Market Updates
Macro, Regulation and Markets
Dubai’s Department of Finance signed an MoU with Crypto.com on 13 May 2025 to let residents pay government service fees in cryptocurrencies via the existing Dubai Pay platform. [source] [source]
U.S. consumer prices rose 0.2 % in April; headline CPI slowed to 2.3 % y/y—the lowest since February 2021—while core CPI held at 2.8 %. [source]
Thailand’s Finance Ministry said on 13 May 2025 it will issue up to 5 billion baht (≈US$150 million) of “G-Token” digital investment tokens within two months to fund this year’s borrowing plan. [source]
Wyoming’s Stable Token Commission chose Inca Digital on 14 May 2025 to provide AML monitoring for the state-backed WYST stablecoin, scheduled for a July 2025 launch and fully backed by U.S. Treasuries, cash and repos. [source]
Over the past 24h, $411.36M in crypto positions were liquidated, impacting 138,586 traders; longs comprised $183.05M while shorts made up $228.31M. The biggest single liquidation was a $12.20M ETHUSDT order on Binance. [source]
Exchanges and Listings
Robinhood agreed on 14 May 2025 to acquire Toronto-listed crypto platform WonderFi for about US$179 million in cash and stock, pending regulatory approval. [source] [source]
Galaxy Digital finalised its move to Delaware and reported a US$295 million Q1 net loss; it expects its shares to list on Nasdaq later in the week of 12–18 May 2025. [source]
Upbit opened KRW, BTC and USDT markets for Nexpace’s NXPC token on 14 May 2025; NXPC powers the Henesys L1 mainnet for Nexon’s MapleStory Universe and is bridged to Avalanche C-Chain. [source]
Binance Alpha will list Bluefin (BLUE) and sudeng (HIPPO)—both Sui-based tokens—on 15 May 2025 as part of its early-access programme. [source]
Liquid and Venture Funds
VanEck and Securitize launched the tokenised VanEck Treasury Fund (VBILL) on 14 May 2025, giving on-chain access to short-term U.S. Treasuries across Avalanche, BNB Chain, Ethereum and Solana with minimum subscriptions of US$100,000 (US$1 million on Ethereum). [source] [source]
Bitcoin
Cantor Equity Partners disclosed on 13 May 2025 that Twenty One Capital, backed by Tether, purchased 4,812 BTC for US$458.7 million at an average US$95,320 per coin as part of its merger transaction. [source] [source]
Ethereum
The Synthetix community is weighing a US$27 million token-swap acquisition of options protocol Derive to broaden its derivatives suite on Ethereum L2s; a formal proposal is expected later this month. [source] [source]
Developments
Monad-focused start-up Perpl raised US$9.25 million in a seed round led by Dragonfly to build high-frequency trading infrastructure. [source]
DeFi Development Corp bought 172,670 SOL for US$23.6 million on 12 May 2025, lifting its treasury to 595,988 SOL (≈US$102.7 million including staking rewards). [source] [source]
Circle completed the shift from bridged to native USDC on Sonic Labs on 14 May 2025 and launched CCTP V2 with hooks for automated transfers. [source]
Pine Analytics reported that private Solana DEXs such as SolFi and Obric v2 now execute 40–60 % of trades routed through aggregator Jupiter, with USDC/USDT and SOL pairs dominant. [source]
The CORES NFT mint for Zynga’s Sugartown GameFi project went live on 14 May 2025 on AbstractChain, offering phased free and paid mints and access to future in-game rewards. [source]
Social media on 14 May 2025 highlighted growing rivalry between launchpads PUMP and Bonk after both listed identical memecoins, intensifying competition for market share. [source]
Market Data
BTC ETF
BTC ETFs total net daily flow for 13 May 2025 is –$91.4M.
Breakdown:
IBIT: $0.0M
FBTC: –$91.4M
BITB: $0.0M
ARKB: $0.0M
BTCO: $0.0M
EZBC: $0.0M
BRRR: $0.0M
HODL: $0.0M
BTCW: $0.0M
GBTC: $0.0M
BTC: $0.0M
Total net daily flow: –$91.4M
Total cumulative flows to date: $41,709.7M
ETH ETF
ETH ETFs total net daily flow for 13 May 2025 is +$13.5M.
Breakdown:
ETHA: $0.0M
FETH: $0.0M
ETHW: $0.0M
CETH: $0.0M
ETHV: +$3.0M
QETH: $0.0M
EZET: +$3.1M
ETHE: $0.0M
ETH: +$7.4M
Total net daily flow: +$13.5M
Total cumulative flows to date: $12,846.0M
Sector Returns
Top Performing Sectors
Bitcoin Ecosystem sector is up 14.00% over the past 24 hours (ORDI up 16.19%, PUPS up 0.52%, STX up 0.12%).
