Asset managers Grayscale and VanEck filed amended S-1 registration statements for their respective spot BNB exchange-traded funds on Friday, bringing the cryptocurrency one step closer to becoming an approved US crypto ETF. 

Grayscale filed its second amendment, while VanEck submitted its fifth on Friday. S-1s are one of the main filings that ETF issuers must submit to the SEC for approval, detailing everything from the ETF’s structure and strategy to management fees and risks.

“Another amended S-1 from [Grayscale] on the BNB ETF… have to guess they are going off feedback from SEC and trying to launch in near future? Could be the next crypto asset to get a spot ETF in the US,” said Bloomberg ETF analyst James Seyffart.

Despite BNB being the fourth-largest cryptocurrency by market cap at $87.4 billion, it has yet to be included in the growing list of US spot altcoin ETFs, including those tracking Solana (SOL), Litecoin (LTC), XRP (XRP) and Hyperliquid (HYPE).

Source: James Seyffart

Grayscale filed for the Grayscale BNB ETF (GBNB) on Jan. 23, 2026, and has yet to disclose a fee for GBNB. VanEck made its first filing for the VanEck BNB ETF (VBNB) in May 2025 and proposed a 0.39% management fee for VBNB.

Related: Bitcoin market dominance moves above 61%: Will altcoins follow? 

The number of altcoin ETFs has grown since the SEC introduced a generic listing standards process in September, replacing the previous case-by-case application review framework. 

Wall Street asset managers have also continued to experiment with crypto ETF structures, from staked products and leveraged strategies to futures-linked and multi-asset index funds.

Recent Hyperliquid ETF launch tempered 

However, reception to the latest spot altcoin ETF has been lukewarm compared to others before it, with the 21Shares-issued Hyperliquid ETF only attracting $1.2 million in net inflows on Thursday, its opening day.

By contrast, the Bitwise Solana Staking ETF (BSOL) attracted $69.5 million on its opening day in October, while the Canary XRP ETF (XRPC) brought in $245 million a few weeks later on debut in November. 

The lion’s share of net inflows for crypto ETFs has remained in Bitcoin (BTC) and Ether (ETH) products, which have amassed $58.4 billion and $11.8 billion since launching in 2024.

US-based Solana ETFs recently crossed the $1 billion milestone, currently sitting at $1.11 billion.

Magazine: ETH stalls at $2.4K five times, SOL to rally to $120: Market Moves 

Grayscale and VanEck have taken another step toward a US listing for a spot Binance Coin (BNB) ETF, filing amended S-1 registrations for their respective products. Grayscale submitted its second amendment for the Grayscale BNB ETF (GBNB), while VanEck followed with its fifth amendment for the VanEck BNB ETF (VBNB). These S-1 amendments remain a core part of the SEC’s review process, detailing the funds’ structure, investment strategy, fees, and risk disclosures as issuers pursue approval.

Market observers have been watching closely for a potential green light on a spot BNB ETF, a development that would mark a rare foray into a major non-Bitcoin/ETH asset within the growing US ETF ecosystem. As one Bloomberg ETF analyst, James Seyffart, noted on social media, the timing of the amendments could reflect issuers’ responsiveness to SEC feedback and a possible near-term launch horizon for a spot crypto asset in the United States.

BNB remains a heavyweight in the crypto market, ranking as the fourth-largest asset by market capitalization with roughly $87.4 billion in circulating value, according to CoinGecko. Yet it has not yet earned a spot among the expanding roster of US-listed spot altcoin ETFs, which today includes vehicles tracking Solana (SOL), Litecoin (LTC), XRP (XRP), and Hyperliquid (HYPE).

Grayscale publicly filed for the Grayscale BNB ETF (GBNB) on January 23, 2026, and the firm has not yet disclosed a management fee for GBNB. VanEck’s interest in BNB dates back to May 2025, when it first filed for the VanEck BNB ETF (VBNB) and proposed a 0.39% management fee for the offering. These details illustrate how issuers are balancing competitive fee structures with structural nuances in pursuit of SEC approval.

