DefiLlama has quietly reinstated decentralized exchange Aster to its analytics platform weeks after delisting it over disputed trading data. The return comes with significant gaps in historical data and unresolved questions about data legitimacy, raising transparency concerns across DeFi dashboards and highlighting ongoing challenges in the verification of decentralized finance metrics.
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Avalanche Treasury Co. Merges in $675M Deal for Nasdaq Listing
Avalanche Treasury Co. is merging with Mountain Lake Acquisition Corp. in a landmark $675 million deal targeting a Nasdaq listing in early 2026. The company will leverage an exclusive partnership with the Avalanche Foundation to acquire AVAX tokens at a significant discount while actively driving ecosystem growth, positioning itself as a strategic growth engine rather than a passive holder.
read moreDragonfly Proposes Reputation System to Fix Airdrop Farming
Dragonfly Capital’s managing partner Haseeb Qureshi has unveiled a groundbreaking proposal to overhaul token distribution models by introducing a standardized reputation system. This framework, designed to reward long-term holders and penalize mercenary farmers, draws inspiration from traditional IPO allocations and credit scoring, aiming to create ecosystem-wide accountability and sustainable growth in the crypto space.
read moreHyperliquid’s USDH Stablecoin Race Heats Up
Hyperliquid’s move to replace USDC with its native stablecoin USDH has sparked a competitive bidding war among eight major organizations including Paxos, Ethena, Agora, and newcomer Native Markets. Native Markets has emerged as the Polymarket favorite with 84% odds, proposing a hybrid reserve model managed by BlackRock and Stripe-owned Bridge. However, concerns have been raised about potential conflicts with Stripe’s own blockchain plans. Meanwhile, established players like Paxos have strengthened their proposals, with Paxos announcing a revised partnership with PayPal that could bring 400M+ users to Hyperliquid. Validators will ultimately decide which proposal best serves the ecosystem’s long-term interests, with the decision carrying significant implications for Hyperliquid’s growth and institutional adoption.
read moreDOJ Clears Dragonfly in Tornado Cash Case as Trial Nears End
Dragonfly managing partner Haseeb Qureshi revealed that the DOJ will not bring criminal charges against the firm, despite its 2020 investment in Tornado Cash—a privacy tool now sanctioned by the U.S. Treasury. Roman Storm, Tornado Cash’s co-founder, faces charges of laundering over $1 billion and violating sanctions tied to North Korea’s Lazarus Group. The trial, underway in Manhattan, could redefine accountability for open-source developers, with Storm potentially facing 45 years in prison. Prosecutors allege Storm approved illicit transactions, while defenders argue the protocol’s code—not its creator—should be judged. The outcome may impact privacy tools and innovation in crypto.
read moreDragonfly Faces Charges Over Tornado Cash Investment
Dragonfly, a venture capital firm, revealed that the U.S. government is weighing potential charges related to its 2020 investment in PepperSec, the developer of Tornado Cash. Managing partner Haseeb Qureshi called the prospect ‘outrageous,’ stating the firm secured legal confirmation that Tornado Cash complied with FinCEN guidance before investing. The case follows setbacks in the prosecution of Tornado Cash developer Roman Storm and ongoing regulatory scrutiny of crypto privacy tools. Dragonfly emphasized it had no operational role in Tornado Cash and complied fully with a DOJ subpoena. The firm warned that targeting investors could stifle venture funding for blockchain innovation. The Treasury’s OFAC sanctioned Tornado Cash in 2022, but court challenges later forced adjustments to the sanctions.
read moreDragonfly Capital Faces DOJ Scrutiny Over Tornado Cash Investment
Dragonfly Capital could face federal charges due to its early investment in Tornado Cash developer PepperSec, Inc. The DOJ is reportedly scrutinizing the firm’s 2020 backing of the privacy-focused protocol, which obscures blockchain transactions. Dragonfly’s managing partner, Haseeb Qureshi, stated the firm consulted legal counsel before investing and believes in the importance of open-source privacy technology. The firm is prepared to ‘vigorously defend’ itself if prosecuted.
read morePump.fun Raises $600M in 12-Minute ICO, Hits $4B Valuation
Pump.fun’s lightning-fast ICO raised $600 million in 12 minutes, selling 15% of its PUMP token supply at $0.0040 per token, valuing the platform at $4 billion. The tokens, distributed over 48-72 hours, will be locked until July 15. Major exchanges like Kraken and KuCoin facilitated sales, though Bybit faced API delays, leading to oversubscription. The U.S. and U.K. were barred from participation due to regulatory hurdles. Despite the success, critics highlight concerns over tokenomics—40% of supply is allocated to Pump.fun—and competition from rivals like LetsBONK. The crypto community remains divided, with some praising its revenue potential and others decrying its speculative nature.
read moreEthereum’s Leadership Crisis and the Future of Crypto Regulation
Ethereum faces mounting internal and external criticism over its leadership and innovation pace, with calls for a more aggressive growth strategy amid rising competition from Solana, Base, and Tron. Justin Sun’s controversial L2 taxation proposal has sparked debates about Ethereum’s ecosystem, while Vitalik Buterin’s embrace of the Milady NFT movement signals a cultural shift. The exit of Gary Gensler from the SEC has been met with relief in the crypto community, as he returns to academia, leaving questions about future regulatory landscapes.
read moreCGPT token surges 90 percent after Binance listing amid AI agent boom
The CGPT token surged 90% following its listing on Binance, boosting its market cap to $335 million amid a growing interest in AI agents, which have doubled their market value to over $14 billion since late November 2024. Other tokens like AIXBT and COOKIE also saw significant gains, reflecting the sector’s momentum. Industry leaders predict AI agents could become a multi-trillion dollar market, although concerns about sustainability and potential declines in interest loom for the future.
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