Breaking News: Risk-On Market

• Ethereum outperformed Bitcoin last week, with its price rising 3.06%, surpassing Bitcoin's 1.87% gain. This outperformance was driven by strong weekly inflows into spot Ethereum ETFs, reaching $1.85 billion. Highlighting market liquidity, the total stablecoin market capitalization and total value locked in DeFi reached record highs of $265 billion and $330 billion, respectively. Regarding the macro environment, the VIX index fell to a low not seen since February 2025, signaling a calm market ahead of the August 1 tariff deadline.

Macro Outlook: A Week of Macro Events

• The United States and the European Union reached a trade agreement, imposing a 15% tariff on all EU exports, and the EU also agreed to purchase $750 billion worth of energy from the United States. Furthermore, the European Central Bank kept interest rates unchanged last week, in line with market consensus.

• The White House has repeatedly assured the media that there will be no further extension of the August 1 deadline for US tariffs. The administration has stated that a new base tariff of 15% will be implemented.

• U.S. durable goods orders fell 9.3% in June, slightly milder than the market forecast of a 10.8% drop. This was the largest monthly decline since April 2020, driven by a sharp drop in orders for transportation equipment.

Upcoming Economic Calendar Includes:

• Tuesday, July 29, 3:00 AM: US Treasury Refinancing Estimates

• Tuesday, July 29, 10:00 PM: US June JOLTs Job Openings

• Wednesday, July 30, 8:15 PM: US July ADP Employment Change

• Wednesday, July 30, 8:30 PM: US Q2 GDP Preliminary Estimates and US Treasury Refinancing Announcement

• Thursday, July July 31, 2:00 AM: US FOMC meeting

• Thursday, July 31, 8:30 PM: US June core PCE price index, personal income, and personal spending

• Friday, August 1, 8:30 PM: US July non-farm payroll data and unemployment rate

• Friday, August 1, 10:00 PM: US July ISM manufacturing PMI

Cryptocurrency Market Quick Facts: Tokenized Real Estate, Solana BAM, and New InfoFi Taking the Heat of Airdrops

• The US SEC staff approved

• 21Shares filed an application with the SEC for the Ondo spot ETF.

• Goldman Sachs and Bank of New York Mellon are reportedly planning to offer institutional investors access to tokenized money market funds.

• JPMorgan Chase is reportedly exploring offering loans backed by Bitcoin and Ethereum.

• PNC Bank is partnering with Coinbase to offer cryptocurrency trading services to its customers.

• Western Union is exploring the use of stablecoins for cross-border transfers and fiat currency conversions.

• Christie's International Real Estate announced it has become the first US real estate brokerage to conduct real estate transactions entirely on-chain.

• Japan's largest bank, Mitsubishi UFJ Financial Group (MUFG), plans to tokenize a high-rise office building in Osaka, valued at over 100 billion yen, on its Progmat platform.

• The Vietnamese government is reportedly developing a national blockchain platform called NDAChain to enhance security and transparency in government affairs, finance, healthcare, and other areas.

• Binance launched RWUSD, offering the yield of tokenized U.S. Treasuries on its exchange, with an annualized yield of approximately 4.2%.

Layer 1 and 2 Public Chains

• Ethereum's average gas limit has reached 45 million, with over 46% of validators supporting a gas limit above 45 million.

• Solana has increased its block cap from 50 million Compute Units (CUs) to 60 million CUs, with plans to increase to 100 million CUs by the end of 2025. Solana also launched TypeScript and Rust clients for the Solana Witness Service (SAS), enabling developers to integrate SAS into dapps.

• EigenLayer announced the first step in its multi-chain expansion, launching AVS validation on Base.

• Avail partnered with SOON Network to launch svmBNB, a Solana virtual machine running on Avail and settled on BNB Chain.

• Berachain has launched Reward Vault Utilities, built on Proof of Liquidity, allowing the protocol to reward users based on any on-chain or off-chain activity, including novel forms like loot boxes or real-time rewards.

• Peaq, a Layer 1 network focused on DePIN, has been listed on Binance Alpha and several centralized exchanges including Bitget, Kraken, and Pionex.

• TON Wallet launched in the US, offering zero-fee USD to cryptocurrency exchanges.

• Chromia launched a Entity AI pilot program, storing and indexing interaction logs as vector representations on-chain. This lays the foundation for evaluating, coordinating, and improving how these systems work together.

Dapps

• Jito launched the Block Assembly Marketplace (BAM), which encrypts the mempool to prevent MEV attacks, enables application-specific ordering, and provides proof of transaction execution.

• Sanctum acquired Ironforge, a Solana RPC service provider, to expand its business model into transaction infrastructure, guaranteeing transaction priority and maximum uptime. Sanctum subsequently launched Gateway to optimize and increase the likelihood of transactions being included in the network.

