USDC is now live on the XRP Ledger, expanding its native support to 22 blockchains.

Daily top performer — Solv Protocol (SOLV)

The S&P 500 rose 0.38% and is on track for weekly gains, as cooling inflation boosts Fed rate cut hopes, despite new tariff concerns. Gold surged above $3,425 amid rising Middle East tensions and growing expectations of Fed rate cuts, as investors seek safe-haven assets. The Coindesk Indices, which tracks the broader crypto market, fell 7.20%, with Bitcoin and Ether down 1.79% and 6.13%, respectively in the past 24 hours. Trade these markets and more with up to 500x leverage on Bybit MT5 using this 

Today’s top performer is SOLV, up 5.9% after SolvBTC unlocks DeFi liquidity with new USD1 lending market on Lista DAO.

Solv Protocol (SOLV), founded in October 2020, is an on-chain Bitcoin reserve that lets BTC holders earn yield by swapping BTC or WBTC for SolvBTC, which can be used in DeFi or staked via liquid staking tokens across chains. With $2.7B TVL, it bridges Bitcoin and DeFi for over 590K users. 

, enabling SolvBTC holders to use their tokens as collateral to borrow USD1, a stablecoin on BNB Chain. This unlocks new liquidity and utility for SolvBTC without requiring users to sell their BTC, enhancing DeFi opportunities for both Solv and Lista communities.

Check out the latest prices, charts, and data of 

, expanding its native support to 22 blockchains. Circle highlights its use for enterprise B2B payments, DeFi liquidity, and financial infrastructure apps, offering faster, more transparent settlement options.

Yesterday, BTC spot ETFs saw total net outflows of $202 million, with GBTC posting a small inflow of $5.9 million while non-GBTC ETFs recorded $207.9 million in outflows.

TAC, a Layer-1 TON Adapter enabling EVM dApps on Telegram, is 

 its Genesis Soulbound NFT collection on June 17–18. The 10,000-supply mint is priced at 30 TON and is non-transferable. Eligible EVM contributors can check and whitelist their wallets for potential perks, possibly including a future airdrop.

Beginner

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USDC expands to XRP Ledger, unlocking new use cases in payments and DeFi

In this article, we’ll explore how you can participate in the TON DeFi ecosystem and earn with Ethena.

The idea of earning passive income with crypto is always popular — and for a good reason. With Ethena now live on the TON blockchain, users can tap into a new world of yield opportunities. From staking to liquidity provision, Ethena's integration with TON creates multiple ways to grow your digital dollars. In this article, we’ll show you how to participate in the TON DeFi ecosystem and start earning with Ethena.

How to participate in the TON DeFi ecosystem

Before you begin earning rewards with Ethena, let’s first look at how you can participate in the TON DeFi ecosystem.

To begin, you’ll need a TON-compatible wallet that supports USDe and tsUSDe. Popular options include:

There are three ways to get USDe into your TON wallet:

Make sure you withdraw USDe to a TON wallet address that you control, and keep some TON in your wallet to cover transaction fees.

Once you have USDe, you can stake it to receive tsUSDe, the yield-bearing version of USDe on TON. Here’s how to do it in each wallet:

: Open the Wallet bot on Telegram, and tap on 

: Search for the MyTonWallet App bot on Telegram and launch the mini app.

: Launch the Tonhub app on your mobile device.

, and scan the QR code with your Tonkeeper wallet.

: Upon successful connection of your wallet, click on 

: Input the amount of USDe you would like to stake for tsUSDe. 

: The tsUSDe you receive from staking will automatically show up in your Tonkeeper wallet without any additional interactions.

How to earn with Ethena in the TON DeFi ecosystem 

Now that you’ve obtained USDe or tsUSDe, follow our guide below to find out how you can earn with either of these tokens in the TON DeFi ecosystem.

The simplest way to earn is by holding tsUSDe in major TON wallets. The Ethena protocol distributes dollar-based rewards to tsUSDe holders every eight hours, with a current APY of around 8%.

But that’s not all. You can also earn up to an extra 10% in Toncoin (TON) if you follow in-wallet instructions for boosted rewards, bringing your total potential yield to 15–20% APY.

: Stake USDe for tsUSDe in your wallet via 

: Follow any additional steps for boosted APY within the wallets.

You can also earn rewards using USDT by staking it into an Ethena-powered vault within the Telegram Wallet.

: Locate the Wallet feature on Telegram, either by typing @Wallet in the search bar or by tapping on the 

: Stake your USDT into the Ethena-powered vault and earn rewards regularly.

Alternatively, you can pair USDe or tsUSDe with USDT on major 

 (DEXs), such as STON.fi and DeDust, in order to earn swap fees, Ethena rewards and potential TON rewards.

: Add equal values of both tokens (USDe/tsUSDe and USDT) to minimize 

Ethena’s integration with TON is a powerful combo for anyone looking to earn steady yield in crypto. Whether you’re holding tsUSDe, staking USDT or contributing to DEX liquidity, there’s a strategy for every type of user. Start today and let your crypto dollars work for you!

