Hot News: The Attack of the Copycat Season
There was a significant divergence in the crypto market, with Bitcoin falling slightly by 1.49% while Ethereum surged by 26.46% over the same period. Ethereum's strong performance, coupled with broader market momentum, has pushed the Alt Quarterly Index from 20 points in early July to the current 51, while supporting the Crypto Fear and Greed Index to remain above 70. This continued optimism is mainly due to the major milestones achieved in US cryptocurrency legislation and the continued accumulation of crypto assets by listed companies.
Macro Outlook: Trump vs. Powell
Over the past week, the Trump administration has continued to put pressure on Federal Reserve Chairman Powell to cut interest rates immediately. Reports also indicate that the White House has initiated formal procedures to find Powell's successor. Although President Trump has publicly assured that he will not fire Powell, the White House is reportedly looking for prosecution grounds to remove him from office.
The latest Beige Book showed a slight increase in economic activity from May to July, a stubborn labor market, and signs that tariff pressure will be reflected in consumer prices in the coming months, forcing inflation to rise, which supports the Fed's continued "wait-and-see" attitude.
The US core inflation rate rose to 2.9% in June, slightly lower than the market expectation of 3%. Clothing prices rose significantly in June, indicating that the impact of tariffs began to appear in consumer costs. At the same time, the US PPI was flat in June, lower than the expected 0.2% increase, mainly due to a sharp drop in service prices.
US retail sales increased 0.6% in June, higher than the market forecast of 0.1%. The preliminary reading of the University of Michigan Consumer Confidence Index in July rose to 61.8, higher than the forecast of 61.5.
Upcoming economic calendars include:
Tuesday, July 22, 8:30 p.m.: Fed Chairman Powell to speak at meeting on comprehensive review of large bank capital frameworks
Thursday, July 24, 8:15pm: ECB rate decision
Friday, July 25, 8:30 pm: US durable goods orders for June
Cryptocurrency Market Quick View: Major Milestones in US Crypto Legislation, Base App, Penguins Everywhere
The GENIUS Act has been officially signed into law by President Trump, which is an important milestone in the regulation of cryptocurrencies in the United States. It requires stablecoin issuers to maintain a 1:1 reserve in short-term Treasury bonds or cash and accept supervision of anti-money laundering, KYC and audit requirements. The CLARITY Act and the Anti-Central Bank Digital Currency Act have passed the House of Representatives and have been sent to the Senate. The government is also working to support a micro-tax exemption for Bitcoin payments of $200 to $300.
President Trump is reportedly preparing to sign an executive order that would allow 401(k) plans to invest in alternative assets such as cryptocurrencies, gold and private equity.
The House Financial Services and Veterans Affairs Committee has introduced a new bill, HR4374 , which would require mortgage lenders to consider crypto assets during the mortgage credit assessment process.
U.S. SEC Chairman Atkins said the commission is considering an " innovation exemption " plan to encourage tokenized trading.
The giant whale who bought Bitcoin in 2011 has moved all of his holdings to Digital Capital and may have sold all of his 80,202 Bitcoins.
Canary Capital submitted an ETF application for pledged INJ to the US SEC.
Russia’s largest bank, Sberbank, has announced plans to offer digital asset custody services.
Standard Chartered’s institutional banking and tokenization partner Libeara has launched an on-chain money market fund in partnership with Theo . Standard Chartered has also launched spot trading services for Bitcoin and Ethereum through its UK branch.
SRM Entertainment changed its name to Tron Inc and pledged $365 million worth of TRX as its corporate reserves.
The Securities and Exchange Commission of Thailand and the central bank have launched a cryptocurrency sandbox that will allow foreign tourists to exchange digital assets for Thai baht for spending.
The UK plans to launch a sandbox for stablecoins and tokenization in the wholesale market. The UK government is also reportedly working to liquidate at least 61,000 seized Bitcoins.
Layer 1 and Layer 2 Public Chains
Coinbase announced the launch of the new Base app , integrated with Farcaster, allowing users to earn income through content creation, socialize, chat with friends, explore mini-apps, and use Base Pay to send USDC directly to anyone.
Binance launched Sharia- compliant BNB, ETH, and SOL staking services on its platform. Binance also partnered with Four.Meme to launch a token issuance platform based on a proprietary joint curve on its Binance wallet.
Conflux announced the launch of Conflux TreeGraph Blockchain 3.0, and will work with AnchorX and Eastcompeace to promote the implementation of overseas benchmark projects in the "Belt and Road" initiative, such as offshore RMB stablecoin issuance, cross-border settlement, and RWA.
Sonic announced the launch of Spark , a coding-free, AI-driven dapps development platform that makes it easy to develop dapps on the Sonic Network.
Core DAO launched Rev+ , a gas revenue sharing mechanism similar to Sonic.
Ripple has partnered with Ctrl Alt and the DubaiLand Department to tokenize real estate titles on the XRP Ledger, enabling fractional ownership and global access to real estate in Dubai.
Babylon announced the first Bitcoin Supercharged Networks ( BSN ), where Bitcoin stakers can stake and start earning rewards. These networks include Sui, Osmosis, Plume, Manta Network, and more.
Polkadot allocated $ 3 million worth of DOT as incentives for 12 months of liquidity enhancement activities on Arbitrum, Base, BNB, and Ethereum.
