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ans

Spark's strategic director: The ETH market faces liquidity risks due to a potential 10% to 15% reduction in rsETH loans

The strategic director of Spark, monetsupply.eth, posted on platform X that as the stablecoin market begins to lack liquidity, the situation is entering a more dangerous phase. I believe that the ETH market is about 16.5% supported by rsETH, and if the loans supported by rsETH experience losses shared between the mainnet and external chains, there may be a 10% to 15% reduction in emode, leaving a remaining 2% to 3% reduction for ETH suppliers to smooth out the umbrella structure.ETH suppliers naturally tend to exit as soon as possible to avoid this risk, so the utilization rate is locked at 100%, and the borrowing rates are insufficient to incentivize the repayment of unrelated LST cycles (wstETH, weETH) to release liquidity. Since users cannot withdraw ETH, those who borrow stablecoins like USDT and use ETH as collateral cannot close their positions even when stablecoin borrowing rates rise, cutting off the typical incentive mechanism to maintain market health.Currently, two unhealthy incentives are causing the market utilization rate to be locked at 100%: 1) ETH holders cannot close their positions to maintain a healthy LTV, and liquidators cannot atomically withdraw or sell collateral, which may lead to bad debts if the ETHUSD price falls. 2) Users supplying USDT, in order to exit their holdings, tend to maximize borrowing of other stablecoins, which is currently generating positive returns (temporarily), thus the exit cost is low; if conditions worsen, they can at least recover 75% of the position value.The bottom line is that these pooled/re-staked lending markets must maintain liquidity at all costs to operate normally. The recent weakening of slope2 against Aave's maximum borrowing rate is having a negative impact and significantly increasing the risk of failure in the yield market.

Payward plans to acquire Bitnomial for $550 million, accelerating its layout in the U.S. compliant derivatives market

Cryptocurrency exchange Kraken's parent company Payward announced that it will acquire 100% of the digital asset derivatives platform Bitnomial for up to $550 million (cash + stock). The transaction is expected to be completed in the first half of 2026, pending regulatory approval.Bitnomial is the first crypto-native platform to obtain all three U.S. derivatives licenses (designated contract market, derivatives clearing organization, and futures commission merchant). This acquisition will help Payward quickly gain a complete compliant derivatives infrastructure, significantly accelerating its expansion in the U.S. market. After the transaction is completed, Bitnomial's clearing and trading capabilities will be integrated with platforms such as Kraken and NinjaTrader, offering products like spot margin, perpetual contracts, and options to U.S. customers, and will be regulated by the CFTC.This acquisition will also expand Payward Services, allowing banks, fintech companies, and brokerages to access the U.S. compliant derivatives market through a single API. Industry insiders believe that with the market warming up and valuations recovering, merger and acquisition activities in the crypto industry are on the rise, as leading institutions are accelerating their transformation into comprehensive trading platforms for institutional clients by acquiring key capabilities such as compliance, custody, and derivatives.

Intchains promotes AI transformation and increases ETH staking, having staked over 8,000 ETH

Nasdaq-listed company Intchains Group Limited announced its latest business developments, disclosing its Ethereum (ETH) staking scale and AI-driven operational transformation plan. The company stated that as of now, it has staked a total of 8,040 ETH, of which 1,000 ETH were completed through the FalconX platform, and 7,040 ETH were deployed on its own Goldshell Stake platform; additionally, third parties have staked 1,363 ETH on this platform. The company claims to achieve maximized returns and risk diversification through a multi-platform strategy.On a strategic level, Intchains is advancing its AI-enabled operational model transformation, focusing on chip and product research and development, market sales, and overall business operations, restructuring processes and enhancing decision-making efficiency through automation and intelligent tools. In terms of cost control, the company has reduced its workforce by about 20% based on early 2026 levels and plans to further compress it to a total of about 35%, which is expected to bring annual savings of approximately 20 million RMB in labor costs. This adjustment mainly stems from organizational streamlining and replacing repetitive manual processes with technology. The company's management stated that it will focus on core mining machine technology and Ethereum asset strategy, combining AI to enhance research and development and operational efficiency, and plans to launch a new generation of mining machine products in the second half of 2026 (depending on market conditions).

RootData released the sixth issue of the cryptocurrency exchange transparency ranking (stock category), with Gate and Bitget rising to 3rd and 4th place, respectively

Web3 asset data platform RootData released the sixth issue of the "Cryptocurrency Exchange Transparency Ranking (Stock Category)," continuing to focus on the growth trend of stock assets in cryptocurrency exchanges. In this issue, Binance, OKX, Gate, Bitget, and Bybit ranked in the top five.According to the ranking, most cryptocurrency exchanges saw an increase of around 10% in trading volume over the past week, reversing a downward trend that had persisted for several weeks, but the traffic remained mostly flat compared to last week, with no significant signs of rebound.In terms of ranking changes, Gate and Bitget both moved up one position, while Bybit dropped two positions. Bitget launched the first Pre-IPO project SpaceX (SPCX) in this issue, connecting the Pre-IPO product framework with traditional capital markets, enhancing the richness and institutional attributes of its "tradable stock assets," which is an important reason for the score increase this time.It is reported that RootData adheres to the "transparency first" principle and has taken the lead in establishing a dual evaluation system of "transparency + liquidity" in the field of stock cryptocurrency exchanges, thereby providing investors with more effective data references. The ranking will continue to be improved and published in the future.
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