on-chain

Coinbase's Layer 2 network Base officially announced the upcoming major upgrade version Beryl, with the core highlight being the introduction of the Base native token standard B20, aimed at providing more comprehensive infrastructure support for the tokenization of on-chain assets.The B20 standard mainly brings three improvements: faster settlement speed, lower transaction costs, and a structured settlement mechanism.Base stated that the aforementioned upgrade will enable global financial assets to operate on the Base chain in the form of "programmable capital," fully enjoying the advantages of transparency, composability, and liquidity brought by on-chain infrastructure.Base emphasizes its positioning as a neutral open blockchain infrastructure, with related products and functions developed by Coinbase or third parties based on Base. Coinbase and Base themselves do not act as issuers, investment advisors, brokers, or underwriters for any third-party assets or transactions.

The global real-world asset (RWA) tokenization market has exceeded $43 billion, growing approximately 37% over the past 180 days, indicating that institutional funds are continuously accelerating their migration to blockchain infrastructure.The report points out that this growth has occurred against the backdrop of a relatively weak overall cryptocurrency market, with the expansion of on-chain financial assets primarily driven by traditional financial products being tokenized, covering various asset classes such as funds, private credit, commodities, and stocks. In the current market structure, tokenized funds dominate, accounting for about 80% of the total market capitalization; commodity assets account for 16.6%, and tokenized stocks account for approximately 3.8%.In terms of chain distribution, Ethereum remains the core hosting network, accounting for 57.8%, while networks such as BNB Chain, zkSync Era, XRP Ledger, and Stellar are gradually expanding their shares. In terms of issuers, Sky ranks first with a scale of approximately $6.1 billion, followed closely by Securitize and Ondo Finance, each with about $3.6 billion.At the institutional level, investment banks such as Standard Chartered and Citigroup have recently released reports optimistic about the long-term growth path of tokenized assets. Citigroup predicts that this market will reach $5.5 trillion by 2030 under a baseline scenario, and could reach $8.2 trillion in an optimistic scenario, believing that regulatory clarity and the participation of infrastructures like DTCC and Nasdaq will become key driving factors.Analysts believe that RWA tokenization is gradually evolving from an early structure primarily focused on government bonds to a diversified income asset system.

According to The Kobeissi Letter, the SpaceX IPO has significantly driven the explosive growth of on-chain tokenized stock trading volume. Data shows that the cumulative transfer trading volume of on-chain tokenized stocks has surpassed $20 billion for the first time.In the past 30 days, the transaction volume reached $4.3 billion, setting a new historical high with a year-on-year growth of over 140%. After the launch of SpaceX tokenized stock ($SPCX) on June 15, the daily spot trading volume on Solana exceeded $100 million for the first time, reaching a network share of 99% at one point, with Jupiter becoming the platform with the largest trading volume for this asset.

According to the latest weekly report from Gate Ventures, the global market experienced a corrective rebound last week driven by easing geopolitical tensions. The U.S. stock market recovered from its intra-week losses, but the Federal Reserve maintained a hawkish stance, with CPI rising to 4.2%, further strengthening market expectations for sustained high interest rates. The cryptocurrency market also warmed up, with BTC and ETH rising 3.8% and 2.1% respectively, but spot ETF funds continued to see net outflows.On the industry front, AI, prediction markets, and institutional-level infrastructure became the focus of market attention. The decentralized AI project Bittensor (TAO) rose 31.5% in a single week; the U.S. Commodity Futures Trading Commission (CFTC) proposed a regulatory framework for sports event contracts, providing clearer regulatory expectations for the development of the prediction market industry; LG Group and Arbitrum jointly explored blockchain advertising network applications, further expanding Web3 commercialization scenarios.In terms of investment and financing, a total of 9 transactions were disclosed last week with a total financing amount of $584.6 million. Among them, Digital Asset completed $355 million in financing, accelerating the application of Canton Network in the capital market; Morpho secured $175 million in financing to promote the construction of on-chain credit networks; and prediction market infrastructure provider EDGE Markets completed $29.2 million in financing.

According to Cointelegraph, analysts say that the recovery of Bitcoin depends on the success of the US-Iran peace agreement. On-chain data shows that despite a recent rebound, Bitcoin still appears weak. Nick Ruck, research director at LVRG Research, stated that although Bitcoin briefly recovered to $67,000, "momentum remains weak, with declining trading volume and stagnant on-chain indicators suggesting a lack of confidence in the rebound, which may quickly fade." If the US-Iran ceasefire agreement breaks down, Bitcoin will face a "volatile path," potentially gaining buying interest as a hedge asset, only to be pushed towards key support levels by broader risk-averse sentiment.Swissblock stated on Monday that Bitcoin's price momentum and OBV indicator remain in a state of "weak momentum and low participation," both being negative values. The price momentum indicator is at -1, and OBV is at 1.7 million, at a multi-year low. Swissblock pointed out that in a typical bear market, momentum weakens first, followed by a contraction in OBV, leading to a downward price breakout. History shows that stronger recovery signals appear when both turn positive, and until then, "the risk of retesting the lows remains."

Binance Research stated on platform X that the on-chain leverage ratio of DeFi has risen to about 38%, which is on par with the levels of 2021, primarily driven by a contraction in total value locked (TVL) rather than new lending demand. The DeFi attack incident in April resulted in an outflow of about $13 billion in TVL. Despite the overall market correction, substantial deleveraging has not yet occurred.

