on-chain

Circle plans to release the Arc Privacy confidential smart contract engine, aimed at addressing the barriers to institutional adoption caused by the current blockchain's default complete transparency through "Opt-in Privacy." Arc Privacy will allow users and developers to selectively mask sensitive information in transactions and smart contracts based on actual needs, rather than forcing all data to be public. At the same time, it retains the authorized access required for compliance, auditing, and governance, achieving a balance between privacy and auditability.The engine supports the EVM environment and emphasizes composability, allowing developers to build multi-step private application processes in the Ethereum environment. The article lists several real business scenarios, including confidential salary payments, treasury fund transfers, tokenized asset management, confidential perpetual contract trading, and privacy lending.

Solana infrastructure company Helius announced the acquisition of Light Protocol, whose team will refocus on the development of Solana privacy solutions. Light Protocol was established in 2021, initially focusing on zero-knowledge proof-based Solana privacy tools, and later shifted to co-developing ZK Compression with Helius. This solution is set to launch in 2024, aiming to reduce data storage costs on the Solana chain through zero-knowledge proofs, supporting large-scale consumer and enterprise applications.This acquisition will drive Light back to its original mission, combining its cryptographic capabilities with Helius's infrastructure and distribution advantages to develop ZK privacy protocols for Solana, covering scenarios such as private payments and private DeFi. Helius plans to open the relevant privacy infrastructure to developers in the coming months. This transaction occurs against the backdrop of accelerated consolidation in the crypto industry and a tightening financing environment, while also reflecting the rising demand for on-chain privacy. Helius founder Mert Mumtaz stated that privacy will become an important foundation for blockchain scaling, just as HTTPS did for the internet.

According to Fortune, Mastercard has announced a new protocol called Agent Pay for AI, allowing AI agents to make payments and conduct small transfers among themselves— for example, automatically paying when an AI agent retrieves data from a website in segments. The protocol stores the permissions granted to AI agents by humans on the blockchain, initially using the Polygon network to ensure transparency and verifiability, allowing multiple parties to verify whether the agents are acting as instructed.Companies like Adyen, Coinbase, and Cloudflare are collaborating with Mastercard to develop this protocol. Mastercard's Chief Product Officer Jorn Lambert stated that this protocol will not become a major source of revenue in the short term, but it is expected to develop into a significant new market over the next five years.Giants like Visa, Stripe, Coinbase, and Google are actively laying out AI payment protocols, jointly promoting the future of "machine-to-machine payments" and AI chatbots dominating e-commerce transactions; however, the current volume of agent-based payments remains relatively small.

a16z Crypto elaborated on why it co-led a $175 million financing round for the decentralized lending protocol Morpho in partnership with Paradigm and Ribbit. a16z views on-chain lending as "the next frontier of credit" and a key technological node for human prosperity, believing that a blockchain-based open credit network can reduce infrastructure costs, create a more competitive credit market, and provide broader channels for capital and yield acquisition.a16z stated that when they first engaged with the Morpho team in 2022, founder Paul Frambot was still in university but had already gathered nearly all of France's top blockchain talent; the team's pioneering on-chain lending optimizer achieved a Pareto improvement in interest rates by coordinating peer-to-peer loans on top of the underlying peer-to-pool protocol, and the project symbolizes a transformation for the global financial system.In 2024, Morpho launched the Morpho Blue protocol, focusing on over-collateralized loans of crypto assets with floating interest rates and variable terms. Now, Morpho is moving towards a larger vision—becoming the open credit network of the internet. The next product, Morpho Midnight, will support fixed-rate term on-chain loans collateralized by traditional assets, equipped with customizable KYC tools. More importantly, clients can initiate their own lending markets based on Morpho's underlying infrastructure while sharing the network's liquidity and network effects.a16z believes that we are currently at a critical window for disrupting the traditional credit system and building a more open and efficient credit network.

According to the on-chain analysis platform CryptoQuant, the Bitcoin "Profit Supply Percentage" indicator is approaching the critical threshold of 45%. Historical data shows that this level is usually associated with periods of high market pressure and significant capitulation risk. In contrast, during bull market peaks, this indicator often exceeds 90%. Current data indicates that a large number of Bitcoin holdings have shifted from profit to loss, and the market is undergoing a deep expectation reset rather than being in an exuberant phase.From an on-chain perspective, profit compression often drives the chips to migrate from weak hands to long-term holders, which may exacerbate short-term volatility. However, historically, such redistribution processes help form a healthier market structure, and long-term accumulation opportunities may be emerging.

