Hong Kong's Securities and Futures Commission (SFC) has approved a new Ethereum ETF with staking capabilities, allowing institutional investors to earn staking rewards.

Daily top performer — Pyth Network (PYTH)

The S&P 500 dropped 1.5% to 5,282.70 this week, down 5.9% in April and 10% year-to-date, led by tech losses. Real estate and energy outperformed, while political pressure on Fed Chair Powell and inflation concerns weighed on sentiment. Gold dipped 0.6% to $3,319 after a record high, as Powell’s stagflation warning tempered its rally. Despite the pullback, the uptrend remains intact. The Coindesk Indices, which tracks the broader crypto market, are up by 0.77%, with Bitcoin and Ether rising 0.64% and 0.72%, respectively, over the past 24 hours. Trade these markets and more with up to 500x leverage on Bybit MT5 using this 

Today's top performer is PYTH, up 10.1%, following the launch of Pyth Entropy for secure on-chain random number generation by Soneium.

Pyth Network (PYTH),  is a blockchain oracle system that delivers real-time crypto price data to blockchains, enabling smart contracts to react to market changes. Soneium 

 Pyth Entropy, a tool for securely generating random numbers on-chain. Two apps, HandsNFT AI and 2p2e, are already utilizing Pyth Entropy to create unpredictable and engaging experiences.

Check out the latest prices, charts, and data of 

Hong Kong's Securities and Futures Commission (SFC) has approved a new Ethereum ETF with staking capabilities, allowing institutional investors to earn staking rewards. This approval follows recent changes to local laws, with China Asset Management (ChinaAMC) partnering with OSL Digital Securities to launch the ETF by May 15. The ETF will offer exposure to Ethereum staking, transforming it from a passive investment into an active participant in the Ethereum network. The staking process is powered by Kiln, with OSL providing custody and insurance services. The rewards will contribute to the ETF's net asset value, benefiting shareholders.

Yesterday, Bitcoin spot ETFs saw $25.9M in inflows, all from non-GBTC funds, while GBTC recorded no flow.

" and a points campaign called Drops, where users can earn points—potentially leading to an airdrop—by engaging with Linera content on X. To join, sign up on 

, complete tasks like joining Discord and interacting on X, then enter the campaign. Keep engaging to earn more points, but avoid spamming.

Beginner

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Hong Kong approves Ethereum ETF with staking rewards, boosting institutional participation

Our weekly crypto derivatives analytics report delves into macro events; the current state of crypto and trading signals from spot trading volume; and futures, options and perpetual contracts.

US president Donald Trump’s tariff policies are influencing both crypto and US equities. Last week, BTC and the S&P 500 rallied due to a 90-day pause in reciprocal tariffs (excluding China). Equities are slightly below their April 9 highs, while BTC is holding above $83K. Its implied volatility term structure has normalized, and the volatility skew has improved from last week’s bias toward out-of-the-money puts, though it hasn't fully shifted toward calls.

Please check out the report’s highlights.

Tariff pause briefly brings back trading volume

Since our last report, open interest surged on Apr 9, 2025, as crypto spot prices rose after President Trump’s temporary tariff pause, accompanied by a nearly $10B increase in trade volumes. However, trade volumes have since returned to mid-March levels, and open interest has declined from the April 9 highs. The initial price spike indicates the tariff pause surprised the markets, but the subsequent pullback reflects concerns over remaining tariffs.

After being inverted for much of April due to trade policy shocks and macro headwinds, BTC’s term structure has disinverted, with front-end volatility dropping significantly this week. Call and put volumes have been balanced, with calls slightly exceeding puts most days. Apr 9, 2025, reflected mixed market sentiment, as both call and put volumes rose, but puts were higher overall. Open interest remains greater in calls, and has increased slightly since last week, reaching its highest level for the month (more than double from the beginning of April).

Despite a rally on Apr 9, 2025 that brought ETH close to $1.7K, traders sought downside protection, leading to higher volumes in put contracts as compared to calls. Since then, ETHUSDT options volumes have declined, but open interest remains strongly weighted toward calls with later expirations, which have increased since last week. After being inverted for much of April, ETH’s term structure of volatility has flattened, with volatility compressing around the 70% mark across tenors.

