Jupiter · 541

Fluid Q2 TVL falls to $3.4 billion, revenue down 29% month-on-month

According to the Token Terminal report, Fluid, a DeFi protocol created by the Instadapp team, released data for the second quarter of 2026. The average TVL for the quarter was US$3.4 billion, down 21.1% from the previous year, and still up 84.9%; active loans of US$1.5 billion, down 15.1% from the previous year, up 92.9%; transaction volume of US$18 billion, down 37.3% from the previous month; expenses of US$9.5 million, down 21.5% from the previous month; the contract revenue of US$1.8 million, down 29.3% from the previous year and 9.8% from the previous year; and 70,700 thousand monthly users, down 43.8% from the previous month. The capital structure continues to lean towards Jupiter Lend, which collaborates with Jupiter on Solana, with an average TVL of about $1.7 billion, accounting for nearly half and achieving month-on-month growth, making it the largest lending deployment. There were outflows at the beginning of the quarter due to third-party incidents such as Resolv. Fluid contracts were not attacked, related bad debts were covered by treasury, etc., and there was no loss of user funds. During this period, Bitwise began managing the USDE market on Jupiter Lend, Liquidity-as-a-Service launched and launched a US$100 million susDAI liquidity facility, and RWA related assets such as Huma PST were also connected to Fluid. The team said it will continue to promote institutional-level deployment, Jupiter DEX and Sui expansion, etc., to introduce incremental capital and improve revenue efficiency through vertical product cooperation with institutions.

3d ago#On-chain dynamics
Is the code no longer worth it? The $11.2 billion financing gave the same answer

Is the code no longer worth it? The $11.2 billion financing gave the same answer

Author: Shenchao TechFlow Original title: Revealing the $11.2 billion funding flow in half a year: The crypto industry's most valuable asset is changing from code to license Dubai crypto lawyer Irina Heaver and her team NeosLegal did a simple but powerful thing: sorting through all publicly disclosed crypto industry financings in the first half of 2026, totaling about $112 billion. The conclusion is only one sentence: every loan with a disclosed amount goes to a business that requires regulatory permission to operate. The top three tracks are: $3.7 billion in payments and stablecoins, $2 billion in forecasting markets, and $1.7 billion in exchanges and trading platforms. All three areas have one characteristic in common, requiring a license to operate lawfully in any major jurisdiction. Institutional capital's valuation logic for the crypto industry has changed from “what code can you do” to “do you have a license or not”. Who checks the cheque who pays the bill first. Kalshi closed a $1 billion financing round in May, with investors including Sequoia, Morgan Stanley, Ark Invest, and a16z. Polymarket received $600 million, and the lead investor was the Intercontinental Exchange (ICE), the parent company of the New York Stock Exchange. It only predicted a single market track and completed 34 rounds of financing within half a year. Among the $3.7 billion in payments and stablecoin circuits, the names BlackRock, Goldman Sachs, and the Persian Gulf Sovereign Fund appear repeatedly. Vineet Budki, Managing Partner at Sigma Capital, put it bluntly: Regulatory licenses have gone from compliance footnotes to core valuation metrics. There is cold arithmetic behind this judgment. An application cycle for a MiCA license or Dubai VARA license usually takes 18 to 24 months and costs millions of dollars. Codes can be forked over the weekend; licenses can't. When venture capital evaluates two projects with similar functions, the one with the license naturally has a moat that cannot be quickly replicated by competitors. The license plate is a new moat to look at this phenomenon on a longer timeline. In 2020-2021, the main themes of crypto financing were protocols and infrastructure. Public chains, DeFi protocols, and NFT platforms have taken most of VC money. The investment logic is technical barriers and network effects. Whoever has the highest TVL, who has the most active developer ecosystem, is worth the most. In 2022 - 2023, the bear market cleaned out a number of pure narrative projects, and financing began to lean towards businesses with real income. Exchanges, wallets, and infrastructure companies have increased their share of financing. Data for the first half of 2026 show that this trend has reached a logical end: capital is no longer paying for technological innovation itself, but for “the ability to operate technological innovation within a compliance framework.” To put it bluntly, a code is a necessary condition; a license is a sufficient condition. This is highly consistent with the evolutionary path of the traditional financial industry. Fintech companies relied on technology disrupted financing in the early 2010s, and by the late 2010s, they relied on licenses and compliance capabilities. Stripe is worth 100 billion dollars, and the core barrier is its ability to operate in compliance in more than 40 countries, far exceeding the technical gap of the payments API itself. The crypto industry is following the same path, only faster. Funding flows and user activity are being split, but there is an important gap in this set of data: it only counts financing, not users. On-chain data shows that DeFi protocols are growing in TVL, DEX trading volume, and number of active addresses in the first half of 2026. Uniswap, Aave, and Jupiter's unlicensed daily activity and trading volume didn't shrink because VC money stopped flowing to them. Retail users are still trading, borrowing, and providing liquidity on the chain. This means that what is happening is a more subtle split rather than the “death of unlicensed agreements”: institutional capital is flowing to compliant, licensed centralized businesses, and retail user activity is still distributed in an unlicensed on-chain market. Money and people are moving in two directions. This split is most evident in the prediction market. Kalshi and Polymarket both predict markets, but Kalshi is a CFTC-registered exchange, and Polymarket has no license in the US. Kalshi got $1 billion in financing and Morgan Stanley...

