Crypto World
Anchorage Agentic Banking Gives AI Agents Access to Fiat, Crypto Rails
Crypto bank Anchorage is launching a new agentic banking service, seeking to give AI agents the ability to access and move money without human interference — an industry that could be worth a trillion dollars, according to its co-founder.
In an X post on Tuesday, Anchorage co-founder and CEO Nathan McCauley said the firm’s new agentic banking infrastructure gives AI agents the ability to access both traditional finance and crypto payment rails.
Blockchain and tech companies have been rushing to prepare themselves for the future of agentic commerce. Firms such as Stripe argued in February that blockchains will need to eventually be able to process between 1 million and 1 billion transactions per second to handle the network demand coming from AI agents.
“Institutions are experimenting with automation across treasury, payments, and procurement, but they’re doing it on top of systems that were never designed for non-human actors,” said McCauley.
The new banking service would give AI agents a verifiable ID to transact with, preset spending limits, permissions and policies, along with auditability features to maintain regulatory compliance.
The launch came alongside a partnership with Google Cloud, which will provide the intelligence layer that allows AI agents to “discover, negotiate and coordinate” with each other.
Source: Nathan McCauley
Ripple Labs researcher and former head of product marketing Oliver Segovia said the deal also reflects a shifting trend in which tech labs and regulated banks are working more closely together.
“Hyperscalers typically viewed banks as tier 1 enterprise customers, but moving forward, we’ll start seeing more alliances as labs get deeper into regulated infrastructure and banks build intelligence on top of core systems,” he said in a post on X.
Related: Ripple CEO says market structure bill not a ‘done deal,’ despite stablecoin compromise
Speaking at the Consensus 2026 conference in Miami on Tuesday, McCauley argued that the sector will be one of the most important “trends of the next decade.”
“This is, in my view, set to be a trillion-dollar industry where we are going to have agents paying each other, agents paying merchants, and agents getting paid,” he said.
This isn’t the only agentic finance product rolled out in crypto recently.
On Tuesday, the Solana Foundation launched a new gateway service with Google Cloud, allowing AI agents to pay for any APIs using stablecoins on Solana.
On April 30, Tether-backed crypto wallet startup Oobit released a Visa-supported virtual card enabling AI agents to make online purchases with USDT for businesses without requiring human interaction.
The cards are funded with USDT directly from Tether’s treasury, enabling agents to keep using capital without needing to top up via fiat on-ramps or conversions.
Magazine: AI-driven hacks could kill DeFi — unless projects act now
Key Takeaways
- Q1 2026 earnings from AppLovin arrive May 6, with options markets indicating a potential 12.52% post-report move.
- Consensus estimates point to EPS between $3.44 and $3.64, with revenue projected at $1.77–$1.78B, representing ~20% annual growth.
- Key focal points include the Axon AI advertising platform and expansion into e-commerce verticals.
- The company maintains a perfect revenue beat streak spanning the last two years.
- Analysts set an average target of $62.73, suggesting potential upside of approximately 37.7%.
AppLovin approaches its Q1 2026 financial disclosure scheduled for May 6 with APP stock trading near $45.60, reflecting a 17% climb over the previous three-month period.
The options market anticipates a 12.52% swing in either direction following the announcement — indicating elevated investor expectations and significant market uncertainty.
Consensus estimates from Wall Street analysts project quarterly earnings between $3.44 and $3.64 per share, marking substantial growth from the $1.67 reported in the year-ago quarter. Revenue forecasts cluster around $1.77–$1.78 billion, representing approximately 20% year-over-year expansion from the $1.48 billion recorded previously.
These projections are ambitious. Yet AppLovin has consistently delivered, surpassing revenue expectations in every single quarter throughout the past 24 months.
The Axon Platform Remains Central to Investment Thesis
Analyst focus centers squarely on Axon, AppLovin’s artificial intelligence-driven advertising platform. Market observers are keen to assess whether Axon 2.0 continues generating substantial improvements in advertising effectiveness, and whether company leadership indicates sustained performance through the latter half of 2026.
Wedbush research anticipates AppLovin will “continue delivering on sequential revenue growth with a staggering profit margin.” Achieving 84% EBITDA margins once again would demonstrate that the Software Platform division maintains its scalability.