Advanced

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Bybit X Block Scholes crypto derivatives analytics report (Apr 16, 2025): Bitcoin put bias has moderated, but not yet shifted to calls

KiloEx (KILO) is a user-friendly DEX for perpetuals trading, offering high leverage, rewards, LSTfi integration and a robust multi-chain ecosystem.

 trading is one of the most lucrative areas for cryptocurrency enthusiasts if you know how to navigate the sometimes complex world of these contracts. Unlike standard futures, perpetual futures contracts have no expiration date, allowing traders to hold onto their positions as long as they prefer. You only exit a crypto perpetual (or “perp”) contract when you feel it’s the best time to execute your long or short trade. The lack of an expiration period makes these contracts attractive for traders.

Unfortunately, many crypto perpetual contract trading platforms are far from user-friendly. It seems like many perpetual crypto exchanges assume that only professional traders dabble in these contracts, and along with that assumption goes a second one — that these pros can navigate even the most complex user interfaces. As a result, finding a user-friendly perps platform is a challenge in the world of crypto trading.

 (DEX) that aims to change the status quo by providing a user-friendly environment for traders. Its platform also offers high leverage ratios, integration into the wider liquid staking token finance (LSTfi) ecosystem and generous reward programs for referrers and affiliates.

Thanks to its numerous benefits, this DEX caters to the needs of traders at all levels of expertise who are interested in crypto perpetuals. Operational since mid-2023, KiloEx launched its native token, KILO, in March 2025 to further enhance its platform's reward, staking and governance mechanisms.

 (BNB) that specializes in crypto perpetual futures trading.

 The platform prides itself on offering a user-friendly interface, high 

 ratios of up to 100x, multi-token vaults with generous APYs and a number of reward programs for referrers and affiliates.

Co-founded by Joey Ni (CEO) and Charles Gong (COO), KiloEx was originally launched on BNB Chain's mainnet in June 2023. As of mid-April 2025, the platform has additionally expanded its service coverage to five 

 (B2). This coverage allows KiloEx to access the ecosystems of three leading blockchain platforms — 

Manta, Base and Taiko are Ethereum-focused Layer 2 solutions, while opBNB is an efficient and low-cost optimistic rollup for the BNB Chain, while B

 is a platform linked to Bitcoin that acts as a major Bitcoin DeFi (BTCFi) enabler.

Because it’s a BNB-native platform, KiloEx's industry footprint is most notable within this blockchain's broader ecosystem. In fact, as Apr 17, 2025, KiloEx is the top DEX on the opBNB network by 

Using Layer 2 chains allows KiloEx to offer its users fast and low-cost transactions, which isn't always possible on a typical Layer 1 network. It's true that BNB Chain, the primary Layer 1 used by KiloEx, generally has much lower gas fees than Ethereum, the industry's leading 

 chain that’s notorious for its exorbitant costs. However, KiloEx's partner Layer 2 networks help drive costs and transaction times even lower. BNB Chain's current average gas fee is slightly over $0.10, while the opBNB Layer 2 rollup's comparable fee is only about $0.005.

In 2024, the platform introduced one of its most innovative features — the 

, which allows liquidity providers to stake multiple assets to earn high yields. That same year, KiloEx significantly expanded its partnership network, becoming an active player in the LSTFi ecosystem. LSTFi is a new stream within the DeFi industry that allows you to use 

 (LSTs) on various protocols for additional yield.

Having solidified its market presence in 2024, the project launched its native token, KILO, in March 2025. However, in mid-April 2025, KiloEx 

 and halted trading on April 15 as a risk management measure, pending investigation of the damage.

The Hybrid Vault is among the most innovative features offered by KiloEx. Essentially, it acts similarly to liquidity pools on other exchanges. Liquidity providers can contribute their crypto funds to the vault to support trading activity on the DEX and earn interest on their contributions, based on the fees earned by the protocol.

You can contribute a mix of coins to a KiloEx vault. Supported assets include 

Depending upon trading activity and the mix of coins contributed, you can earn APYs as high as 30%, making KiloEx one of the most lucrative choices for liquidity providers in this niche.

KiloEx uses a health factor calculation for this type of vault to keep your funds and the entire ecosystem safe. Based on the health factor score of your contribution to the vault, your funds could be liquidated if their value drops dangerously low.

Discounts are also offered for fixed-term deposits for established assets, such as USDT and USDC. Withdrawals for the fixed deposits are processed upon maturity, while all other withdrawals are processed within one to three "epochs," with each epoch on the platform lasting about three days. Thus, depending upon your contributed funds, you’ll wait anywhere from three to nine days to receive your crypto back.

The KiloEx platform also runs a generous referral program under which you can earn rewards for referring your friends to the platform. The amount you earn depends upon the trading volumes generated by the people whom you’ve referred. Additionally, your referees to the DEX can also benefit from fee rebates, again depending upon the volume of trade they generate.