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How to earn with Ethena in the TON DeFi ecosystem

Ethena has launched on TON and introduced tsUSDe, a reward-bearing, TON-native version of sUSDe, in order to bring passive earning opportunities to Telegram’s massive user base.

As Telegram’s ecosystem rapidly grows, so too does the opportunity to bring 

 (DeFi) to a wider global audience. The recent launch of Ethena on TON is a prime example, unlocking new ways for users to earn dollar-based yields while seamlessly tapping into Telegram’s enormous user base. In this article, we’ll learn about Ethena and TON, explore how they work together and show you how to earn with tsUSDe across the TON DeFi ecosystem.

Ethena is a synthetic dollar protocol that offers a crypto-native alternative to traditional stablecoins through its USDe and sUSDe assets.

Ethena enables users to hold and earn with USDe, a stable asset backed by a delta-neutral hedging mechanism, and sUSDe, which adds a yield-bearing layer. Now, with its integration into the TON blockchain, Ethena is expanding its reach beyond Ethereum to tap into Telegram’s billion-strong community.

 blockchain initially developed by Telegram and now maintained by the TON Foundation.

. Its native token, Toncoin (TON), powers transactions and staking. Thanks to its close integration with Telegram, TON is positioned as one of the most user-accessible blockchains today.

What sets TON apart is its direct access to Telegram’s user base. Since early 2025, Telegram has officially designated TON as its exclusive blockchain partner, solidifying a collaboration that began in 2023 with the rollout of TON-based mini apps.

Telegram’s distribution power, with over 1 billion monthly active users, gives any project built on TON instant visibility and scale. This makes the network a unique gateway to onboard Web 2.0 users into web3, especially in regions with high Telegram adoption.

Ethena’s integration with TON is more than just a technical milestone — it’s a strategic move to democratize access to DeFi and dollar-denominated yields. By launching on TON, Ethena makes it possible for users to interact with USDe natively within the Telegram ecosystem without needing to bridge across blockchains.

Users on Bybit can also withdraw USDe directly into any TON-compatible wallet, making it even easier to participate.

As part of the launch, Ethena introduced a new token: tsUSDe (TON-staked USDe). This is a TON-native version of sUSDe, meaning it carries the same reward-bearing mechanism, but is minted on the TON blockchain.

To obtain tsUSDe, users can simply stake USDe via Ethena’s staking interface with their selected TON networks. This unlocks earning opportunities directly within TON, without needing to interact with Ethereum or other chains.

The benefits of tsUSDe include the following:

How Ethena is powering the TON DeFi ecosystem

Ethena’s entry into TON marks one of the most important integrations in the network’s DeFi growth to date. As tsUSDe spreads across the ecosystem, users can already interact with it across a range of platforms — from wallets to lending apps. 

These integrations create a web of earning opportunities from staking and liquidity provision to lending and borrowing, all accessible through Telegram’s familiar interface.

The launch of Ethena on TON is more than just another chain expansion; it’s a step toward bringing stable DeFi opportunities to the masses, especially through the convenience of Telegram. With tsUSDe, users can now earn passively while exploring the TON ecosystem’s fast-growing 

If you're looking to diversify your earning strategies, or simply want an easier way to access DeFi, this integration is worth checking out. As more platforms begin to support tsUSDe, Ethena is well-positioned to become a core building block in the TON DeFi landscape.

Intermediate

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Ethena on TON: Boosting rewards for users

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.

Last week, a public feud between US President Trump and Tesla CEO Elon Musk had little effect on perpetual funding rate markets but caused a brief decline in crypto spot prices. However, BTC is now just $2K below its all-time high of $111K, with options markets showing a neutral-to-slightly-bullish sentiment. In contrast, ETH options are skewed over 10% toward OTM calls, reflecting their stronger performance over the past week. Most tokens have maintained positive funding rates, with ETH's open interest increasing by $700M. Additionally, BTC's short-tenor implied volatility is nearly half that of ETH's, with ETH's 7-day realized volatility at just under 60%, compared to 30% for BTC.

Please check out the report’s highlights.

Open interest on the rise with positive funding

After a sideways trend in early June, open interest in perpetuals across nine tracked tokens has risen back above $11B, matching last month’s peak. ETH's open interest has increased from $2.6B to $3.4B, reflecting the token’s spot price performance above $2,800 for the first time since late February 2025. This rise coincides with mostly positive funding rates for ETH, indicating bullish sentiment among perpetual traders. While open interest in the tracked altcoins has grown, BTC's open interest has remained flat at $6B, down from $6.5B on Jun 9, 2025, despite BTC's spot price nearing its all-time high of $111K.