Related coverage highlights the broader shift in the US ETF landscape, where the SEC’s generic listing standards process, introduced in September, has facilitated a broader slate of altcoin ETF filings compared with the prior, more ad hoc review framework. This regulatory evolution has encouraged traditional asset managers to experiment with a spectrum of crypto ETF formats, from staked and leveraged products to futures-linked vehicles and multi-asset index funds.

Key takeaways

• Grayscale and VanEck each advanced their spot BNB ETF filings, with GBNB’s second S-1 amendment and VBNB’s fifth amendment reflecting ongoing SEC interaction and potential near-term timing.
• BNB is a major but still-unlisted asset in US spot crypto ETFs, ranking fourth by market cap but not yet offered as a US-listed ETF alongside SOL, LTC, XRP, and HYPE.
• The broader altcoin ETF space has grown under the SEC’s generic listing standards, but early inflows to new launches have been mixed compared with dominant BTC and ETH products.
• Recent launch dynamics show only modest initial inflows for some altcoin ETFs, while the market has seen multi-asset and sector-specific crypto funds continue to emerge.

BNB ETFs in the context of a growing, selective altcoin ETF market

The filings for GBNB and VBNB come amid a broader expansion of altcoin ETFs in the United States, a trend that gained speed after the SEC formalized a listing-standards framework last autumn. This shift has encouraged major asset managers to test various ETF architectures—ranging from traditional spot exposure to more sophisticated structures designed to capture yield or thematic exposure—within the bounds of US regulatory oversight.

Yet investor appetite for new spot altcoin products remains nuanced. The market has seen a mixed reaction to recent launches: the Hyperliquid ETF, launched by 21Shares, drew about $1.2 million in net inflows on its debut day, a modest start relative to some earlier launches. By contrast, other launches around the same period attracted far larger sums on day one, underscoring a bifurcation in how traders and institutions value different altcoins as ETF exposures.

Beyond single-asset plays, a wave of multi-asset and sector-focused crypto ETFs has continued to populate fund lineups. Meanwhile, BTC– and ETH-focused offerings continue to capture the lion’s share of inflows, illustrating the market’s current preference for the largest, most established crypto assets within regulated vehicles.

Altcoin ETFs tracking assets such as Solana have nonetheless shown notable milestones in their own right. US Solana-based ETFs recently surpassed the $1 billion mark in aggregate net assets, a threshold that signals growing, if still selective, institutional interest in non-Bitcoin assets within regulated wrappers. XRP-focused ETFs have likewise drawn substantial attention and inflows since their debut.

What the data suggests for investors and builders

For investors, the ongoing BNB ETF filings represent a potential pathway to direct exposure to one of the ecosystem’s most widely used tokens, inside a framework that offers traditional governance features, liquidity, and regulatory clarity. The evolving SEC stance on altcoin ETFs also suggests that asset managers are calibrating fee levels and structural details to align with regulatory expectations while remaining competitive in a crowded market.

From a market structure perspective, the mix of assets under consideration and the variety of ETF formats being explored indicate a broader pattern: mainstream financial platforms are gradually embracing a diversified crypto exposure, not as a wholesale shift away from established assets but as a complementary layer for investors seeking targeted risk profiles or yield opportunities within regulated wrappers. Observers will want to monitor how these filings address unique risks associated with each asset, including custody nuances, liquidity, and regulatory risk disclosures that have historically influenced SEC decisions on crypto ETFs.

Analysts also point to the relative performance gap between spot crypto ETFs and legacy equities-based ETFs. Data tracked by FarSide show that Bitcoin and Ethereum ETFs have amassed tens of billions of dollars in net inflows since their 2024 launches—roughly $58.4 billion for BTC and $11.8 billion for ETH—reflecting investor confidence in core blue-chip crypto exposures within regulated funds. Solana-based ETFs, while still early in their lifecycle, have crossed notable milestones as the ecosystem matures, with the Solana-focused lineup reaching about $1.11 billion in assets under management recently. These figures help contextualize where BNB fits within a developing spectrum of crypto ETF offerings and how the market prioritizes assets with deeper liquidity and broader adoption.