While the Apps segment will receive attention for revenue stability, the Software Platform business remains the primary growth driver for the investment narrative.
E-Commerce Push Gains Strategic Importance
Beyond its established gaming advertising foundation, AppLovin’s expansion into e-commerce advertising channels has captured investor interest. The company’s self-service platform, Axon Ads, is anticipated to achieve full general availability within the first half of 2026.
Seeking Alpha analyst The Alpha Sieve identifies this tool as a potentially transformative development, forecasting 30–50% year-over-year revenue expansion across the upcoming 10 quarters assuming successful e-commerce penetration.
Wedbush adopts a more conservative perspective. The research firm observed that investors anticipating dramatic e-commerce revenue contributions in the previous quarter faced disappointment, and anticipates management will maintain tempered guidance regarding deployment timelines.
“We believe it underscores AppLovin’s deliberate focus on perfecting before scaling,” Wedbush stated, suggesting this methodology should support sustained expansion over multiple years.
Seeking Alpha analyst The J Thesis highlighted the broader mobile application ecosystem as a long-term growth catalyst, observing that AppLovin is “well-placed to benefit from expanding user engagement and industry growth.”
Analyst consensus data shows APP holds a Strong Buy rating supported by nine Buy recommendations and three Hold ratings issued within the last 90 days. The consensus price target of $62.73 indicates potential appreciation of approximately 37.7% from present trading levels.
AppLovin has exceeded earnings per share projections in each of the previous eight consecutive reporting periods. Notably, no downward estimate revisions occurred for either EPS or revenue during the three months preceding this earnings event — all adjustments moved estimates higher.
Key Highlights
- Strategy disclosed a massive $12.54 billion net loss in Q1 2026, primarily due to paper losses as Bitcoin declined 23.8% during the period
- In a notable shift, Michael Saylor indicated the firm might liquidate portions of its Bitcoin holdings to meet dividend requirements
- Strategy’s Bitcoin treasury consists of 818,334 BTC with an average purchase price of $75,537, currently valued at approximately $66.7 billion
- The corporation maintains about 18 months of reserve capacity to cover $1.5 billion in yearly dividend and debt commitments
- MSTR shares declined more than 4% in extended trading; Bitcoin dipped under $81,000 following the disclosure
Strategy, recognized as the largest publicly listed corporate Bitcoin accumulator globally, disclosed a staggering $12.54 billion net loss for Q1 2026. The overwhelming majority of these losses stemmed from unrealized depreciation on the company’s cryptocurrency portfolio as Bitcoin’s value plummeted 23.8% throughout the quarter.
During the quarterly earnings discussion, Executive Chairman Michael Saylor delivered an unexpected revelation. For the first time in the company’s Bitcoin acquisition history, he acknowledged that Strategy might liquidate a portion of its cryptocurrency reserves to satisfy dividend obligations.
“We will probably sell some Bitcoin to pay a dividend just to inoculate the market and send the message that we did it,” Saylor stated.
This represents a dramatic departure from Saylor’s historically unwavering position against selling Bitcoin under any circumstances—a philosophy he’s championed publicly for years.
Just weeks earlier in February 2026, Saylor informed CNBC that Strategy planned to “buy Bitcoin every quarter forever.” During that same interview, he confidently asserted the corporation could weather a Bitcoin crash to $8,000 without requiring any asset liquidation.
Strategy’s cryptocurrency treasury currently consists of 818,334 Bitcoin acquired at an average entry point of $75,537 per unit. At current market valuations, this position represents approximately $66.7 billion in total holdings.
The enterprise faces roughly $1.5 billion in combined annual dividend distributions and debt service requirements. According to Saylor’s calculations, Strategy maintains approximately 18 months of financial runway using its existing cash and USD-denominated reserves.
Saylor characterized the company’s operational framework as a credit-driven strategy: secure financing to accumulate Bitcoin, allow the asset to appreciate over time, then strategically liquidate portions to fulfill financial commitments.
Perpetual Preferred Shares and the Stretch Financial Product
Strategy has been deploying dividend-bearing perpetual preferred equity instruments, particularly its proprietary Stretch offering, to bankroll its ongoing Bitcoin acquisition campaign. The Stretch product has been instrumental in financing a substantial portion of the 145,834 Bitcoin that Strategy has accumulated throughout 2026.
