Weekly Crypto Recap (April 21st - April 27th)

What if Bitcoin halving doesn't move the price?
 

ProShares to Launch XRP Futures ETFs with Leverage and Short Exposure

Background
ProShares will launch three new XRP futures ETFs on April 30 after receiving tacit approval from the SEC. The funds will offer leveraged and inverse exposure to XRP through futures contracts, without holding the asset directly. This move follows the launch of the first XRP ETF in the U.S. by Teucrium earlier this month and signals growing institutional interest in XRP-based financial products.

Key Points

• ProShares will introduce an Ultra XRP ETF (2x leverage), a Short XRP ETF, and an Ultra Short XRP ETF (-2x leverage).
• The SEC did not raise any objections during the review period.
• These funds will be the second, third, and fourth XRP futures ETFs on the U.S. market.
• ProShares’ spot XRP ETF application remains under SEC review alongside others from Grayscale, 21Shares, and Bitwise.

Key Takeaway
The launch of ProShares’ XRP futures ETFs highlights rising demand for XRP derivatives, even as spot XRP ETFs await regulatory approval.

Solana Leads 24H DEX Volume, Surpassing Ethereum, Base, and BNB Chain

Background
Solana has overtaken Ethereum, Base, and BNB Chain in 24-hour decentralized exchange (DEX) trading volume, reaching a 35% market share, according to DeFiLlama. This marks Solana’s highest DEX market dominance in two months and highlights its growing strength in decentralized trading activity.

Key Points

• Solana’s DEX volume exceeded the combined total of Ethereum, Base, and BNB Chain.
• The blockchain now holds a 35% share of the total DEX trading volume.
• Solana also leads in weekly DEX volume, surpassing Ethereum and all Layer 2 networks combined.
• Around $10 billion in USDC has recently migrated to Solana, boosting its ecosystem activity.

Key Takeaway
Solana’s surge in DEX trading volume signals increasing user adoption and positions it as a dominant force in the decentralized trading landscape.

Solana DeFi Protocol Loopscale Exploited for $5.8 Million Two Weeks After Launch

Background
Solana-based DeFi protocol Loopscale suffered a $5.8 million exploit on Saturday, just two weeks after its launch. The breach affected one of its markets due to an issue with RateX-based collateral pricing. Loopscale has restricted certain platform features while working with law enforcement to investigate the incident and recover funds.

Key Points

• Loopscale lost $5.8 million, or 12% of its total value locked (TVL), in the attack.
• The exploit was linked to a pricing vulnerability tied to RateX-based collateral.
• Loopscale had been audited by OShield, with all critical issues reportedly fixed, and a second audit by Sec3 is ongoing.
• The platform was previously known as Bridgesplit and raised $4.25 million from Solana Labs, Coinbase Ventures, and others.

Key Takeaway
Loopscale’s exploit highlights persistent security challenges for DeFi protocols, even those that have undergone audits and recently launched with backing from major investors.

Trump Memecoin Surges 85% Despite Impeachment Calls and Major Token Unlocks

Background
The TRUMP memecoin, tied to U.S. President Donald Trump, has surged about 85% over the past week despite political backlash and large token unlocks. Democratic lawmakers have cited a private dinner offer for top TRUMP holders as grounds for impeachment, while the token’s supply has seen major inflation.

Key Points

• TRUMP gained 15% in a day and 85% over the week amid controversy over a private dinner event with President Trump.
• Senators Jon Ossoff, Adam Schiff, and Elizabeth Warren called for investigations and potential impeachment proceedings.
• A recent $320 million token unlock inflated TRUMP’s circulating supply, with another large unlock expected within three months.
• Despite political pressure and token dilution, TRUMP continues to rally, though it remains 77% below its all-time high.

Key Takeaway
The TRUMP memecoin’s resilience highlights strong market enthusiasm, even in the face of political scrutiny and significant token unlocks.

Bitcoin Records Weakest Post-Halving Performance Despite Price Surge

Background
One year after Bitcoin’s 2024 halving, the asset has posted its weakest post-halving performance on record. Although Bitcoin reached new highs, its 49% price increase falls far short compared to previous cycles, where gains often reached hundreds or even thousands of percent. Analysts cite high interest rates and broader economic uncertainty as major factors behind the underwhelming growth.