• Kaito officially announced the launch of Capital Launchpad, a KYC-compliant token issuance platform based on social influence and other on-chain metrics. All fees generated by this issuance platform may be distributed to gKAITO holders in the future. Espresso will be the first protocol to launch on Capital Launchpad, raising funds at a valuation of $400 million, with half of its proceeds vesting after one year, followed by a two-year lock-up period.

• Similarly, Cookie partnered with Legion to launch the Attention Capital Market (ACM), where users can participate in token sales by earning mindshare (SNAPS) or making protocol-specific capital injections (cSNAPS). DeFAI protocol Almanak was the first protocol to be listed on ACM.

• Pendle listed Hyperwave's hwHLP, providing the first liquid HLP yield market on the platform, with a fixed annualized yield of approximately 15%.

• PancakeSwap launched Infinity Farms on Base, enabling liquidity mining on Base.

• Polymarket acquired QCEX, a CFTC-regulated exchange and clearinghouse, to regain legal access to the US market. Polymarket is also reportedly considering issuing its own stablecoin or entering into a revenue-sharing agreement with Circle to capture potential returns from stablecoins held on its platform.

• Firelight has launched XRP liquidity staking on the Flare Network, stXRP, enabling stakers to earn staking rewards while participating in DeFi activities on the Flare Network.

• TOMI, a private chat and crypto payment mobile app, is now available on iOS and Android.

• Bonk has burned 500 billion BONK using revenue generated from its Let's Bonk issuance platform. Let's Bonk also launched a mobile app.

• Centrifuge V3, a tokenized management platform, is now available on Ethereum, Base, Arbitrum, Avalanche, BNB Chain, and Plume via Wormhole's cross-chain functionality.

• DeBridge announced the establishment of the deBridge Reserve Fund, which will use 100% of protocol revenue to repurchase DBR and other major crypto assets to form a diversified treasury reserve.

Governance/Project Updates

• The White House is expected to release its Digital Asset Report on July 30.

• Ethereum will celebrate its 10th anniversary on July 30th.

• Ika, the MPC network offering cross-chain transactions and wallet abstraction, is expected to launch its IKA token on July 29th.

• The decentralized computing protocol Spheron Network is expected to launch its SPON token on July 29th.

• Ethena launched StablecoinX Inc., a merger of TLGY and SC Assets, raising $360 million to purchase ENA for its treasury. The $260 million in proceeds received by the Ethena Foundation will be used to purchase ENA on public exchanges in the coming weeks. The Foundation also has the right to veto any ENA sales by StablecoinX.

• Resolv announced that it will activate the fee switch starting July 31st, transferring 2.5% of daily protocol profits to the Foundation's treasury. This percentage will be increased to 10% by August 21st.

• Zircuit has launched a new AI trading engine, providing real-time AI signal trading strategies with seamless cross-chain execution on EVM chains and Solana. A closed beta version will be available at the end of July, with a public release in August 2025.

• Fluid has launched Fluid DEX Lite, a gas-efficient decentralized exchange designed to capture MEV trading volume and leverage liquidity through credit lines on the Fluid liquidity layer. Revenue generated by DEX Lite will be distributed to limited partners in the liquidity layer, with additional revenue flowing into the DAO treasury.

• Jupiter is expected to launch Jupiter Lend this week.

• Injective expects to launch a beta version of the Ethernia EVM mainnet this week.

• WalletConnect proposes a redesign of its staking mechanism, moving from an immediate decay of staked weight to a system where the staked weight remains fully staked until the user chooses to unstake.

• Lido has released its roadmap, planning to release Lido v3 in Q4 and Staking Router v3 in the first half of 2026 to integrate validators and enhance deposit and stake distribution mechanisms.

• Pump.fun's co-founder stated that the protocol will not be conducting any airdrops in the near future.

• Maple Finance proposed MIP-018, which proposes increasing the proportion of protocol revenue used to buyback SYRUP from 20% to 25%.

Token Unlocks

• OP tokens were unlocked on July 31st, representing 1.84% of the total token supply.

• GRASS tokens were unlocked on July 31st, representing 1.26% of the total token supply.

• REZ tokens unlocked on July 31st, representing 12% of the total token supply.

• IO tokens unlocked on July 31st, representing 6.09% of the total token supply.

• KMNO tokens unlocked on July 31st, representing 22% of the total token supply.

• SUI tokens unlocked on August 1st, representing 1.65% of the total token supply.

• ENA tokens unlocked on August 1st, representing 1.48% of the total token supply.

• JTO tokens unlocked on August 7th, representing 3.15% of the total token supply.

• IMX tokens unlocked on August 8th, representing 1.3% of the total token supply.

• APT tokens unlocked on August 12th, representing 1.72% of the total token supply.

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