Sonic (S) evolves Fantom’s legacy with 10,000 TPS, sub-second finality and FeeM incentives, boosting DeFi scalability and developer rewards.

Launched in 2019, Fantom has long been regarded as one of the leading 

 (EVM)–compatible blockchains. For years, the blockchain has been highly valued by 

 (DApp) developers and operators for its high-performance characteristics. In over five years of operation, until early 2025, Fantom has attracted hundreds of DApps in 

In August 2024, the Fantom team announced a significant rebranding and migration to a new blockchain platform, Sonic. Four months later, in December 2024, the Sonic chain’s mainnet was officially launched. 

A key part of the migration process has been the transition from Fantom’s FTM coin to Sonic’s S token, which was officially launched in January 2025 at a 1:1 rate to FTM. While Fantom has always been known as a fast, scalable blockchain, Sonic takes these technical advantages to a completely new level, boasting a throughput of 10,000 

 (TPS) and a sub-second transaction finality.

In addition to technical improvements, Sonic has introduced an attractive developer incentive program that’s not only generous, but also has the potential to significantly accelerate DApp growth on the new platform.

With the launch of Sonic and the migration from FTM to S, Fantom’s team is opening a new era in the project’s history, one in which the platform’s well-regarded technical features are being combined with an unprecedented developer incentivization drive. This could potentially position the new Sonic chain as a major force in the world of EVM-compatible blockchains.

In 2018, South Korean computer scientist Ahn Byung Ik founded the 

 (FTM) project to develop a fast, high-performance blockchain. In December 2019, the Fantom blockchain was officially launched, quickly becoming one of the leading decentralized networks in the industry. The platform was and still is known for its excellent scalability, low transaction confirmation times and minimal costs. Notably, the EVM-compatible blockchain makes transitioning between the tremendously popular 

 (ETH) and Fantom a smooth and quick process.

In addition to these advantages, Fantom also boasts a secure, highly fault-tolerant consensus mechanism, and is environmentally friendly. Fantom's website proudly states that the network consumes 70 million times less energy to process a transaction than 

 (BTC). This staggering difference is attributable primarily to Fantom's efficient 

 (PoS) block validation method, which is vastly more energy-efficient than Bitcoin's 

However, even compared to many other PoS blockchains, Fantom stands out in terms of its energy efficiency and performance. Fantom's Virtual Machine, Opera, remains one of the industry's most scalable and fast processing engines.

As of early 2025, Fantom continues to operate as usual, despite the migration announcement (covered in detail in the section below). According to data from 

 portal, its network features 450 functioning DApps as of Mar 3, 2025. Popular DApp categories on the chain include DeFi, gaming and NFTs, as well as apps in smaller niches, such as SocialFi and gambling.

In August 2024, the Fantom project announced a rebranding and migration to a new blockchain, 

 (S). The organizational entity behind the blockchain was also rebranded, from Fantom to Sonic Labs. Sonic's mainnet was launched in mid-December 2024. 

As of February 2025, the migration of FTM coins, the native cryptocurrency of the Fantom chain, to Sonic's S token is ongoing. Users can migrate their FTM to S at a fixed rate of 1:1 using the 

. This fixed ratio will be maintained for an initial period of six months after the launch of Sonic (i.e., until about mid-June 2025).

The migration portal will support two-way transfers between FTM and S until mid-March 2025. After that, only one-way transfers from FTM to S will be possible. Eventually, the Fantom chain is expected to be retired, although the project’s team hasn't yet announced a precise date for the chain's discontinuation. Per the project's public communications, the Fantom chain and its Opera smart contract layer will continue operating for the "foreseeable future."

Fantom is also in discussions with major crypto exchanges to facilitate the automatic transfer of user funds from FTM to S, and any staked FTM funds can be unlocked immediately for the migration to S.

The Sonic upgrade allows the platform to achieve a stellar throughput rate of 10,000 TPS, one of the best results in the industry. Sonic also features sub-second finality times, meaning that transactions are rarely reversible on the network. This feature is critical for many DeFi apps, as operators and users prefer the certainty of quickly finalized confirmations. Slow finality times on blockchains have often been linked to poor user experience, as well as a range of hacks in which user funds have been compromised.