Key Points

• Bitcoin is up about 49% since the April 2024 halving, compared to much larger increases in past cycles.
• High global interest rates and macroeconomic instability have dampened Bitcoin’s performance.
• The current cycle contrasts sharply with previous post-halving surges of 277% in 2016 and 762% in 2020.
• Bitcoin mining businesses are struggling with increased competition, reduced profitability, and operational challenges.

Key Takeaway
Despite hitting a new all-time high earlier this year, Bitcoin’s muted post-halving rally highlights how macroeconomic pressures and a tougher mining environment have reshaped market expectations.

Trump’s WLFI Crypto Investments Struggle Amid Losses and Controversy

Background
World Liberty Financial (WLFI), the Trump family’s crypto venture, has faced mounting losses despite high-profile backing and $550 million raised through token sales. While WLFI initially stirred excitement with its ties to President Trump and plans for stablecoin USD1, recent market volatility and investment missteps have dampened its performance.

Key Points

• WLFI raised $550 million through two token sales but $WLFI remains unlisted on exchanges.
• The fund’s portfolio, including assets like WBTC, AVAX, and SEI, has suffered an average loss of $4.28 million.
• Investments in tokens like MOVE and ONDO have declined sharply, with MOVE dropping over 50%.
• Regulatory concerns are rising over potential conflicts of interest involving Trump and WLFI’s stablecoin project USD1.

Key Takeaway
Despite strong political ties and new crypto investments, WLFI’s early struggles highlight both financial risks and growing regulatory scrutiny around the Trump family's involvement in digital assets.

Paradigm Leads $50 Million Series A for Decentralized AI Project Nous Research

Background
Paradigm has led a $50 million Series A round for Nous Research, a decentralized AI startup focused on building open-source foundational models. The investment brings the valuation of Nous’ yet-to-launch token to $1 billion and supports the development of its decentralized infrastructure built on Solana.

Key Points

• Paradigm was the primary investor in the $50 million Series A round.
• Nous Research previously raised around $20 million across earlier seed rounds.
• The project’s Hermes 3 language model has surpassed 50 million downloads.
• Nous Research has launched the testnet for Psyche Network, enabling decentralized AI training on Solana.

Key Takeaway
Paradigm’s major backing of Nous Research highlights growing confidence in decentralized AI projects aiming to challenge centralized players like OpenAI with blockchain-based infrastructure.

Ronin Network Migrates $450M Bridge to Chainlink CCIP and Launches WBTC Contract

Background
Ronin Network has successfully migrated its $450 million legacy Ronin Bridge and 12 supported assets to Chainlink’s Cross-Chain Interoperability Protocol (CCIP). The move, approved by Ronin’s validator community, aims to strengthen the network’s cross-chain security and interoperability while introducing a new WBTC contract for 1:1 swaps.

Key Points

• Over $450 million in assets, including ETH, WETH, USDC, and AXS, migrated to Chainlink CCIP.
• Chainlink CCIP now serves as Ronin’s primary cross-chain infrastructure.
• A new WBTC contract was launched, enabling 1:1 swaps on the network.
• GG Capital DAO made a strategic investment in $RON, backing Ronin’s future growth.

Key Takeaway
Ronin’s full migration to Chainlink CCIP and the introduction of a WBTC contract mark major steps in reinforcing the network’s infrastructure, while new investments signal growing institutional confidence.

Solana Foundation to Remove 150 Validators from Delegation Program

Background
The Solana Foundation has announced new changes to its Delegation Program, aiming to reduce reliance on foundation-backed stake. For every new validator added, three with under 1,000 SOL in external stake will lose foundation support, pushing validators to seek broader community backing.

Key Points

• Around 150 Solana validators are expected to lose foundation delegation under the new rule.
• The Delegation Program previously supported 72% of Solana validators with foundation stake.
• Validators must now secure more external stake or risk shutting down operations.
• The move follows previous cuts, including the removal of validators using private mempools in June 2024.

Key Takeaway
The Solana Foundation’s tighter delegation policy marks a shift toward a more self-sustaining validator network, pressuring smaller validators to adapt or exit the ecosystem.

SUI Surges 73% Weekly, Eyes New Price Records Amid Strong Ecosystem Growth

Background
SUI has become the top-performing cryptocurrency over the past week, soaring by 73% following positive developments such as the Grayscale SUI Trust launch and a major partnership with xPortal and xMoney. Increased DeFi activity and rising investor confidence are fueling momentum toward a potential new all-time high.

