CZ Proposes Dark Pool Perp DEX

️ On today's Top Picks:

Crypto News

• Ethereum $ETH Foundation announces Protocol, a new structure for the Ethereum Foundation's R&D teams; to focus on scaling L1, scaling blobs, and improving UX.

• ⭐️ Changpeng Zhao (CZ) proposes a "dark pool perp DEX"; points out real-time order visibility on DEXs can lead to MEV attacks and/or malicious liquidations.

• Ross Ulbricht, founder of the SilkRoad marketplace, receives 300 Bitcoin $BTC worth ~$32M to his donation wallet; US President Trump pardoned Ulbricht in January.

• Digital Asset Investment Products saw $286M of inflows last week; Bitcoin $BTC $8M outflows, Ethereum $ETH $286M inflows, Solana $SOL 1.55M inflows, Ripple $XRP $28.2M outflows.

• Circle $USDC seeks $7.2B valuation in upsized IPO; increased the IPO size from 24M shares to 32M shares, raised the price range from $24-$26 per share to $27-$28 per share.

• Consensys acquires Web3Auth, a Web3 wallet infrastructure provider; to bring Web3Auth's capabilities into MetaMask.

• ⭐️ Paradigm introduces Orbital, an automated market maker design for stablecoin pools; it "unlocks capital efficiency by bringing concentrated liquidity to higher dimensions."

Alpha

• Fogo Flames Season 1 ends; freezes leaderboard and slashes bots; to launch Flames Season 2 soon.

• Polymer Labs teases "Something is coming" on X; to announce on June 10th.

• Universal teases "Big week. Are you watching closely?" on X; to announce something this week.

• 2025 Crypto June Calendar by Layergg.

Airdrops

• Weekly Airdrop Recap (May 31) by Earndrop.

• Sonic to launch $S airdrop in two phases; 25% liquid & instantly claimable; 75% vested over 270 days as tradeable NFTs with early-claim burns.

• ⭐️ Towns delays $TOWNS airdrop from Q2 to later this Summer; took snapshot of Towns activity on April 10th; to take second another snapshot closer to airdrop launch.

• ICYMI Weekly Airdrop Recap (May 23) by Earndrop.

Finance News

• US extends its tariff pause on some Chinese goods until August 31st; US President Trump & Chinese President Xi Jinping expected to hold a phone call this week to discuss trade.

• US President Trump sets deadline of July 8th to finalize trade deals; urges countries to submit their best offers by Wednesday to avoid reinstatement of tariffs.

• ⭐️ Strategy $MSTR buys an additional 705 Bitcoin $BTC for ~$75.1M at ~$106,495 per BTC; now holds 580,955 BTC worth ~$61B.

• Metaplanet $3350.T buys an additional 1,088 Bitcoin $BTC for ~$117.5M at ~$108,051 per BTC; now holds 8,888 BTC worth ~$938M.

• ⭐️ Robinhood $HOOD completes acquisition of Bitstamp for $200M; to expand its institutional crypto services across Europe, UK, and Asia.

• Key Events This Week by The Kobeissi Letter.

Security and Exploits

• BitoPro crypto exchange hot wallet compromised for ~$11.5M during wallet system upgrade and asset migration; funds laundered via TornadoCash & THORChain.

• Nervos Network's Force bridge compromised for ~$3.7M and laundered via TornadoCash; team collaborating with law enforcement and partner exchanges to investigate the incident.

• X launches XChat featuring encryption, vanishing messages, file transfer, and audio/video calling; "built on Rust with (Bitcoin style) encryption."

Token Unlocks

• Sui $SUI / ~$138M / JUN 01st
• Ethena $ENA / ~$58M / JUN 05th
• Taiko $TAIKO / ~$48M / JUN 05th
Sourced from Tokenomist

Funding

• Neutral Trade raises $2M in funding from several investors.

• Reddio $RDO raises an undisclosed amount in Series A funding from several investors.

• Revolving Games raises an undisclosed amount in funding from Pantera Capital.

The Degen Farmer