There’s a tiered system, comprising nine levels, based on which you and your friends earn commissions and rebates. Under this system, even those referred traders whose monthly volume is at the lowest level (below $5,000) can still benefit from 5% rebates, while you also earn a 10% commission.

The table below shows the structure of this referral system with percentages for commission and rebates based on monthly trading volumes.

KiloEx offers an affiliate program for key opinion leaders (KOLs) with a certain level of social media following and influence in the crypto market. KOLs may apply to join the program by filling out an application, which is then considered by the project team within 48 hours.

To qualify for affiliate status, a KOL must have: 

Approved affiliates are provided a link to the platform, and are encouraged to invite their followers to trade on the KiloEx. If they invite at least five followers who trade at sufficient levels, the affiliates can start earning their commission. KOLs can earn up to 55% commission, depending upon the referred followers' trading activity.

KiloEx’s native utility token, KILO, is a 

 asset launched on BNB Chain. It’s used on the platform for governance, fee discounts on trades, rewards via 

, liquidity provision incentives and staking.

KILO is a supply-capped asset, with a maximum and total supply of 1 billion. The token’s supply allocation shares are shown in the chart below.

xKILO is an escrowed version of the KILO token. You can convert KILO to xKILO at a fixed rate of 1:1. The primary utility of xKILO is to provide boosted liquidity provision, which makes it possible to receive staking rewards. By locking xKILO on the platform, you can access special discounts and other benefits reserved for VIP-level users. Holding xKILO also grants you governance power to vote and influence the platform's future direction.

Unlike KILO, xKILO is nontransferable and isn’t tradable on the secondary market. The only ways to obtain xKILO are either to buy it with KILO or receive it via airdrops.

Platform users can earn points to qualify for KILO airdrops. Typically, you accumulate points by trading, depositing funds, referring others to the DEX, checking in to the platform and completing other specified eligible activities.

The project’s initial airdrop, Genesis Season, had an eligibility snapshot taken back in July 2024. Under the currently running airdrop campaign, Pioneer Season, users can earn points to receive KILO tokens for 180 days past the token generation event (TGE) in late March 2025 (i.e., until late September 2025).

Additionally, you can earn KILO tokens on Bybit simply by participating in the 

 event and holding BNB in your account. Every day at various random times, Bybit will take snapshots of your BNB holdings in your Funding and Unified Trading Accounts to calculate the number of KILO tokens you’re eligible for. The campaign will run through Apr 25, 2025, 11:59PM UTC, and you’ll have your share of KILO airdropped seven days after this date.

 market as a swap pair with USDT. If you don't have a Bybit account, you can easily 

, and access opportunities across hundreds of trading pairs and crypto products on the exchange's Spot and Derivatives markets.

As of Apr 17, 2025, the KILO token is trading at $0.039, which is 76.2% lower than its ATH of $0.1648 on Mar 27, 2025, and 17.3% higher than its ATL of $0.03344 on Apr 12, 2025.

Long-term price forecasts for KILO are mostly bullish. CoinCodex 

 at $0.0387 in 2027 and then rise to $0.135 in 2030 while PricePredictions 

When it comes to perpetuals trading, both traditional 

 (CEXs) and DEXs have often struggled to offer an intuitive trading experience. In contrast, KiloEx has made user-friendliness a cornerstone of its operations. With KiloEx, you can enjoy a streamlined trading process, access market trends info for thorough research, get an overview of the cryptocurrency market and conduct other activities via an interface that’s designed for anyone, irrespective of their familiarity with decentralized trading.

The platform also boasts a diverse range of other benefits not easily found in the world of perpetuals-based cryptocurrency trading — generous leveraged trading options, trading fee discounts, lightning-fast trades, low trading fees and an innovative Hybrid Vault system. Many of these benefits are thanks to KiloEx's collaboration with several Layer 2 decentralized platforms, which provide the technical infrastructure to enable low costs and fast order processing.

If you’re a crypto perpetuals enthusiast, KiloEx is definitely a platform to peruse.

Intermediate

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KiloEx (KILO): More than a DEX — a rewarding ecosystem

In this article, Bybit Learn breaks down how the RFC meme coin was launched by the 'ifindretard' community, what’s driving its popularity and how to trade the RFC meme coin on Bybit.  

RFC quickly became one of the most talked-about and actively traded meme coins in early April 2025. In this article, we’ll break down how the token started, what’s driving its popularity and show you how to trade RFC on Bybit.  