For readers tracking the regulatory timetable, the key question remains: when will a US-listed spot BNB ETF gain approval, if ever? The answer hinges on SEC risk disclosures, fee structures, custody arrangements, and the agencies’ evolving comfort with non-BTC/ETH assets within the securities market framework. In the near term, market watchers should expect ongoing amendments and exchanges with the SEC as issuers refine proposals to satisfy the agency’s criteria while trying to differentiate themselves in a crowded field.

Next up, market participants will be watching for any public comments from the SEC on these filings and whether additional disclosures surface that could influence the speed of approval. If the lessons from the latest batch of altcoin ETF launches hold, a successful BNB listing would likely occur only after issuers demonstrate robust liquidity, clear custody arrangements, and defensible fee structures that align with investor expectations and regulatory guidance.

Source observations and expert commentary on the path forward for spot BNB ETFs continue to surface, including insights from market observers who track ETF filings and regulatory signaling. As the ecosystem evolves, Grayscale and VanEck’s ongoing amendments will be a barometer of how quickly the market can translate an influential non-BTC asset into a regulated, investable product in the United States.

Watch for updates on the SEC’s review timeline and any new disclosures from the sponsors as they refine GBNB and VBNB ahead of potential approval and listing decisions.

Bernstein analysts view Figure Technology Solutions as a standout in the evolving world of blockchain-based markets, noting that the company’s first-quarter results underscore a deliberate pivot from a traditional fintech model toward a blockchain-native capital markets platform. Figure reported May 11 that its top-line and EBITDA beat Wall Street expectations, as the company continues to tokenize real-world credit assets for trading, funding, and financing on-chain.

As Figure builds out a full blockchain-native ecosystem for credit, Bernstein contends the company could surprise investors with how its approach differs from balance-sheet fintech lenders. In a May 15 client note, the team highlighted that Figure’s live blockchain data might deliver a real-time read on blockchain loan activity, potentially signaling a stronger Q2 than the market currently anticipates.

Figure has been pitching Wall Street and the DeFi world on a broader thesis: it is not merely a fast-growing home equity line of credit lender wrapped in crypto branding, but a comprehensive blockchain capital markets platform capable of handling tokenized loans and, eventually, tokenized equity.

Key takeaways

• Figure’s Q1 results beat revenue and EBITDA expectations, reinforcing its strategy to tokenize real-world credit assets for on-chain markets.
• Bernstein projects that Figure’s on-chain data could make FIGR a live barometer of blockchain loan volumes, potentially driving a stronger Q2 than traditional metrics alone would imply.
• Management aims to create a complete on-chain marketplace for real-world assets, with Forge acting as the mechanism to convert whole loans into liquid, fractional participation units.
• The broader tokenized-credit landscape remains small today, but the potential market, as outlined by Bernstein, runs in the trillions of dollars, underscoring a large long-term growth horizon for platforms like Figure.

Figure’s blueprint: from loans to a blockchain-driven marketplace

During Figure’s May 12 earnings call, executive chairman and co-founder Mike Cagney explained the practical challenge of bringing real-world assets (RWAs) to DeFi. He noted that DeFi is asset-based lending by design: collateral backing loans must be liquid for on-chain trading, but when a loan is a whole asset, questions arise about how lenders would take a fractional interest and where such positions could be sold. Figure’s Forge platform is designed to address this by converting whole loans into small, dollar-denominated liquid participation units, enabling more flexible on-chain handling of diversified portfolios.

Bernstein’s takeaway is that Figure could evolve into a full-fledged marketplace where real-world assets—both loans and, in time, equities—help underpin borrowing and lending liquidity. In that view, FIGR would essentially capture a fee from the broader blockchain economy as it scales its asset-backed financing activities across multiple asset classes.

Operational edge: AI, data, and the underwriting advantage

Figure’s leadership has long argued that the combination of AI and on-chain data infrastructure offers a practical path to automate underwriting, compliance, and loan verification for RWAs. CEO Michael Tannenbaum stressed in the May 12 call that AI serves as the brain, while blockchain functions as the nervous system—providing structured data to streamline processes that are traditionally manual or siloed. This data-centric approach is intended to reduce friction in onboarding real-world assets to blockchain-native financing rails and to improve risk assessment as tokenization expands beyond core offerings like autos loans into broader credit categories.