Saylor expressed his ambition for Stretch to evolve into the “biggest credit instrument in the world.” He emphasized that expanding assets under management would enhance market liquidity and generate powerful network effects.
Numerous Bitcoin-centric decentralized finance platforms, including Pendle and Saturn, have started tokenizing the 11% monthly dividend distributions from Stretch. This innovation enables these yields to be exchanged on blockchain networks, significantly enhancing trading liquidity.
Bitcoin-Collateralized Yield Products Coming Soon
Saylor projected that digital banking platforms will soon introduce Bitcoin-backed interest-bearing accounts to consumers. He suggested these products could deliver yields approaching 8%, which he contends surpasses typical stablecoin return rates.
“Check back in 12 more weeks, I think we’ll have some exciting news,” Saylor teased.
He highlighted that approximately three dozen related projects have launched within recent weeks, compared to zero activity just two to three months prior.
In the aftermath of the earnings announcement, Strategy’s equity price tumbled 4.33% during after-hours trading, settling at $178.80.
Bitcoin’s price also retreated below the $81,000 threshold immediately following Saylor’s comments.
Despite the difficult first quarter, Strategy appears positioned for improved Q2 performance, with Bitcoin climbing nearly 20% to $81,250 since the beginning of April.
During a recent LBank X Space, BeInCrypto served as a special media observer as the exchange hosted a keynote-style conversation on crypto growth, culture, and user onboarding.
The session featured Muha, Head of Social, Community, and Partnerships at LBank, who has spent nearly five years building the exchange’s social presence.
Crypto Growth Relied Too Much on Market Waves
Muha opened with a view of how crypto adoption has worked across past cycles.
“For most of crypto and Web3 history, growth was kind of an accident,” he said. “We had token pumps, someone told a friend, the friend opened an account, and that cycle repeated for years.”
In his view, many crypto platforms benefited from users who were already inside the market. Exchanges, launchpads, and projects often rode the same waves of attention as users chased new tokens, new trends, and new communities.
“The user just showed up and the numbers went up,” Muha said.
He argued that this model has become weaker as attention cycles compress. AI agent tokens peaked and faded within weeks, while meme coin runs can now last days. For builders, this creates a harder environment for long-term growth.
“If your entire growth model depends on a narrative you did not create and cannot control, you don’t have a growth model,” he said. “You have pure luck.”
LBank Started Asking a Different Growth Question
According to Muha, LBank’s internal realization developed over time. The team watched attention fragment across crypto and began asking why growth should depend on the next market wave.
He pointed to LBank’s existing base of more than 20 million users and more than a decade in the market as reasons to think beyond cycle timing.
“Why are we waiting for permission from the market cycle?” Muha said. “Are we going to wait for the bull market? Are we going to wait for a new AI agent narrative?”
That question pushed LBank to examine the barrier between Web3 and outside audiences. Muha said the answer was culture and education.
Culture Creates User Attachment
The strongest theme of the Space was culture. Muha acknowledged how often crypto marketing uses the term.
“A fee structure gets you a transaction,” he said. “Culture gets you a person.”
For LBank, culture means shared references, humor, identity, and the feeling of belonging. Muha said users may join for incentives, but long-term attachment comes from recognition.
He compared crypto platforms to consumer brands and sports teams. People support them because they feel part of something, even during weaker periods.
“You’re still representing that team,” he said. “There’s culture, and we don’t see that in Web3 enough.”
Punky Became LBank’s First Major Culture Test
Muha described LBank’s Punky campaign as one of the exchange’s first major experiments with crypto-native culture. He said he personally pushed for the collaboration because Punky already had a strong community and recognizable personality across Web3.
“Punky is not just a mascot,” Muha said. “It’s a cultural artifact.”
He described Punky as a character rooted in crypto humor, risk appetite, and community language. Some internal concerns existed around linking a serious exchange with a meme-driven IP, but Muha viewed the campaign as a way to speak directly to crypto-native users.
According to the discussion, the campaign generated more than 10 million impressions across social media. Muha said the larger result was the quality of user attention.
“They arrived with context,” he said. “They already knew the language. They already had a relationship with the culture.”
Nobody Sausage Opened the Door to Outside Users
While Punky targeted crypto insiders, Nobody Sausage was designed for a wider consumer audience.