5d ago深潮TechFlow#Kalshi #Exchanges #stablecoins #financing #Predicting the market

Oracle's $16.5 billion AI data center is blocked due to environmental issues, and power supply plan adjustments may increase costs by billions of dollars

Comparatively, according to The Information, Project Jupiter, a $16.5 billion AI superpark promoted by Oracle in New Mexico, was blocked by environmental approval and forced to adjust the power supply plan, which is expected to increase the cost by an additional billion dollars. The 1,400-acre park mainly provides computing power for OpenAI, and is designed to have an installed capacity of over 2 gigawatts. Oracle originally planned to build its own natural gas power plant, but the relevant permits stalled due to air pollution and greenhouse gas emissions. In April of this year, the company switched to Bloom Energy natural gas fuel cells and adjusted the microgrid capacity to 2.45 gigawatts. Analysts estimate that the plan would cost around $8 billion, which is several billion dollars more than the gas turbine plan. New Mexico vetoed the proposed fuel line again last week, and the state environmental department will hold a public hearing on the air permit on October 19. The local attorney general is also investigating the suspected use of residents' names in project support letters without consent. Oracle's data center project in Wisconsin is also facing additional expenses. Local regulatory rulings may require Oracle, OpenAI, and Vantage Data Centers to bear the costs of transmission line construction alone; another financial guarantee requirement, according to Oracle, will increase costs by about $100 million per year.

34d ago
Trump pushes for data centers, and opposition is raised in many places: electricity and water sources have become new bottlenecks for AI

Trump pushes for data centers, and opposition is raised in many places: electricity and water sources have become new bottlenecks for AI