Grayscale Research Director Zach Pandl released a research report stating that, based on multiple on-chain valuation indicators, Bitcoin's current price is below its long-term average, indicating that it is undervalued, but the degree of undervaluation is not as significant as in previous cycle lows such as after the FTX collapse.

Zach Pandl, the head of research at Grayscale, stated that on-chain valuation metrics indicate that Bitcoin is currently undervalued, but it has not reached the cheapness of previous cycle bottoms. He noted that this bear market may be shallower than past ones due to the smaller gains in the previous bull market, along with improvements in market structure such as ETP availability, wealth platform deployment, and institutional adoption.Zach believes investors can focus on two major short-term catalysts: the progress of the Senate's "Clarity Act" and whether leveraged Bitcoin holders can stabilize their balance sheets. He remains optimistic about the "Clarity Act," but predicts that market signals show a low probability of the bill passing. Pandl believes the current price levels provide long-term investors with an opportunity to accumulate positions in batches, while short-term traders may wait for developments on the bill.

According to Lookonchain, an address "0x97f8" opened a short position on the S&P 500 related contract xyz:SP500 today, using 50x leverage to short 15,001 contracts, with a notional size of approximately $111.6 million. The current liquidation price for this position is 8294.9 points, which is only about 9% buffer space compared to the current S&P 500 level of around 7600 points, meaning that if the index continues to rise in a high-leverage environment, the account will face a high risk of liquidation.

According to on-chain analyst Yu Jin's monitoring, the on-chain price of H has continued to decline to $0.003, approaching zero. Currently, there is a significant price difference between the contract and the spot market, with the Binance perpetual contract price at $0.06, which is 20 times higher than the on-chain price.

After experiencing a significant sell-off last week, an important on-chain metric for Bitcoin—MVRV Z-Score—is approaching the historical bear market bottom region, indicating that market prices are gradually aligning with on-chain realized value, and the worst phase of the decline may be nearing its end. Data shows that the current Bitcoin MVRV Z-Score is 0.24, close to the zero axis, which is historically regarded as the "green accumulation zone." During past bear markets in 2011-2012, 2014, 2018, and 2022, this metric bottomed out near zero or briefly dipped below zero before starting a new upward cycle.The MVRV Z-Score measures the deviation between Bitcoin's current market value and its realized value. When market prices are significantly above the realized value, it indicates that Bitcoin is relatively expensive; conversely, when prices are close to or below the realized value, it suggests that the market has entered an undervalued area. However, analysts believe that the market may not have formed an absolute bottom yet. On-chain data shows that the short-term holder MVRV (STH-MVRV) is currently at 0.84, while the long-term holder MVRV (LTH-MVRV) remains as high as 1.29, and neither has converged like during the bear market bottoms of 2015, 2019, and 2022. This indicates that long-term holders still retain significant unrealized profits, and the market may still need to undergo further adjustments to form a typical bear market bottom.However, after the cryptocurrency market evaporated hundreds of billions in market value last week, several historical signals indicating market recovery have begun to emerge.

Bybit announced the official launch of its on-chain US stock IPO subscription product, Bybit IPO Express, and partnered with xStocks to introduce the first phase of the SpaceX tokenized IPO subscription service.It is reported that this product is open to eligible Bybit VIP and Pro users, allowing users to subscribe to stock assets at the issue price directly in the primary market without the need to open a traditional brokerage account. The tokenized SpaceX shares issued this time are fully backed by xStocks, pegged 1:1 to real equity, and comply with institutional-level regulatory standards.The specific timeline for the SpaceX tokenized subscription is as follows:Registration and subscription period: June 7 to June 11Quota phase: June 11 to June 12Spot trading launch: June 12The official statement indicated that the Bybit platform will continue to expand its on-chain US stock and RWA ecosystem in the future to provide more diversified investment opportunities.

According to on-chain analyst Yu Jin's monitoring, the Binance Life dealer (Garrett Jin's whale entity) has continued to purchase 4.2 million Binance Life (3.67 million USD) on-chain in the past 24 hours. Currently, it holds 288 million Binance Life on-chain (236 million USD, accounting for 28.8% of the total), of which 61.09 million (42.77 million USD) were purchased in the past week at a price of 0.7 USD.