As institutional investors remain cautious about blockchain-for-finance narratives, the management emphasis on operational leverage—data-driven underwriting, automated verification, and scalable tokenization—appeals to stakeholders seeking tangible capabilities that bridge traditional finance and DeFi liquidity.

Tokenized credit: a market still in early stages but with clear potential

In its research, Bernstein highlighted an expansive addressable market for on-chain credit origination that could span multiple loan categories, including mortgages, auto loans, home equity lines of credit (HELOCs), and small-business lending. The firm has put a rough estimate of up to $4 trillion in annual origination within reach as tokenization and on-chain settlement mature across asset classes.

By comparison, current on-chain tokenized credit activity remains relatively modest. Industry data tracked by RWA.xyz places the current tokenized credit market at about $5.14 billion, illustrating the gap between today’s adoption and the scale Bernstein envisions for the long term. The market’s evolution will likely hinge on how quickly tokenized assets can reliably bridging traditional credit with DeFi liquidity, as well as regulatory clarity that accelerates institutional participation.

Figure Technology Solutions is emerging from a period of rapid expansion with a quarterly report that analysts say underscores its shift from a traditional fintech lender to a blockchain-native capital markets platform. In its Q1 results released May 11, Figure beat revenue and EBITDA expectations, reinforcing management’s aim to tokenize real-world credit assets into blockchain-friendly instruments that can be traded, funded and financed with greater efficiency than conventional systems.

Behind the headlines, Bernstein analysts suggest Figure’s trajectory could set it apart from balance-sheet lending platforms by offering a live, blockchain-driven view of loan activity. In a May 15 client note, the firm argued that Figure’s stock could increasingly reflect blockchain loan volumes in real time as more data flows onto its network, a signal that the company’s ecosystem is moving beyond a crypto-tinged HELOC story toward a broader blockchain capital markets framework.

Key takeaways

• Figure’s Q1 results beat Wall Street on revenue and EBITDA, bolstering the fintech’s narrative as a full-stack blockchain capital markets platform.
• Bernstein sees Figure’s growing live blockchain data as a potential driver for the stock to mirror on-chain loan volumes in near real time.
• Figure’s Forge platform converts whole loans into small, liquid participation units to address liquidity and transferability constraints in real-world asset financing on-chain.
• The broader tokenized credit landscape remains small but has outsized potential, with a roughly $5.14 billion current market for tokenized credit and an estimated $4 trillion addressable annual credit origination market as per Bernstein estimates.

From whole loans to liquid participation: the Forge approach

At the heart of Figure’s strategic pivot is the Forge technology stack, which aims to turn whole loans into granular, dollar-denominated participation units that can be traded and funded more efficiently on DeFi rails. CEO Mike Cagney described the challenge common to real-world assets (RWA) on blockchain: in asset-based DeFi, collateral backing loans is only as liquid as the mechanism to realize value. When an LTV breach threatens a loan, or when fractionating a position becomes necessary, where and how would lenders monetize those fractions?

Figure’s answer, according to Bernstein, is a shift toward a full blockchain capital market that can accommodate both loan issuance and broader asset classes, including potential equity, as collateral for liquidity. Bernstein noted that Figure’s ecosystem could eventually “clip a small fee of the entire blockchain economy” as it broadens the scope of assets tradable on-chain. The Forge construct is designed to unlock liquidity by enabling fractional ownership of what are traditionally illiquid, whole-credit positions, thereby broadening the pool of participants and potential funding sources.

Institutional appetite and practical edge

Despite the bullish framing, institutional buyers remain cautious about broader blockchain-for-finance narratives. Figure’s leadership frames the advantage as practical and operational rather than ideological. CEO Michael Tannenbaum, speaking on the May 12 earnings call, reiterated that the company’s real strength lies in execution: artificial intelligence acts as the “brain,” while blockchain serves as the “nervous system.” In his view, blockchain-native data structures should streamline underwriting, compliance and loan verification, enabling more automated and scalable processes across the lifecycle of credit products.

