Crypto Morning News: DeFi Development Corp. plans to issue $1 billion in securities to increase SOL holdings; Binance releases listing and delisting criteria
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Crypto Morning News: DeFi Development Corp. plans to issue $1 billion in securities to increase SOL holdings; Binance releases listing and delisting criteria
The Bitcoin reserve bill in Arizona, USA, will undergo third reading on Monday and may proceed to the final voting stage.
Navigating Web3 tides with focused insightsAuthor: TechFlow
Yesterday's Market Highlights
Trump: China Must Make Substantial Concessions, Otherwise Tariffs Won't Be Lifted
According to Jinti News citing CCTV.com, on the 25th local time, U.S. President Trump told reporters aboard Air Force One that unless China makes substantial concessions, tariffs on Chinese goods will not be lifted. In recent days, the U.S. side has sent mixed and even contradictory signals on tariffs against China. On the evening of the 25th, a spokesperson for the Chinese Embassy in the United States emphasized that there have been no consultations or negotiations between China and the U.S. regarding tariffs, let alone any agreement. If the U.S. truly wants to resolve issues through dialogue and negotiation, it should correct its mistakes, stop threats and extortion, and completely cancel all unilateral tariff measures against China. Attempting to reach agreements with China while simultaneously applying maximum pressure is neither the right approach nor viable.
Trump Admits "End Russia-Ukraine Conflict Within 24 Hours" Was a Joke
According to the Global Times, during an exclusive interview with Time magazine, former U.S. President Trump admitted that his campaign claim of ending the Russia-Ukraine conflict on “day one” was merely an exaggerated joke. Trump described the over three-year-long conflict as “Biden’s war,” claiming Ukraine provoked the conflict with Russia by seeking NATO membership, and stated that Crimea should remain under Russian control. He also claimed via social media that negotiations with both Russia and Ukraine are progressing smoothly and that both sides are “very close” to reaching an agreement.
Arizona Bitcoin Reserve Bill Advances to Third Reading Monday, Nearing Final Vote
According to Bitcoin Laws, two Bitcoin reserve bills in Arizona are set for third reading on Monday local time and may proceed to final voting. If passed, Arizona would become the first U.S. state to complete legislation establishing a state-level Bitcoin reserve.
Coinbase General Counsel Calls for Repeal of SEC Ban on Employees Holding Digital Assets
Coinbase Chief Legal Officer Paul Grewal recently criticized the U.S. Securities and Exchange Commission’s (SEC) policy banning employees from holding or using digital assets. Grewal argued that potential conflicts of interest can be properly managed and called on the Office of Government Ethics to revoke and update legal advisory opinion 22-04, while urging the cryptocurrency working group to issue exemptions.
World's First Spot XRP ETF Listed on Brazilian Exchange
According to Cryptoslate, Hashdex’s partnership with Genial Investimentos has launched the world’s first spot XRP ETF, which began trading on April 25 at B3, Brazil’s main stock exchange. The ETF, listed under the ticker XRPH11, tracks the Nasdaq XRP Reference Rate Index and commits to allocating at least 95% of its net assets to XRP.
This marks Hashdex’s ninth ETF listing on the Brazilian exchange, expanding its single-asset ETF product line, which already includes offerings based on BTC, ETH, and SOL.
Binance Publishes Its Listing and Delisting Criteria
Binance has detailed its standards for listing and delisting tokens.
Binance Alpha Select Listings: For non-circulating projects, emphasis is placed on project fundamentals and performance metrics, tokenomics, technical risks, team background, and compliance review. For circulating projects, secondary market performance and token distribution are prioritized, while still considering project fundamentals, performance metrics, token economics, technical risk assessment, and team background.
Futures Listings: For projects already listed on the Alpha platform, focus is primarily on secondary market performance, provided that project fundamentals, token unlock schedules, team status, and other key indicators have not undergone significant negative changes.
Spot Listings: For projects already listed on futures platforms and/or Alpha with existing circulation, primary consideration is given to secondary market performance, assuming no major deterioration in fundamentals, unlock plans, team status, or other critical metrics.
Delisting Criteria: Focus areas include team governance issues, market performance and trading activity, and product and/or cybersecurity concerns.
