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

Blockchain

web3

Learn more about blockchains latest innovation — inscriptions — and find out the best inscriptions you should know about!

 community witnessed a mini-revolution with the introduction of the Ordinals protocol. Created by blockchain developer Casey Rodarmor in December 2022, it enables the unique identification of individual 

 — the smallest units of a Bitcoin — and lets you attach pieces of data to them. These pieces of data — text, programming code, images or video — are called inscriptions. They’re enabled by the Bitcoin Ordinals protocol, and are an innovative way of creating unique digital artifacts, essentially 

The concept of Bitcoin-based NFTs is so intriguing that it didn’t take long for inscription functionality to be introduced on other popular blockchains, such as Ethereum (

), as well as a number of smaller chains. On the Bitcoin chain itself, a new token standard inspired by the Ordinals protocol, BRC-20, was also launched in early 2023. By now, inscriptions are among the hottest topics being discussed by NFT enthusiasts, blockchain developers and crypto investors.

 originally appeared on the Bitcoin blockchain thanks to the 

, which was made possible by the Bitcoin 

 in November 2021. On Bitcoin, Ordinals represent pieces of data, such as an image, text or video, attached to individual satoshis. Since the Ordinals protocol lets you uniquely identify every satoshi, attaching inscriptions to each one makes it a distinct, NFT-like token. Introduced in December 2022, the Ordinals protocol quickly became a popular tool for creating Bitcoin NFTs.

Throughout 2023, Bitcoin inscriptions spurred the creation of similar protocols by numerous other blockchain platforms. The precise method of implementing inscriptions may vary depending upon the underlying chain. Still, the concept remains the same — inscriptions simply allow you to attach various data and media within blockchain transactions. They’re largely used as an alternative to NFTs or to create 

, although future use cases might appear as the technology matures and gains wider appreciation.

For some chains, such as Bitcoin or Dogecoin, inscriptions are the only viable way of creating a non-fungible or distinctly identifiable asset. Meanwhile, chains with built-in NFT functionality might offer certain benefits over standard NFTs. For instance, the implementation of inscriptions on Ethereum — Ethscriptions — is widely touted as a cheaper alternative to Ethereum-based NFTs.

 is an experimental token standard on Bitcoin that allows you to create fungible cryptocurrencies with inscriptions attached to their tokens. It was inspired by the Ordinals protocol, and introduced by the pseudonymous developer Domo in March 2023. While Ordinals make it possible to produce unique NFT-like assets on Bitcoin, the BRC-20 standard introduced the concept of leveraging inscriptions by using fungible cryptocurrencies.

BRC-20 tokens attach data in a JSON format to ordinal inscriptions in order to facilitate the minting and transfer of these assets on the Bitcoin chain. Inscriptions attached to BRC-20 tokens have a block size limit of 4MB.

There are hundreds of BRC-20 cryptocurrencies on the Bitcoin network by now, nearly all of them meme coins. Despite their limited use cases beyond a good dose of laughs, the 

 are among the most hotly discussed crypto assets these days, and some have achieved remarkable ROI figures.

 is Ethereum’s own way of creating on-chain assets with inscribed media attached. On Ethereum, ethscriptions are created during a transaction by using a piece of transaction data known as calldata. Using this calldata and a unique Uniform Resource Identifier (URI) featured in each Ethereum transaction, anyone can create an inscription on Ethereum’s blockchain.

Launched in June 2023, the Ethscriptions protocol facilitates the minting of Ethereum-based inscribable tokens. Compared to Bitcoin's Ordinal inscriptions and BRC-20 tokens, Ethscriptions have a much lower size limit — up to 96 KB per inscription/token. Currently, Ethscriptions only support image data, but other data formats will likely be introduced in the future.

Despite their size limitation, Ethscriptions have emerged as a cost-efficient alternative to standard Ethereum NFTs, owing to their data storage at the transaction level.

POLS is the name given to the implementation of inscription technology on the 

 (POL) blockchain. The Polygon ecosystem operates an on-chain POLS Market that facilitates trading of these assets. Polygon has also implemented the equivalent of Bitcoin’s BRC-20 standard for fungible inscription-based tokens, known as PRC-20. POLS can be split into multiple transferable inscriptions and converted into PRC-20 tokens, which allows them to be listed on exchanges. In late 2023, Polygon became the 

 EVM-compatible chain for inscription transactions.

