Stripe is testing a new US dollar-backed stablecoin product for businesses outside the U.S., U.K., and Europe, aiming to expand the dollar's global footprint.

Daily top performer — Pudgy Penguins (PENGU)

S&P 500 futures dipped as over 180 S&P companies prepare to report earnings this week, following a 4.59% gain last week amid easing US-China trade tensions. Gold prices dipped to around $3,310 as easing US-China trade tensions reduced safe-haven demand, though recession fears may limit further losses ahead of key US economic data releases. Fed hawkishness may cap gains. CoinDesk Indices, which tracks the broader crypto market, fell 0.72% in the past 24 hours, while Bitcoin and Ether dropped 0.19% and 1.07%, respectively. Trade these markets and more with up to 500x leverage on Bybit MT5 using this 

Today's top performer is PENGU, rising by 27.5%, following Pudgy Penguins' recent expansion into multiple industries and their celebration of World Penguin Day.

Pudgy Penguins (PENGU), launched in July 2021, is a popular NFT collection known for its cute artwork. It has expanded into physical products like toys, generating over $10 million in sales, and the collection now holds a market cap of over $1.19 billion. Pudgy Penguins and $PENGU were recently 

 as a fitspo in Wisdom Kaye's content, marking a major milestone for their influence across industries. Additionally, last Saturday, the brand celebrated 

, highlighting its continued growth and impact beyond the NFT space. This showcases Pudgy Penguins' expanding presence and reach in multiple sectors.

Check out the latest prices, charts, and data of 

 a new US dollar-backed stablecoin product for businesses outside the U.S., U.K., and Europe, aiming to expand the dollar's global footprint. This follows Stripe's acquisition of Bridge, a stablecoin payment network, which competes with the SWIFT system. Stripe has a history with crypto and recently introduced stablecoin payments in over 70 countries. The company sees this new product as a decade-long ambition, with the stablecoin market growing significantly in 2025.

BTC spot ETFs saw $3.06B of net inflows for the week ending 25 April 2025, with $2.97B from non-GBTC products and $94M from GBTC. Since inception, ETFs have accumulated $38.4B in net flows, with non-GBTC products contributing $61.1B and GBTC seeing $22.7B of outflows.

GiveRep, a decentralized reputation protocol on Sui, has 

 a points program where users can earn Reputation Points by tweeting about GiveRep and its Loyalty projects to qualify for an upcoming airdrop. A minimum of 100 X (Twitter) followers is required, and participants may also earn bonus airdrops from partner projects.

Beginner

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Stripe launches testing for global stablecoin payments after Bridge acquisition

Initia is a blockchain ecosystem that unifies Layer 1 security with customizable Layer 2 rollups through its Interwoven Stack architecture. Learn more here.

 ecosystem forces developers to choose between security and customization, while fragmenting liquidity across isolated chains. Enter Initia (INIT), a groundbreaking protocol that reimagines blockchain architecture by seamlessly integrating 

This article examines Initia's Interwoven Stack architecture, its innovative economic features and the INIT token's utility and distribution, and considers whether this ambitious ecosystem redesign represents a promising investment opportunity following its recent mainnet launch.

 is a blockchain ecosystem that unifies Layer 1 security with customizable Layer 2 rollups through its Interwoven Stack architecture, enabling developers to build specialized application chains without sacrificing interoperability or liquidity or requiring deep infrastructure expertise.

Initia emerged in 2022 when Stanford Liu and Ezaan "Zon" Mangalji left Terraform Labs to tackle blockchain's fragmentation challenges. They later added ecosystem lead OmniscientAsian from Sino Global Capital to help create a more streamlined blockchain infrastructure.

The project quickly gained investor backing, starting with Binance Labs' pre-seed funding in October 2023. This was followed by a $7.5 million seed round led by Delphi Digital and Hack VC, then a $2.5 million community round and a $14 million Series A that valued Initia at $350 million by late 2024.

Initia aims to eliminate the traditional security/customization trade-off in blockchain by creating a unified ecosystem that allows both to coexist. By establishing a central hub for all rollups, the project combines the advantages of monolithic security with the flexibility of modularity, thereby eliminating the fragmentation that currently plagues blockchain systems.