The claims of outstanding throughput and finality aren't just sloganeering by the Sonic Labs team. Per information from the project, Sonic has been thoroughly stress-tested in its 

 mode with up to 175 million daily transactions, demonstrating its ability to withstand heavy loads. Even when subjected to the heaviest loads, the network has managed to maintain transaction confirmation times of no worse than 1.1 second. In short, the S chain is among the most scalable and fast networks in the blockchain world.

As with Fantom Opera, Sonic's processing engine is also EVM-compatible and 

To encourage the development and growth of the Sonic ecosystem, the project has introduced a novel Fee Monetization (FeeM) incentive program. FeeM is a gas monetization system that rewards developers with up to 90% of the network fees generated by their applications. This initiative aims to provide a sustainable income stream for developers, encouraging them to focus on scaling their apps and growing their user bases on the platform.

While the Sonic network has inherited some of Fantom's core properties, it’s introduced significant upgrades to improve network performance. Sonic’s 

 chain features a PoS block validation model, an asynchronous Byzantine fault tolerance (aBFT) 

Sonic's consensus mechanism is based on the 

 model, which Fantom first popularized. Combined with a DAG structure, it allows block processing without the need for a strict sequential order of confirmations.

Sonic's approach allows nodes to reach agreement independently without waiting for other nodes to confirm the blocks. Unlike traditional BFT systems, Sonic's aBFT consensus mechanism ensures the blockchain is fast and efficient, even under heavy loads, with transactions finalized almost instantly. Using the Lachesis model allows Sonic to maintain rapid transaction processing, excellent scalability and industry-grade security without sacrificing the network's decentralization.

The Sonic Virtual Machine (SVM) is the platform's smart contract–capable execution engine. Sonic’s documentation states that the SVM will replace the default EVM engine used by the blockchain, a move that’s expected to boost Sonic's processing speed further.

The SVM is fully compatible with the EVM, and supports the main development tools used in an EVM environment, specifically the Solidity and Vyper programming languages and the Go-based implementation of Ethereum, 

Sonic's database storage system is designed to efficiently manage the blockchain's "world state," which includes everything from address account data to virtual machine code and smart contract storage. A key feature of this system is its live pruning capability. In blockchain technology, “pruning” refers to removing outdated or unnecessary historical data from the network's database to save storage space and improve efficiency.

In the past, pruning required validator nodes to go offline, risking downtime and creating operational inefficiencies. Now, the process can be completed by a node in real time without having to go offline. This means validators can continue to process blocks while the system automatically discards outdated data. This ensures smooth network operations while significantly reducing storage space requirements.

Sonic’s live pruning system separates the database into two parts — LiveDB and ArchiveDB. LiveDB stores only the current block’s world state, while ArchiveDB keeps the history of all previous blocks. Validators interact exclusively with LiveDB, handling only the current state of the network, while specialized archive nodes manage both LiveDB and ArchiveDB to process historical data requests when requested.

Sonic Gateway is a bridging solution designed for asset transfers between Ethereum and Sonic. The bridge offers a convenient, two-way transfer system. When you deposit your assets, it takes around 15 minutes to confirm on Ethereum and only about a second on Sonic. After the confirmation, your deposit is batched with others to save on gas fees, and processed in intervals — every 10 minutes for transfers from Ethereum-to-Sonic, and once an hour for Sonic-to-Ethereum transactions. If you don't want to wait for batched processing, you can pay a Fast Lane fee to execute your transfer instantly.

The Sonic chain's native coin, S, first became available on the crypto market in early January 2025. S is used for 

, stake delegation, block reward payouts to validators, gas fee payments and governance.

Validators stake S to participate in the block processing activity on the network. Users who don't act as validators can delegate their S to a preferred validator node in order to earn a share of block rewards, which are also paid out in S.