“Nobody Sausage was about opening the door for outsiders to come to Web3,” Muha said.
He described the character as a globally recognizable internet IP with a large TikTok and Instagram audience. The campaign was built on the idea that many future crypto users will come from outside crypto communities.
“If you want to reach somebody who hasn’t opened a trading app, you cannot lead with trading,” Muha said. “You have to lead with something they already love.”
According to the Space, the campaign helped drive 500,000 registered users and a 27% traffic spike on April 13. Muha said the response showed a different kind of onboarding behavior.
“They were talking about the character, not the prize pool,” he said.
LBank Brings Live Culture Into Trading
The Space also covered LBank’s product direction, including real-time scrolling comments on trading charts.
Muha said trading has often felt isolated. One user watches one chart alone. Younger users, however, grew up with Twitch, YouTube, TikTok, and live chat culture. They are used to shared digital spaces where commentary, reaction, and activity happen at once.
“For this generation, chaos signals presence,” he said. “It shows that other people are there.”
That thinking supported LBank’s decision to bring live comments into the trading interface. Muha said the goal is to make users feel present with others while they trade.
The Open Question Is User Progression
Muha ended with the challenge LBank is still working through. The exchange can attract users through culture, but the next step is guiding curious newcomers toward active, informed trading while still serving experienced crypto users.
“We know how to bring people in,” he said. “What we are still mapping is how to move them from curious to active trader.”
For Muha, the next decade of crypto will depend on inclusion as much as trading sophistication.
“The next decade of crypto will not belong only to those who understand leverage,” he said. “It will belong to anyone who finally feels included.”
The post LBank’s Muha Says Crypto Growth Now Runs on Culture, Identity, and Inclusion appeared first on BeInCrypto.
Crypto World
Bitcoin price crosses $81K, but derivatives and network activity remain low: check forecast
- Bitcoin (BTC) holds above $81,000 as short-term momentum strengthens.
- Weak network growth signals cautious market participation.
- BTC faces major resistance at $89,500.
Bitcoin has climbed above $81,000, extending its monthly recovery and testing its highest trading range in roughly three months.
At press time, BTC was trading around $81,467 after gaining 5.2% over the past seven days and 17.6% over the last 30 days.
The latest move places Bitcoin in a critical technical zone, with several underlying metrics suggesting the rally is still developing under cautious conditions rather than broad market conviction.
Network activity and derivatives participation remain muted
While Bitcoin’s spot price has improved, on-chain data point to weaker user participation than during previous major rallies.
Active addresses and transaction activity have not increased at the same pace as price, signalling that retail demand remains limited.
This divergence between price and blockchain activity often suggests that current momentum is being supported more by institutional demand and large investors than by widespread organic adoption.
Notably, institutional participation through spot Bitcoin ETFs has surged, with billions in capital inflows helping stabilise prices above key support zones.
However, derivatives market participation has remained relatively restrained compared to previous breakout cycles, with lower speculative leverage and softer futures activity indicating traders are cautious.
In addition, the Crypto Fear & Greed Index currently reads 50, placing sentiment in neutral territory.
This reflects a market that is neither euphoric nor fearful, reinforcing the idea that Bitcoin’s recent strength has not yet triggered widespread speculative enthusiasm.
Technical indicators show bullish momentum
Bitcoin’s short-term technical structure remains positive, with 12 out of 23 major technical indicators leaning bullish currently.
Furthermore, BTC is trading above its 10-day, 20-day, 50-day, and 100-day exponential moving averages, which support continued bullish momentum.
However, Bitcoin remains below its long-term 200-day EMA, showing that macro resistance is still intact.
The 14-day Relative Strength Index stands at 69.5, placing BTC just below overbought territory.
While this suggests strong momentum, traders should closely watch for possible exhaustion if RSI breaks above 70 without stronger volume.
Post-halving cycle points to late-stage expansion
Bitcoin’s fourth halving took place in April 2024, reducing miner rewards to 3.125 BTC per block.
The asset is now approximately 25 months into its post-halving cycle.
Historically, this stage has often aligned with stronger price expansion, heightened volatility, and eventual cycle peaks before larger retracements.
Previous Bitcoin bull cycles reached new all-time highs roughly 1,405 to 1,477 days apart.
Based on this pattern, the current cycle may still have room for further upside, though historical trends also suggest increasing risks of correction as the cycle matures.