Meme coins have always relied on humor to capture a wide audience and RFC is no different. The coin is inspired by the 

 X account that posts right-leaning, political and social posts on the platform. The account quickly became popular and gained over 718,000 followers as of mid-April 2025. 

 the launch of RFC, a Solana-based meme coin with a core mission of becoming the definitive meme coin for their community. The project aims to counter the prevalence of rug pulls and scams and create a token that is fair and community-centric.

The RFC token was launched on Mar 24, 2025, on the 

 platform. Within a few hours of its launch, the token graduated from the bonding curve and was placed in the liquidity pool. The initial post from the @ifindretards account is likely the major cause of the parabolic rise in the price of the token on the pump.fun platform. 

In the following days, the popularity of RFC experienced a significant surge, largely fueled by an enthusiastic community that rallied around the project. The coin’s 

 on Solana and its allocation of 96% of the supply to the public attracted a lot of attention from the meme coin community. Such community-centric characteristics quickly boosted the coin’s profile. According to 

, over 216 KOLs have mentioned the coin, with 124 being bullish and only five being bearish. This positive momentum was soon reflected in the price surge of RFC.

Following the graduation from the bonding curve, the price momentum continued and the coin reached a peak market cap of around $8 million, but quickly retraced to $1.2 million the next day. Over the next few days, the coin consolidated in the $1 million to $5 million range. 

On Mar 31, 2025, the coin broke out of this range and witnessed a 2-week staggering rally that saw the market cap rise as high as $138 million on Apr 14, 2025. This is a 25x increase from the first day’s close of $5.5 million. The coin has since retraced slightly, and as of Apr 15, it’s currently trading at a valuation of around $91 million market cap. 

The total supply of RFC is fixed at 1 billion tokens. The distribution of these tokens is heavily weighted towards the public, with 96% allocated for a public fair launch. Notably, only 4% of the total supply was allocated to the developer wallet, and the project explicitly states that there were no airdrops or presales.

If you’re interested in riding the RFC wave, you can go long or short on the token with up to 20x leverage on Bybit through its 

 RFCUSDT perpetual contract. Whether you're bullish or bearish, you can dive into the action and start trading the 

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RFC: Trending meme coin with a strong community

Bybit Learn

Altcoins

Terra 2.0 has finally been launched. Here's everything you would need to know about it including the latest airdrop of LUNA tokens.

With the recent collapse of the Terra platform, many 

 and LUNA classic holders are wondering what's next for the blockchain. Even though only a few weeks have passed since the Terra blockchain collapsed, a new iteration of this blockchain is already set to launch. This version of Terra is referred to as Terra 2.0. Once introduced, the revival of this platform passed with approval of more than 65% of holders. The following guide details everything you need to know about Terra 2.0, and can help you decide whether or not to add the new LUNA coin to your portfolio.

Terra 2.0 is a new version of the Terra classic blockchain. It will include a relaunch of the cryptocurrency known as LUNA. The new LUNA coin will replace the old one, and will be traded via the LUNA ticker.

As touched on previously, Terra 2.0 is essentially a new version of Terra classic that's meant to last. Even though Terraform Labs and Do Kwon aren't set to be a part of Terra 2.0, the company behind Luna and Terra developed a "strong revival plan" that was meant to effectively salvage the entire Terra classic ecosystem by creating the new Terra. This plan was the first to receive the Terra 2.0 moniker.

While there are strong signs that Terra 2.0 won't befall the same fate as its predecessor, cryptocurrency exchanges and tech entrepreneurs are currently divided on the viability of providing support to the Terra 2.0 blockchain.

The plan that Do Kwon and Terraform Labs originally created centered around validating every invalid block as well as the blockchain network transactions, which would allow the new LUNA coin and Terra 2.0 to flourish. This plan was set to occur via a hard fork, which meant that Terra 2.0 wouldn't be directly linked to LUNA classic but would still be part of the same blockchain.

While Do Kwon's proposal was considered, it received very little support. Instead of being based on the original Terra blockchain, Terra 2.0 is tied to an entirely new blockchain, to be referred to as the new Terra. The original LUNA token has switched over to LUNA classic.

If you're thinking about investing in Terra 2.0, keep in mind that the Terra and LUNA coins are considered to be sister coins, which means that maintaining balance between these coins requires users to purchase some Terra before exchanging it for LUNA. This process results in a small amount of profit. 

On May 24, it was announced that the Terra 2.0 testnet was live, which means that all of the mechanics for this new blockchain platform are now locked in. All that's left is for the new LUNA tokens to be airdropped, which is set to occur at different intervals.

