on-chain

In response to Bloomberg's report on CME and ICE pressuring the CFTC regarding Hyperliquid, the Hyperliquid Policy Center, a lobbying organization led by prominent crypto lawyer Jake Chervinsky and funded by the Hyper Foundation, tweeted that the concerns lack basis.The organization stated that Hyperliquid publishes complete on-chain transaction records in real-time, with transparency far exceeding that of traditional exchanges, which serves as a strong deterrent against insider trading and price manipulation, and is beneficial for regulatory agencies and law enforcement to conduct monitoring and investigations.Additionally, Hyperliquid offers 24/7 uninterrupted trading, effectively eliminating price gaps between the opening and closing of traditional markets. The organization acknowledged that current U.S. laws have not yet made specific provisions for on-chain derivatives markets and will continue to work with Washington policymakers to promote the implementation of relevant regulatory frameworks.Previously, the Hyperliquid Policy Center was established on February 18 of this year in Washington, with former Blockchain Association and Variant Chief Legal Officer Jake Chervinsky serving as CEO, receiving a donation of 1 million HYPE from the Hyper Foundation, focusing on promoting a compliant regulatory path for DeFi in the United States.

According to on-chain analyst Ai Yi's monitoring, the address 0xB4d...B186a has sold 250 WBTC on-chain in the past 5 hours, worth 20.275 million dollars. This address has frequent interactions with the block builder Titan builder, and currently holds 80.95 million dollars in ETH and 2.088 million dollars in WBTC on-chain.

JPMorgan analysts stated that despite the overall recovery of the cryptocurrency market after the Iran conflict, Ethereum and other altcoins continue to underperform Bitcoin. This trend, which has formed since 2023, may be difficult to reverse in the short term unless there is a significant improvement in network activity, DeFi, and real-world applications.The report pointed out that, based on spot ETF fund flows and institutional futures positions, the recovery of Bitcoin is stronger than that of Ethereum. The spot Bitcoin ETF has recovered about two-thirds of the previous outflows, while the spot Ethereum ETF has only recovered about one-third. At the same time, CME futures data shows that institutional investors are more actively rebuilding their exposure to Bitcoin, with Bitcoin futures positions nearly fully restored, while Ethereum futures positions remain below previous levels.JPMorgan believes that the relative weakness of ETH and altcoins against Bitcoin may continue due to the lack of stronger on-chain fundamentals and real-world application support.

CoinList announced the launch of Passage, positioned as the "access layer" for on-chain capital markets, aimed at providing compliant distribution, capital access, allocation, and infrastructure support for tokenized assets.CoinList stated that as tokenized stocks, funds, yield products, and Pre-IPO assets gradually migrate on-chain, the current market still faces fragmentation issues among issuers, chains, and compliance rules, and that "asset tokenization does not equal effective distribution." Passage will connect issuers, platforms, and investors, helping tokenized assets achieve large-scale on-chain circulation.According to reports, Passage is built on CoinList's existing infrastructure. CoinList claims that since 2017, its platform has covered over 160 countries and has completed more than $1.2 billion in asset distribution.

The Gate Research Institute recently released the "April 2026 Cryptocurrency Market Review" report, which pointed out that the cryptocurrency market in April showed an overall upward trend, with total market capitalization significantly rising compared to March. The trading volume of BTC and ETH ETFs remained high and volatile. The report indicates that the activity levels of major public chain ecosystems continue to diverge. Solana's daily trading volume remained in the range of approximately 90 million to 110 million transactions, continuing to lead.In terms of hot sectors, the report noted that Pokemon TCG RWA has become one of the fastest-growing sub-sectors of on-chain RWA and entered a secondary explosion phase in April. Major trading platforms saw monthly trading volumes exceed 220 million USD, with weekly revenue nearing 6 million USD at one point, setting a new historical high. Meanwhile, Aave experienced the most severe liquidity shock in its history in April, with TVL outflows reaching hundreds of billions of dollars within days, and net outflows for the month exceeding 9 billion USD.Regarding financing and security incidents, the Web3 industry completed a total of 51 financing rounds in April, with a total amount of approximately 834 million USD, with funds further concentrating in leading finance and infrastructure sectors. Among them, Payward topped the monthly financing with 200 million USD. On the security front, Web3 security incidents in April resulted in losses of approximately 306 million USD, a month-on-month increase of about 858%, primarily driven by a single cross-chain infrastructure attack incident involving Kelp DAO, which amounted to about 293 million USD. The report believes that against the backdrop of a market recovery, on-chain activity and capital liquidity are improving simultaneously, but the security risks of cross-chain infrastructure and high-leverage protocols still warrant ongoing attention.

