ASXN Daily 30-05-2025
Market Updates
Macro, Regulation and Markets
On 29 May 2025 House Republicans introduced the Digital Asset Market Clarity Act, giving the CFTC exclusive oversight of digital-commodity spot markets and creating a dual registration path with the SEC or CFTC according to asset type. The bill states that payment stablecoins are not securities, bars regulators from forcing custodians to recognise client assets on their own balance sheets, and exempts certain DeFi projects and wallet providers from SEC rules. [source]
The SEC’s Division of Corporation Finance said on 29 May 2025 that protocol staking on public PoS networks generally does not constitute a securities transaction. It added that features such as slashing protection, early unstaking, reward distribution and asset aggregation do not, by themselves, amount to an offer or sale of securities. [source]
The SEC voluntarily dismissed its civil enforcement action against Binance, BAM entities and Changpeng Zhao with prejudice on 29 May 2025, formally ending the case filed in 2023. [source]
Exchanges and Listings
South Korea’s Upbit exchange will list FLOCK/BTC and FLOCK/USDT at 06:00 UTC and FORT/BTC and FORT/USDT at 08:00 UTC on 30 May 2025. It will also add LPT/KRW, LPT/USDT and POKT/KRW pairs later the same day. [source]
Bitcoin
Cantor Fitzgerald Asset Management plans to launch a five-year Gold-Hedged Bitcoin Fund offering uncapped BTC upside with 1:1 downside protection via gold, following its earlier 2B bitcoin-collateralised loan programme. [source]
Hyperliquid
Coinbase International Exchange and Coinbase Advanced will list the HYPE-PERP perpetual futures contract at or after 09:30 UTC on 5 June 2025. [source]
Binance Futures will launch a USDⓈ-margined HYPEUSDT perpetual contract with up to 75x leverage at 10:30 UTC on 30 May 2025. [source]
Developments
A Sui onchain vote concluded on 30 May 2025 with 90% approval to unlock the assets frozen after the 223M Cetus exploit; the protocol aims to restart operations by 6 June 2025 using recovered and treasury funds to reimburse users. [source]
OpenSea has made its rebuilt OS2 platform the default interface, enabling NFT and fungible-token trading across 19 blockchains and launching the “Voyages” XP rewards programme; early beta users receive three Treasures and the SEA token launch date remains unannounced. [source]
Market Data
BTC ETF
BTC ETFs total net daily flow for 29 May 2025 is –$346.8M.
Breakdown:
IBIT: +$125.1M
FBTC: –$166.3M
BITB: –$70.8M
ARKB: –$89.2M
BTCO: –$20.0M
EZBC: –$6.1M
BRRR: $0.0M
HODL: –$12.0M
BTCW: $0.0M
GBTC: –$107.5M
BTC: $0.0M
Total net daily flow: –$346.8M
Total cumulative flows to date: $45625.8M
ETH ETF
ETH ETFs total net daily flow for 29 May 2025 is +$91.9M.
Breakdown:
ETHA: +$50.4M
FETH: +$38.3M
ETHW: +$4.6M
CETH: $0.0M
ETHV: $0.0M
QETH: $0.0M
EZET: $0.0M
ETHE: –$4.6M
ETH: +$3.2M
Total net daily flow: +$91.9M
Total cumulative flows to date: $13355.7M
Sector Returns
Top Performing Sectors
Cosmos Ecosystem sector is up 0.65% over the past 24 hours (STRD 17.11%, ATOM -4.22%, OSMO -3.40%).
Perps sector is up -0.69% over the past day (DRIFT 2.01%, GMX -1.31%, VERTEX -0.96%).
Bitcoin Ecosystem sector has risen -0.91% in the past 24 hours (PUPS 3.88%, ORDI -4.06%).
Worst Performing Sectors
Hyperliquid Ecosystem sector is down 11.07% over the past 24 hours (PURR -11.83%, HFUN -9.11%).