Anoma, the much-anticipated intent exchange platform, has launched its public testnet .
Another highly anticipated multi-VM blockchain, Fluent, launched its testnet and raised $2.2 million to fund testnet operations.
Dapps
Pudgy Penguin announced partnerships with PEZ , Suplay , and Don Quixote to bring physical Pudgy toys to retail stores in the United States, China, and Japan. Pudgy Penguin also announced that the Pudgy Party game will soon be available on the Apple App Store and Google Play Store.
Ondo Finance has acquired Strangelove , a blockchain development company whose experienced team has unique expertise in building secure and modular blockchain infrastructure. Ondo also announced that BNB Chain has joined the Global Market Alliance and supports a range of Ondo’s tokenized assets.
Kamino announced the launch of a lending market for tokenized stocks on xStocks , with Chainlink as an oracle partner.
EtherFi partners with Hyperbeat to provide new liquidity staking token beHYPE for Hyperliquid.
Euler Finance has partnered with Tac to launch a lending market on the TON network. Euler has also partnered with Brahma to launch Swype.fun , a cryptocurrency credit card on Base that allows users to directly borrow and consume by pledging USDC.
Strata introduced a risk stratification mechanism on USDe, dividing sUSDe into stUSDe (priority part) and stJLP (secondary part), providing a product structure similar to Resolv.
Falcon Finance launched its USDF on BNB Chain.
Cap Money announced a partnership with PayPal ’s pyUSD in its Cap Stablecoin Network (CSN), allowing users to exchange pyUSD for cUSD at a 1:1 ratio while enjoying additional benefits from various strategies.
The Privacy Pools protocol, backed by Vitalik, has included Sky’s USDS into its multi-asset privacy pools.
Fantasy Top launched Fantasy V3 on Base, completely migrating its social card trading game from Blast to Base.
BounceBit introduced xRWA , allowing RWA tokens to be used as network collateral assets in addition to BB and BTC.
DYDX has acquired the Telegram native trading application Pocket Protector to further expand DYDX’s spot trading and social program plans.
Arweave has partnered with Midnight Network to provide a permanent storage solution for shielded data on Midnight. Its Midnight technology development team, Shielded Technologies, is a company spun off from Input Output Global (IOG).
Governance/Project Updates
The Trump administration’s Digital Assets Task Force is expected to submit a crypto policy report on July 22 and may propose a budget-neutral funding strategy for Bitcoin reserves.
Block Inc is expected to join the S&P 500 this week, while Coinbase and payments giant Mastercard are also expected to release earnings guidance this week.
Berachain expects to launch PoL V2 this week, redirecting the 33% PoL incentives currently allocated to BGT to BERA stakers.
Optimism plans to carry out " Upgrade 16 " this week, including interoperability upgrades for smart contracts, increasing the gas limit for each block to 500 million gas, etc.
Kaito announced the upcoming launch of Capital Launchpad, and Espresso will be the first protocol launched on the platform. As a shared liquidity bridge, Espresso can speed up the transaction confirmation speed between the second-layer networks.
Cookie DAO also announced a similar plan to launch the Attention Capital Market in partnership with Legion. Legion enables the protocol to issue its tokens to specific KOLs or communities based on Legion points.
The Ink Foundation proposes to deploy a white label version of Aave v3 on Ink and governed by the foundation, and Aave DAO will be eligible to receive a 5% revenue share and 4% of the protocol governance tokens.
Linea expects to announce details of the LINEA token economy by the end of July. Renzo is the largest TVL protocol on the Linea network.
The bitcoin community has proposed a controversial proposal to restrict transactions to quantum-risk addresses, which account for about 25% of all bitcoins, for five years.
Saga is expected to pass a proposal to redirect the protocol's block rewards to a community pool to incentivize Chainlets activities. In addition, the proposal changes the inflation rate from 2% to 5% to a fixed 3%. Saga also launched Colt , a stablecoin protocol designed to be natively embedded in each Chainlet. Colt will have its own governance token.
World Liberty Finance passed a proposal to make WLFI tokens tradable. The team is currently working with major centralized exchanges for token distribution.
Gnosis proposed to provide $ 30 million per year to Gnosis Ltd, the core team behind the Gnosis ecosystem, to build a core consumer-oriented brand through Gnosis Wallet, Gnosis Pay, Gnosis Chain, etc.
Token Unlock
AVAIL tokens were unlocked on July 23, accounting for 38.3% of the total token supply.
INIT tokens were unlocked on July 24, accounting for 1.58% of the total token supply.
ALT tokens were unlocked on July 25, accounting for 6.4% of the total token supply.
H tokens were unlocked on July 25, accounting for 5.01% of the total token supply.
SAHARA tokens were unlocked on July 26, accounting for 4.12% of the total token supply.
RON tokens were unlocked on July 27, accounting for 4.83% of the total token supply.
RESOLV tokens were unlocked on July 27th, accounting for 9.14% of the total token supply.
OP tokens were unlocked on July 31, accounting for 1.84% of the total token supply.
GRASS tokens were unlocked on July 31, accounting for 1.26% of the total token supply.
REZ tokens were unlocked on July 31, accounting for 12% of the total token supply.
IO tokens were unlocked on July 31, accounting for 6.09% of the total token supply.
KMNO tokens were unlocked on July 31, accounting for 22% of the total token supply.
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