The platform's integrated stack simplifies blockchain development with pre-built solutions that work together seamlessly. Users benefit from Initia's Universal Accounts system, which provides a consistent experience across all connected chains, eliminating the need for multiple wallets or managing different tokens for gas fees.

By introducing economic alignment mechanisms such as the 

, Initia creates an environment in which developers can focus solely on innovation in their applications. This shift away from infrastructure concerns toward product development aims to enhance capital efficiency and drive broader adoption of blockchain.

Initia fuses Layer 1 (L1) and Layer 2 (L2) technologies into a unified architecture with three distinct components. The foundation is Initia L1, built on Cosmos SDK, which functions as the orchestration layer. This base provides security, governance and interoperability.

Above this foundation, Interwoven Rollups (Minitias) provide developers with customizable Layer 2 environments, allowing them to select their preferred virtual machine (

, Move or Wasm), define unique gas token systems and implement specialized transaction ordering mechanisms. 

Binding everything together is the Interwoven Stack, a comprehensive framework that provides all necessary tools for building and deploying rollups without requiring developers to source and integrate disparate components.

The system leverages optimistic rollups through the OPinit Stack to achieve remarkable transaction speeds (up to 10,000 

) while maintaining security. Transactions processed via L2 rollups are submitted to Initia’s L1 for finalization, with data availability secured through 

Initia provides the following core features that work together to simplify development and unify the blockchain ecosystem.

Initia L1 serves as the foundational layer and central coordination hub for the entire ecosystem. Built on the Cosmos SDK with CometBFT and MoveVM, it provides essential services, including network security, governance mechanisms and liquidity solutions through InitiaDEX.

 (also known as Minitias) are flexible Layer 2 blockchains built on top of Initia L1. These rollups rely on the orchestration layer for security and data settlement, operating without native 

 while enabling advanced rollup functionalities.

Developers can customize their rollups by selecting from multiple virtual machines and defining their own gas token and fee structure. This flexibility enables application-specific optimizations and economic models, at the same time maintaining seamless interoperability within the broader Initia ecosystem.

The Interwoven Stack is Initia's comprehensive, all-in-one solution, designed to empower developers in building and deploying rollups with unmatched ease. Instead of requiring developers to research and piece together numerous components — such as wallets, explorers and 

 — the Stack provides everything needed right out of the box.

At the core of this framework is OPinit Stack, designed exclusively for optimistic rollups within the Cosmos ecosystem. It includes mechanisms for fraudproofs and rollback capabilities and supports multiple virtual machines, which allows developers to focus solely on building their applications, rather than configuring complex infrastructure.

The Vested Interest Program (VIP) is Initia's novel incentive alignment mechanism that’s designed to address common issues in multi-rollup ecosystems. It addresses the misalignment of incentives for high-activity 

 (DApps), the economic underutilization of the native token and the inefficient distribution of protocol-level incentives.

VIP programmatically rewards valuable economic activities by allocating INIT tokens to rollups that create innovative applications, and to users who perform beneficial actions. This approach ensures that rollup teams, users and token holders all share aligned interests in the ecosystem's long-term success.

 (DEX) built on the Initia L1, functioning as the central liquidity hub for all Interwoven Rollups. It features Balancer-style weighted pools for diverse asset pairs, and 

 pools for assets with closely correlated prices, ensuring an optimal trading experience.

Enshrined Liquidity is Initia's solution to the traditional dilemma in 

 (PoS) systems, whereby token holders must choose between either staking for security or providing liquidity. It allows governance-whitelisted InitiaDEX liquidity positions (INIT-TOKEN pairs) to function as staking assets alongside the native INIT token.

Users can earn both staking rewards and trading fees from a single position, dramatically improving capital efficiency. To qualify, LP tokens must include INIT as part of the pair (with at least 50% weight for Balancer pools) and receive 

 approval, which also determines reward weight distribution among all whitelisted tokens.