Key Points

• SUI climbed from $2.11 to $3.71 between April 21 and April 25, marking a 73% weekly gain.
• Grayscale launched the SUI Trust, giving accredited investors easier access to the token.
• SUI partnered with xPortal and xMoney to launch a virtual Mastercard across Europe.
• SUI’s total value locked (TVL) rose by 40%, and daily DEX volumes jumped by 177% over the past week.

Key Takeaway
SUI’s sharp rally, backed by strong fundamental developments and ecosystem growth, positions it to challenge key resistance levels and potentially reach new all-time highs.

Ethereum’s L2 Strategy Creates Many High-Throughput Chains, Says Avail Executive

Background
Ethereum’s rollup-centric scaling model, which fosters a range of layer-2 networks with different speeds and execution environments, offers a unique advantage compared to monolithic high-throughput blockchains, according to Avail co-founder Anurag Arjun. He emphasized that while interoperability challenges remain, Ethereum’s architecture enables a diverse and experimental scaling approach.

Key Points

• Ethereum’s multiple L2s allow for varied execution environments and block times, creating diverse high-throughput chains.
• Critics argue that L2s fragment liquidity and weaken the Ethereum base layer.
• Average transaction fees on Ethereum dropped to a five-year low of $0.16 in April 2025.
• Lower fees and reduced activity have led to decreased institutional interest and revised ETH price forecasts.

Key Takeaway
While Ethereum’s L2 ecosystem faces criticism for liquidity fragmentation, proponents argue its diverse rollup architecture provides unmatched flexibility and potential for scaling innovation.

TON Foundation Appoints MoonPay Co-Founder Maximilian Crown as CEO Amid Slowing Growth

Background
The TON Foundation has appointed MoonPay co-founder Maximilian Crown as its new CEO to guide the ecosystem through a period of slowing daily fees and transaction volumes. Crown’s leadership experience at MoonPay is expected to help TON strengthen its operations and navigate a more competitive blockchain landscape.

Key Points

• Maximilian Crown was named CEO following a plateau in TON’s growth metrics.
• Crown previously scaled MoonPay into one of the largest crypto payment platforms.
• TON's active user base has surpassed 40 million, with 121 million unique Toncoin holders.
• Earlier this year, TON raised over $400 million from VCs and saw a $100 million fund launched for TON-based startups.

Key Takeaway
The TON Foundation’s leadership shake-up reflects efforts to reinvigorate ecosystem momentum as the blockchain faces challenges in sustaining last year’s explosive growth.

Revolut Wealth Revenue Soars 298% as Crypto Business Drives Record Profit

Background
Revolut’s major push into crypto is paying off, with the British neobank posting $1.5 billion in profit for 2024 — its first-ever billion-dollar annual profit. The company's wealth division surged 298% year-over-year to $674 million, fueled by booming crypto trading activity and the launch of its Revolut X app.

Key Points

• Revolut’s 2024 profit hit $1.5 billion, largely driven by crypto trading services.
• Wealth division revenue rose 298% to $674 million.
• Revolut X, the mobile crypto app, launched in the UK with U.S. expansion plans underway.
• Fintechs like Revolut leverage regulatory compliance and broader service offerings to outcompete traditional crypto exchanges.

Key Takeaway
Revolut’s success highlights how mainstream fintech platforms are capitalizing on crypto demand to grow revenues and challenge incumbent exchanges like Coinbase and Kraken.

AT&T Subscribers to Automatically Connect to Helium Hotspots via New Commercial Agreement

Background
Helium Network has announced a commercial partnership with AT&T that will allow AT&T subscribers to automatically connect to Helium’s decentralized Wi-Fi hotspots. The integration aims to enhance coverage by leveraging Helium’s community-built wireless infrastructure without direct payments to hotspot operators, who will continue to earn rewards in HNT tokens.

Key Points

• AT&T subscribers will automatically connect to nearby Helium hotspots through a new commercial agreement.
• Helium’s network includes over 93,000 hotspots across North America.
• Hotspot operators will continue earning HNT tokens based on usage, not direct AT&T payments.
• The SEC recently dropped its case against Helium’s tokens, removing a major regulatory overhang.

Key Takeaway
The partnership with AT&T highlights Helium’s real-world utility and could mark a turning point for decentralized wireless networks as they gain traction with major telecom players.

Theo Raises $20M to Deliver Wall Street-Grade Trading Tools to Crypto Users

Background
Crypto trading infrastructure startup Theo has raised $20 million in a funding round co-led by Hack VC and Anthos Capital. The platform aims to bridge institutional-grade trading strategies with retail crypto investors by offering strategy-specific vaults across centralized and decentralized exchanges.

