CoinPhoton

Four upcoming perp DEXs with confirmed airdrop allocations

Four major perpetual DEX protocols are approaching their token generation events (TGE) with confirmed airdrop allocations and strong institutional backing, including EdgeX, Paradex, Backpack, and GRVT. Each project is promoting trading and liquidity activity ahead of launch as part of their rewards and points programs.

EdgeX is a hybrid derivatives exchange backed by Amber Group and Circle Ventures, with 25% of total token supply reserved for a Genesis airdrop and a token launch planned before the end of March. Paradex, incubated by Paradigm and built as an appchain on Starknet, has allocated 25% of supply to airdrops and offers stablecoin yield plus XP incentives tied to trading volume and liquidations.

Backpack, developed by the Mad Lads team, positions itself as a regulated “super app” exchange under oversight from VARA and has set aside 25% of token supply for community distribution while negotiating a new funding round reportedly targeting up to $50 million. GRVT, built as the first official hyperchain in the zkSync ecosystem and backed by Matter Labs, has confirmed a 20% token airdrop allocation alongside seasonal mystery box reward campaigns.

Top 10 perp DEXs for vault and LP yield farming
News brief: Current market conditions are highly favorable for liquidity providers, with LP vault APRs across perpetual DEX platforms ranging from roughly 6% to 80%. Returns vary depending on vault limits, market-making strategies, and liquidation-driven gains during volatile periods.
For example, the HLP vault on Hyperliquid reportedly generated about $50 million during the Oct. 10 market crash and another ~$20 million on Jan. 31, significantly boosting recent APR performance. Beyond earning passive stablecoin yield, supplying liquidity to pre-TGE protocols may also help users accumulate points tied to potential future airdrops.
Leading perp DEXs currently used for stablecoin vault and LP farming include Nado, edgeX, Ethereal, GRVT, Lighter, Extended, Drift, Avantis, and Paradex.

Bitcoin nears undervalued zone, CryptoQuant data shows
News brief: According to on-chain analytics firm CryptoQuant, Bitcoin is approaching what could be considered an undervalued zone after roughly four months in a downtrend following its October 2025 all-time high. The MVRV ratio — which compares market value to realized value — is currently around 1.1, moving closer to the level below 1 that has historically signaled undervaluation.
Analysts note that, unlike prior cycles, the latest bull run did not push deeply into a clearly overvalued range, marking a structural difference in market behavior. As a result, the current drawdown and potential bottoming process may not mirror previous cycles. Historically, for assets with long-term upward trajectories, preparation during downturn phases has tended to improve the probability of favorable long-term outcomes.

An attempted home invasion aimed at the France head of Binance was disrupted before it could be completed, according to reports, and three suspects were taken into custody by police. Authorities said the attackers allegedly targeted the residence but failed to carry out the plan as security forces responded and secured the scene. Investigators are now examining how the suspects organized the operation, whether the executive was specifically singled out because of their position in the crypto sector, and if additional individuals were involved behind the scenes.
No serious injuries have been reported, and officials are continuing to gather forensic evidence, review surveillance footage, and question those detained. The case remains under active investigation as police work to determine motives, possible links, and any broader security risks connected to the incident.

Ripple pushes Fed to update payment account rules for stablecoin issuers
Ripple has urged the Federal Reserve to modernize its payment account framework to better support stablecoin issuers, arguing that targeted reforms could strengthen dollar dominance, lower systemic risk, and speed up compliant digital asset integration into U.S. financial infrastructure.
In a formal comment letter, Ripple proposed four key changes: limited-purpose Discount Window access for permitted stablecoin issuers, interest on reserve balances, replacing the fixed $500 million overnight cap with a proportional asset-based threshold, and a pre-funded ACH settlement model to remove credit risk. The company said its stablecoin RLUSD and infrastructure built around XRP support fast, low-cost, and transparent settlement.
Ripple has also received conditional approval from the Office of the Comptroller of the Currency to establish a national trust bank and has applied for a Fed master account through its custody subsidiary, which remains under review.