Minitswap eliminates the days-long waiting periods typically required by optimistic bridges when moving assets from rollups to Layer 1s. Users can instantly swap their rollup tokens for L1 assets through liquid trading pairs, creating a frictionless experience for asset transfers throughout the Initia ecosystem.

 offers a unified interface for managing assets across multiple rollups, thereby facilitating cross-chain transfers and accessing DApps. By abstracting multichain complexity into a single interface, users can navigate the entire Initia ecosystem without confronting technical barriers or fragmented experiences.

Initia's bridge technology enables secure token transfers between Initia L1 and rollups using an optimistic bridge model. The OPinit Bridge leverages Cosmos SDK modules, and operates through two key components that work in tandem to ensure system integrity.

The Executor handles token movements, output submissions and data relay, while the Challenger monitors for invalid proposals and provides security oversight. This balanced architecture delivers verifiable cross-chain communication that maintains the integrity of both L1 and L2 chains while enabling reliable asset transfers throughout the Initia ecosystem.

Initia reached a major milestone with its successful mainnet launch on Apr 24, 2025. Before then, the project had completed several critical developments, including the MiniEVM and MiniMove frameworks, the deployment of InitiaDEX and the implementation of the innovative Vested Interest Program.

The immediate post-launch phase is focusing on expanding the ecosystem by onboarding strategic partner projects across 

 and enterprise sectors. This expansion demonstrates Initia's versatility as it builds a network of interconnected Interwoven Rollups that leverage the platform's unified infrastructure.

The INIT airdrop will distribute 50 million tokens, representing 5% of the total supply, to early supporters and community members. This allocation is strategically divided across three main categories: testnet participants (89.46%), social contributors (6.04%) and Interwoven Stack partners (4.50%).

The largest portion (44.7 million INIT) is being designated for the 194,294 users who participated in Initia's public testnet campaigns, particularly those who engaged with interactive 

 activities. Additional allocations target users from partner ecosystems, including LayerZero, IBC and milkTIA holders.

Following the mainnet launch on Apr 24, 2025, eligible participants will have a 30-day claim window to secure their tokens. This airdrop serves as both a community-building initiative and a strategic token distribution to those most likely to contribute to the ecosystem's growth.

INIT is the native token of the Initia ecosystem, with a fixed total supply of 1 billion. Initial circulating supply at launch was 148.75 million INIT, representing 14.88% of the total supply. The token’s distribution is strategically designed to ensure long-term sustainability and broad community engagement.

INIT enables staking to secure the network, powers governance decisions for protocol changes, facilitates cross-rollup operations between different Minitias and provides liquidity through InitiaDEX. This utility-driven model ties INIT's value directly to ecosystem activity and adoption.

Looking to trade Initia tokens? Bybit now offers the INITUSDT Perpetual contract following the recent mainnet launch. To get started, you'll need to create a Bybit account, fund it with cryptocurrency and navigate to the 

While Initia represents a groundbreaking approach to blockchain scalability through its interwoven architecture and unified liquidity model, investors must carefully weigh its significant growth potential against relevant risk factors.

Initia shows promising potential with its comprehensive ecosystem approach and significant financial backing. In addition, growing demand for scalable blockchain infrastructure that doesn't sacrifice security or customization provides a favorable market environment. However, potential investors should 

 and consider their individual risk tolerance.

Initia revolutionizes blockchain architecture by creating a multichain environment in which thousands of appchains can coexist harmoniously through modularity and orchestration. With established financial backing and over 16 appchains already onboarded at mainnet launch, Initia could transform the way blockchain applications are built, deployed and interconnected.

Intermediate

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Initia (INIT): The Interwoven Stack behind scalable rollups

Apr 28, 2025: Our weekly Institutional Insights explores the latest market developments — market performance, industry news, exchange-traded fund (ETF) flows, trending topics, upcoming events and token unlocks — to help you supercharge your crypto trading.

 explores the latest market developments — market performance, industry news, exchange-traded fund (ETF) flows, trending topics, upcoming events and token unlocks — to help you supercharge your crypto trading.

Weekly highlight — US-Sino trade conflicts cool down

China is considering suspending its 125% tariff on certain US imports, including medical equipment and industrial chemicals like ethane, due to the economic impact of the trade war. Discussions are also underway to waive tariffs on aircraft leases, which are financially burdensome for airlines.