In November 2023, the Solana blockchain joined the inscription race with 

, which implements the SRC-20 protocol on the Solana blockchain by leveraging its memo feature, an optional input field that lets users attach data to a transaction. As opposed to the Ethscriptions protocol’s inscription process, this memo function is more lightweight and doesn’t entail transferring funds or adding data to the input field. Thanks to Solana's negligible transaction fees and the lightweight nature of memos, Solinscriptions presents a quicker and more cost-effective way to create inscribable non-fungible tokens.

ASC-20 is the token standard used for creating inscription tokens on the 

 (AVAX) chain. It follows the logic of the BRC-20 standard on Bitcoin, enabling the minting and deploying of fungible cryptocurrencies. Known as Avascriptions, this protocol is used to deploy, mint and transfer ASC-20 tokens.

The Avalanche blockchain boasts over 40 of these cryptos as of February 2024. Its largest token, AVAV, has a market cap of over $12 million.

As the majority of cryptos inspired by Ordinals are meme coins, it was only a matter of time before the world's ultimate meme coin chain, Dogecoin, introduced its own inscription-based tokens. In May 2023, Dogecoin implemented the DRC-20 token standard, which enables Dogecoin nodes to inscribe each 

 (or “dogetoshi”) with rich data to create a Doginal.

 is a tool that gives each shibe a unique ID by assigning numbers to these tiniest units of DOGE, based on the order in which they were mined and transferred.

In the true spirit of the Dogecoin community, the chain has become the absolute leader among all platforms by the number of inscribable cryptocurrencies hosted on it. As of February 2024, Dogecoin features a whopping 1,700+ DRC-20 tokens. For comparison, there are currently fewer than 700 BRC-20 tokens on Bitcoin, and a little more than 40 ASC-20 tokens on Avalanche, per data from 

. If there’s one chain where inscriptions have been met with lots of love, it’s Dogecoin.

 (ARB) has also introduced its own variation of Ordinals to facilitate the launch of inscribable fungible cryptocurrencies. The Arbscriptions protocol comes in the ARC-20 token standard, and the process of creating Arbscriptions is similar to that of minting Ethscriptions, using a calldata component. However, unlike Ethscriptions, which currently support only images, Arbscriptions can handle a variety of data that includes text, image, video and HTML. Other enhancements include insignificant gas fees and support for recursive inscriptions (see below).

 solution for Bitcoin, has launched STX-20, its own token standard for inscribable, fungible cryptocurrencies. Unlike BRC-20, which facilitates the creation of fungible tokens on the Bitcoin chain, STX-20 primarily aims to enhance the 

 functionalities of Stacks. Launched in December 2023, the standard has already been used to mint hundreds of meme coins on the Stacks blockchain. 

Recursive inscriptions are a modification to the Ordinals protocol that allows token issuers to "roll over" data from previous inscriptions into newly minted tokens. By introducing this functionality, recursive inscriptions surmount the hard limit of 4 MB that applies to standard Bitcoin inscriptions. Transaction fees could also be reduced as a result of decreased data size.

Removing the size limitation and potentially decreasing transaction fees opens up vast opportunities. Thanks to recursive inscriptions, large amounts of data can be inscribed onto tokens, enabling use cases such as video games and movies on the Bitcoin blockchain. The technology is still new, but many developers and industry observers already foresee the introduction of visually rich 3D games on Bitcoin — a development that could signify an entirely new era for its blockchain and the crypto world in general.

Inscribable fungible and non-fungible tokens are still new and highly experimental concepts in blockchain R&D. Throughout 2023, we witnessed the spread of the technology from Bitcoin to numerous other chains. For now, inscription-based non-fungible tokens are viewed as a viable and often cost-effective alternative to NFTs. As for inscription-based fungible tokens, nearly all are meme coins, and have next to no (other) functionality.

However, innovative use cases for these assets will undoubtedly emerge as we move through 2024 and beyond. Although these tokens are viewed with skepticism by some in the crypto world, the concept of inscriptions could potentially become revolutionary in the world of blockchain. For example, recursive inscriptions have already inspired many developers to work on projects that will bring video gaming and rich media to the Bitcoin platform. Many new use cases, particularly on smart contract chains, will also surface, and we probably won't have to wait too long for them.

For many years, storing large-scale, rich media directly on blockchains — whether smart ones or dumbest to the core — was infeasible, at least without decentralized data storage solutions like 

 (AR). Inscription technology is beginning to dismantle this limitation, which will have tremendous implications for how blockchains are used. Inscriptions have arrived, and are ready to kick off a new revolution in the crypto world!

9 Best Blockchain Inscriptions of 2024

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