The pre-collapse snapshot was taken around May 7, 2022. On the other hand, the post-collapse snapshot occurred 20 days later on May 27. Holders of LUNA before the collapse occurred will receive an airdrop that's close to 1:1 of what they held at the time of the collapse. In comparison, crypto investors who purchased these coins after the collapse are set to receive an airdrop that amounts to a ratio of 1:0.000015 to match the value on May 27.

Multiple Airdrops of New LUNA Tokens Will Occur

The two additional airdrops are meant to compensate TerraUSD holders, which involves paying holders of this stablecoin before it dropped from its peg, as well as the ones who purchased the stablecoin after the peg dropped. UST holders before the crash will receive an airdrop that's valued at 1:0.033. On the other hand, people who purchased the stablecoin after this event will receive Terra 2.0 at 1:0.013.

Let's say that you hold 1,000 UST on May 27. In this situation, you will receive 13 new LUNA tokens via an airdrop. An individual who holds 1,000 LUNA classic tokens on May 27 will receive 0.15 new LUNA tokens. Regardless of the category that an investor was in, they received 30% of their total airdrop upon the launch of Terra 2.0, which was on May 27. The remainder of the airdrops will be vested linearly over a two-year time period, which comes with a cliff of six months.

Keep in mind that this airdrop is occurring in what's known as a "bonded state," which means that transfers won't be available for 21 days after receiving the airdrop. During this three-week period, the airdrop will become unbonded. This type of delay caused many stakers and investors to lose millions when the initial LUNA collapse occurred.

The reason that investors who hold a considerable amount of LUNA will only receive a portion of their Terra 2.0 tokens at launch is to make sure that they don't sell it off immediately. If every notable investor in Terra classic decided to sell their stake after receiving 100% of their airdrop, the new Terra would almost certainly fail. Any investor with more than one million Terra or LUNA classic tokens must wait one year before receiving a portion of their airdrop. The remaining portion will be vested over a four-year period.

What Will Happen to the Old Terra Blockchain?

Both TerraUSD and LUNA classic were native tokens of the initial Terra network, which was a 

project developed by Terra Labs. The goal of this blockchain platform was to provide a peer-to-peer electronic cash system. The two tokens that were available through this blockchain included UST and LUNA. UST was a stablecoin, which allowed it to be pegged directly to the U.S. dollar. This peg meant that UST was supposed to maintain a value that was close to one U.S. dollar. The LUNA coin was an essential component in making sure that UST kept its peg.

The peg was maintained via a standard contract-based algorithm. TerraUSD remained at or near $1 by burning LUNA tokens, which allowed new tokens to be created. On the original Terra platform, users needed to swap LUNA tokens for UST, and UST for LUNA. These trades would occur at a guaranteed $1 price, even if the market price of one token differed at the time of the trade.

Eventually, TerraUSD was no longer able to maintain the peg to the U.S. dollar, which resulted in its value dropping precipitously. However, the precise reason that this stablecoin lost its peg has yet to be discovered. When all of this took place, the algorithm that powered the entire platform attempted to correct the issue by issuing a considerably higher number of LUNA coins than normal.

In fact, total LUNA supply increased from more than 700 million tokens around May 5, 2022 to seven trillion tokens just eight days later. This resulted in LUNA losing upward of 99.9% of its total value. By introducing trillions of new coins to the market, a single coin’s value was eventually reduced to a mere fraction of a cent.

Now that the old LUNA tokens are essentially worthless, they’ve been renamed LUNA classic, and are listed under the LUNC ticker. As for the old Terra blockchain, it’s going to effectively cease to exist. New Terra is an entirely separate blockchain. In regard to the UST stablecoin, this is the one aspect of the Terra blockchain that will disappear completely. Even though new LUNA coins are being issued, the stablecoin won't be.

The first airdrop has already been distributed, and Bybit users will have received their new LUNA in their Spot Accounts. You can also check the Terra 2.0 Phoenix-1 Mainnet on the Terra Station Desktop App to view your wallet balance. 

The viability of the new Terra on the cryptocurrency market remains to be seen. While many platforms have pledged to support the new coin, widespread adoption has yet to fully occur. Since this new platform no longer depends on a stablecoin being pegged to the U.S. dollar, a total collapse may be less likely. As with any crypto investment, conduct extensive research and analysis of recent price trends before going forward with an investment into the new LUNA.

Terra 2.0 looks to be an exciting platform, with the potential for a well-performing future. Nevertheless, keep the previous Terra collapse in mind. The best way to safeguard against substantial crypto losses is by diversifying your portfolio and making sure that you have a mixture of risky and safe crypto investments.

Terra 2.0: What the Future Holds for LUNA

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