Analysts’ takeaway is that Figure is attempting to reframe the credit market in a way that aligns traditional risk economics with on-chain transparency and liquidity. By pulling real-world asset data into a blockchain-enabled framework, Figure seeks to create a more efficient flow of information and capital that could, over time, reduce friction for lenders and borrowers alike. The question for investors is whether the operational advantages translate into durable revenue streams and a clear path to profitability as the model scales.

Tokenized credit market: a landscape of opportunity and constraint

Figure’s push sits within a broader set of efforts to bring credit on-chain. Bernstein’s research has long highlighted the potential size of the addressable market for tokenized credit, estimating a total annual origination volume across mortgages, auto loans, home equity lines of credit and small-business loans that could eventually move on-chain as tokenized assets — a figure the firm puts near $4 trillion in addressable opportunity.

Today, tokenized credit represents a relatively small segment of the wider real-world asset (RWA) market, with industry data placing the current size at about $5.14 billion. That chasm underscores the growth runway for platforms like Figure, Centrifuge and others that are attempting to bridge institutional-grade assets with DeFi liquidity. Centrifuge, for instance, has expanded its DeFi platform to include tokenized credit and U.S. Treasury products across new blockchain networks, aiming to connect large-scale assets with on-chain markets.

Figure has also extended into auto-loan tokenization through its Hastra DeFi protocol, a collaboration that swaps wrapped yields for a Prime token and connects with broader DeFi ecosystems. Hastra’s recent integration onto the Morpho protocol on Ethereum signals an effort to tap into an even larger addressable market, reinforcing the ambition to tokenize credit products and plug them into a wider on-chain liquidity pool.

Taken together, the developments highlight a tension between the size of the potential on-chain credit market and current adoption. While the total tokenized credit market remains a sliver of the traditional lending landscape, the progress of Figure and its peers indicates a persistent push to prove that real-world assets can be efficiently funded and traded through blockchain-native channels. The question remains how quickly institutions will embrace a model that blends AI-driven underwriting with a highly transparent, on-chain data backbone.

For readers tracking the ecosystem, the evolving dynamics around tokenized credit also matter for builders and traders alike. If live on-chain loan volumes can be reliably measured and linked to real-world performance, Figure could offer a novel signal for demand and risk across the broader crypto-finance market. At the same time, the regulatory and operational terrain around RWAs and tokenized assets remains complex, and any material shifts will likely hinge on clarity from oversight bodies, counterparty risk management, and the reliability of on-chain data feeds.

As notable players push forward, investors should watch for how Figure’s sales and revenue mix evolves as more loans move onto Forge, and how the company navigates the balance between growth and profitability in a market still calibrating to on-chain credit risk models. The broader market’s reception to tokenized credit and the pace at which traditional institutions participate will shape how quickly the “blockchain nervous system” translates into tangible capital formation.

Figure’s May announcements and Bernstein’s ongoing coverage place the company at an intriguing juncture: a fintech that could redefine how real-world assets originate, are underwritten, and circulate within a blockchain-enabled financial ecosystem. The coming quarters will be telling as the company reports further revenue mix details, real-world loan volumes and the efficacy of its Forge-based liquidity framework.

What to watch next: continued visibility into Q2 loan volumes on Figure’s blockchain rails, the trajectory of FIGR’s stock in response to on-chain data signals, and whether the Hastra-Morpho and Centrifuge collaborations unlock meaningful liquidity channels for tokenized credit. For now, the story underscores a broader market test — whether real-world assets can be fully integrated into decentralized finance in a way that is scalable, compliant and economically compelling for both borrowers and lenders.

Bernstein analysts said Friday that Figure Technology Solutions’ first-quarter earnings report shows that the fintech is fast becoming a company that is unique among blockchain marketplaces.

Figure’s May 11 earnings report soundly beat Wall Street estimates on both revenue and EBITDA, with a business that seeks to turn real-world credit assets into blockchain-native instruments that can be traded, funded and financed more efficiently.  

As Figures builds out a blockchain-native capital market ecosystem, the analysts expect the company will surprise investors with how it differs from balance sheet-based fintech lending platforms, seeing FIGR stock as a real-time reflection of blockchain loan volumes.

“FIGR’s live blockchain data suggests an all-time high record Q2 upcoming,” Bernstein analysts said in a May 15 note to clients. “As the market gets more efficient in tracking live blockchain volume data, we believe FIGR’s stock price should become a real-time reflection of blockchain loan volumes,” they said.