Ethereum DeFi sector is up 7.44% over the past 24 hours (EIGEN up 18.46%, ENA up 17.75%, FLUID up 9.54%).
Modularity sector has risen 6.04% over the past 24 hours (DYM up 19.61%, ALT up 10.52%, TIA up 4.81%).
Worst Performing Sectors
L1 sector is down 0.81% over the past day (APT up 5.09%, AVAX up 3.79%, HYPE up 3.64%).
Privacy sector is down slightly 0.86% over the past day (XMR up 1.25%, ZEC down 2.67%).
Dino sector has fallen down 1.27% over the past day (XRP up 1.44%, BSV up 0.63%, BCH up 0.17%).
Token Returns
Top Performing Tokens
MPL is up 35.16% in the past 24 hours, among the top performers in the RWA sector.
SEND is up 25.31% in the past 24 hours, among the top performers in the Sui DeFi sector.
GRIFF is up 24.12% in the past 24 hours, among the top performers in the Agent sector.
DYM is up 19.61% in the past 24 hours, among the top performers in the Modularity sector.
EIGEN has risen 18.46% in the past 24 hours, making it a strong performer in the Ethereum DeFi sector.
Worst Performing Tokens
BONK is down 6.57% in the past 24 hours, among the worst performers in the Memecoin sector.
MNDE is down 6.12% in the past 24 hours, among the worst performers in the Solana DeFi sector.
VERTEX is down 3.97% in the past 24 hours, among the worst performers in the Perps sector.
KMNO is down 3.37% in the past 24 hours, among the worst performers in the Solana DeFi sector.
CULT has fallen 3.24% in the past 24 hours, making it among the biggest laggards in the NFT sector.
Protocol Updates
Scaling Arbitrum Everywhere
Protocol: Arbitrum
Date: 2025-05-13 13:00:35
Link: https://blog.arbitrum.io/scaling-arbitrum-everywhere/
Description: Arbitrum posted an overview of plans to extend its roll-up technology across additional networks, outlining new tooling and ecosystem partnerships to broaden adoption.
Synthetix & Derive set to unite for Mainnet Perpetual Futures
Protocol: Synthetix
Date: 2025-05-14 04:05:27
Link: https://blog.synthetix.io/synthetix-derive-set-to-unite-for-mainnet-perpetual-futures/
Description: Synthetix CC posted that Synthetix and Derive will collaborate to launch perpetual futures on mainnet, detailing how the integration will combine Synthetix liquidity with Derive’s trading interface.
Governance
Aave’s Path Forward: In-depth Analysis and Strategic Opportunities in the Lending Market
Protocol: Aave
Date: 2025-05-14 05:54:09
Description: WalleDAO posted an in-depth analysis outlining Aave’s strategic opportunities in the lending market.
Chaos Labs Risk Stewards - Increase Supply Caps on Aave V3 - 05.13.25
Protocol: Aave
Date: 2025-05-13 21:54:07
Description: ChaosLabs proposed increasing supply caps on several Aave V3 assets under its Risk Steward remit.
Proposal to Deploy JTO/SOL to Deepen Liquidity & Earn Yield via GooseFX GAMMA
Protocol: Jito Network
Date: 2025-05-13 19:57:27
Description: drnick proposed deploying JTO and SOL through GooseFX’s GAMMA program to deepen liquidity and earn yield for Jito.
Dual Governance Committees
Protocol: Lido
Date: 2025-05-13 13:13:57
Link: https://research.lido.fi/t/dual-governance-committees/10050
Description: GrStepanov posted an overview of proposed committees to support Lido’s upcoming dual governance model.
Lido Dual Governance Emergency Committee
Protocol: Lido
Date: 2025-05-13 13:11:29
Link: https://research.lido.fi/t/lido-dual-governance-emergency-committee/10049
Description: GrStepanov proposed creating an Emergency Committee to handle urgent decisions within Lido’s dual governance framework.
Lido Dual Governance Tiebreaker Committee
Protocol: Lido
Date: 2025-05-13 13:09:31
Link: https://research.lido.fi/t/lido-dual-governance-tiebreaker-committee/10047
Description: GrStepanov proposed establishing a Tiebreaker Committee to resolve stalemates in Lido’s dual governance votes.
deUSD and sdeUSD Asset Assessment
Protocol: Compound
Date: 2025-05-13 21:05:30
Link: https://www.comp.xyz/t/deusd-and-sdeusd-asset-assessment/6767
Description: jbass-oz initiated an assessment of deUSD and sdeUSD to evaluate their suitability as assets on Compound.
