• The Thesis: A synchronized drawdown of the Treasury General Account and debt buybacks will flood markets with cash.
• The Numbers: Hayes calculates roughly $572 billion in net liquidity hitting the financial system before year-end.
• The Timeline: This injection creates a high-probability environment for a Bitcoin surge starting now.

World Liberty Financial’s WLFI token surged as much as 30% over the past 24 hours as top Wall Street CEOs prepare to headline a crypto forum at President Donald Trump’s Mar-a-Lago resort.

The token climbed to a high of $0.128 this morning before retracing to around $0.123, still up 21% on the day. The move raised 24-hour trading volume to about $450 million and pushed the Trump-backed decentralized finance (DeFi) project’s market capitalization to $3.3 billion, according to CoinGecko.

WLFI’s surge highlights how investor sentiment around WLFI remains strongly driven by attention-grabbing headlines and high-profile events. It also underscores the rapidly growing convergence between politics and cryptocurrency.

The World Liberty Forum, organized by World Liberty Financial, aims to bring together leading financial leaders and policymakers to discuss cryptocurrency, finance, and technology.

Some scheduled speakers include the CEOs of Goldman Sachs, Franklin Templeton and Nasdaq, along with the president of the New York Stock Exchange (NYSE). The event is hosted by Donald Trump Jr. and Eric Trump, both co-founders of World Liberty Financial. However, President Trump is not expected to attend, Reuters reported.

The rally comes after the company faced scrutiny earlier this month when it was revealed that a member of the Abu Dhabi royal family acquired a 49% stake in the company shortly before Trump’s 2025 inauguration.

Despite the controversy, World Liberty Financial has become a major part of the Trump family’s business interests. Its USD1 stablecoin now has about $5.1 billion in circulation, up from $3 billion just weeks ago, making it the fifth-largest stablecoin by market capitalization, according to DeFiLlama.

President Trump’s other crypto ventures include the official TRUMP and MELANIA memecoins, which were trading around $3.45 and $0.12, respectively, over the past day, per CoinGecko. The tokens have market capitalizations of around $800 million for TRUMP and $115 million for MELANIA.

Recently published accounts from FTX-backed charity Effective Ventures confirm that the company sold a £17 million ($23 million) stately manor at a £10.7 million ($14.5 million) loss as it continues to wind down its UK operations.

Effective Ventures’ UK arm bought the manor in 2022 as part of a plan to host educational events for the effective altruism movement, a set of beliefs that involves wealthy donors directing funds to specific causes that they deem will do the most good most efficiently.

FTX donated over $26 million to the Effective Ventures Foundation, which was later paid back during the exchange’s bankruptcy proceedings. The charity told UK government regulators that it had received funds from FTX, and after an inquiry, was found to have acted “diligently” in response to FTX’s collapse. 

In its accounts for the year up to June 2025, published last Friday, it confirmed that the manor was sold for £5.95 million ($8 million) and that it had incurred an impairment loss of £8.6 million ($11.6 million). 

Read more: FTX funded this UK charity, now it’s under investigation

Local outlets reported that the manor’s price was initially set at £15 million ($20.3 million) before being slashed to £12 million ($16.3 million) a year later, and eventually to just under £6 million ($8 million). 

The charity says property valuation experts recommended that it cut the asking price due to “reductions in market sentiment.” 

Effective Ventures UK CEO says funds will be donated

Effective Ventures CEO Rob Gledhill had already revealed in the Effective Altruism forum that the manor was officially sold on November 11, 2025. 

He reiterated that “market conditions for country estates” led to the drop in value and added that the proceeds from the sale, “will be allocated to high-impact charities, including EV’s operations.”

Within the accounts, the charity says that it’s made “significant progress” spinning out projects into new independent entities as it winds down the firm.

The charity said that it doesn’t expect to sponsor any new projects and that it should wind down in “2026 or beyond.”

Network News

ZORA MOVES FROM BASE TO SOLANA: On-chain social platform and decentralized protocol Zora is making a decisive shift beyond its non-fungible tokens (NFT) and creator roots with the launch of “attention markets” on Solana, a product that allows users to trade tokens tied to internet trends, memes and cultural moments. The feature, unveiled Feb. 17, lets anyone create a new market for 1 SOL. Once live, users can buy and sell positions on whether a topic will gain or lose traction across social media. Instead of wagering on elections or macro data, traders speculate on buzz itself — such as hashtags, viral narratives, even broad themes like “AI girlfriend” or “bitcoin.” The design leans heavily into Solana’s strengths. Fast block times and low transaction costs make it easier to support rapid price updates and frequent trading, which are essential for markets built around fleeting online momentum. Initial activity was limited, however. The primary “attentionmarkets” token briefly touched roughly $70,000 in market capitalization, with around $200,000 in trading volume. Most other trend markets struggled to attract meaningful liquidity, with few crossing the $10,000 mark on their first day. Percentage swings were sharp, though largely driven by thin order books rather than sustained demand. Zora was among the breakout applications on Coinbase’s Layer 2 Base network in the past few years. It launched its ZORA token there in April and helped roll out Creator Coins tied to Base profiles in July, a push that briefly helped Base overtake Solana in daily token creation. Creator coins are tokens tied to an individual creator’s online profile, brand or community. Think of them as tradable “shares” in a person’s internet presence. On platforms like Zora and Base, a creator coin could be automatically generated from a user’s profile. Fans could buy the coin to signal support, gain social clout, or speculate that the creator’s popularity would grow. As more people bought in, the price could rise, and interest faded, it could fall. As such, some in the Base community saw the new “attention markets” product as a pivot away from that momentum. — Shaurya Malwa Read more.