Short-term Bitcoin forecast remains cautiously bullish
Looking at the current market structure, the immediate resistance zone sits at $89,479.
A confirmed close above that level could open the path toward the next resistance near $90,975.
However, in case of a pullback, especially if the oversold region is reached, then the key support level sits at $75,109.
A break below $75,109 would likely weaken the bullish structure and raise the probability of deeper corrections.
Moving ahead, traders should carefully monitor the Bitcoin ETF inflows, whale accumulation, and RSI behaviour, for clearer confirmation of whether the current move can develop into a larger sustained rally.
MemeCore (M) jumped 25% on Tuesday to reclaim $3.38 after retesting the 0.382 Fibonacci support at $2.59, signaling that buyers stepped back at the key correction level.
The bounce drives M into a thin liquidity pocket near $3.40, where short liquidation clusters start stacking. A clean break opens the path toward $3.88 and potentially $4 in the coming sessions.
Short Liquidation Clusters Stack Above $3.50
The M Exchange Liquidation Map from Coinglass reveals dense short positions beginning at $3.49 and thickening between $3.69 and $3.88. A second wave sits higher at $4.05 to $4.27.
Long liquidation pockets below price concentrate at $2.51 to $2.60, forming the biggest magnet zone on the 30-day map. That same area triggered the prior reversal when leveraged longs got flushed.
According to analyst @ScalpingX, the current price at $3.41 sits inside a thin liquidity layer between $3.40 and $3.50. A clean break above $3.50 could accelerate the move toward $3.88 first, then extend to $4.27.
Holding the $3.41 pivot remains the bullish trigger. Losing it shifts the bias to $3.12, with the deeper magnet zone at $2.60 becoming the next downside target.
Resistance at $3.68 Caps the Bullish Push
The 4-hour timeframe confirms aggressive spot buying at the $2.65 low, where M printed a 39% green bar on the highest volume reading of the past 30 days.
However, price stalled at $3.68, a level that acts as both flipped support-turned-resistance and the 0.618 Fibonacci retracement of the recent decline. The move mirrors the prior rally that lifted M back toward its all-time high.
RSI has reclaimed the 50 line and entered bullish territory without reaching overbought, leaving headroom for continuation. MACD flipped positive with growing green histogram bars across recent candles.
A 4-hour close above $3.68 unlocks $4.50 as the next mid-term target. Rejection here returns M to the $2.60 demand zone, aligning with the deepest long liquidation cluster on the 30-day map.
MemeCore Price Prediction Eyes $4 Pivot
The daily chart shows a textbook retest of the parabolic ascending curve. M tagged the 0.382 Fib at $2.59 on May 4 with a record-volume spike, then bounced 25% the next session with a wick into the 0.618 Fib at $3.46.
A daily close above $3.46 opens the 0.786 Fib at $4.07 as the first major target, followed by the all-time high near $4.86. The break from the parabolic curve was expected and now leaves a healthier base structure in place.
Daily RSI has reset from overbought conditions and is now curling back up. MACD remains in negative territory, but the histogram has begun turning higher, suggesting downside momentum has run its course.
Invalidation sits at the $2.60 horizontal support. A break below that level cancels the bullish thesis and reopens the $2.05 zone, the 0.236 Fib retracement, echoing prior on-chain warning signs that flagged demand exhaustion.
The 30-day liquidation map suggests this binary outcome resolves quickly. With thin liquidity above and a magnet zone below, M is set up for a sharp move once the $3.68 pivot decides direction.
The post MemeCore (M) Rebounds 25% Off 0.382 Fib, Eyes $4 Breakout appeared first on BeInCrypto.
The Commodity Futures Trading Commission is considering new rules that would protect some non-custodial crypto software developers from broker registration duties.
Summary
- CFTC may turn its Phantom no-action stance into rules for non-custodial crypto software developers soon.
- The Phantom letter said some self-custody wallet providers may avoid broker registration under stated conditions.
- Selig also said CFTC will keep suing states over prediction market rules it says breach federal authority.
CFTC Chair Michael Selig said the agency wants to turn its March no-action position for Phantom Technologies into formal rules. The move could give wallet builders clearer treatment under U.S. derivatives laws.