In addition, S is used to pay for network fees on Sonic, similar to the way that Ethereum’s blockchain uses Ether (ETH). S holders can also participate in 

 votes for a say in the platform's future direction and existing operations.

As noted previously, in February 2025 there's an ongoing migration process from Fantom's FTM to Sonic's S. Using the migration portal, you can move your FTM funds to S anytime. The project hasn't announced a deadline for the migration.

The S token’s total supply of 3,175,000,000 is exactly the same as FTM's total and maximum supply. However, unlike FTM, S isn’t a supply-capped token. For the first six months after the blockchain's mainnet launch (until mid-June 2025), the supply of S will remain fixed, with no additional issuance. After that, it's expected that S will include a certain 

, with new S released for ecosystem growth, incentives and validator rewards.

However, the emission rate is reduced with three burn mechanisms:

 — Fifty percent of the transaction fee will be burned if a user transacts on an app that isn't participating in FeeM.

 — Users who choose not to wait for the full 270-day maturation period for 75% of their

 will lose a portion of their S tokens, which will be burned.

 — Unused tokens from Sonic’s annual minting (for the first six years) will be burned.

 event during which 190.5 million S will be distributed to active ecosystem participants both on the Fantom Opera and Sonic chains. During the first season of the airdrop, S allocations can be claimed until June 2025. 

As part of the airdrop, users can earn Sonic Points, reward points that qualify you for S coins. You can earn Sonic Points by holding or deploying whitelisted assets on the chain. The table below lists these whitelisted assets.

There are also developer-focused reward points called Sonic Gems. These are distributed to contributing DApps, and can be further reallocated by DApp operators among their own users.

Sonic’s S coin is available on Bybit's Spot market as a 

As of Mar 4, 2025, the S coin is trading at $0.53, which is 47.8% lower than its ATH of $1.03 on Jan 4, 2024 and 49.3% higher than its ATL of $0.3596 on Feb 3, 2025. Long-term price forecasts for S are mostly bullish.DigitalCoinPrice 

 of $1.85 in 2027 and $2.85 in 2030, whileCoinCodex 

 $0.63 in 2027 and rise to $2.17 in 2030.

Since the early days of its market presence, Fantom has been recognized as a highly scalable and efficient blockchain. With its transition to Sonic, the project’s team hopes to solidify this reputation even further. Sonic isn’t just a rebrand of Fantom — it's an entirely new platform that incorporates technical upgrades and improvements, resulting in impressive properties — such as 10,000 TPS, one of the best throughput capacities in the industry. Moreover, in addition to technical enhancements, the platform's generous developer incentive program, FeeM, is hard to ignore if you’re in the game of building or operating DApps. Along with Sonic's stellar technical characteristics, FeeM may just help drive the project's ecosystem growth on a scale that the original Fantom chain could only dream of.

Intermediate

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From Fantom to Sonic (S): Enhancing speed and scalability in DeFi

Boson Protocol has launched on Base, enabling the tokenization and secure exchange of physical assets as part of its multichain expansion. 

The S&P 500 fell 1.76% as tariff concerns hit tech stocks. Investors await key earnings reports. Gold rose 1.1% to $2,890.57 amid a weaker dollar and tariff concerns. Investors await U.S. payroll data. Coindesk Indices, an index measuring broader cryptocurrency market performance was down by 8.92%, with Bitcoin and Ether dropping by 8.92% and 16.47%, respectively in the past 24 hours. Trade these markets and more with up to 500x leverage on Bybit MT5 using this 

Today’s top performer is LAYER, which surged nearly 19.8% after Solayer launched the $LAYER / $SOL liquidity pool on Orca.

Solayer, launched in August 2024, is Solana’s first native restaking and liquid restaking protocol, allowing users to earn yield by securing additional decentralized applications (DApps) with staked SOL or Solana-based LSTs like mSOL, JitoSOL, and bSOL. Similar to Ethereum’s EigenLayer, Solayer enables restaking for extra rewards. Solayer 

 a $LAYER / $SOL liquidity pool on Orca, inviting users to provide liquidity and engage with the ecosystem. The announcement includes the contract address for participation.