The Gate Research Institute recently released the report "April 2026 Cryptocurrency Market Review," indicating that the cryptocurrency market in April showed an overall upward trend, with total market capitalization significantly higher than in March, and BTC and ETH ETF trading volumes maintaining high volatility. The report shows that the activity levels of major public chain ecosystems continue to diverge. Solana's daily trading volume remains in the range of approximately 90 million to 110 million transactions, continuing to lead.In terms of hot sectors, the report points out that Pokemon TCG RWA has become one of the fastest-growing sub-sectors of on-chain RWA and entered a secondary explosion phase in April. Major trading platforms saw monthly trading volumes exceed 220 million USD, with weekly revenue nearing 6 million USD at one point, setting a new historical high. Meanwhile, Aave experienced the most severe liquidity shock in its history in April, with TVL outflows reaching hundreds of billions of dollars within a few days, and net outflows for the entire month exceeding 9 billion USD.Regarding financing and security incidents, the Web3 industry completed a total of 51 financing rounds in April, with a total amount of approximately 834 million USD, with funds further concentrating in leading finance and infrastructure sectors. Among them, Payward ranked first for the month with 200 million USD in financing.On the security front, Web3 security incidents in April resulted in losses of approximately 306 million USD, a month-on-month increase of about 858%, primarily driven by a cross-chain infrastructure attack incident involving Kelp DAO, which amounted to about 293 million USD. The report believes that against the backdrop of market recovery, on-chain activity and capital liquidity have both increased, but the security risks of cross-chain infrastructure and high-leverage protocols still warrant ongoing attention.

On May 13, BNB Chain announced the launch of an on-chain autonomous agent framework, enabling autonomous agents to obtain decentralized identities through the ERC-8004 standard, conduct peer-to-peer payments, delegate tasks to other agents via ERC-8183, and accumulate verifiable on-chain reputation on 8004scan. The entire system operates fully on-chain, with transactions being transparent and auditable, supporting hierarchical agency relationships.The framework integrates various skill modules, including native BNB Chain smart contract execution, querying on-chain data through natural language, Nodereal's MegaNode API infrastructure (providing access to over 25 blockchain networks), and meme token management capabilities provided by fourdotmemezh Agent Skills. Additionally, the BNB Chain Knowledge Base Model Context Protocol (MCP) allows agents to query blockchain documents and receive instant answers, extending agent functionalities to applications such as DeFi and asset management.

The on-chain trading platform TurboFlow announced a strategic partnership with the proprietary trading firm Susquehanna Crypto (SIG Crypto). SIG Crypto will serve as a core liquidity provider, offering institutional-level market-making support for TurboFlow's entire product line and bringing in professional pricing and risk management expertise.It is reported that through an exclusive PFOF (Payment for Order Flow) framework, both parties will jointly optimize the execution experience and slippage control for TurboFlow's high-leverage perpetual contracts and ultra-fast event contracts. Additionally, with the support of SIG Crypto, TurboFlow is iterating its prediction market pricing mechanism from fixed odds to dynamic odds (adjusting with real-time liquidity and volatility) and plans to expand its trading targets from crypto assets to traditional assets such as crude oil and gold.In the future, TurboFlow also plans to launch a Telegram Mini App to further support prediction market trading for major events such as the World Cup in June.

The working group led by the Ethereum Foundation has released a new open standard called "Clear Signing," aimed at addressing the long-standing issue of "blind signing." This new standard is built on the ERC-7730 specification and aims to promote the "WYSIWYS (What You See Is What You Sign)" concept, allowing users to understand the actual execution content of transactions in a unified, readable, and structured manner before signing. This replaces the current common practice of displaying machine-readable but difficult-to-understand low-level transaction information. By using a unified description format, a registry system, and independent verification and auditing mechanisms, the intent of transactions can be clearly expressed and standardized for presentation on wallets.Clear Signing will not change the on-chain transaction structure but will enhance interpretability through off-chain standardized descriptions, thereby improving security without affecting the compatibility of existing protocols.

