out in the open. They wrote to the CFTC in support of DeFi perps and trading round the clock. Transparency, efficiency, and decentralization were their focus. They employed a cooperative yet unyielding attitude. Lido’s community released a draft whitepaper. Version 3 targets vaults. The staking is isolated from liquidity by those vaults. They preserve stETH’s flexibility while introducing new institutional staking custom options.
Crypto launches, closures, and rewards
Succinct, a ZK project, prepared its token. Paradigm invested in backing PROVE, a token that powers its decentralized ZK-proof network. The testnet’s at stage 2. Mainnet? Coming right up. Funding’s already locked up at $55 million.
It’s a major change for OKX. The Web3 wallet will discontinue Runes trading by June 5, 2025. No additional listings. No previous orders. Runes assets remain transferable, yet trading ceases. The action signals a change in how Bitcoin-based tokens remain viable.
Finally, Binance Launchpool introduced its 70th project named Huma Finance. Staking tokens are available for HUMA rewards. The supply of tokens reaches 10 billion with a well-planned distribution among investors, teams, liquidity, and airdrops. First airdrop claims are available after TGE. Markets remained volatile. News came flooding in. Traders scrutinized each block and byte.