Check Out the Latest Prices, Charts, and Data of 

, enabling the tokenization and secure exchange of physical assets as part of its multichain expansion. This integration supports AI-driven commerce by allowing autonomous agents to conduct real-world transactions with cryptographic security. By joining Base’s growing ecosystem, Boson aims to create a decentralized marketplace for tokenized assets like real estate and commodities. Developers can now leverage Boson’s infrastructure to integrate real-world commerce functionality into AI-powered applications while benefiting from Base’s efficiency and security.

Yesterday, BTC Spot ETFs had a net inflow of $3.8M, with $58.2M into non-GBTC funds and a $54.4M outflow from GBTC.

, on Base in spring 2025 with a 10B total supply. The token is for fun and holds no governance or equity rights. A March 3 snapshot was taken, with another planned three days before launch. Zora has driven $376M+ in secondary volume, empowering creators with onchain tokenization tools. The protocol supports Base, Zora Network, OP Mainnet, Arbitrum One, Ethereum, and Blast. Claim details and tokenomics will be announced later.

Beginner

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Boson Protocol Expands to Base, Enabling AI-Powered Real-World Commerce

Venice is an artificial intelligence platform committed to providing users with the utmost security and privacy. Learn more here.

Artificial intelligence (AI) offers people many benefits, but it also comes with some concerns about privacy and security. Venice’s AI platform hopes to address these concerns by offering a private and uncensored AI model for users to enjoy. 

While it's not a fully blockchain-centered technology, Venice does offer some 

 features, such as its own cryptocurrency token. To learn more about how its system operates and to learn whether you want to invest in it, make sure to explore this guide to Venice’s AI platform.

 is an artificial intelligence platform committed to providing users with the utmost security and privacy. This open-source AI model can create images, text and code, just as with Stable Diffusion and ChatGPT. However, Venice doesn’t spy on users or censor its results.

Venice is a Swiss-based company founded by 

, the former CEO of ShapeShift, a crypto exchange, and is a well-known privacy advocate within the crypto community. As AI technology began to take off, Voorhees quickly noticed the need for more privacy. To keep Venice as true to his original vision as possible, Voorhees has kept his team very small. He does have help, however, from a few other industry experts, such as COO Teana Baker-Taylor, who used to be Binance’s UK Director. But Voorhees is the sole founder of the platform, and the company only consists of six other people. 

While AI services can be useful for tasks such as replying to image generation, many of its bigger systems put a lot of rules in place. Users are censored in the types of text prompts they can request, and the system may discard answers it feels are too risqué or inappropriate. Venice promises to deliver uncensored information straight to users. 

The project also wants to bring the power of AI to users without requiring them to sacrifice privacy. Many leading open-source AI models have to sell user data to big companies in order to afford the equipment to run their AI. This can lead to major privacy concerns, especially if a security breach leaks private data to the public. Venice plans to maintain a secure environment in which people have permissionless access to AI.

Venice operates on a set of abliterated AI models. These are modified large language models (LMMs) that have had their restrictions and censorship mechanisms removed. Venice provides access to a variety of 

, including Dolphin 72B, Flux and Stable Diffusion. Users can switch between these models in order to experience various response styles and parameters.

Venice mostly uses generative technology and standard software coding to run its website, but it does have a blockchain framework as well. The computational power needed to run all the Venice programs is broken down into standardized 

 (VCUs). The system tracks the number of VCUs a person uses, and if a person goes over the free daily limit of VCUs, they can pay for additional VCUs with VVV tokens. This system runs on Base, a 

 Ethereum network that provides both security and accuracy. 

Venice's mission to deliver uncensored AI content in a secure environment has led to many exciting features. Users can access the following services, regardless of whether they’re casual AI enthusiasts or experienced pros.

Venice provides permissionless access to all the wonders of text-based AI. Some people use Venice to write essays or request information on various concepts. You can also use its text generation to interact with the AI, and request it to function like a chatbot and talk back and forth with you.