According to CoinDesk, despite market speculation that some retail investors may sell Bitcoin to participate in SpaceX's record-breaking $75 billion IPO, stablecoin liquidity and on-chain data show that there are currently no signs of large-scale capital withdrawal from the crypto market.This SpaceX IPO is valued at approximately $1.8 trillion, allocating up to 30% of shares to retail investors through platforms such as Robinhood, Fidelity, and Charles Schwab, significantly higher than the traditional IPO's allocation of about 10% to individual investors. After the roadshow began, subscription demand has exceeded the issuance scale.Data shows that the outflow of USDT and USDC remains within the normal range since February this year, with no abnormal redemptions or supply contractions. In contrast, on June 6, Bitcoin and Ethereum recorded net outflows of approximately 66,470 BTC and 2.49 million ETH from exchanges, indicating that more investors are transferring assets to private wallets, showing signs of buying the dip rather than concentrated cashing out.However, on-chain data cannot reflect the trading behavior of users on platforms like Robinhood and Coinbase, so whether crypto investors are selling assets to subscribe to SpaceX stock still requires waiting for relevant brokers to release subsequent data.Currently, the most significant capital outflows are coming from spot ETFs. Data shows that as of June 3, U.S. spot Bitcoin ETFs have experienced net outflows for 13 consecutive trading days, with total redemptions of approximately $4.4 billion; spot Ethereum ETFs have seen capital outflows for 17 consecutive trading days before returning to slight net inflows.According to the plan, SpaceX will complete pricing on June 11 and will be listed on Nasdaq under the stock code SPCX on June 12.

According to Ember Monitoring, on-chain ETH leveraged whales have begun liquidation. A total of 15,042 ETH has been liquidated to repay 22,150,000 USDT.

On-chain capital and prediction market infrastructure project Nova Markets announced the completion of a new round of financing, with participation from Wintermute Ventures, Robot Ventures, Big Brain VC, Cumberland, GSR, Greenfield Capital, Hash3, Bodhi Ventures, and Kairos Research.This round of financing will be used to migrate more perpetual contracts and prediction markets on-chain.Nova stated that the actual number of existing on-chain capital markets is far below the expected level, and the financing will be used to migrate more perpetual contracts and prediction markets on-chain, reshaping the generation and trading structure of related markets.

According to CoinDesk, Mastercard is expanding its settlement network to support regulated stablecoins, planning to offer stablecoin settlement, intraday settlement, weekend and holiday settlement services to meet the demand for real-time fund flow.The new framework will run in parallel with existing fiat settlement processes, aiming to provide financial institutions with more flexible liquidity management. Mastercard will initially support Circle's USDC, Paxos-issued PYUSD, USDG and USDP, Ripple's RLUSD, and SoFiUSD, covering blockchain networks such as Ethereum, Solana, Polygon, Base, Arbitrum, and XRPL. Financial institutions such as Cross River, Lead Bank, CBW Bank, ARQ, and Nuvei will be among the first participants.

The decentralized finance protocol Ethena announced a partnership with Coinbase, and both parties will jointly develop on-chain financial and savings products for Coinbase's over 100 million users, with the first growth plan set to launch next week.Meanwhile, Coinbase Ventures has completed its initial investment in Ethena (ENA) in the public market.

The prediction market platform Polymarket has disclosed that it has completed its first institutional-level on-chain block trade, a six-figure dollar transaction executed by digital asset broker FalconX and AI risk clearing infrastructure startup Anera Labs on the Polygon blockchain. The transaction involved contracts related to the Ornn Compute Price Index, which is used to track the rental prices of NVIDIA H100 GPU chips.Polymarket stated that this is the first on-chain block trade involving institutional participation in the prediction market space. In the future, FalconX will also serve as the exclusive market maker for block trades on the Polymarket platform to support the liquidity needs and price discovery for institutional clients.

According to official news, the on-chain application 0xPPL will gradually cease operations. Starting from June 6, the platform will disable trading, and on June 30, the application will be completely shut down. 0xPPL reminds users to export their private keys before the application closes or withdraw all funds from their wallets to other wallets to ensure continued access to their assets.