This potential move has boosted investor optimism, with Asian shares rising and the yuan recovering losses. Analysts view this as a step toward de-escalation, although significant differences between the US and China remain.

The proposed exemptions align with recent US tariff exclusions on electronics, highlighting the intertwined nature of the two economies. Chinese companies reliant on US goods, such as advanced medical equipment and ethane, have reported some shipments arriving without tariffs.

While the list of potential exemptions is still being finalized, authorities have requested companies submit customs codes for necessary goods. Reports suggest China may also waive tariffs on at least eight semiconductor-related products, excluding memory chips, which could impact companies such as Micron Technology.

Overall, while investor interest grows, relations between the two nations still face challenges, with China demanding the US revoke unilateral tariffs before resuming trade talks.

Traders have heavily invested in Cantor Equity Partners Inc, a blank-check company merging with Twenty One Capital Inc., which is backed by Tether, Bitfinex and SoftBank. Since the April 22 merger announcement, Cantor's stock has surged 197%, closing at $31.50 on Friday.

The merger includes a convertible debt offering, potentially leading to a market capitalization of about $12 billion that would far exceed the estimated $4 billion value of the Bitcoin it’s expected to hold. This would reflect strong demand for crypto-related investments.

Analysts note that investing in such vehicles is akin to betting on Bitcoin's growth. Public special-purpose acquisition company (SPAC) shareholders are projected to own 2.7% of the new company, while major stakeholders like Tether and SoftBank will have substantial shares. Overall, the market is optimistic about this collaboration in the digital asset space.

Advanced

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Weekly Institutional Insights: Trade conflicts cool down as crypto SPAC sees popularity

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.

At the start of the week, Bitcoin showed signs of decoupling from US equities. However, US president Trump's positive remarks about the US-China trade war (which had included a 145% tariff on Chinese goods) triggered a relief rally across markets. As a result, BTC has resumed moving up with US equities. 

This rally has led to a rise in short-tenor implied volatility and a recovery in BTC’s put-call skew, indicating that traders are seeking upside exposure.

Please check out the report’s highlights.

Perp open interest rises across the board

Perpetual open interest increased significantly this week across various tokens, especially ETH. Perpetual trading volumes also rose. Notably, Ap 7, 2025 recorded the highest trade volume of the month, following Trump's comment, "Forget markets for a second, we have all the advantages."

BTC option open interest shows a mixed picture; put-call skew in short tenor sends positive signals

President Trump’s recent willingness to negotiate a trade deal with China’s President Xi triggered a relief rally across asset classes, including crypto. Bitcoin had already risen 7% since Apr 21, 2025, prior to Trump's comments. Despite this rally, open interest in puts has outpaced calls, with options volume remaining relatively balanced. 

It's unclear if the demand for puts reflects a hedge against downside risks, or a bet against the upward movement. Meanwhile, perpetual funding rates are providing limited insight into sentiment. However, the recovery of the put-call skew at short tenors indicates that traders are seeking upside exposure to the rally — and are willing to pay for it.

ETH unexpectedly outperforms BTC in this relief rally

ETH's response to the recent crypto market recovery has diverged from previous trends: it outperformed BTC in spot prices, a rarity in past rallies, and open interest in calls exceeds that in puts — opposite to BTC's trend. In addition, ETH call open interest is nearly double that of puts, with calls dominating options volumes. This suggests traders anticipate ETH will reduce its significant underperformance against both BTC and other “ETH killers” like SUI and SOL. Additionally, the spot rally has led to another term structure inversion for ETH.

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Bybit X Block Scholes crypto derivatives analytics report (Apr 24, 2025): Put-call skew recovers at short tenors, showing reviving sentiment

Bybit Learn

DeFi

0x is an open protocol that facilitates the rapid transfer of Ethereum-based tokens across multiple leading exchanges. Find out more about how it works here.

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Through exchanges, cryptocurrency holders are able to buy and sell their coins and other digital assets with ease. While most beginning traders prefer the use of centralized exchanges (

) due to their user-friendly interfaces, 

 (DeFi) has gained popularity amongst traders for offering decentralized protocols. While there are a growing number of these 

 available for cryptocurrency holders to use, 0x stands apart from other crypto exchanges in a few exciting ways.