BTC implied volatility remains near the 35% floor it has held for the past 19 months, although it briefly dipped in mid-May and early June 2025. The term structure of BTC's volatility is now positively sloped, contrasting sharply with ETH's inverted shape. This disparity is partly due to BTC's low realized volatility of 30% over the past week compared to ETH's, which is nearly double at just under 60%. Over the past week, BTC options volumes have been balanced between calls and puts, unlike late May, when puts dominated. However, open interest reveals a different picture, with put OI nearly $200M higher than call OI.

ETH options markets differ significantly from BTC options markets. Open interest is primarily in call options, exceeding that for BTC by $70M. A rise in implied volatility, particularly at the front end, has caused ETH's term structure to invert again. Additionally, ETH's volatility smiles are more bullish, with short-tenor options skewed over 10% toward OTM calls. 

Despite these differences, options volumes for ETH have fluctuated between call and put dominance over the past week, similar to BTC, with both markets seeing notably lower volumes on weekends.

Advanced

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Bybit X Block Scholes Crypto Derivatives Analytics Report (Jun 11, 2025): ETH options skew over 10% toward OTM calls

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This article explores Lorenzo Protocol, how its core technology works, the utility of its native BANK token and how you can trade it on Bybit.

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Bitcoin, the world’s most successful original cryptocurrency, holds the largest crypto market capitalization. However, much of its vast liquidity remains separate from the diverse yield opportunities in 

. Lorenzo Protocol is designed to bridge this gap, aiming to transform BTC from a passive store of value into a productive, yield-generating asset for both institutional and retail users.

This article explores Lorenzo Protocol, its recent evolution into an institutional-grade asset management platform, how its core technology works, the utility of its native BANK token and how you can trade it on Bybit.

 is a decentralized asset management platform that’s building an institutional-grade financial layer for Bitcoin, aiming to unlock its vast liquidity for the DeFi ecosystem. Initially focused on helping BTC holders access yield through 

 its infrastructure with the introduction of its Financial Abstraction Layer. This strategic shift positions Lorenzo Protocol as an on-chain asset management platform that’s dedicated to tokenizing financial products and delivering sustainable, real yield.

The protocol's core mission is to advance a borderless global economy by enabling Bitcoin holders and other capital providers to earn yield without sacrificing their assets’ liquidity. It seeks to connect idle capital with diverse yield strategies, including staking and sophisticated trading opportunities, making these opportunities accessible through standardized, tokenized financial products.

Who are Lorenzo Protocol's founders and investors?

Lorenzo Protocol was co-founded by a team with strong backgrounds in finance and technology. Co-founders Matt Ye, Fan Sang and Toby Yu serve (respectively) as CEO, CTO and CFO. Their collective expertise guides the protocol's development and strategic vision.

The project has garnered support from a range of prominent investors. Key backers include YZi Labs, BNB Chain, Geekcartel, NGC Ventures, HTX Ventures, ArkStream Capital, Animoca Brands and Sats Ventures. As of May 12, 2025, Lorenzo Protocol has a DeFi 

Two core components power Lorenzo Protocol’s mission to bring institutional-grade financial products on-chain: the 

The Financial Abstraction Layer is Lorenzo's core infrastructure. It tokenizes centralized finance (CeFi) strategies and makes them usable within DeFi. The FAL packages complex operations, such as custody, lending and trading, into simple, tokenized products accessible via standardized vaults and modular APIs. This allows financial access platforms (like neobanks or PayFi apps) to integrate verifiable yield modules without building complex financial logic themselves. 

An example of a product powered by FAL is the On-Chain Traded Fund (OTF), which tokenizes yield strategies (fixed yield, principal protection, etc.) into a single tradable ticker, similar to traditional 

The Bitcoin Liquidity Layer specifically focuses on integrating BTC into DeFi. Recognizing that a vast amount of Bitcoin sits idle, this layer provides infrastructure for issuing various BTC-native derivative tokens. These include stBTC, a liquid staking token representing Bitcoin staked via 

 (WBTC) standard designed for seamless use across Lorenzo's ecosystem and DeFi. This layer aims to turn passive BTC into active capital for 

BANK is the native governance and utility token of the Lorenzo Protocol. It plays a crucial role in the ecosystem's operation and long-term alignment. The key use cases of BANK include:

As of May 12, 2025, according to CoinGecko data, 

The initial circulating supply was 20.25% of the total, with 8% of the total supply reserved for an initial community 

. BANK’s token unlock schedule is designed for long-term alignment, with no token unlocks for the team, investors, advisors or treasury in the first year post-

Bybit has recently expanded its offerings on its user-friendly and intuitive cryptocurrency exchange by 

. This allows traders to gain exposure to BANK's price movements with leverage.

The BANKUSDT Perpetual contract is featured in Bybit's Innovation Zone, which provides access to new and innovative token pairs. Users can trade this contract with up to 50x leverage.

You can trade the BANKUSDT Perpetual contract on Bybit once you have a verified account with deposited funds. Here's how to get started, in four simple steps:

Lorenzo Protocol (BANK): Unlocking institutional Bitcoin liquidity and yield

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