Athletes selected in Thursday’s draft for the MoonPay X Games League will receive signing bonuses paid in stablecoins powered by Exodus. The move represents an effort to integrate cryptocurrency into professional sports compensation, with the league using blockchain-based payments for athlete contracts.
Archives: Fast News
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Market bulletin #3: Bitcoin holds $70.4K amid mixed signals
Total market cap stood at $2.40T with 24-hour volume of $99.62B. Bitcoin traded at $70.4K, up 1.49% in 24 hours but down 3.24% over seven days, while Ethereum gained 2.01% to $2.1K. Top gainers included TAO (+8.21%), RENDER (+6.30%), and HYPE (+5.27%), while ICP (-4.40%), NIGHT (-6.97%), and FIL (-4.31%) led declines. SOL outperformed major coins with a 2.62% daily gain. Large whale transfers showed net inflows: 3,640 BTC ($250.5M) moved to a major exchange, while 1,075 BTC ($75.5M) transferred to another major exchange, though 1,383 BTC ($97.0M) exited Coinbase. Long/short ratios remained elevated—BTC at 1.33, ETH at 1.63, SOL at 2.44—suggesting sustained bullish sentiment. Treasury yields climbed with the 10-year rising to 4.15 from 4.12, reflecting shifting macro conditions. Babylon Protocol (BABY) TVL dropped 39.6% to $1.8B, marking a significant DeFi headwind. Gold prices remained below $5,200 amid geopolitical tensions.
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Perpetual futures exchanges: The new competition among blockchains
To capture trading activity, various blockchains are launching perpetual futures exchanges (perp DEXs). The success of these platforms greatly hinges on attracting enough trading activity, as historical data shows liquidity often consolidates around a few dominant exchanges.
New perp DEXs face an uphill battle, as immense liquidity tends to cluster around established venues. Without distinctive offerings, it may become difficult for multiple trading platforms to coexist due to inefficiencies and trader preferences.
Future developments in derivatives markets may lead to a U-shaped liquidity cycle across different networks, emphasizing the need for perp DEXs to provide unique features to remain competitive and prevent fragmentation.
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GRVT token launch targeted for after June 30 with increased community allocation
ZKsync-based hybrid exchange GRVT announced it will launch its token after June 30, while expanding community allocations to 28% of total supply. The platform has seen increasing trading volumes ahead of the token launch, reflecting growing user adoption.
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Kurv files for XRP ETF launch with KXRP ticker
Kurv has filed with the SEC for a new XRP exchange-traded fund under the ticker symbol KXRP, according to the latest regulatory filing. The ETF appears ready for launch following the completed SEC review process. This filing represents another step toward broader institutional access to XRP holdings through traditional investment vehicles.
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Perpetual DEXs emerge as key competition between blockchains
Multiple blockchains are launching perpetual decentralized exchanges to capture trading volume, but market consolidation patterns suggest liquidity will eventually concentrate around a limited number of dominant platforms. Historical precedent in crypto markets shows that despite numerous competing venues, users and traders tend to migrate toward platforms offering the deepest liquidity and best trading conditions.
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The inefficiency of stablecoins as untapped assets in the crypto market
Stablecoins, with an estimated 300 billion USD, are largely underutilized. Their inactivity results in thin market liquidity, especially during high stress, leading to wider spreads and inconsistent execution.
The existing caution among investors, fueled by past failures, prevents stablecoins from becoming proactive assets in the ecosystem. Addressing this inefficiency could unlock their full potential.
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Stablecoins show low utilization despite trillions in annual volume
Stablecoins process trillions in annual transaction volume across crypto markets, yet analysis shows most liquidity remains idle rather than actively deployed. This widespread underutilization suggests inefficiency in how stablecoins function as a core infrastructure asset. Market participants continue to accumulate stablecoin reserves, but the low velocity of these assets indicates potential operational bottlenecks or lack of compelling use cases driving real demand.
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Grayscale launches Avalanche staking ETF on Nasdaq
Grayscale’s Avalanche Staking ETF (GAVA) has started trading on Nasdaq, providing investors with AVAX exposure combined with staking rewards. The fund allows traders to gain AVAX position while earning rewards from network validation, streamlining access to staking benefits without managing the technical requirements directly.
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Singapore convicts man in $6.9M SafeX crypto theft case
Prosecutors in Singapore secured a conviction against Zhang Xinghua for his role in moving stolen cryptocurrency funds through Tornado Cash. The case stemmed from unauthorized access to SafeX-linked wallets in 2025 that resulted in the theft of $6.9M. The conviction highlights ongoing enforcement efforts against individuals facilitating the movement of stolen digital assets through mixing services.