Market Updates
Macro, Regulation and Markets
Major U.S. banks including JPMorgan Chase, Bank of America, Citigroup, and Wells Fargo are in talks to jointly issue a stablecoin. Discussions involve Early Warning Services, which operates the Zelle payment system, and The Clearing House, a real-time payments network. [source]
Donald Trump proposed a 50% tariff on all EU imports beginning 1 June 2025, unless the goods are produced in the U.S., citing stalled trade talks and accusing the EU of unfair trade practices including VAT and currency manipulation. [source]
In the past 24 hours, approximately 162,795 trades were liquidated, totaling $550.26M. BTC and ETH accounted for $144.13M and $139.81M respectively, with the largest single liquidation order valued at $9.53M on OKX (BTC-USDT-SWAP). [source]
Exchanges and Listings
Robinhood has listed spot trading for MEW and Moo Deng, two meme coins developed on Solana. [source]
South Korea’s Upbit will list SOON and KERNEL trading pairs with BTC and USDT. SOON focuses on liquidity and interoperability through the Super Adoption Stack, while KernelDAO supports a restaking protocol including Kernel, Kelp, and Gain. [source]
Binance will list SOON USDT perpetual contracts with up to 50x leverage. [source]
Developments
Mysten Labs submitted and then closed a pull request for a whitelist feature aimed at pre-constructing recovery transactions to retrieve or return hacked funds. The feature would require a separate module with system-level privileges to be effective. [source]
ETFs
The first U.S. XRP futures ETF has begun trading on Nasdaq. [source]
The SEC acknowledged a filing from Canary Capital for a staked Tron ETF. [source]
Solana
Kraken plans to launch tokenized stock trading for Apple, Nvidia, and other companies on Solana for customers outside the U.S. [source] [source]
Solana DEX aggregator Jupiter has unveiled a lending protocol designed to increase capital efficiency across its ecosystem. [source]
Market Data
BTC ETF
BTC ETFs total net daily flow for 22 May 2025 is +$934.80M.
Breakdown:
IBIT: +$877.20M
FBTC: +$48.70M
BITB: $0.00M
ARKB: +$8.90M
BTCO: $0.00M
EZBC: $0.00M
BRRR: $0.00M
HODL: $0.00M
BTCW: $0.00M
GBTC: $0.00M
BTC: $0.00M
Total net daily flow: +$934.80M
Total cumulative flows to date: $44,942.80M
ETH ETF
ETH ETFs total net daily flow for 22 May 2025 is +$110.50M.
Breakdown:
ETHA: $0.00M
FETH: +$42.20M
ETHW: +$5.70M
CETH: $0.00M
ETHV: $0.00M
QETH: $0.00M
EZET: $0.00M
ETHE: +$43.70M
ETH: +$18.90M
Total net daily flow: +$110.50
Total cumulative flows to date: $13,081.50M
Sector Returns
Top Performing Sectors
Hyperliquid Ecosystem sector is up 39.80% over the past 24 hours (PURR, HFUN).
Memecoin sector has risen 8.27% over the past day (PEPE, WIF, FLOKI).
AI sector is up 7.54% in the past 24 hours (RENDER, FET, IO).
Worst Performing Sectors
Privacy sector is down 2.93% over the past 24 hours (XMR).
Sui DeFi sector is down 0.87% over the past day (CETUS, BLUE, DEEP).
L1 sector has fallen 1.90% in the past 24 hours (SUI, MOVE, INJ).
Token Returns
Top Performing Tokens
PURR (Hyperliquid Ecosystem) is up 44.75% in the past 24 hours.
HFUN (Hyperliquid Ecosystem) is up 28.90% in the past 24 hours.
BLUE (Sui DeFi) is up 23.79% in the past 24 hours.
HYPE (L1) has risen 18.34% in the past 24 hours.
GFI (RWA) is up 17.24% in the past 24 hours.
Worst Performing Tokens
MPL (RWA) is down 24.43% in the past 24 hours.
CETUS (Sui DeFi) is down 22.27% in the past 24 hours.
STRK (L2) is down 12.15% in the past 24 hours.
WLD (AI) is down 0.06% in the past 24 hours.
SUI (L1) is down 1.90% in the past 24 hours.
Protocol Updates
SNX Staking is Here
Protocol: Synthetix
Date: 2025-05-23 06:53:24
Link: https://blog.synthetix.io/snx-staking-is-here
Description: Synthetix CC announced the launch of SNX staking, enabling users to participate directly in protocol rewards and governance through the new interface.
Rewards Extended for sUSD Deposits on Infinex
Protocol: Synthetix
Date: 2025-05-23 02:31:27
Link: https://blog.synthetix.io/rewards-extended-for-susd-deposits-on-infinex
Description: Synthetix posted that the sUSD deposit rewards program on Infinex has been extended, allowing users continued access to incentives for providing liquidity.