Selig said the agency prefers rulemaking over one-off staff relief. Speaking on Tuesday at Consensus Miami, a conference hosted by CoinDesk, Selig said the CFTC wants to codify the Phantom position “very soon” and give firms clearer guidance.
Selig said rulemaking remains his preferred approach. He said the agency plans to move in stages, giving companies clearer direction as they build and offer software in the U.S.
The plan follows the CFTC’s March 17 no-action letter for Phantom Technologies. The agency said its Market Participants Division would not recommend enforcement against Phantom for failing to register as an introducing broker or associated person, if it meets stated conditions.
The letter covered Phantom’s plan to provide self-custodial wallet software that helps users trade with registered futures commission merchants, introducing brokers, and designated contract markets.
Phantom letter shapes wallet policy
The Phantom letter gave non-custodial wallet providers a clearer path, but it did not create a full market-wide rule. No-action relief usually applies to the facts in one request.
In related coverage by crypto.news, the Phantom decision was described as the CFTC’s first no-action letter for a self-custodial crypto wallet provider. The report noted that Phantom could help users access derivatives trading without broker registration, as long as it did not hold customer funds.
That distinction matters for developers building wallets, front ends, and trading interfaces. The CFTC appears to be drawing a line between neutral software and firms that control customer assets or act as financial middlemen.
The agency has not released the proposed rule text. Any formal rule would likely need public comment before adoption.
SEC guidance adds pressure for clear rules
The Securities and Exchange Commission has also moved toward clearer treatment for crypto interfaces. On April 13, SEC staff issued guidance on broker-dealer registration for user interfaces tied to crypto asset securities.
The SEC said the statement was an interim step while the commission reviews broader crypto market issues. It also said the statement would be withdrawn after five years unless the commission acts before then.
As featured in recent coverage, DeFi groups including the DeFi Education Fund, Aave Labs, Uniswap Labs, Paradigm, and Andreessen Horowitz urged the SEC to turn that temporary position into binding rules.
Those groups backed the view that non-custodial user interfaces should not be treated as brokers when they only translate user instructions into blockchain commands.
Prediction markets remain in federal fight
Selig also said prediction markets fall under the CFTC’s federal authority. He said the agency will keep suing states that try to block federally regulated markets.
As crypto.news reported, the CFTC has already sued Arizona, Connecticut, and Illinois over state actions against CFTC-registered event markets. The agency said Congress chose a national framework for these markets instead of separate state rules.
The CFTC also sued New York on April 24, seeking to stop the state from applying gambling laws against federally registered contract markets. Selig said the agency would not allow states to weaken its authority over prediction markets.
Anchorage Digital has introduced Agentic Banking. This infrastructure gives artificial intelligence (AI) agents regulated access to capital.
The platform enforces identity verification, spending limits, and real-time risk monitoring before clearing payments via fiat rails, stablecoins, or tokenized credentials.
Anchorage Digital Unveils Agentic Banking for AI Agents
Nathan McCauley, co-founder and CEO of Anchorage Digital, emphasized the need for strict controls when integrating AI into financial systems. He argued that autonomous agents cannot be granted direct access to corporate treasuries.
Instead, he outlined the importance of a governed framework that enforces identity verification, permissions, compliance, and auditability at every stage of a transaction.
Such a system, he noted, must incorporate spending limits, real-time risk monitoring, and immutable audit trails to ensure institutions retain oversight and recourse over all AI-driven financial activity.
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McCauley said the federal charter makes this model possible. Anchorage Digital Bank received its national trust charter from the Office of the Comptroller of the Currency in January 2021. It was also the first crypto-native bank with that designation.
“We’re entering a world where agents don’t just inform decisions, they make them, and act on them. But for that to work in the real economy, agents need more than intelligence; they need regulated access to capital. Agentic Banking is the bridge between those two worlds: a system that brings trust, governance, and real financial rails to autonomous systems,” McCauley said.
Meanwhile, Anchorage announced a partnership with Google Cloud, which will provide the “intelligence layer for the agentic economy.”
BitGo Chief Operating Officer Jody Mettler recently outlined four controls for institutions deploying AI agents in finance. She listed identity, permissions, policy logic, and auditability as required guardrails.
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Anchorage is not alone in pushing AI agents into financial workflows. Financial technology firm FIS partnered with Anthropic this week on a Financial Crimes AI Agent. The tool compresses anti-money laundering reviews from days to minutes.