0x is an increasingly popular DeFi exchange that supports trade transactions across multiple blockchains. As a liquidity aggregator, its functionality includes searching for the best deal for each requested transaction across a large network of exchanges. 

Because this exchange scours numerous other leading exchanges in the crypto space in search of the best price and lowest 

, 0x stands apart from other exchanges and offers beneficial utility to its many users. In some cases, the best deal available is to break up a transaction across multiple exchanges, which 0x will present to users. 0x has a user-friendly design. With a formal registration process, its users only need to connect their established 

In October 2016, Amir Bandeali and Will Warren co-founded 0x with the primary goal of standardizing 

 blockchain tokens. More than that, they saw the possibility of creating Ethereum tokens for fiat, NFTs, gold and other assets to support more robust trading. This concept was redefined to 0x’s current function as a decentralized exchange when the co-founders identified key problems with it. Its initial coin offering (

 in funding. 0x then went on to raise another $15 million in a Series A equity round. In April 2022, 0x closed a $70 million Series B financing round, resulting in a total amount of $109 million raised. 

In more recent years, 0x has served as a structural basis for other decentralized exchanges. Some of the exchanges that have been built on 0x include Radar Relay, DeFi Saver, Zerion and Nuo.

While the initial concept that 0x’s co-founders had has been refined, its established goal has been to change and improve the way Ethereum-based tokens are traded. The co-founders identified the inherent challenges that users faced with so many exchanges available for their trades. 

Before the introduction of liquidity aggregators, users had to manually identify exchanges that offered the right pairing. Then, they had to compare prices and fees to see the best deal available. This took time, and prices could change during the research process. 0x identified this challenge and became one of the few liquidity aggregators to be established. Acting as a liquidity aggregator that searches many exchanges on a user’s behalf helps to save time and may help traders find deals that they otherwise could have overlooked.

On a broader level, 0x is focused on being the most equitable, transparent and efficient financial system around the world to date. In the process, it wants to further improve infrastructure to build its global system. By doing so, the team wants to improve the liquidity and accessibility of digital assets.

0x is an open-source protocol that is built with Ethereum’s blockchain infrastructure and that operates with P2P software. Essentially, it functions as a building block in the DeFi realm by supporting online marketplaces, 

Most decentralized exchanges use an on-chain settlement protocol, but 0x functions with a hybrid system. Its trading orders are stored off-chain, and the trade settlements are completed on-chain. The protocol involves the essential actions of both makers and takers.

A maker is a user that places an order to buy or sell tokens. When placing an order, the user must specify the desired token price and pairing. After a maker’s order is created in 0x’s order book, 0x begins its process of researching options and identifying a suitable deal for the maker via one or more exchanges. Through this short waiting process, a maker adds liquidity to the system.

A taker, on the other hand, places an order that is immediately matched. Because of this immediate transaction process, takers remove liquidity from the platform. Makers are able to connect with a specific taker through sending them the order directly via email, chat or an over-the-counter (OTC) trading desk. This is often done when a maker has already established a sort of relationship with a specific taker.

0x has a unique functionality that has already disrupted the decentralized exchange world. Its functionality is rooted in a few key features, including token swapping, NFT swapping and more. What should you know about its advanced features?

, a DEX aggregator, supports trades on numerous popular exchanges. Through Matcha, trades can be executed on one or two exchanges, based on which offers the best deal. Because of its functionality with numerous exchanges, 0x supports an extensive range of trading pairs beyond what may be offered through any single exchange. To swap tokens, the maker must create an order that specifics the expiration date, token price and token type. Smart contracts are then used by 0x via the Ethereum blockchain to find a taker’s order that is suitable to fulfill the maker’s order. While 0x facilitates the search process, the actual token transfer is completed directly between the maker and taker without an intermediary.

 using 0x. This is one of the newest advancements offered by 0x. By facilitating the process of swapping NFTs, 0x produces a flawless, multi-chain swapping experience for both makers and takers. In the process, time is freed up, and better deals may be identified. Going forward, the NFT swap feature will work with more tokens, offer free noncustodial listings, operate with less gas and have other key benefits.