You can use this uncensored AI service to create images based on a variety of prompts. For example, you can enter subjects, theme matters and even art styles to generate unique artwork. Unlike many other leading open-source AI services, Venic allows for some unusual and NSFW imagery.

Venice also has a system exclusively for coders. If you're interested in using AI to build software, the system can deliver you custom-written code. Simply set up text prompts describing what you want your code to accomplish, and depending upon the model you use, you may be able to filter parameters such as program language and coding type.

Venice recently introduced a new feature on its platform that lets users create and interact with AI characters with no filters. Each character comes with a unique personality and backstory, offering a fully customizable and immersive chat experience. You can even upload a PDF to add depth or duplicate and evolve characters to explore new personalities. 

Venice's founder has worked diligently to set up a basic system with access to uncensored AI models and some helpful privacy features. Now that this foundation is finished, the development team is primarily working on user experience features. They hope to implement useful details, such as editing previous messages, backing up chat and improving the tagging system. 

 that they think will help them. Thanks to user input, Venice’s road map includes plans to eventually add more tutorials, direct access to web links and provide auto-top-up options for Venice API credits.

The VVV token is used to manage resource distribution for the Venice system. For instance, you can pay usage fees for image generation with the token, and pro users can 

 VVV to gain free access to the Venice system in perpetuity. VVV’s starting supply is 100 million tokens, with plans to create 14 million new tokens each year. Half of the initial supply of tokens will be distributed to community members via 

, while 35% are reserved for development and growth, 10% will be used for ecosystem incentives, and 5% will be used for liquidity. The further 14 million tokens that are released each year will be distributed as staking rewards for people who participate in the private and uncensored Venice network. 

When the VVV token debuted in January 2025, it quickly reached an all-time high (ATH) of $22.58, and then hit an ATL of $2.50 less than a week later. Prices have mostly stabilized since then and range from $3–$5. 

While the market for VVV is somewhat bullish, social media opinions are divided. Some users 

, due to the team's frequent sales of the tokens and the fact that more tokens will be minted. However, other crypto investors believe that strong support from reputable web3 companies, such as Coinbase and Binance Alpha, will lead to a 

. Overall, pricing analysis tools predict a slow yet steady rise. CoinCodex suggests that VVV token prices will 

Looking to trade Venice (VVV) tokens? Bybit now offers the VVV/USDT Spot trading pair. To get started, you’ll first need to create a Bybit account, then fund it with cryptocurrency and navigate to the 

VVV's essential role in the Venice AI project makes it a coin with potential. There’s a lot of demand for AI models with better security and less censorship, and the unbiased machine intelligence of Venice AI could fill that functionality. Since VVV is needed to access the Venice API, it retains some utility and value outside of market fluctuations. 

However, keep in mind that Venice's tokenomics have come under a lot of scrutiny, due to their inflationary model. The coin's pricing history has also seen some big drops, scaring away investors. This makes VVV slightly riskier than the average crypto startup token. 

Ultimately, investors may want to check out VVV if they want to support Venice, or enjoy working with potentially undervalued coins. However, it's important to remain cautious and use 

 strategies when buying VVV. As always, when investing in any crypto token, 

, and don’t invest more than you can afford to lose.

Right now, there’s a huge demand for open-source AI models that don't have censorship or privacy issues. Therefore, it's no surprise that Venice’s AI platform has already managed to attract a lot of users. Furthermore, Venice offers a secure and unbiased machine intelligence that could make its cryptocurrency token very valuable. Though there have been some ups and downs since the VVV token's release, it's still an intriguing option for investors.

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Venice (VVV): Advancing AI with a focus on privacy

Bybit Web3 Points are a reward system within Bybit’s Web3 ecosystem, enabling users to earn points through activities like trading, referrals and daily tasks.

Cryptocurrency and blockchain technologies have paved the way for innovative rewards systems that cater to both traders and everyday users. Among these, Bybit Web3 Points stands out as a unique offering. Designed to integrate seamlessly with Bybit Web3’s ecosystem, this points system rewards user engagement and provides opportunities to redeem exclusive perks. 