Glassnode published an analysis on platform X indicating that its cumulative trend score metric shows that after Bitcoin's price dipped to the $60,000 range in early June, the overall behavior of on-chain addresses has clearly shifted towards accumulation.This metric measures the intensity of accumulation behavior on-chain by combining holding size and recent balance changes, with a value close to 1 representing widespread accumulation and a value close to 0 indicating ongoing distribution.

According to the official page, Moomoo under Futu has integrated on-chain perpetual contract market data from Hyperliquid, allowing users to directly view perpetual contract trading data from the Hyperliquid platform within the Moomoo App.

According to Decrypt, the trading volume of tokenized Pokémon cards on crypto platforms is rapidly increasing. Driven by the "gacha" mechanism, it creates a trading experience similar to "opening boxes/drawing cards" by mapping physical cards to NFTs or digital certificates. Data disclosed by Messari shows that in May, approximately $230 million in transaction volume was achieved across seven blockchains including Solana, Polygon, Base, and BNB, which is about a tenfold increase compared to a year ago.In addition, the global trading card market size reached $15.8 billion in 2024 and is expected to grow to $23.5 billion by 2030, while the overall market value of NFTs is currently around $2.4 billion, indicating that on-chain collectibles are still in the early penetration stage.

According to official news, bStocks has officially launched on BNB Chain. This product is launched by Binance, pegged 1:1 to US securities, supports 24/7 trading, zero fees, and can settle on BNB Chain within 1 second.

According to monitoring by Arkham, Circle transferred approximately $4.397 billion USDC to addresses related to Coinbase on the HyperEVM network, making it the largest single USDC transfer recorded to date.

According to Arkham monitoring, trader 0x9cc has invested $16.6 million USDC into Hyperliquid in the past 48 hours to leverage long on the upcoming SpaceX token SPCX. He currently holds approximately $18.5 million worth of SPCX, while still retaining $10 million USDC on-chain as liquidity.

Galaxy Research Director Alex Thorn posted that the U.S. Securities and Exchange Commission (SEC) plans to abolish Rule 611 "Order Protection Rule" and Rule 610(e) in the National Market System Regulation (Reg NMS), which could become an important turning point for the development of tokenized stocks.Thorn pointed out that Rule 611 requires trades to adhere to the best quotes across the entire market (NBBO), while AMMs cannot route orders in real-time, access low-latency market data, or pause trading due to better quotes existing on other exchanges. Therefore, it has long been difficult to meet regulatory requirements, becoming one of the main structural obstacles for tokenized U.S. stocks to land in the DeFi scenario. He stated that if the future replaces the regulatory requirements for trade-by-trade supervision with brokers' "best execution obligations," on-chain liquidity pools and AMM mechanisms will be more easily incorporated into the compliance framework.Although tokenized securities still face issues such as trading venue registration and clearing and settlement, the SEC's subsequent plan to introduce an "innovation exemption" mechanism is expected to further promote related developments. Thorn believes this is an important step for the SEC to implement the "Project Crypto" roadmap, paving the way for innovations in tokenized stocks, AMMs, and on-chain securities trading by removing key market structure barriers.

According to CoinDesk, Ondo Finance has hired former Invesco ETF executive and Grayscale Managing Director John Hoffman, aiming to expand its tokenized investment products beyond stocks and government bonds.John Hoffman will serve as Managing Director and Head of Portfolio, focusing on building and distributing tokenized portfolios, including portfolios co-developed with asset management companies and strategies built around Ondo's existing products.This move indicates that Ondo Finance plans to go beyond tokenized versions of single assets and shift towards custodial investment products on the blockchain. Currently, the market size for tokenized assets has exceeded $30 billion.

Gate released the latest transparency report for May 2026, showing steady growth in wealth management, AI products, and on-chain ecosystem. The wealth management sector continues to attract user capital inflows: the cumulative subscription scale of Yubibao in May increased by 11.5% compared to last month; the ETF business has maintained a trading volume close to 20 billion USD for several consecutive months; the TVL of on-chain earning coins remains stable at around 1.2 billion USD. Meanwhile, products such as options and trading robots continue to expand their user base, further enriching the platform's trading ecosystem. Positive progress has also been made in the construction of on-chain infrastructure and AI products.In May, the on-chain transaction volume of Gate Layer exceeded 40 million transactions, growing over 10% compared to last month. As an important part of ecological empowerment, Gate AI completed a functional upgrade, adding capabilities such as image analysis, document interpretation, photo questioning, and in-depth research, while continuously enhancing intelligent model scheduling and research capabilities, further improving user market analysis and investment decision-making efficiency.In terms of brand building, Gate continues to deepen its global influence. In May, Gate conducted a series of brand activities around the F1 Red Bull Racing Miami event and the Inter Milan championship celebration, further strengthening global user connections and brand recognition through the cross-border integration of "Web3 + top sports." As wealth management, on-chain infrastructure, AI applications, and global brand ecosystems continue to improve, Gate is constantly enhancing its product innovation and ecological synergy capabilities, improving the global user service experience and the platform's overall competitiveness.

0G Labs announced a partnership with the AI company MiniMax, aiming to bring cutting-edge AI models on-chain through verifiable and privacy-preserving computing technology.It is reported that the core model integrated in this collaboration is MiniMax's M3 model, which currently ranks first on the open-source model list of Artificial Analysis and tops the OpenRouter trend list. The official statement indicated that to support the launch of this collaboration, a limited-time free operation service for the model will be available from June 15 to 18.

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.