EF EXECUTIVE-DIRECTOR TO LEAVE: Tomasz Stańczak, co-executive director of the Ethereum Foundation (EF), announced he will step down from his leadership role at the end of February 2026, marking a notable shift in the organization’s executive team. Stańczak, who has co-led the foundation alongside Hsiao-Wei Wang since early 2025, said in a blog post that he believes the foundation and the broader Ethereum ecosystem are “in a healthy state” as he prepares to hand over the reins to Bastian Aue, who will take the co-executive director role alongside Wang. Stańczak’s tenure began at a turbulent time for the EF. He was brought aboard following the transition of long-time executive director Aya Miyaguchi into a new leadership position amid mounting community criticism that the foundation wasn’t doing enough to aggressively push the Ethereum ecosystem forward. At the time, detractors pointed to a perceived disconnect between the EF and developers, including conflicts of interest, clashes over strategic direction and frustrations about ETH’s price performance. Such criticisms helped spur a broader leadership restructuring. While Stańczak stressed his confidence in the team’s ability to carry forward the EF’s mission, he also signaled his intention to remain involved in the ecosystem. — Margaux Nijkerk Read more.

XRP LEDGER RELEASES MEMBER-ONLY DEX: The XRP Ledger has activated a new “Permissioned DEX” amendment, a technical upgrade designed to let regulated institutions trade on XRPL without opening markets to everyone. The change, known as XLS-81, allows the creation of permissioned decentralized exchanges that work like XRPL’s existing built-in DEX, but with a key difference. A permissioned domain can restrict who can place offers and who can accept them, creating a gated trading venue where participation is tied to compliance requirements such as KYC and AML checks. Think of it as a ‘members only’ marketplace, while still keeping the trading mechanics native to the ledger. The feature is aimed at banks, brokers and other firms that may want onchain settlement and liquidity but cannot interact with fully open DeFi markets. For these players, the ability to control access is not optional; it is a minimum requirement. The activation also adds to a growing set of “institutional DeFi” primitives XRPL has been rolling out this month. Token Escrow, or XLS-85, went live last week, extending XRPL’s native escrow system beyond XRP to all trustline-based tokens and Multi-Purpose Tokens, including stablecoins such as RLUSD and tokenized real-world assets. — Shaurya Malwa Read more.

ETHEREUM MEMBERS REVIVE NEW VERSION OF THE DAO: In the summer of 2016, the Decentralized Autonomous Organization, known as the DAO, became the defining crisis of Ethereum’s early years. A smart contract exploit siphoned millions of dollars’ worth of ether (ETH) from that initial project, and the community’s response — a contentious hard fork to recover those funds, splintered the original chain from the current one, leaving the old chain behind, known as Ethereum Classic. The DAO was once the greatest crowdfunding effort in crypto’s history, but faded into a cautionary tale of governance, security, and the limits of “code is law.” Now, nearly a decade later, that story has taken an unexpected turn. What was lost, or rather, left untouched, is being repurposed as a ~$150 million (at today’s prices) security endowment for the Ethereum ecosystem. The endowment, now known as TheDAO Security Fund, will stake some of the 75,000 dormant ether (ETH) and deploy the yield through community-driven funding rounds to support Ethereum security research, tooling and rapid-response efforts, while keeping claims open for any remaining eligible token holders. At the center of this story is Griff Green, one of the original DAO curators and a veteran of Ethereum decentralized governance. “When the DAO hack happened [in 2016], obviously, I jumped into action and basically led everything but the hard fork,” Green said of assembling the white hat group that rescued funds on the original Ethereum chain. “We hacked all these hackers. It was straight up DAO wars”. That effort, alongside others, helped salvage funds that might otherwise have been lost forever. At the time, the hard fork restored roughly 97% of the DAO’s funds to token holders, but left a small fraction, roughly 3%, in limbo. These “edge case” funds came from quirks of the original smart contracts: people who paid more than expected, those who burned tokens to form sub-DAOs, and other anomalies that didn’t cleanly map back. Over time, that leftover balance, once only worth a few million, ballooned into something far more significant due to ether’s appreciation. “The value of the funds we control has grown dramatically… well over 75,000 ETH,” a blog post for the new DAO fund states. — Margaux Nijkerk Read more.