AI sector is down 5.70% over the past day (FET -6.85%, RENDER -5.12%, GRASS -5.50%).
NFT sector has fallen 5.56% over the past 24 hours (TNSR -6.44%, PENGU -6.63%, BLUR -3.05%).
Token Returns
Top Performing Tokens
STX (Bitcoin Ecosystem) is up 1078.79% in the past 24 hours.
CLOUD (Solana DeFi) is up 68.22% in the past 24 hours.
GEAR (Ethereum DeFi) is up 49.01% in the past 24 hours.
STRD (Cosmos Ecosystem) is up 17.11% in the past 24 hours.
BITCOIN (Memecoin) has risen 16.83% in the past 24 hours.
Worst Performing Tokens
SAVE (Solana DeFi) is down 20.86% in the past 24 hours.
PURR (Hyperliquid Ecosystem) is down 11.83% in the past 24 hours.
GRIFF (Agent) is down 11.07% in the past 24 hours.
HFUN (Hyperliquid Ecosystem) is down 9.11% in the past 24 hours.
SHIB (Memecoin) has fallen 8.79% in the past 24 hours.
Protocol Updates
Lido Validator and Node Operator Metrics: Q1 2025
Protocol: Lido
Date: 2025-05-27 15:41:06
Link: https://blog.lido.fi/lido-validator-node-operator-metrics-q1-2025/
Description: Lido posted Q1 2025 validator and node-operator statistics, outlining performance, stake distribution, and decentralisation targets.
The Repeggening
Protocol: Synthetix
Date: 2025-05-30 05:36:14
Link: https://blog.synthetix.io/the-repeggening/
Description: Synthetix posted an update on mechanisms to restore and maintain price parity across its synthetic assets after recent market volatility.
SNXweave Weekly Recap
Protocol: Synthetix
Date: 2025-05-28 17:48:46
Link: https://blog.synthetix.io/snxweave-weekly-recap-183/
Description: SNXweave posted its weekly recap summarising new protocol releases, governance proposals, and community highlights.
Onchain Forex Markets for Euros & GBP Launch on Injective
Protocol: Injective
Date: 2025-05-29 16:20:56
Link: https://blog.injective.com/onchain-forex-markets-for-euros-gbp-launch-on-injective/
Description: Injective posted the launch of on-chain forex markets for euro and pound trading pairs, enabling decentralised foreign-exchange trading on its network.
Injective Launches Validator Rebate Campaign to Strengthen Network Participation
Protocol: Injective
Date: 2025-05-27 15:01:42
Description: Injective posted a validator rebate campaign that refunds gas fees to validators to boost participation and fortify network security.
The SDF Manifesto: Innovation on the Endless Frontier
Protocol: Sei
Date: 2025-05-29 18:30:19
Link: https://blog.sei.io/the-sdf-manifesto-innovation-on-the-endless-frontier-2/
Description: Sei posted the Sei Developer Foundation manifesto outlining its commitment to open-source innovation, grants, and long-term ecosystem development.
Response to the Cetus Incident – Onchain Community Vote
Protocol: Sui
Date: 2025-05-27 19:51:38
Link: https://blog.sui.io/cetus-incident-response-onchain-community-vote/
Description: Sui Foundation posted details of an on-chain community vote proposing restitution and security measures following the Cetus incident.
Succinct Powers ZK on Flagship Katana Network
Protocol: Succinct
Date: 2025-05-28 15:44:54
Link: https://blog.succinct.xyz/katana/
Description: Edward Li posted that Succinct’s proof system now powers zero-knowledge functionality on the Katana network, enhancing scalability and privacy.
FPGA Acceleration of SP1 with AntChain OpenLabs
Protocol: Succinct
Date: 2025-05-28 02:12:01
Link: https://blog.succinct.xyz/sp1-fpga-antchain-openlabs/
Description: John Guibas posted a collaboration with AntChain OpenLabs to accelerate the SP1 prover using FPGA hardware, reducing proof generation times.