Author: Huohuo Original title: If Trump wants to expand the data center and many places oppose it, will it be a new bottleneck for AI? TL; DR · New York State suspends state-level environmental permits for the construction of some large-scale data centers for a maximum period of one year. · The focus of controversy shifts to the pace of delivery of electricity, water resources, community costs, and AI infrastructure. · Related targets: ORCL, MSFT, GOOG, AMZN, Blackstone, and power, nuclear power, gas, liquid cooling and data center developers. New York Governor Kathy Hochul signed an executive order on July 14 to suspend state-level environmental permits for the construction of large-scale data centers for a maximum period of one year. This applies to large-scale projects that meet or exceed 50 MW of electricity requirements. Trump later criticized that such restrictions would weaken America's advantage in AI and data center competition. For investors, the focus is not on New York, which will not block all projects, and the restrictions on AI infrastructure have changed. In the past, the market mainly looked at GPUs and capital expenditure budgets, but now it also depends on electricity, water resources, land, and local permits. Hyperscale data centers can be understood as giant power-hungry factories for AI. The project load may range from tens of megawatts to several gigawatts, and will also affect cooling water, transmission access, noise, and land use. The stronger the demand for computing power, the harder it is to keep these costs in the company's ledger. Hochul's logic is that New York cannot continue to release mega-projects in the absence of uniform rules. Contrary to Trump's logic, supporters believe that data centers represent investment, employment, and computing power advantages, and that suspending the project will push the project to other states. This set of conflicts summarizes the conflicts in the next stage of AI infrastructure. New York's escalation of the community backlash into an approval variable The New York Moratorium is important not because it will permanently block data centers, but rather elevates the friction scattered in residents' hearings, town councils, and environmental lawsuits to the level of statewide approval. According to the governor's official website, the executive order requires New York to promote general environmental impact assessments and establish review standards around energy, water resources, and community impacts. To switch to the project language, press the pause button and then set rules on how the giant data center uses electricity, water, compensates the community, and bears external costs. The market can no longer simply use “demand is strong, so we can definitely build” to extrapolate AI infrastructure. Demand is still there, but the construction path is narrowing. Whether the project can be implemented depends on whether electricity prices are being pushed up, who pays for power grid upgrades, whether regions with scarce water resources can afford it, and whether tax incentives can be exchanged for residents' support. For tech companies, this friction won't necessarily change the direction of long-term expansion, but it will change the pace of delivery. The more sensitive variables in the valuation model are not just a state suspending it for one year, but whether similar rules will spread, and whether approval cycles and power supply packages will systematically raise costs. Michigan says the project will slow down New York is an iconic event, but it is not an exception. Michigan's Saline Township project shows that local resistance will not necessarily drive the project out of the game, but will change the way it is progressed. OpenAI says the local Stargate campus is 1GW. Blackstone and Related Digital previously announced that they will provide $16 billion in funding support for the Oracle data center project in Saline Township, with participants including OpenAI and Walbridge. The project was opposed by residents. The town council rejected it for a while, and the developers then pushed the project forward through lawsuits and settlements. This case gave a direct signal to the market. As long as the strategic value is high enough and the capital is deep enough, the enterprise may still push the project forward through legal procedures, compensation arrangements, and design adjustments. The cost is that it takes longer, and political and legal costs go into the calculation of project returns. AI data centers are no longer just a capital expenditure competition between cloud vendors and developers. It also has to be filtered by local governance. What residents see is an exchange between electricity, water, noise, roads, and tax revenue; what companies see is order delivery, computing power online, and customer promises. New Mexico's exposed energy supply is hard constrained New Mexico's Project Jupiter is closer to an energy bottleneck. The local state land commissioner denied an application for the Energy Transfer pipeline to cross state trust land in March, and denied its request for review in July. The pipeline was intended to serve Oracle-related data center projects, and the reasons for refusal involved greenhouse gas emissions and water pressure. This detail is more objecting than residents...

36d agoburnking#AI #Trump
Bitwise Q2 Report: The market is generally falling but fundamentals are strong, with RWA reaching $33 billion

Bitwise Q2 Report: The market is generally falling but fundamentals are strong, with RWA reaching $33 billion