The Graph officially announced that its Graph Gateway now officially supports x402 Payments. Developers and AI Agents can now access on-chain data via USDC on a pay-per-request basis, without the need for an API Key, account, or backend panel.The Graph stated that its network is responsible for indexing data from multiple blockchains, including token information, DEX trading pairs, governance updates, NFT metadata, and protocol activities. Previously, accessing related Subgraph data required registering for Subgraph Studio and applying for an API Key, while x402 has changed this access model.According to the introduction, after the Agent or program accesses the interface, it will receive an HTTP 402 response containing price information. It can then complete a signed payment using USDC on the Base network, and upon re-requesting, it can obtain the data, "the payment itself serves as authentication."This update includes: the addition of the /api/x402/ interface; a new payment process SDK; support for any tools compatible with x402; support for USDC payments on the Base mainnet and Base Sepolia testnet; and the original API Key model remains unchanged.The Graph stated that Subgraph data is now directly accessible by any program or Agent that supports HTTP and holds USDC.

ZKsync's official announcement stated that following several ZK token governance proposals, the governance service provider ScopeLift has now launched the "ZK Fee Flow System" proposal on the forum. This system is a set of smart contract mechanisms that allow ZKsync Governance to route and allocate protocol revenue and fees through its controllable on-chain mechanisms. ZKsync indicated that the relevant forum post has detailed the contract architecture, operational mechanisms, security measures, and deployment addresses of the system.

The Stellar Development Foundation and the Government of Bermuda jointly announced that Bermuda will migrate key payment and financial services to the Stellar network, officially advancing the construction of a "fully on-chain national economy."The plan relies on Bermuda's 2018 Digital Asset Business Act regulatory framework, aiming to significantly reduce local merchants' payment processing costs from 3% - 5% or even higher.According to the plan, Bermuda residents will be able to receive salaries, merchant payments, pay government fees, and hold digital assets through digital wallets on the Stellar network in the future.The government will pilot stablecoin payments, and financial institutions will have access to tokenized tools, with related assets also being used for government payment scenarios such as social service disbursements.

Despite Bitcoin's pullback of about 2.5% since reaching a peak of $82,800, market analysts generally believe that its overall upward structure remains intact and has re-entered the "full bull market momentum" range. Swiss wealth management firm Swissblock pointed out that Bitcoin has re-entered the price expansion range, the Bull Market Support Band has turned into support, and the 21-week EMA has crossed above the 20-week SMA, with the trend structure turning bullish again. Currently, Bitcoin's price is consolidating around $80,000, where the "real market average" and short-term holding costs constitute key support, while the realized price around $85,000 forms an upper pressure zone.Whale and institutional-led spot buying are strengthening, while the proportion of derivative speculation is decreasing. Similar structures historically correspond to sustainable upward trends. If this indicator continues to maintain positive values, it may further drive Bitcoin to continue its upward cycle. In terms of liquidity, the Stablecoin Supply Ratio (SSR) has rebounded from historical lows to a key range, indicating that stablecoin funds are flowing back into the market. This signal has corresponded to phase bottom rebounds in mid-2021, 2022, and mid-2023. Meanwhile, the Binance stablecoin supply ratio oscillation indicator (SSR Oscillator) has risen to 2.8, reaching a 12-month high, showing a significant increase in stablecoin purchasing power.On-chain activity is also strengthening. Bitcoin's daily transaction volume has increased by 116%, reaching 831,400 transactions, a 20-month high; the number of active addresses has increased by 7.1% to 707,700, and total transaction fees have grown by 37% to $279,300, indicating a significant increase in network usage activity. In terms of funding structure, the 90-day spot Taker CVD has turned into a sustained positive value, indicating that spot buying is dominating the market. Glassnode data shows that this indicator has further risen to $62 million compared to a week ago, reflecting an increase in market proactive buying sentiment.In summary, the price structure, liquidity indicators, and on-chain demand all indicate that Bitcoin is currently still in a "strong trend expansion phase," and the bull market momentum has not yet ended.