The Succinct Network Explorer is Live
Protocol: Succinct
Date: 2025-05-27 19:02:51
Link: https://blog.succinct.xyz/the-succinct-network-explorer-is-live/
Description: Kshitij Kulkarni posted the launch of the Succinct Network Explorer, which provides real-time insights into proofs, nodes, and network performance.
Governance
Chaos Labs Risk Stewards - USDe Interest Rate and Borrow Cap Adjustments - 05.28.25
Protocol: Aave
Date: 2025-05-28 21:10:00
Description: ChaosLabs proposed modifying USDe interest-rate curves and borrow caps on Aave V3 under its Risk Steward remit.
Staking Penalties on Babylon’s Bitcoin Staking Protocol
Protocol: Aave
Date: 2025-05-28 12:42:13
Link: https://governance.aave.com/t/staking-penalties-on-babylon-s-bitcoin-staking-protocol/22198
Description: AMD18 asked how staking penalties in Babylon’s Bitcoin Staking Protocol might affect Aave users and risk parameters.
Chaos Labs Risk Stewards - Increase Supply Caps and Borrow Caps on Aave V3 - 05.28.25
Protocol: Aave
Date: 2025-05-28 09:50:11
Description: ChaosLabs recommended raising supply and borrow caps for multiple Aave V3 markets based on updated utilisation data.
Hoodi Testnet is Live
Protocol: EigenLayer
Date: 2025-05-29 16:07:19
Link: https://forum.eigenlayer.xyz/t/hoodi-testnet-is-live/14579
Description: Graceh announced the launch of the Hoodi testnet and invited users to participate.
Ether.Fi Member Rewards
Protocol: Ether.fi
Date: 2025-05-29 03:43:01
Link: https://governance.ether.fi/t/ether-fi-member-rewards/2974
Description: Ether.fi outlined details of its upcoming member rewards program.
[Chaos Labs] Cap - Risk Analysis
Protocol: Ether.fi
Date: 2025-05-27 20:51:31
Link: https://governance.ether.fi/t/chaos-labs-cap-risk-analysis/2971
Description: Chaoslabs provided a risk analysis of cap parameters for Ether.fi assets.
Kamino: Season 4 Introduction & Season 3 Claim
Protocol: Kamino Finance
Date: 2025-05-29 13:40:43
Link: https://gov.kamino.finance/t/kamino-season-4-introduction-season-3-claim/726
Description: _why7 introduced Kamino Season 4 and provided instructions for claiming Season 3 rewards.
MIP XXX - Katana Coincentives
Protocol: Morpho
Date: 2025-05-29 23:37:04
Link: https://forum.morpho.org/t/mip-xxx-katana-coincentives/1801
Description: MorphoAssociation proposed MIP XXX to launch Katana coincentives aimed at boosting protocol usage.
Increasing Pull Oracle Resiliency
Protocol: Morpho
Date: 2025-05-27 19:00:05
Link: https://forum.morpho.org/t/increasing-pull-oracle-resiliency/1795
Description: TRiLeZ proposed improvements to enhance the resiliency of Morpho’s pull oracle mechanism.
Arbitrum Treasury Management Council - Consolidating Efforts
Protocol: Arbitrum Foundation
Date: 2025-05-29 23:22:32
Link: https://forum.arbitrum.foundation/t/arbitrum-treasury-management-council-consolidating-efforts/29334
Description: JoJo proposed consolidating Treasury Management Council initiatives to streamline Arbitrum’s financial oversight.
Reallocate Redeemed USDM Funds to STEP 2 Budget
Protocol: Arbitrum Foundation
Date: 2025-05-29 23:22:46
Link: https://forum.arbitrum.foundation/t/reallocate-redeemed-usdm-funds-to-step-2-budget/29335
Description: Camelot proposed moving redeemed USDM funds into the STEP 2 budget to support upcoming initiatives.