Source: Bitwise Investments Author: Ryan Rasmussen Original title: The Five Most Important Crypto Charts From Q2 reports, the Bitwise Top 10 Cryptocurrency Index fell 15.4%, and 8 of its 10 constituent stocks recorded negative returns; spot Bitcoin ETF outflows of $4.9 billion, the worst quarterly performance on record; on-chain trading activity, trading volume, and DeFi assets have all declined, while the correlation between cryptocurrencies and stocks has increased. Of course, there are bright spots in the market. It is predicted that the market's open contracts reached a record high of $1.8 billion, with quarterly trading volume of $43 billion; tokenized real assets reached $33 billion in the second quarter, up 45% from the beginning of the year; crypto stocks also performed well; the Bitwise Crypto Innovators 30 Index rose 30.6%, mainly due to AI-related Bitcoin mining companies. “Overall, the situation is grim. To make matters worse, this sense of hardship is just as real. Although there are no statistics to measure the “vibe,” the current climate in the crypto industry is one of the worst I've seen in my eight years in the business. One reason: This is our third consecutive quarter of negative returns and the longest continuous decline cycle since 2022 (four consecutive quarters of negative returns at the time).” Matt Hougan, chief investment officer at Bitwise, wrote. Here are some key data charts excerpted from the report. In the second quarter of Enjoy~————————Q2's top ten key events, we saw that Strategy, which claimed to “never sell,” sold Bitcoin, first conducted a small test, and finally sold $218 million in Bitcoin at the end of June to pay dividends. Affected by related coin sales movements, Bitcoin fell below $60,000 in June, the lowest price since 2024. Compared with a 52% drop from its peak of $126,080 (last October), the crypto winter has continued for 9 months. Meanwhile, spot Bitcoin ETFs had an outflow of $4.9 billion in the second quarter, the biggest quarterly net outflow since launch. On the policy side, the “CLARITY Act,” which has always received much attention, is not progressing smoothly in the Senate. Due to an impasse over ethics and enforcement provisions, the market's probability of passing it by 2026 has also dropped to 40%. Here are the top 10 crypto events for Q2 as summarized by Bitwise: The Q3 quarter outlook is the key to the success or failure of the CLARITY Act. The market structure bill passed the Senate Banking Committee in the second quarter, but stalled due to moral provisions relating to the president's family's crypto interests. The forecast market shows that its probability of passing in 2026 is close to 40%, down from 75% in mid-May, and we don't think it's likely to pass before the November midterm elections. However, laws with such probabilities often pass, so we think CLARITY still has a chance. If the bill passes, we believe it may mark the bottom of this bear market; if it fails, fluctuations are expected in the short term, and uncertainty will gradually dissipate as the industry continues to advance under the SEC and CFTC, which support cryptography. Stablecoin expansion after the GENIUS Act. July marks the final sprint before the GENIUS Act comes into effect in January 2027, and regulators are required to finalize the final rules in the third quarter. We expect a large number of large companies to announce stablecoin projects before the official launch, such as the recently announced OpenUSD supported by Stripe, BlackRock, Visa, Coinbase, and about 140 other companies. The stablecoin supply has remained at nearly $300 billion since the fall of last year, showing resilience in the crypto market sell-off. We believe that as the January effective date approaches, the acceleration in stablecoin growth will be a catalyst for public chains such as Ethereum and Solana in the third quarter. The US Federal Reserve led by Walsh. The Federal Reserve has welcomed a new chairman, Kevin Walsh, and the market knows very little about his governing style. The third quarter will release its first signals: the FOMC meeting in July and the Federal Reserve's annual meeting in Jackson Hole in late August. As of now, Walsh has kept interest rates unchanged and has hinted that he is in no hurry to cut interest rates. By the end of the quarter, we should...

37d ago章鱼烧#Bitwise #BEARISH #Predicting the market

Data: Today's top 100 cryptocurrency market capitalization tokens rose and fell, MemeCore rose 79.2%, and Velvet fell 12.52%

Comparative news, according to CoinMarketCap data, the top 100 cryptocurrency market capitalization coins performed as follows: the top five gains: MemeCore (M) rose 79.2%, now $1.21; Venice Token (VVV) rose 13.15% to $14.28; Jupiter (JUP) rose 12.02% to the current price of $0.2339; Morpho (MORPHO) rose 10.93% to the current price of $2.08; Stellar (XLM) is up 10.7% to $0.2025.

52d ago
From Meme Chain to “US Stock Chain”: Solana Quietly Enters Tokenized Stock Trading Battle

From Meme Chain to “US Stock Chain”: Solana Quietly Enters Tokenized Stock Trading Battle