Figure is trying to sell Wall Street and the DeFi world on the idea that it is not merely a fast-growing home equity lender (HELOC) wrapped in crypto branding, but a full-stack blockchain capital markets platform. 

Figure Technology’s ecosystem. Source: Bernstein

On management’s May 12 earnings call, executive chairman and co-founder Mike Cagney said that after bringing Figure’s digital assets over to DeFi for financing about a year ago, it faced a challenge common to all real-world assets (RWA) on blockchain. 

“DeFi is asset-based lending. The premise is that the collateral backing the loan is liquid. What are the collateral as a whole loan? Given an LTV breach, how does a lender take a fractional position in the whole loan? Even if they could, where would they sell it?” Cagney said that the company’s Forge platform converts whole loans into small, single-dollar liquid participation units.

Bernstein said it sees Figure building a complete marketplace where real-world assets, both loans and eventually equitie, can serve as active collateral for borrowing and lending liquidity. “That’s going more towards a model where FIGR simply clips a small fee of the entire blockchain economy within its ecosystem,” they said.

Meanwhile, institutional investors remain skeptical of blockchain-for-finance narratives, something CEO Michael Tannenbaum acknowledged in the call, arguing that Figure’s advantage is operational rather than ideological. He described AI as “the brain” and blockchain as “the nervous system,” arguing that blockchain-native data structures make underwriting, compliance and loan verification easier to automate.

Related: Tokenized RWA market grows 420% since 2025 on regulatory clarity, access

Tokenized credit market could draw from wide swath

In previous research, Bernstein has put an estimated value of $4 trillion on the addressable market for total annual volume of credit origination across multiple loan categories that could eventually move onchain as tokenized assets.

That includes lending such as mortgages, auto loans, home equity lines of credit and small-business loans — segments where Figure is expanding beyond its core business.

Tokenized credit remains a small segment of the broader RWA market. Industry data shows the sector is currently valued at around $5.14 billion, highlighting the gap between today’s adoption and the longer-term growth opportunity Bernstein outlines.

Snapshot of current size and scope of global tokenized credit market. Source: RWA.xyz

Other projects are already experimenting with bringing credit onchain. Centrifuge has expanded its decentralized finance platform to include tokenized credit and US Treasury products on new blockchain networks, aiming to connect institutional-grade assets with DeFi liquidity.

Figure has moved into areas such as auto loans through the Hastra DeFI protocol, where tokenized credit products are designed to plug into decentralized finance and broader blockchain markets. Launched last year by the Provenance Blockchain Foundation, the protocol swaps wrapped yields for a Prime token. Recently, Hastra announced its launch on the Morpho protocol on Ethereum, opening up an even larger addressable DeFi market.

Magazine: Guide to the top and emerging global crypto hubs — Mid-2026

TLDR:

• Pi Network launched Pi App Studio to simplify AI-powered app creation for both technical and non-technical users.
• Developers can access tools like Claude Code, Replit, and Cursor to build apps within the Pi ecosystem instantly.
• Pi Coin trades near $0.1664 with 174 million tokens set for release in May, raising concerns over selling pressure.
• Protocol 23 upgrade aims to introduce smart contracts and deeper AI integration to strengthen Pi Network’s long-term utility.

Pi Network has introduced Pi App Studio, a platform aimed at simplifying AI-powered app creation and distribution within its blockchain ecosystem.

The launch marks a key step in the project’s broader strategy to merge artificial intelligence, decentralized infrastructure, and verified digital identity.

With over 60 million users and approximately 18 million KYC-verified participants, the network offers developers immediate access to a large, active community.

Pi App Studio Opens Doors for Non-Technical Creators

Pi App Studio supports AI-assisted coding tools for building applications directly within the Pi ecosystem. Tools such as OpenAI Codex, Claude Code, Replit, Cursor, and Lovable are available to creators. These assistants automate large parts of the development process, making it more accessible.

The platform targets not only experienced developers but also entrepreneurs, founders, and product designers. Non-technical users can now transform ideas into real applications using generative AI. This approach lowers the barrier for entry into blockchain-based app development significantly.