[Constitutional] AIP: Remove Cost Cap on Arbitrum Nova
Protocol: Arbitrum Foundation
Date: 2025-05-29 15:19:47
Link: https://forum.arbitrum.foundation/t/constitutional-aip-remove-cost-cap-on-arbitrum-nova/29332
Description: Paulofonseca filed a constitutional AIP to eliminate the transaction cost cap on Arbitrum Nova.
[Chaos Labs] Cap - Risk Briefing
Protocol: Renzo Protocol
Date: 2025-05-28 16:05:08
Link: https://gov.renzoprotocol.com/t/chaos-labs-cap-risk-briefing/232
Description: Chaoslabs delivered a risk briefing on cap parameters for Renzo Protocol assets.
dYdX VIP tier Affiliate Program - New VIP Admissions - May 29, 2025
Protocol: dYdX
Date: 2025-05-29 13:24:26
Link: https://dydx.forum/t/dydx-vip-tier-affiliate-program-new-vip-admissions-may-29-2025/3625
Description: KuyenLabs listed newly admitted VIP affiliates under the dYdX program for 29 May 2025.
[DRC] Cease support for the wethDYDX Smart Contract (i.e., the Bridge) on the dYdX Chain side
Protocol: dYdX
Date: 2025-05-27 15:51:30
Description: Nethermind proposed discontinuing support for the wethDYDX bridge contract on the dYdX Chain.
Integrate PT-USDS on Euler Yield Market
Protocol: Euler Finance
Date: 2025-05-30 10:28:07
Link: https://forum.euler.finance/t/integrate-pt-usds-on-euler-yield-market/1421
Description: Objective proposed listing PT-USDS on the Euler Yield Market.
[Gauntlet] - Monthly Risk Parameter Recommendations (2025-05-28)
Protocol: Euler Finance
Date: 2025-05-28 21:23:31
Link: https://forum.euler.finance/t/gauntlet-monthly-risk-parameter-recommendations-2025-05-28/1420
Description: Objective shared Gauntlet’s monthly risk parameter recommendations for Euler Finance.
Integrate Spark sUSDC on Euler Unichain Market
Protocol: Euler Finance
Date: 2025-05-28 21:12:51
Link: https://forum.euler.finance/t/integrate-spark-susdc-on-euler-unichain-market/1419
Description: Objective proposed adding Spark sUSDC to the Euler Unichain Market.
Expanding Safe Earn: Onboarding New Yield Protocols
Protocol: Safe
Date: 2025-05-28 17:19:25
Link: https://forum.safe.global/t/expanding-safe-earn-onboarding-new-yield-protocols/6566
Description: Lukas proposed adding additional yield protocols to expand Safe Earn offerings.
xSILO Tokenomics and Revenue Distribution Proposal
Protocol: Silo Finance
Date: 2025-05-29 15:14:21
Link: https://gov.silo.finance/t/xsilo-tokenomics-and-revenue-distribution-proposal/560
Description: Ayham.eth proposed xSILO tokenomics and a revenue distribution model for Silo Finance.
[Discussion] PeerLend – Oracle-Free P2P Lending Design (Open Concept for the Community)
Protocol: StarkNet
Date: 2025-05-30 11:22:03
Description: Pyhodll opened a discussion on an oracle-free peer-to-peer lending design called PeerLend for StarkNet.
[GIP-242] Improve liquidity in DOLA pool, fix rsETH limit
Protocol: Gearbox
Date: 2025-05-30 09:33:35
Link:
https://snapshot.org/#/gearbox.eth/proposal/0xe368b609a325b20834cc079acd1ba501a8105424c73a04dd7361a11b3b9d6745
Description: A Snapshot proposal seeks to boost DOLA pool liquidity and adjust the rsETH limit within Gearbox.
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