This article explores what Bybit Web3 Points are, how they work, the benefits they offer and the various ways users can earn them.

 are a reward system within Bybit’s Web3 ecosystem, enabling users to earn points through activities such as trading, referrals and daily tasks. 

These points can be accumulated and redeemed for lottery tickets, which in turn can be used to win up to 100 MNT or 10,000 PENGU tokens. 

Bybit Web3 Points provide a great way to encourage engagement while offering tangible benefits for users.

Bybit Web3 Points operate through a straightforward and powerful system. Points are earned by participating in specific activities within Bybit Web3’s ecosystem. Each activity — whether it’s trading, referring new users or completing daily check-ins — contributes a predetermined number of points to the user’s account. The process is automated, ensuring a smooth and hassle-free experience.

 are calculated daily, and corresponding Web3 Points are credited to user accounts the following day. Referrals allow users to earn additional points for bringing in qualified referees who meet specific criteria. Moreover, daily check-ins incentivize consistent engagement by rewarding users who interact with the platform regularly. This flexible system ensures that everyone, from seasoned traders to beginners, can find ways to earn and benefit.

How to Get Started With Bybit Web3 Points

To get started, users first need to create a 

. These wallets serve as gateways to the ecosystem, allowing you to begin earning points through various activities and enjoying the rewards that come with them.

Once you’ve accumulated Web3 Points, you can use them in several rewarding ways. One key option is to participate in lucky draws, in which rewards are completely random. The more Web3 Points you have, the more entries you can submit, increasing your chances of winning valuable prizes. These draws add an exciting gamified element to the system, making the process of earning points even more engaging.

Additionally, you can monitor and manage your points conveniently through the 

Bybit Web3 Points are more than just a reward system. They offer a host of benefits tailored to users’ needs.

There are various ways in which you can earn more Bybit Web3 Points. Check out our detailed guides below to get started.

Trading on Bybit Web3 DEX Pro is one of the primary ways to earn Web3 Points. The system uses a tiered multiplier mechanism based on trading volume, ensuring that the more you trade, the more you earn.

Trading volumes are assessed daily, with points credited the next day (T+1). This structure rewards active traders and encourages increased participation in Bybit Web3 DEX Pro.

Daily check-ins provide a simple and consistent way to earn Web3 Points. Users holding at least $10 worth of assets in their wallets can participate by sharing posts on social media. The reward system works as follows:

After the seventh consecutive day, the streak resets, allowing users to start the process again. If you miss a day, the check-in streak resets, and you’re required to start from the first day again. This encourages daily engagement with the platform.

New users can earn Web3 Points by completing specific tasks that help them get started on Bybit. For example, they can create a Bybit Seed Phrase Wallet, follow Bybit on social media and complete a trade of at least 100 USDT on Bybit Web3 DEX Pro with their Bybit Seed Phrase Wallet. This provides an easy way for newcomers to start accumulating points as soon as they join the platform.

Inviting friends to join Bybit is another lucrative way to earn points. Rewards are based on the number of qualified referees.

To qualify, referred users must maintain a balance of at least $10 in their wallet for seven consecutive days. Once the referred friend meets the criteria, the referring user will receive their Web3 Points the next day (T+1).

What Can I Redeem With Bybit Web3 Points?

Bybit Web3 is currently running an exciting campaign featuring a huge prize pool of 100,000 MNT and 10,000,000 PENGU. Here’s how you can participate — and what you can win:

Every 1,000 Web3 Points can be exchanged for one lottery ticket. Users have the flexibility to choose a single raffle entry (x1), or to multiply their entry up to ten times (x10) in one go, provided they have enough lottery tickets. With each lottery ticket, you have the chance to win up to 100 MNT or 10,000 PENGU. This means that even one lottery ticket can secure a top prize from the campaign’s generous rewards. Additionally, more exciting rewards will gradually be added, ensuring that the Bybit Web3 Points ecosystem continues to offer fresh and engaging opportunities for all users.