MigratorV2 Audit
Protocol: Compound
Date: 2025-05-13 12:44:14
Link: https://www.comp.xyz/t/migratorv2-audit/6761
Description: jbass-oz requested a security audit for the MigratorV2 contract before deployment.
Compensator Audit-Readiness Assessment 202504
Protocol: Compound
Date: 2025-05-13 12:32:11
Link: https://www.comp.xyz/t/compensator-audit-readiness-assessment-202504/6760
Description: jbass-oz shared an audit-readiness assessment of the Compensator module version 202504.
Compensator Audit-Readiness Assessment
Protocol: Compound
Date: 2025-05-13 12:24:59
Link: https://www.comp.xyz/t/compensator-audit-readiness-assessment/6759
Description: jbass-oz presented an initial audit-readiness assessment for the Compensator contract.
OpenZeppelin Security Partnership - 2025 Q1 Update
Protocol: Compound
Date: 2025-05-13 12:19:50
Link: https://www.comp.xyz/t/openzeppelin-security-partnership-2025-q1-update/6758
Description: jbass-oz provided a Q1 2025 update on Compound’s security partnership with OpenZeppelin.
13 May 2025 - Roundup of Active/Upcoming Votes
Protocol: Arbitrum Foundation
Date: 2025-05-13 14:07:02
Link: https://forum.arbitrum.foundation/t/13-may-2025-roundup-of-active-upcoming-votes/29210
Description: Mateusz compiled a roundup of active and upcoming Arbitrum Foundation votes dated 13 May 2025.
Listing Proposal: List $ATH (Aethir) Perps on GMX
Protocol: GMX
Date: 2025-05-13 12:52:24
Link: https://gov.gmx.io/t/listing-proposal-list-ath-aethir-perps-on-gmx/4553
Description: cryptickatz proposed listing perpetual contracts for Aethir’s ATH token on GMX.
DIP 4: Strategic Buyback and Incentive Proposal
Protocol: Drift
Date: 2025-05-13 23:29:34
Link: https://driftgov.discourse.group/t/dip-4-strategic-buyback-and-incentive-proposal/218
Description: foundation proposed DIP 4 to fund a strategic buyback program and user incentives for Drift.
dYdX Treasury SubDAO Community Update - April 2025
Protocol: dYdX
Date: 2025-05-14 08:07:50
Link: https://dydx.forum/t/dydx-treasury-subdao-community-update-april-2025/3587
Description: kpk posted the April 2025 community update from the dYdX Treasury SubDAO.
[BIP-828] Enable Smardex Boosted SDEX/waEthLidoWETH Gauge on Balancer v3 Ethereum
Protocol: Balancer
Date: 2025-05-13 19:07:51
Description: Xeonus proposed enabling a gauge for the Smardex boosted SDEX/waEthLidoWETH pool on Balancer v3 Ethereum.
[BIP-826] Balancer Boosted Pool Rewards Rerouting Framework
Protocol: Balancer
Date: 2025-05-13 12:58:19
Link: https://forum.balancer.fi/t/bip-826-balancer-boosted-pool-rewards-rerouting-framework/6510
Description: Xeonus proposed a framework to reroute boosted pool rewards within Balancer v3.
WOOFi: Liquidity Source Integration Proposal
Protocol: CoW Protocol
Date: 2025-05-14 06:01:01
Link: https://forum.cow.fi/t/woofi-liquidity-source-integration-proposal/3007
Description: Merlin proposed integrating WOOFi as a new liquidity source for the CoW Protocol.
Cross-Chain CoWs the Simple Way: Minimal Protocol Changes Using Espresso + Across Infrastructure
Protocol: CoW Protocol
Date: 2025-05-13 16:06:37
Description: khrafts proposed minimal protocol changes using Espresso and Across to enable cross-chain CoWs.
Decentralized, Real-Time Protection for On-Chain Assets in Safe
Protocol: Safe
Date: 2025-05-14 05:53:59
Link: https://forum.safe.global/t/decentralized-real-time-protection-for-on-chain-assets-in-safe/6505
Description: zeroknowledgeGC proposed adding decentralized real-time asset protection to Safe.
Data-Driven Governance: How We Can Empower Silo with Custom Analytics
Protocol: Silo Finance
Date: 2025-05-14 07:15:18
Link: https://gov.silo.finance/t/data-driven-governance-how-we-can-empower-silo-with-custom-analytics/554
Description: ShrihaanPYOR outlined how custom analytics could enhance data-driven governance for Silo.
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