The Depository Trust & Clearing Corporation (DTCC) announced that its blockchain-based collateral management platform, Collateral AppChain, will integrate Chainlink infrastructure to drive traditional financial markets towards 24/7, near real-time collateral management and settlement. DTCC stated that the platform is built on the Besu blockchain and will utilize Chainlink's Runtime Environment (CRE) and data standards to support asset pricing, valuation, margin calculation, collateral optimization, and settlement processes. The platform achieves real-time collateral movement across institutions, markets, and time zones through asset tokenization and smart contract automation.

On May 9 and 10, the Chainlink network recorded 282,170 and 264,090 unique active LINK addresses, respectively, the highest levels since September 2025. The surge in on-chain activity comes against the backdrop of several institutional-grade DeFi projects announcing their migration of cross-chain infrastructure to Chainlink CCIP. On May 7, Solv Protocol announced the completion of a security review following the April Kelp DAO vulnerability incident and decided to migrate over $700 million in tokenized Bitcoin assets (SolvBTC and xSolvBTC) from LayerZero to Chainlink CCIP.Previously, Kelp DAO had also announced the migration of its rsETH infrastructure to Chainlink CCIP. These initiatives represent a significant shift of institutional-grade DeFi infrastructure from LayerZero to the Chainlink cross-chain ecosystem. Additionally, earlier this month, data showed that whale wallets holding between 100,000 and 10 million LINK increased their holdings by 32.93 million LINK within 30 days.

The Sui Network ecosystem welcomes a new reality asset (RWA) application expansion, as Creek Finance announces the launch of its core protocol on the Sui mainnet and the integration of the gold token XAUm launched by Matrixdock.The protocol allows users to split, collateralize, lend, trade, and generate yields on tokenized physical gold on-chain, enabling DeFi operations around gold assets. XAUm is backed 1:1 by physical gold and is verified through third-party audits and on-chain reserve proof mechanisms.Creek Finance stated that this launch marks the official deployment of its core contract, allowing users to perform leverage and yield strategy operations based on gold assets in a permissionless environment, further expanding the application scenarios of RWA in DeFi.

According to official news, Ondo Finance announced the introduction of tokenized stocks and ETFs to Hyperliquid's HyperEVM ecosystem via the LayerZero-based Ondo Bridge, bringing them from the BNB Chain and Ethereum. Currently, 35 types of tokenized assets support cross-chain transactions, including SPY on, QQQ on, NVDA on, TSLA on, GOOGL on, CRC on, NFLX on, BABA on, and more.Users can combine tokenized spot stocks with perpetual contracts on Hyperliquid to execute advanced trading strategies such as basis trading, funding rate arbitrage, and delta-neutral strategies. Ondo stated that its tokenized stocks do not rely on fragmented on-chain liquidity but are anchored to the underlying liquidity of traditional markets like NYSE and Nasdaq.Since its launch in September 2025, Ondo Global Markets has become the world's largest tokenized securities platform, with a total locked value (TVL) exceeding $970 million and a cumulative trading volume approaching $18 billion.

a16z Crypto published an article explaining the investment logic behind Arc, pointing out that stablecoins have evolved from tools for crypto trading to a core layer of global financial infrastructure, driving the upgrade of blockchain from "application layer finance" to "system-level economic operating systems."The trading volume of stablecoins reached approximately $9 trillion last year, placing them on the same scale as global payment networks like Visa and PayPal. The total supply of US dollar stablecoins has also exceeded $270 billion, with cross-border payments, B2B settlements, and foreign exchange trading becoming the core use cases for stablecoins, gradually making them the "upgrade layer for global capital flows."a16z Crypto stated that the existing blockchain infrastructure is still primarily aimed at crypto-native users and individual developers, lacking native support for large institutional-level demands. The reason for participating in the ecosystem construction related to ARC tokens is mainly due to the gradual on-chain transition of global finance; in the future, only a few public chains will be able to support the "on-chain economic system foundation."