In Other News

• A recent poll of 1,000 American investors in digital assets found that over half are scared they’ll face an IRS tax penalty this year as new transparency rules governing crypto exchanges take effect. The data collected at the end of January by crypto tax platform Awaken Tax canvassed U.S. holders’ concerns about a radical shift from self-disclosure to automatic reporting of transactions. This has been enacted through the introduction of the “Digital Asset Proceeds From Broker Transactions,” or Form 1099-DA, which tens of millions of Americans will be made aware of over the next month or so. The new rules are designed to clamp down on crypto tax evasion and compel brokers, such as crypto exchange Coinbase (COIN), to report all sales and exchanges of digital assets that occurred in 2025 to the tax agency. The aim is to give tax authorities a clear view of investor gains and losses by opening up customer data inside exchanges for the first time, allowing the IRS to compare what crypto brokers report with what taxpayers file. While the goal is to remove any margin of error, the rules are a “blunt instrument,” created by legislators who know nothing about crypto, according to Awaken Tax founder Andrew Duca. “It means crypto is being treated like stocks, but it doesn’t behave in that way. Real crypto users will move assets between multiple wallets and interact with decentralized finance (DeFi) protocols, using pretty complex trading strategies,” Duca said. — Ian Allison Read more.
• Crypto venture firm Dragonfly Capital completed a $650 million fourth fund, marking one of the largest raises in the sector at a time when many blockchain-focused VCs are struggling, Managing Partner Haseeb Qureshi said. “It’s a weird time to celebrate,” Qureshi wrote on a social media post, describing low spirits and “the gloom of a bear market” for crypto. However, he noted that Dragonfly has historically raised capital during downturns, including the 2018 ICO crash and just before the 2022 Terra collapse, ‘vintages,’ he said, ultimately became the firm’s best performers. In September, the firm said it aimed to raise $500 million for its fourth fund, targeting early-stage projects. It has not yet identified any of them. In May 2023, Dragonfly Capital raised $650 million for its third crypto fund for later-stage companies. — Olivier Acuna Read more.

Regulatory and Policy

• Hyperliquid (HYPE), a blockchain-based exchange that processed more than $250 billion in perpetual futures trading last month, has launched a U.S. lobbying and research arm to shape how lawmakers regulate decentralized finance (DeFi). The Hyperliquid Policy Center, a Washington, D.C.-based nonprofit, will focus on regulatory frameworks for decentralized exchanges, perpetual futures and blockchain-based market infrastructure, according to a press release. Jake Chervinsky, a prominent crypto lawyer and former policy head at the Blockchain Association, will serve as founder and CEO. The launch comes as Congress and federal agencies debate how to oversee crypto trading platforms and derivatives markets. Perpetual futures, which allow traders to hold leveraged positions without an expiration date, are widely used on offshore venues but remain a gray area under U.S. law. The arrival of a new group also represents just the latest entrant into a Washington crypto-policy scene that’s jammed with similar organizations, including the DeFi Education Fund and Solana Policy Institute, in addition to the broader groups such as the Digital Chamber, Blockchain Association and Crypto Council for Innovation. And the new organization lands as negotiation is well underway on Senate legislation that may set U.S. DeFi policy. — Kristzian Sandor Read more.
• The legal challenges from state governments against certain aspects of prediction markets such as Polymarket and Kalshi received a sharp rebuke from U.S. Commodity Futures Trading Commission Chairman Mike Selig, who is arguing that his federal agency has jurisdiction, not the states. “To those who seek to challenge our authority in this space, let me be clear: we will see you in court,” Selig said in a video statement posted on social media site X. He said his agency filed a legal brief in court to back up the federal role as the leading regulator over this corner of the derivatives markets. “The CFTC has regulated these markets for over two decades,” he said. “They provide useful functions for society by allowing everyday Americans to hedge commercial risks like increases in temperature and energy price spikes; they also serve as an important check on our news media and our information streams.” — Jesse Hamilton Read more.

Calendar

• Feb. 18-21, 2026: EthDenver, Denver
• Feb. 23-24, 2026: NearCon, San Francisco
• Mar. 24-26, 2026: Digital Asset Summit, New York City
• Mar. 30-Apr. 2, 2026: EthCC, Cannes
• Apr.15-16, 2026: Paris Blockchain Week, Paris
• Apr. 29-30, 2026: Token2049, Dubai
• May 5-7, 2026: Consensus, Miami
• Sept. 29-Oct.1, 2026: Korea Blockchain Week, Seoul
• Oct. 7-8, 2026: Token2049, Singapore
• Nov. 3-6, 2026: Devcon, Mumbai
• Nov. 15-17, 2026: Solana Breakpoint, London