Author: Cookie Original title: Without talking about the US chain, Solana is becoming a “US stock chain”. US stock trading has become a new popular trend in the coin industry, and there are no questions about it. When we talk about US stock trading in the coin industry, we tend to focus on “this is a competition between CEXs and Hyperliquid.” Solana, a public chain with meme coins as its core competitiveness in the eyes of many players, has received little attention in the US stock trading circuit. However, they have quietly entered this latest cryptocurrency market battle. Solana's battle to win the on-chain tokenized stock market. From recent trends posted by Solana, we can clearly see that a large number of recent tweets are related to US stock transactions on its chain. The night before, Solana officially announced the official launch of tokenized MU shares on Solana. Obviously, as a public chain, Solana has also made US stock trading the most important development point recently. Judging from the data, they have also done a pretty good job and are in an absolute leading position in the competition for US stock trading between public chains. One week after SpaceX's IPO, Solana set a record of $1.04 billion in one-week tokenized stock trading volume. Among them, $SPCX's trading volume reached $439 million, which is 91.7% of all SpaceX tokenized stock trading volume. In the past week (6.15-6.21), tokenized stock trading volume on Solana reached nearly $1.3 billion, while after that, Base and BNB were about $14.45 million and $129.54 million, respectively, and only about $312,800 on the Ethereum mainnet. Compared to various CEXs, Binance traded nearly $500 million in tokenized stocks over the past week, followed by Gate's nearly $220 million and Bybit's $107 million, respectively. In May of this year's data, Solana also ranked only behind Binance (about 1.1 billion US dollars), Gate (about 1.088 billion US dollars), and Bitget (about 800 million US dollars) with a turnover of about 870 million US dollars. ProPAMM has also made an important contribution to this achievement. Taking the past week's data as an example, ProPAMMs such as Zerofi, Goonfi, and Tessera ranked only behind Orca and Raydium in terms of volume. These self-operated AMMs, managed by professional market makers, are 100% self-funded by market makers, and unlike traditional simple x*y=k, open source passive AMMs. These ProPAMMs are actively priced. They are closed source, their liquidity is not disclosed to the public, and they usually have no front-end but are routed through aggregators. Each block can even update quotes more than every 50ms, and can also avoid MEV attacks. In terms of price discovery efficiency for spot assets, Solana is already very small compared to mainstream CEXs. With this advantage of spot efficiency, Solana's main trading volume sources for each DEX are already tokenized stocks. “US Stock DeFi” Although Solana is gaining momentum in the tokenized stock spot market, the trading volume of perpetual contracts is still far greater than spot trading in the US stock industry. Perp DEX's stock trading volume was at the level of 10 billion dollars in the past week: after Solana, they will probably try to catch up. However, in addition to trading, tokenized stock stocks still have room for development. The composability of tokenized stock spots is Solana's potential advantage. Compared to simply trading stocks to earn profits, on-chain DeFi provides more diverse and flexible revenue channels for tokenized stock positions. On platforms such as Jupiter, Raydium, and Kamino, users can use their tokenized shares to borrow or provide liquidity. Users can implement some combination strategies for their tokenized stocks, such as partial borrowing, partly to provide liquidity. In addition to these regular DeFi strategies, there have also been relatively fresh ways to play on Solana recently. Nest allows users to mint the stablecoin nUSD by tokenizing stocks or USDC. nuS...

59d agoburnking#MEME #Solana #US stocks

Range completes $8.3 million Series A funding round, with TX Ventures and others participating

Comparing news, the stablecoin and fiat financial infrastructure platform Range completed Series A financing of 8.3 million US dollars, with a cumulative financing amount of 11 million US dollars. This round of financing was oversubscribed. Investors include traditional fintech funds TX Ventures, SixThirty, and cryptographic native funds Maven 11 Capital and Onigiri Capital. Range said its platform is aimed at businesses operating using both stablecoin and fiat channels, and its products include both UNIFY and PROTECT. UNIFY is used to integrate various sources of funds such as digital assets and bank balances to form a unified record system; PROTECT checks transactions for risk, compliance, and business policies before funds are transferred. Range said its platform currently protects more than $30 billion in customer assets, has more than 10,000 bank, custodian and wallet integrations, monitors more than 200 networks and 100 stablecoins in real time, tracks 99.41% of stablecoin payments, and screens tens of billions of dollars in payments every month. Its customers include Circle, Solana Foundation, Stellar, Squads, and Jupiter.