Pi Network’s founders, Chengdiao Fan and Nicolas Kokkalis, outlined their vision at Consensus 2026 in Miami. They stressed the growing importance of combining AI, identity verification, and decentralized payments. The network’s verified user base is central to that vision.

Unlike traditional app stores, Pi offers instant distribution to a built-in social ecosystem. Developers gain access to integrated payment capabilities and native blockchain tools from day one. This removes the costly user acquisition process common in other platforms.

Pi Coin Faces Pressure While Protocol 23 Draws Attention

Despite the launch of Pi App Studio, Pi Coin continues to face market challenges. The token is currently trading around $0.1664, down roughly 2% in 24 hours and nearly 5% over the past week. Investor sentiment remains cautious amid ongoing concerns.

Around 174 million locked PI tokens are set for release before the end of May. This anticipated supply increase could add selling pressure to the market. Analysts are watching the $0.15 support level closely for signs of stability.

Community frustration is also growing over delays in the KYC verification process. Many users report being stuck in “Tentative KYC” status for months after submitting documents. The Pi team maintains that stricter checks are necessary for network fairness and security.

However, the upcoming Protocol 23 network upgrade could shift market sentiment. The update is expected to bring smart contracts, asset tokenization, and deeper AI integration.

If successfully implemented, it could strengthen the utility of the broader Pi Network ecosystem and drive long-term demand.

TLDR:

• Aptos Foundation and Aptos Labs committed $50M targeting trading systems and autonomous AI workloads on-chain.
• Funding is split across in-house products, protocol upgrades, ZK research, and an external trading and AI fund.
• Aptos recorded an all-time low median block time of 28ms on May 12, strengthening its case for high-speed use.
• A governance vote on encrypted mempool is underway, a feature that hides transaction details until execution.

Aptos Foundation and Aptos Labs have committed $50 million to advance the Aptos blockchain stack. The funding targets protocol infrastructure, in-house products, research, and an external partner fund.

The initiative focuses on institutional-grade trading systems and autonomous AI workloads. This marks a shift from earlier ecosystem grants toward specific, protocol-level deliverables.

Aptos also recorded an all-time low median block time of 28ms on May 12, 2026.

Capital Directed at Four Core Development Areas

The $50 million commitment is divided across four distinct areas. Aptos will invest in existing in-house products, including Decibel, a perpetual futures and spot decentralized exchange. Shelby, a hot storage protocol built for AI agents with frequent data reads, also falls under this category.

Protocol-level development receives dedicated funding as well. This includes encrypted mempools, Financial Information eXchange (FIX) for inter-exchange communication, and CryptoCurrency eXchange Trading (CCXT).

CCXT allows developers to fetch market data and execute trades across multiple platforms through a single interface.

Research on zero-knowledge circuit compilers, which underpin features like Aptos Keyless, forms the third area of focus.

These compilers are central to privacy-preserving functionality on the network. The work is technical in nature and tied to long-term protocol security.

The fourth area is an external fund supporting trading firms and AI teams building on Aptos. Institutional desks require order book depth, MEV protection, and connectivity to existing systems. AI agents, meanwhile, need sub-second finality, low fees, and data structures suited to their access patterns.

Ecosystem Activity Picks Up Alongside Protocol Progress

Several ecosystem developments accompanied the funding announcement. Ekiden, a decentralized exchange on Aptos, closed a $2 million seed round on May 5. Investors included angels tied to GSR, Aptos Foundation, and LayerZero.

Cactus Custody added support for Decibel, giving institutions a way to participate in Central Limit Order Book trading without moving assets off custody. Thala’s tokenswap platform also crossed $2.5 billion in cumulative volume during this period.

On the network partnership side, tZERO Group announced plans to integrate its tokenization platform with Aptos. This would allow issuers to launch tokens tied to private company cap tables. BDACS also confirmed plans to launch KRW1, a stablecoin pegged to the Korean won.

A governance vote is currently underway for encrypted mempool adoption. The feature would keep transaction details hidden until execution.

Move Prover has also updated its system to support AI coding agents, allowing developers to interpret each call function without committing to a specific one.