By earning and redeeming your Web3 Points for lottery tickets, you not only boost your engagement with the Bybit Web3 ecosystem, but also receive a chance to walk away with substantial crypto rewards.

Earning Bybit Web3 Points can be highly beneficial if you’re an active participant in the Bybit ecosystem. The platform makes it easy for both new and experienced users to start earning points through multiple activities, and the rewards system is structured to encourage engagement. 

Moreover, the flexibility of the program — such as the fact that points don’t expire — creates appeal for a wide range of users, allowing them to accumulate points over time at their own pace. If you’re already trading on Bybit, or planning to start, earning Web3 Points is a simple and rewarding way to make the most of your experience.

Bybit Web3 Points empower users to maximize their crypto journey by offering a seamless, rewarding experience. With multiple ways to earn and redeem points, this system not only incentivizes engagement, but also aligns with the growing demand for user-centric blockchain solutions. Start earning today and unlock the potential of Bybit Web3 Points!

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Bybit Web3 Points: Your Key to Earning Crypto Rewards

Crypto Insights

Our weekly Institutional Insights explore the latest market developments, including market performance, industry news, ETF flows, trending topics, upcoming events, and token unlocks, aiming to supercharge your crypto trading.

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 Our Weekly Institutional Insights explore the latest market developments, including market performance, industry news, ETF flows, trending topics, upcoming events, and token unlocks, aiming to supercharge your crypto trading.

The past week began with news from Mt. Gox announcing plans to distribute repayments in July, which led to a 5-7% decline in both Bitcoin and Ethereum. Ethereum quickly recovered, likely buoyed by the ETF narrative, while Bitcoin showed a modest recovery with minimal volatility. Meanwhile, meme coins remained one of the best-performing sectors, with coins like PEPE, WIF, BONK, and BRETT seeing notable surges.

In a significant move, Vaneck, a global investment management firm, filed for the first Solana ETF in the US last Thursday. Previously, the SEC had categorized SOL as a security. However, Matthew Sigel, head of digital assets research at Vaneck, expressed on X that SOL should be considered a commodity, similar to Bitcoin and Ethereum. This filing may prompt other issuers to consider similar actions, and it remains to be seen how the SEC will respond.

Additionally, the highly anticipated Blast airdrop occurred on June 26, distributing 17 billion tokens. Of these, 7% were allocated to Blast Points holders, 7% to  Blast Gold, and 3% to the Blur Foundation. The second phase of the airdrop has also commenced, with 10 billion BLAST designated for distribution over a period ending in June 2025. Half of the Phase 2 rewards are earmarked for Blast Points holders, with the remaining half to Blast Gold.

Bitcoin spot ETFs saw a mixed performance last week. Despite the continuous outflows from mid-June saw an end

Polymarket, an Ethereum-based prediction market platform, has continued to gain traction as the US election approaches. According to data from DeFiLlama, the total value locked (TVL) on Polymarket reached an all-time high of US$38.63M last week. Furthermore, key metrics such as monthly volume, monthly active traders, and open interest also surpassed previous records. As of June 28, Polymarket's TVL represents 55% of the total for on-chain prediction market platforms, making it the largest among its peers.

The surge in Polymarket’s activity can be attributed to the intensifying US election and the European Football Championship, attracting significant wagers on the outcomes of these major events. Currently, the most wagered-on topics on the platform include the Presidential Election Winner 2024, attracting close to US$200M in bets, the Republican VP nominee with US$51M, and the Euro 2024 winner with US$ 2 million. In addition to political events and sports, Polymarket also enables users to place bets on events in the crypto, business, and science sectors, offering a diverse range of betting topics.

Last month, Polymarket secured US$45M in funding, led by Peter Thiel’s Founders Fund and including participation from Ethereum co-founder Vitalik Buterin. As the on-chain prediction market gains momentum and public interest increases, it will be interesting to observe how this sector evolves in the future.

Weekly Institutional Insights — Polymarket Continues to Gain Traction as the US Election Approaching

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