65d ago
[Comparative Daily News Picks] SpaceX bought Cursor developer Anysphere for 60 billion US dollars, and Musk's personal wealth soared to 1.4 trillion US dollars; Coinbase entered the stock tokenization circuit and will push 1:1 to anchor stocks on the US stock chain and automatically pay dividends; Walsh may refuse to give the Fed's bitmap expectations, breaking the 14-year practice

[Comparative Daily News Picks] SpaceX bought Cursor developer Anysphere for 60 billion US dollars, and Musk's personal wealth soared to 1.4 trillion US dollars; Coinbase entered the stock tokenization circuit and will push 1:1 to anchor stocks on the US stock chain and automatically pay dividends; Walsh may refuse to give the Fed's bitmap expectations, breaking the 14-year practice

Daily AI · Cryptography · Macro · Market News, Bitpush helps you draw the key points ↓ AI · News [SpaceX buys Cursor developer Anysphere for 60 billion US dollars, Musk's personal wealth soars to 1.4 trillion US dollars] Comparing news, SpaceX bought Cursor developer Anysphere for 60 billion US dollars. SpaceX once surpassed Amazon and Microsoft in intraday market capitalization on Tuesday, becoming the fourth largest company by market capitalization in the world. Musk's personal wealth soared to 1.4 trillion US dollars, setting a new historical record. At the same time, this figure also surpassed the total market value of Bitcoin. According to Coingecko data, the current market value of Bitcoin is about 1.31 trillion US dollars. [New Stock God” Serenity: AI or the Most Disruptive Technology in Human History] In comparison, “New Stock God” Serenity posted an article on the X platform stating that it believes that AI may be the most disruptive technology in human history, and its influence can be compared to the agricultural revolution and the industrial revolution. Serenity pointed out that companies such as Anthropic, OpenAI, and xAI are competing to develop superintelligence. If AI can help overcome cancer and accelerate breakthroughs in cutting-edge technology such as quantum computing, the economic impact it will bring will be difficult to measure. Furthermore, if AI were to replace the workforce on a large scale, it could also significantly improve corporate profitability. Serenity also said that in terms of strategic considerations such as war, security, and cybersecurity, the US government is fully motivated to continue to promote AI infrastructure construction. Even if the big language model training and reasoning business itself has limited profits, the US may support the development of the industry through incentives and subsidies to ensure a leading position in the global AI competition. [Limitless Labs completes US$20 million Series A financing to expand physical AI basic models and precision manufacturing platforms] Comparative News, Limitless Labs (formerly LimitlessCNC) today announced the completion of $20 million Series A financing, co-led by Dell Technologies Capital and Square Peg, Grove Ventures, Meron Capital and Kinetica participated. The company claims to be the world's first intelligent proxy physical AI platform for CAD/CAM (computer-aided design and computer-aided manufacturing) in the field of machinery manufacturing. Its AI agent system is embedded directly into the CAD/CAM software engineers use every day to help manufacturing companies acquire, standardize, and scale the experience and skills of their senior programmers. Since ending stealth mode, Limitless Labs has expanded from early pilots to full production deployment, serving customers such as Blue Origin, Cadillac F1, Sandvik, and Iscar, covering aerospace, defense, motorsports, and industrial machinery, and can reduce CNC programming time by up to 50%. Crypto · Market [Coinbase enters the stock tokenization circuit, will promote 1:1 anchoring of stocks on the US stock chain and automatic dividends] In comparison news, Coinbase announced plans to launch tokenized stocks with 1:1 physical support from US stocks. Users can hold, trade, and automatically receive dividends on-chain. The CEO called this true ownership, which is different from the market's existing derivatives or IOU models. The service will first target compliant regions outside the US, and the specific launch date is yet to be determined. This move marks a further intensification of competition between crypto and traditional finance in the field of asset tokenization. [Reuters: Binance may be forced to stop providing services to EU customers by July 1] According to Reuters, Binance's application for a regulatory license in Greece is expected to be rejected, and EU users may not be able to access the platform as early as the end of this month. Binance has been seeking authorization from the European Union's Crypto Asset Market (MiCA) framework. The framework requires cryptocurrency companies to obtain a license to continue providing services within the European Union. Although a grace period has been established for businesses to apply for and obtain licenses, this transition phase will expire on July 1. Reuters reported on Tuesday, citing two people familiar with the matter, that Binance's application to the Greek Capital Markets Commission is expected to be rejected. Binance's current CEO Richard Teng reiterated in a tweet posted today...

66d agoWendy#Compare Daily Picks