0x strives for full transparency, and it makes great strides in this area through 

. This aspect of the platform delivers broad stats on usage, such as the trading volume across all exchanges, the number of users and the number of trades executed over a specific period of time. It also goes deeper by identifying the top liquidity sources and the top apps used for the trades. Through 0x Explorer, viewers can also find the most active users, a list of recent trades and the top trades for a specific period of time.

When a user makes a trade, it has an impact on the market price of the pair. In addition, it affects pool liquidity. Illiquidity can create a loss for users. 

 analyzes each trade request and determines the impact that a trade will have on leverage. When that impact exceeds a specific and predetermined threshold, users are notified that there is insufficient liquidity available for the transaction. Users are able to customize the threshold setting to suit their risk tolerance and needs. In addition, users are able to review the anticipated impact upfront before executing the order.

Many users of decentralized exchanges today are subject to 

. In some cases, the quoted price for a trade can be considerably different from the executed price, and this presents uncertainty in the equation for users. Often, the cost of slippage is unknown to users until after the transaction has been executed. 0x employs 

, which includes a model that predicts slippage for each transaction. The smart modeling results are incorporated into the quote for full transparency. By doing so, 0x can present the best deal possible. The impact of Slippage Protection is estimated at 48% overall.

0x’s co-founders initially had a far more expansive view of what 0x would offer, but they refined the scope of the project upfront. 0x launched as a liquidity aggregator to support the trading of Ethereum-based assets in October 2016. In 2017, the ZRX ICO produced $24 million in funding. This funding came from major sponsors, such as Polychain Capital, Pantera Capital and others. 

The platform’s second version added the functionality of trading ERC-721 tokens, or NFTs. This 2018 update allowed for fast NFT trades across a variety of popular exchanges. In the middle of 2021, integration with Matcha was completed, which allowed 0x to identify the best prices and execute trades on different exchanges. 0x operates with DAO governance with ZRX as the governance token. This enables ZRX token holders to steer the future development of the exchange.

ZRX is the native 0x token and it is an ERC-20 token. It is used to pay for transaction fees on 0x. In addition, ZRX holders are able to participate in governance voting and have a say over the direction of the exchange. The total supply of ZRX is a trillion tokens. The ICO in 2017 released 500 million tokens. Currently, 847 million tokens are in circulation. As of Jan 25, 2023, ZRX has a market cap of 188 million. 

The current price of ZRX is $0.21. The highest price was recorded in January 2018 at $2.53, and the lowest price was in August 2017 at $0.104. ZRX tokens are required to pay for gas, so the primary purpose for some people to purchase ZRX is for its utility in this area. However, as is the case with all crypto coins, many people may be considering buying ZRX as an investment. 

 suggests that the price of ZRX could hit up to $0.39 by the end of 2023. Before 2025 concludes, ZRX may be priced at $0.81. The 2026 price may hit $1.19, and the price could rise to $2.60 by the end of 2028. Looking further ahead, the price of ZRX may reach $5.32 in 2030.

ZRX is available for purchase through several exchanges, including Bybit. Simply sign up for a Bybit account to start trading the 

0x’s unique features like Slippage Protection, Price Impact Protection and superior pairing across multiple exchanges can result in significant financial benefits for users. Because of this, it could be advantageous for cryptocurrency traders to use 0x. Those who are interested in holding ZRX as a short-term or long-term investment should understand that the price of ZRX is volatile. As is true throughout the crypto space, this volatility presents opportunities for both short-term and long-term holders. Timing trades is essential for optimizing profits.

Overall, the price of ZRX is expected to increase from year to year. Part of this price increase is tied to the expected growth of the platform, which is attributed to its standout features and abilities. 

0x is a liquid aggregator that provides its users with key advantages, such as a faster way to identify the best exchanges for their trades and the ability to mitigate losses related to liquidity and slippage. The platform is easy to use and works with numerous popular exchanges to support a wide range of trading pairs. For those who are searching for a superior exchange, 0x is a platform to learn more about.

0x (ZRX): A Liquidity Aggregator to Beat?

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