A new proposal in the Bitcoin improvement process — Pay-to-Merkle-Root (BIP-0360) — has been merged into the official BIP repository, but it is only a documented draft, not a network upgrade or emergency patch. No activation timeline exists, no nodes need to update, and publication does not imply consensus or eventual adoption.
P2MR defines a new output type similar to Taproot but deliberately removes the key-path spending option. Instead, every spend must use the script path and reveal a Merkle proof. This increases transaction size and fees on purpose, but reduces long-term exposure to quantum attacks by eliminating always-visible public keys that could be targeted by future quantum computers.
The proposal frames quantum risk in two ways: long-exposure attacks on keys already visible on-chain, and short-exposure attacks during the brief window when a transaction is unconfirmed. P2MR mainly addresses the long-exposure scenario, while broader post-quantum signature schemes would be needed to defend against short-exposure threats.
The core message is about early preparation. Because Bitcoin upgrades require years of specification, review, debate, wallet support, and user migration, developers are exploring low-risk transition tools well in advance of any confirmed quantum timeline. If ever activated through a soft fork, P2MR would be opt-in, with gradual adoption driven by users and institutions willing to trade higher fees and lower privacy for reduced long-term quantum risk.

Rumors of a possible “bank run” at Binance gained traction after viral posts and third-party dashboards suggested more than $2 billion in recent outflows and a sharp decline in reserve values. The narrative was fueled by social media warnings from market commentators, data aggregator charts, and a short-lived withdrawal delay that raised fresh concerns about liquidity. Given the crypto market’s lingering sensitivity after the collapse of FTX, many traders quickly interpreted the disruption as a potential solvency signal rather than a routine technical issue.
However, a closer review of on-chain and reserve-tracking data suggests the situation may be less severe than feared. Public dashboards still estimate Binance holds around $132 billion in observable assets across major blockchains. Analysts note that a large portion of the reported reserve decline is likely due to falling token prices rather than pure customer withdrawals. Separate on-chain metrics also indicate that the exchange’s Bitcoin reserves have recently increased, not decreased.
Binance publicly rejected insolvency claims, arguing that some third-party figures rely on incomplete wallet labeling and delayed reconciliation. The company pointed users to its proof-of-reserves disclosures and external flow trackers, while executives described the panic as a coordinated withdrawal wave that ultimately did not drain balances. They also encouraged users to practice self-custody and perform periodic withdrawal tests. Overall, the episode highlights how quickly fear can spread in crypto markets, even when underlying reserve data does not confirm a true liquidity crisis.

A wallet linked to the roughly $200 million 2023 exploit of Mixin Network has resumed activity after nearly two years of dormancy, moving more than 2,000 ETH through the privacy mixer Tornado Cash. According to onchain monitoring account Lookonchain, the funds were deposited into the mixer and then redistributed to several newly created wallets, where the ETH was quickly sold on the market. Despite these movements, blockchain intelligence platform Arkham shows the original address still holds a very large balance of ETH and BTC worth well over $100 million combined at current prices.
The original breach occurred when Mixin’s cloud service database was compromised, resulting in the loss of tens of thousands of ETH, hundreds of BTC, and millions in stablecoins. Following the incident, deposits and withdrawals were temporarily halted, external security partners were engaged, and the project publicly offered a bounty to the attacker for returning funds. The renewed wallet activity fits a common pattern where attackers leave stolen assets untouched for long periods before attempting to launder them through mixers and obfuscation tools. The case also aligns with a wider rise in major crypto security incidents highlighted by Chainalysis, including record-breaking exchange hacks such as the large-scale breach at Bybit.

Figure posts strong preliminary Q4 results as consumer loan volumes jump
Figure Technology Solutions reported preliminary fourth-quarter results showing improved profitability and margins, driven by a 131% year-over-year surge in consumer loan marketplace volumes. Shares rose about 2% in early trading to around $34.50 following the update.
The company expects Q4 revenue of $158–$162 million, above Wall Street’s $154 million estimate, while adjusted EBITDA is projected at $80–$83 million, roughly in line with forecasts. The stock has largely returned to levels seen shortly after its September 2025 IPO.
Figure also announced a secondary share offering of up to 4,23 million shares from existing holders. Alongside the sale, the firm plans a $30 million share buyback funded with cash on hand. Matthew Sigel of VanEck described the repurchase as “small but symbolic” support for the stock.
Analysts say near-term performance is mainly tied to continued growth in Figure’s onchain credit marketplace, while newer blockchain equity and stock-lending initiatives are viewed as longer-term expansion opportunities. The company is expected to release finalized Q4 results and updated guidance later this month.