Key Points

• Theo’s funding round included backers from firms like Citadel, Jane Street, and JPMorgan.
• Retail users can deposit assets into vaults utilizing arbitrage, hedging, and cross-chain funding rate strategies.
• The platform operates on a custom validator network to manage execution, margin requirements, and overcollateralization.
• Theo’s infrastructure also supports trading firms in improving capital efficiency through user-deposited funds.

Key Takeaway
Theo’s launch highlights growing efforts to bring sophisticated trading capabilities from traditional finance into crypto, aiming to unlock greater capital efficiency and access for retail users.

ZKsync Recovers $5 Million in Hacked Tokens After Offering 10% Bounty

Background
ZKsync has successfully recovered roughly $5 million worth of hacked tokens after offering the attacker a 10% bounty. The breach, which targeted an admin account controlling leftover airdrop tokens, did not compromise user funds and prompted swift action from the ZKsync Security Council.

Key Points

• A hacker returned 90% of the stolen tokens after accepting a 10% bounty offer.
• The stolen assets, originally valued at $5 million, have appreciated to about $5.66 million.
• The ZKsync Security Council now holds the assets, with governance set to decide their fate.
• The breach only affected unclaimed airdrop tokens and posed no risk to user funds.

Key Takeaway
ZKsync’s rapid recovery of stolen tokens through a bounty offer underscores the growing trend of negotiating with attackers to mitigate damage while reinforcing the importance of proactive security governance in decentralized ecosystems.

KiloEx to Fully Compensate Users After $7.5M Oracle Exploit

Background
Decentralized exchange KiloEx will compensate traders and stakers impacted by a $7.5 million hack that occurred earlier this month. Following a successful recovery of stolen funds and a bounty agreement with the attacker, the platform pledged to cover trading losses and offer bonus rewards to affected users.

Key Points

• Traders with affected positions will receive full compensation for lost profits or increased losses.
• Stakers’ principal and earnings remain intact, with an additional 10% APY bonus awarded to eligible users.
• The exploit stemmed from a price oracle vulnerability that allowed artificial price manipulation.
• KiloEx withdrew legal action against the hacker after recovering 90% of the stolen funds.

Key Takeaway
KiloEx’s swift recovery plan and user-focused compensation efforts aim to restore trust after the exploit, underscoring the critical importance of securing price oracles in DeFi platforms.

Trader Turns $170 Into $225K by Holding Solana Meme Coin TROLL

Background
A lucky Solana trader turned a $173 investment in the meme coin TROLL into over $224,000 after the token surged 361,500% since mid-December. Created on Pump.fun in May 2024, TROLL had little traction until a massive rally started around April 20, fueled by renewed meme interest.

Key Points

• The trader bought 0.8 SOL worth of TROLL when the market cap was just $6,510.
• TROLL’s market cap skyrocketed to a peak of $27.37 million by April 24.
• The trader has secured $103,900 in profits so far, with about $120,490 worth of TROLL still held.
• TROLL has seen extreme volatility, including sharp price drops and rebounds within hours.

Key Takeaway
The TROLL rally is a reminder of both the explosive potential and extreme risks tied to meme coin investing, where fortunes can swing dramatically in a matter of hours.

PayPal to Offer 3.7% Yield on PYUSD Stablecoin for U.S. Users Starting This Summer

Background
PayPal will offer U.S. users a 3.7% annual yield on PYUSD stablecoin balances beginning this summer, aiming to boost adoption amid fierce competition in the stablecoin sector. The yield will accrue daily and be paid monthly through PayPal and Venmo wallets, strengthening PayPal’s broader push into digital currencies.

Key Points

• PYUSD holders will earn a 3.7% annual yield, with rewards paid monthly.
• The stablecoin can be used for transactions, peer-to-peer transfers, and dollar conversions.
• PYUSD’s market cap stands at $868 million, far behind Tether’s $143 billion USDT.
• PayPal recently expanded crypto offerings to include Chainlink (LINK) and Solana (SOL).

Key Takeaway
PayPal’s move to offer stablecoin yields reflects its strategy to drive PYUSD adoption and reshape the future of payments through blockchain innovation.