Governance
Uniswap Foundation: Summary Q1’2025 Financials
Protocol: Uniswap
Date: 2025-05-23 01:53:10
Link: https://gov.uniswap.org/t/uniswap-foundation-summary-q1-2025-financials/25622
Description: Doo_StableLab posted Q1 2025 financial results for the Uniswap Foundation and invited community review of income and spending.
Proposal: Tally as a Dedicated Governance Service Provider to the Compound DAO
Protocol: Compound
Date: 2025-05-22 16:45:41
Description: coolhorsegirl proposed engaging Tally as Compound DAO’s governance service provider to streamline proposal management and voting.
Wind Down the MSS + Transfer Payment Responsibilities to the Arbitrum Foundation
Protocol: Arbitrum Foundation
Date: 2025-05-22 22:54:25
Description: MinistroDolar proposed ending the Mission Support Syndicate and moving its payment duties to the Arbitrum Foundation.
Leveraging Orbit Subchains & $ARB Gas for On-Chain Film Finance — A Strategic Opportunity for Arbitrum DAO
Protocol: Arbitrum Foundation
Date: 2025-05-22 22:55:48
Description: brandonBVP posted a proposal to fund on-chain film financing using Orbit subchains and ARB gas, seeking DAO support.
Incentive Program Assessments & Recommendations
Protocol: Arbitrum Foundation
Date: 2025-05-22 15:48:32
Link: https://forum.arbitrum.foundation/t/incentive-program-assessments-recommendations/29276
Description: CastleCapital presented evaluations of Arbitrum’s incentive programs and recommended changes to improve effectiveness.
The Future of the Anticapture Commission
Protocol: Optimism
Date: 2025-05-22 19:23:48
Link: https://gov.optimism.io/t/the-future-of-the-anticapture-commission/9934
Description: ACC opened a discussion on extending or redefining Optimism’s Anticapture Commission and invited community input.
Optimism as Venture Studio: Mission Updates
Protocol: Optimism
Date: 2025-05-22 18:31:31
Link: https://gov.optimism.io/t/optimism-as-venture-studio-mission-updates/9933
Description: WakeUp_Labs posted mission updates for the “Optimism as Venture Studio” initiative, outlining progress and next steps.
[BIP-XXX] Balancer DAO Governance Process Guidelines
Protocol: Balancer
Date: 2025-05-22 14:20:22
Link: https://forum.balancer.fi/t/bip-xxx-balancer-dao-governance-process-guidelines/6542
Description: Xeonus drafted governance process guidelines for Balancer DAO under BIP-XXX and requested feedback.
[BIP-835] Enable Gauge for Base Macro QuantAMM BTF
Protocol: Balancer
Date: 2025-05-22 12:51:59
Link: https://forum.balancer.fi/t/bip-835-enable-gauge-for-base-macro-quantamm-btf/6541
Description: Xeonus proposed BIP-835 to add a liquidity gauge for the Base Macro QuantAMM BTF pool.
[RFC] Signals Protocol
Protocol: ENS
Date: 2025-05-23 10:56:25
Link: https://discuss.ens.domains/t/rfc-signals-protocol/20836
Description: Arnold introduced an RFC for a Signals Protocol to let ENS users broadcast on-chain signals.
[PROPOSAL][DRAFT] Acquisition of Stargaze by Cosmos Hub
Protocol: Cosmos
Date: 2025-05-23 02:05:54
Link: https://forum.cosmos.network/t/proposal-draft-acquisition-of-stargaze-by-cosmos-hub/15564
Description: blockshane separately drafted a proposal for Cosmos Hub to acquire Stargaze and detailed proposed terms.
Celestia as TCP/IP for Financial Internet.
Protocol: Celestia
Date: 2025-05-23 10:57:49
Link: https://forum.celestia.org/t/celestia-as-tcp-ip-for-financial-internet/2005
Description: Rakesh-Jag proposed framing Celestia as the TCP/IP layer for a financial internet, highlighting scalability benefits.
Making Celestia fully real-time verifiable (and, in turn, scale nearly for free)
Protocol: Celestia
Date: 2025-05-22 18:25:36
Description: lmao suggested improvements for real-time verification to allow near-free scaling of Celestia.
Inflation Correction and Unstaking Subsidy Plan
Protocol: Initia
Date: 2025-05-23 06:00:03
Link: https://forum.initia.xyz/t/inflation-correction-and-unstaking-subsidy-plan/201
Description: f5nodes outlined a plan to correct Initia’s inflation parameters and subsidise unstaking, seeking DAO approval.
Initia Chain Upgrade Proposal #1.5
Protocol: Initia
Date: 2025-05-23 07:49:18
Link: https://forum.initia.xyz/t/initia-chain-upgrade-proposal-1-5/205
Description: sawit proposed Chain Upgrade #1.5 for Initia, detailing technical changes and timelines.
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