White House crypto adviser: stablecoin yield not a threat to banks
White House crypto adviser Patrick Witt said crypto firms offering stablecoin yield to customers should not be seen as a threat to the banking industry, urging both sides to reach a compromise. He described the dispute as unfortunate and said yield-sharing products do not undermine banks’ business models or market share.
According to Witt, banks can offer the same stablecoin products as crypto platforms, and many are already applying for bank charters with the Office of the Comptroller of the Currency to expand into digital asset services. He expects banks will increasingly adopt and leverage these products to grow their offerings.
Debate over stablecoin rewards has become a major sticking point in negotiations around the CLARITY market structure bill, which would split crypto oversight between the Securities and Exchange Commission and the Commodity Futures Trading Commission and establish a formal asset taxonomy.
Officials warn that the 2026 U.S. midterm elections could derail progress. Treasury Secretary Scott Bessent said a shift in House control would likely collapse chances of a deal, while Witt said the legislative window is still open but closing quickly under President Donald Trump’s administration.

Former Binance CEO Changpeng Zhao rejected a report by Fortune claiming that Binance dismissed internal investigators after they flagged Iran-linked transactions, calling the story self-contradictory. He said the exchange uses multiple third-party AML screening tools and argued that anonymous sources can be used to create negative narratives.
The report alleged that over $1 billion in Iran-linked transactions — mainly involving Tether’s USDT on the Tron blockchain — were identified, and at least five investigators were later let go after raising concerns. It also said several senior compliance officials have recently exited, including expected outgoing compliance chief Noah Perlman.
The claims come as Binance continues compliance reforms under its 2023 U.S. settlement, after which Zhao stepped down and leadership passed to Richard Teng, and amid reports from Elliptic that Iranian-linked wallets accumulated over $500 million in USDT to bypass banking restrictions.

CryptoQuant says Bitcoin’s “ultimate” bear-market bottom is likely near $55,000, based on its realized price metric, which has historically acted as a major support level in past cycles. The firm stresses that bear-market bottoms usually develop over several months of base-building rather than through a single sharp capitulation drop.
According to its onchain data, several key indicators have not yet reached the extreme levels normally associated with cycle lows. Daily realized losses have recently spiked, but cumulative realized losses remain well below prior bottom zones. Valuation metrics such as MVRV and NUPL have also not entered deeply undervalued territory, and long-term holders are mostly selling near breakeven instead of at the heavy losses seen in previous bottoms. In addition, a relatively large share of Bitcoin supply remains in profit, suggesting capitulation is incomplete.
CryptoQuant’s Bull–Bear Market Cycle Indicator also remains in a standard Bear phase rather than the Extreme Bear phase that historically marks the start of bottom formation. Separately, Standard Chartered recently lowered its near-term outlook, warning Bitcoin could fall toward $50,000 before potentially rebounding later in the year.

January U.S. inflation data showed a slightly softer trend, helping calm macro concerns but not eliminating uncertainty. Headline CPI rose 2.4% year over year and core CPI reached 2.5%, broadly in line with expectations. On a monthly basis, prices increased moderately, with shelter remaining the largest contributor, while energy and gasoline declined. Airline fares jumped, and used vehicle prices fell, showing uneven pressure across categories.
The report from the Bureau of Labor Statistics was complicated by missing historical CPI releases caused by last year’s government shutdown, leaving holes in the official record. Because of that gap, markets are leaning more heavily on nowcasting models from the Federal Reserve Bank of Cleveland to shape near-term expectations.
After the data release, short-term Treasury yields adjusted and rate-cut expectations were reassessed. Crypto markets reacted quickly: Bitcoin surged about 6% intraday as softer inflation supported the narrative that monetary policy could ease later in the year. Stablecoin market size — a proxy for deployable crypto liquidity — remains a key indicator of potential risk appetite.
The Federal Reserve kept its policy rate unchanged at the latest meeting, though some officials dissented in favor of a cut, signaling internal debate. Investors are now watching the next CPI print and the upcoming Fed meeting closely, as inflation direction, bond yields, and liquidity conditions continue to drive sentiment across both traditional and crypto markets.

Tomasz Stanczak will step down as co-executive director of the Ethereum Foundation at the end of February 2026. Bastian Aue will assume the role on an interim basis alongside Hsiao-Wei Wang during the leadership transition.
Stanczak said that during his tenure, the foundation clarified its roadmap and strengthened its focus on scaling, privacy, AI integration, and institutional adoption. He described Ethereum as entering a new phase as onchain financial infrastructure expands and AI-driven systems grow.
The leadership change comes less than a year after the organization formally adopted a co-executive director structure. Former executive director Aya Miyaguchi moved into the president role at that time, while co-founder Vitalik Buterin praised Stanczak’s impact on operational efficiency and AI-oriented strategy.
After stepping down, Stanczak said he will remain active as a builder, focusing on agentic development and governance within the ecosystem.