Floki Partners with Rice Robotics to Tokenize AI Data Through TokenFi

Background
Floki has announced a partnership with Rice Robotics to tokenize AI data and launch the Minibot M1, an AI-powered companion robot operating on the RICE AI platform. The collaboration marks Floki’s latest move into real-world asset tokenization through its sister project, TokenFi.

Key Points

• The Minibot M1 robot will integrate Floki branding and operate within Rice Robotics' AI ecosystem.
• Floki will assist in tokenizing Rice Robotics' brand and AI data marketplace via TokenFi.
• Rice Robotics boasts high-profile clients including Nvidia, Softbank, and NTT Japan.
• The AI robotics market is expected to grow from $22 billion to $100 billion by 2030, boosting Rice’s growth prospects.

Key Takeaway
Floki’s strategic collaboration with Rice Robotics underlines its expanding presence in blockchain-powered AI initiatives, tapping into a rapidly growing robotics sector.

Ubisoft Partners with Immutable to Launch Web3 Card Game ‘Might & Magic: Fates’

Background
Ubisoft has teamed up with Web3 platform Immutable to launch Might & Magic: Fates, a blockchain-based strategy card game. Blending classic strategy with NFT technology, the game will allow players to collect, trade, and own digital cards while advancing through skill-driven gameplay on iOS and Android.

Key Points

• Might & Magic: Fates offers free-to-play, skill-based gameplay with NFT card trading.
• Immutable will provide the blockchain infrastructure, leveraging its Web3 gaming expertise.
• Players can earn and trade collectible cards through in-game achievements or marketplace purchases.
• Ubisoft continues expanding its Web3 presence following previous blockchain game launches in 2024.

Key Takeaway
Ubisoft’s new Web3 project underscores the growing integration of blockchain in gaming, providing players true ownership of in-game assets and expanding the traditional gaming experience into decentralized ecosystems.

Scroll Launches ‘Euclid’ Upgrade to Boost Throughput, Security, and Decentralization

Background
Ethereum Layer 2 network Scroll has introduced its major "Euclid" upgrade, aiming to drastically improve network performance by slashing fees by 90%, enhancing security, and moving closer to full decentralization under Vitalik Buterin’s "Stage-1 readiness" framework.

Key Points

• Euclid marks Scroll’s most substantial protocol overhaul since mainnet launch.
• The upgrade introduces a new OpenVM, optimized rollup processing, and MPT state commitments.
• It adds support for Ethereum's upcoming EIP-7702 and RIP-7212 upgrades, enabling features like account abstraction and biometric authentication.
• Euclid eliminates major bottlenecks, promising significantly faster sequencer throughput.

Key Takeaway
Scroll’s Euclid upgrade positions the network for greater scalability, decentralization, and developer flexibility—critical steps as Ethereum Layer 2s race to meet rising competition and evolving user demands.

Solana DEX Meteora Sued Over Alleged $69M M3M3 Meme Coin Fraud

Background
Solana-based DEX Meteora is facing a class action lawsuit in New York, accused of orchestrating a pump-and-dump scheme tied to its M3M3 meme coin launch. Plaintiffs allege the platform secretly controlled the token’s supply through insider wallets, resulting in $69 million in investor losses.

Key Points

• Meteora and founder Ben Chow allegedly used 150 insider wallets to dominate 95% of M3M3’s supply within 20 minutes.
• Plaintiffs argue that investors were misled about the project’s true ownership and intentions.
• The lawsuit follows previous legal actions linked to the controversial LIBRA meme coin scandal.
• M3M3’s token price has collapsed by over 98% since its December peak.

Key Takeaway
The lawsuit against Meteora highlights growing legal risks in the meme coin sector, as allegations of insider manipulation and fraud threaten to reshape the regulatory landscape for Solana’s DeFi projects.

WazirX Prepares for Relaunch Pending Key Court Ruling After $230M Hack

Background
Indian crypto exchange WazirX is preparing to restart operations following a $230 million hack tied to North Korea’s Lazarus Group. The relaunch depends on a Singapore High Court ruling on May 13 regarding its restructuring and creditor compensation plan.

Key Points

• WazirX’s parent company Zettai has completed necessary steps for court approval.
• 93.1% of voting creditors approved the restructuring plan, offering an estimated 85.3% recovery.
• Recovery efforts include forensic investigations and legal action to reclaim stolen assets.
• If approved, user distributions and platform operations will resume within 10 business days.

Key Takeaway
WazirX’s potential comeback reflects a major effort to rebuild trust after one of the industry's largest hacks, hinging on a critical court decision in Singapore.