The post Anchorage Digital Builds Banking Infrastructure Designed for AI Agents appeared first on BeInCrypto.
DeFi protocol Kelp DAO said it will be migrating its restaking token, rsETH, to the Chainlink oracle platform after the $292 million exploit in April, as it continued to blame the attack on LayerZero’s cross-chain infrastructure.
Hackers stole 116,500 Kelp DAO restaked ETH tokens on April 18 from Kelp DAO’s LayerZero-powered bridge, then used them as collateral on Aave v3 to borrow wrapped Ether.
“After the recent LayerZero exploit, we are taking steps to ensure rsETH is fully secure, which is why we are migrating to Chainlink CCIP,” Kelp DAO said in an X post on Tuesday.
Source: Kelp DAO
The Kelp DAO hack has been one of the year’s largest security incidents, causing broader ecosystem contagion and impacting the interconnected crypto lending market. At the center of the exploit has been an argument over who was responsible for the vulnerability.
Kelp says it wasn’t warned of the security risks
A day after the exploit, LayerZero released a postmortem arguing the hack occurred because of an inadequate setup tied to Kelp’s decentralized verifier network (DVN), which relied on a single LayerZero DVN as the only verified path rather than requiring multiple independent checks to validate cross-chain transactions. LayerZero said it advised against this setup.
However, Kelp DAO said Tuesday the 1-1 setup is the default and is used by many other protocols, citing data from analytics platform Dune that found roughly half of LayerZero users have a single DVN. It also accused LayerZero of approving the setup and failing to warn about the related security risk.
“Kelp has operated on LayerZero infrastructure since January 2024 and has maintained an open communication channel with the LayerZero team throughout. The question of DVN configuration came up multiple times and these configurations were confirmed as secure at that time,” Kelp DAO added.
Following the hack, LayerZero announced it will no longer validate or approve cross-chain messages for any app that relies on a single verifier, and that it is in the process of migrating protocols using the setup to a multi-DVN.
LayerZero CEO says many of the claims are untrue
Bryan Pellegrino, co-founder and CEO of LayerZero, said in a reply on X that a “ton” of Kelp’s claims were “just completely untrue.”
Related: US law firm attempts to block transfer of frozen ETH from Kelp exploit
He argued that Kelp originally used the defaults, which were multi-DVN, and later manually changed to a 1/1 configuration, which isn’t recommended for production applications.
“The defaults Kelp is referencing in their screenshot were multiDVN or DeadDVN, which force-rejects an application using the defaults at all and requires them to manually set configuration. rsETH was originally configured to use the default LayerZero configuration of a multiDVN setup of LayerZero Labs + Google,” he added.
Source: Bryan Pellegrino
Pellegrino also said a complete postmortem by external security firms would be published soon.
North Korea-linked hackers are suspected of being behind the attack on Kelp and the April 1 exploit of decentralized exchange Drift, which totaled $285 million.
Magazine: Bitcoiners eye ‘sell in May,’ SBF’s bid for new trial shut down: Hodler’s Digest, April 26 – May 2
Key Points
- Telegram is set to assume the TON Foundation’s primary responsibilities and will operate as TON’s dominant validator
- The network hosts $752 million in stablecoin liquidity and generates $39.7 million in daily DEX trading volume, demonstrating genuine network usage
- Chain fees total approximately $8,086 daily, revealing poor monetization compared to the network’s overall scale
- Monthly unlocks from the TON Believers Fund release around 36.59 million TON, with the upcoming unlock valued at roughly $75 million
- Validator participation requires a minimum stake of 300,000 TON, while Telegram’s expanding influence creates centralization risks
Unlike most blockchain networks that struggle to build user bases, Toncoin benefits from an inherent distribution advantage. While competing projects allocate resources toward user acquisition campaigns, funding programs, and reward mechanisms, TON operates with a fundamentally different model.
The TON Wallet exists natively within Telegram’s ecosystem. Users maintain custody of their private keys while experiencing streamlined mobile functionality. This blend of security and ease-of-use represents an uncommon achievement in cryptocurrency.
With Telegram’s registered user count exceeding one billion, TON possesses immediate access to an audience size that remains beyond reach for nearly every other blockchain initiative.