Mirae Asset to acquire 92% stake in crypto exchange Korbit for $92 million
Mirae Asset Financial Group will acquire a 92% controlling stake in crypto exchange Korbit for about $92 million, aiming to “secure future growth momentum based on digital assets.”
The group’s consulting arm agreed to buy 26,9 million shares for 133,5 billion won, making it the majority owner after the deal closes, subject to regulatory approval. Shares are being purchased mainly from prior major holders including NXC, parent of game company Nexon, and subsidiaries of SK Group such as SK Planet.
Korbit ranks as South Korea’s fourth-largest crypto exchange by trading volume, behind market leader Upbit. Local outlet Yonhap said the acquisition fits Mirae Asset’s “3.0” strategy to expand digital asset integration across its financial services, though upcoming laws could impose ownership caps on exchange shareholders.

Trump Media refiles for Bitcoin and Ethereum ETFs
Trump Media & Technology Group said it is refiling to list a Bitcoin and Ethereum ETF after multiple crypto ETF proposals were delayed by the U.S. Securities and Exchange Commission.
The company also plans to launch a Truth Social Cronos Yield Maximizer ETF tracking the native token of Crypto.com. Both proposed funds would include on-chain staking rewards and use Yorkville America Equities as advisor, with Crypto.com providing custody, liquidity, and staking services. Purchases would be executed through broker-dealer Foris Capital US LLC.
The firm — operator of Truth Social — previously outlined a broader crypto fund lineup, including a Bitcoin and Ethereum fund and a “Crypto Blue Chip” ETF tracking major tokens. If approved, the new ETFs would carry a 0,95% management fee.
Trump Media is led by CEO Devin Nunes and has expanded multiple digital asset initiatives tied to Crypto.com and the Cronos ecosystem.

FTX’s Anthropic investment could be worth $30B today
FTX, founded by Sam Bankman-Fried, invested $500 million in AI firm Anthropic — a stake that would be worth about $30 billion today, or roughly a 60× return.
Anthropic recently raised $30 billion at a $380 billion valuation, one of the largest private software rounds ever. FTX invested when the company was valued near $2,5 billion but was forced to sell during bankruptcy around an $18 billion valuation for about $1,5 billion.
That early exit implies nearly $28 billion in missed upside — far exceeding FTX’s roughly $9 billion bankruptcy gap.

Grayscale files to convert AAVE trust into ETF

Grayscale has filed with the U.S. Securities and Exchange Commission to convert its AAVE Trust into an exchange-traded fund, according to a Friday filing. The proposed ETF is set to list on NYSE Arca, with Coinbase acting as custodian and prime broker. The sponsor fee would be 2,5% of NAV, payable in AAVE.

Bitwise previously submitted paperwork for an AAVE ETF and 11 other crypto funds in December, appearing to move earlier in the race.

Aave is the leading DeFi lending protocol. Its AAVE token has a market cap of about 1,8 billion USD and trades near 119 USD, up roughly 9% on the day, after peaking at 661,69 USD in April 2021. AAVE-based investment products already trade in Europe through ETPs from 21Shares and Global X.

Tether invests in Dreamcash to expand RWA perps on Hyperliquid
Tether has made a strategic investment in the parent company behind Dreamcash, a mobile trading interface for Hyperliquid, following the launch of 10 USDT0-collateralized real-world asset perpetual markets on the DEX.
The new perps cover the S&P 500, commodities such as gold and silver, and single stocks including Tesla, Nvidia, Google, Amazon, Meta, Robinhood, Intel and Microsoft. The markets were launched in collaboration with Selini Capital and use the permissionless HIP-3 standard, which supports custom collateral types.
Tether’s funding will back a $200.000 weekly incentive program for Dreamcash CASH markets, rewarding traders based on their share of total USDT trading volume. The investment size was not disclosed. Dreamcash is developed by Supreme Liquid Labs as a self-custodial trading app for Hyperliquid.

ETHZilla launches jet engine–backed token targeting 11% yield
Crypto treasury firm ETHZilla has launched Eurus Aero Token I, a tokenized offering backed by two commercial jet engines leased to a major U.S. air carrier. The tokens are priced at $100 each with a minimum purchase of 10, and the company targets an 11% return if held through the lease term ending in 2028.
The product is issued via its new subsidiary, ETHZilla Aerospace, as part of the firm’s broader shift from a pure crypto treasury model to real-world asset tokenization. ETHZilla, formerly biotech company 180 Life Sciences Corp, said it plans to expand tokenization to other asset classes, including home and auto loans, as on-chain RWA adoption continues to grow.