In addition, the announcement outlines application procedures:
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Spot listings: Submit Binance’s general listing application form.
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Futures listings: Apply via email.
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Alpha Select: Projects interested in joining Binance Alpha can submit applications through the official Alpha application form.
Arthur Hayes: Bull Market Is Back—Time to Celebrate
Arthur Hayes, co-founder of BitMEX, posted that “the bull market is back—time to throw a party.”
Alpaca Finance: Market Makers Request Temporary Minting of ALPACA Tokens to Meet Trading Demand
Alpaca Finance announced officially that Binance will delist the ALPACA token in the coming weeks. Users can still trade ALPACA on other exchanges.
Due to today’s trading volume exceeding 1 billion ALPACA tokens, market makers have requested Alpaca Finance temporarily mint additional ALPACA tokens from its reserve treasury to support user trading demand during the remaining period on Binance. The project team stated that once trading volume subsides, these newly minted tokens will be returned to the reserve treasury.
TON Announces May 10 Shutdown of Toncoin Bridge
According to an official announcement, TON will officially discontinue the Toncoin Bridge on May 10. After this date, users will no longer be able to transfer Toncoin from the TON blockchain to Ethereum or BNB Smart Chain via the bridge, though previously bridged assets can still be claimed. The current bridge functionality between Toncoin and TON will remain temporarily active; termination timing will be announced separately.
DeFi Development Corp. Files $1 Billion Securities Registration Statement, Partly to Increase SOL Holdings
According to official reports, DeFi Development Corp. (formerly Janover Inc.) filed a $1 billion S-3 registration statement with the U.S. Securities and Exchange Commission on April 25, 2025. The company plans to raise funds through various securities including common stock, preferred stock, bonds, and warrants, primarily to purchase Solana (SOL) cryptocurrency.
Musk’s XAI Holdings in Talks for $20 Billion Funding Round, Valuation Could Exceed $120 Billion
According to Bloomberg, Elon Musk’s XAI Holdings is in talks with investors to raise approximately $20 billion for its newly merged artificial intelligence and social media operations. Sources indicate that if completed, the deal would value the company at over $120 billion, making it the second-largest startup funding round in history, surpassed only by OpenAI’s $40 billion raise earlier this year.
Market Data
Suggested Reading
Where Have All the Stablecoins Gone?
This article discusses how stablecoins have shown strong growth during periods of crypto market downturns, reaching a market cap of $231.6 billion in 2025. Beyond their role in the crypto ecosystem, stablecoins are rapidly penetrating the global economy, serving as key instruments for cross-border transactions, safe-haven assets, and channels for illicit fund flows.
The Divided Web3 World: At Least Three Types of RWA
This article analyzes the three dominant models of current RWA (Real World Assets) projects and their associated legal and commercial risks. It highlights how the concept of RWA has become multifaceted, involving tokenization of financial assets, capital markets operations, and high-risk pre-sale models. The author stresses the importance of verifying asset authenticity, token design, target audience, and regulatory compliance when participating in RWA projects to avoid legal pitfalls.
This article provides an in-depth look at Matt Huang (Huang Gongyu), co-founder of Paradigm, covering his professional journey and investment philosophy, particularly his strategies in the cryptocurrency space. He recounts his early investment in Zhang Yiming, founder of ByteDance, and shares insights on Bitcoin and the future of crypto technology. The piece also explores Paradigm’s mission, vision, and the challenges and opportunities within the crypto market.
Cutting Staking Rewards: Aptos Proposal Targets Large Holders’ “Easy Earnings”
This article discusses Aptos community proposal AIP-119, which recommends gradually reducing staking rewards to support long-term ecosystem sustainability. The proposal argues that high staking yields create inflationary pressure and inefficient capital use, hindering innovation. While the community has responded rationally, concerns remain that lower yields could affect small validators’ profitability and network decentralization. The proposal aims to promote healthy ecosystem development through economic model adjustments, emphasizing long-term value.
A Trader’s Journey: Lessons Learned
This article features an interview with trader Colin, sharing his personal insights, investment strategies, and views on the market. Through recounting his experiences and outlining his trading framework, Colin emphasizes the importance of goal management, mindset, and a robust trading system, while discussing current dynamics in both the U.S. stock and Bitcoin markets.
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