During May 2026, Pavel Durov, Telegram’s founder, revealed plans for Telegram to succeed the TON Foundation as the network’s primary developmental authority. Additionally, Telegram will assume the position of largest network validator.
This declaration generated significant interest around TON while emphasizing the deepening integration between these two platforms.
Evaluating Network Activity Through On-Chain Metrics
Current DeFiLlama statistics indicate approximately $752 million in stablecoin deposits residing on TON infrastructure. The network processes roughly $39.7 million in daily decentralized exchange volume alongside approximately $1.48 million in perpetual futures trading volume over the same timeframe.
These figures demonstrate that both development teams and end users are actively selecting TON for their operations. Capital is flowing into the ecosystem, accompanied by legitimate trading behavior.
Nevertheless, daily network fees amount to just $8,086, while chain revenue approaches $4,043. When assessed against a market capitalization ranging from $5.6 billion to $5.7 billion, this fee production appears substantially inadequate.
Fee economics carry significance because they indicate how much value the protocol actually retains. Substantial transaction activity paired with minimal fee generation suggests users are engaging with the network without the protocol effectively capturing economic value from that engagement.
Supply Releases and Validator Centralization
CoinGecko data indicates roughly 2.7 billion TON tokens currently exist in active circulation. The project’s foundational documentation established an initial maximum supply of 5 billion tokens, with subsequent incremental expansion occurring through validator compensation mechanisms.
The TON Believers Fund presents an additional consideration. Based on Messari’s analysis, this fund distributes approximately 36.59 million TON monthly. Roughly 1.098 billion TON tokens await future distribution through approximately October 2028.
DeFiLlama’s unlock monitoring system values the forthcoming scheduled release at approximately $75 million. This persistent introduction of supply generates continuous downward market pressure.
Regarding validation infrastructure, TON network participation mandates a minimum commitment of 300,000 TON. Reports suggest practical entry requirements typically exceed this baseline threshold.
With Telegram positioned to become the dominant validator, network control is consolidating around a singular organization. While this arrangement may enhance operational coordination and system stability, it simultaneously reduces the network’s decentralized characteristics.
Telegram’s emergence as TON’s primary validator represents the latest factor influencing how market participants and builders evaluate the network’s trajectory.
A new survey finds 45% of Americans say investing in cryptocurrency is not worth the risk, while 44% say artificial intelligence (AI) is developing too quickly.
This sentiment leaves candidates relying on crypto and AI super PAC dollars in a difficult position.
Industry Spending Meets Voter Skepticism
The poll also found that nearly 50% of respondents trust traditional banks more than crypto platforms. In addition, roughly two-thirds want lawmakers to impose strict regulations or broad oversight on AI.
Close to half of poll respondents believe AI will wipe out more jobs than it produces. A 43% plurality says its risks outweigh its rewards.
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The findings land as Fairshake, the pro-crypto super PAC primarily funded by Coinbase, Andreessen Horowitz, and Ripple Labs, has spent $28 million on competitive 2026 primaries, according to Politico. Pro-AI PAC Leading the Future has raised more than $75 million since launching last August.
“The results raise an emerging challenge for the industries as their aligned super PACs seek to translate financial might into political influence. Several of these groups are already becoming the most dominant players on the political battlefield, spending heavily for candidates on both sides of the aisle and in some cases rivaling the fundraising of long-established party groups,” the report read.
The resistance to crypto and AI super PACs may stem from a wider public mood, Politico observed. Some 41% of poll respondents view special interest groups as wielding excessive political weight. Just 23% call their role balanced, while 12% say they carry too little sway.
“Skepticism of the industries, those results suggest, could turn into voter backlash if Americans grow fed up with the heavy spending,” Politico added.
In hypothetical matchups, respondents were less likely to back candidates supported by groups pushing looser AI regulations than those backed by groups calling for tighter tech rules.
Those surveyed also showed stronger support for groups advocating climate policy. Whether voter skepticism translates into ballot-box pressure remains to be seen.
The findings come from the Politico Poll, conducted by Public First. The survey drew responses from 2,035 American adults between April 11 and 14. Its overall margin of error is ±2.2 percentage points, while smaller subgroups have larger margins.
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The post Crypto and AI Industries Pour Millions Into Midterms as New Poll Reveals Backlash Risk appeared first on BeInCrypto.
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