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Circle and Kakao Group sign MOU for won stablecoin, targeting 40M users
Edgen Crypto·Jul 23 2026, 01:08Share to
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[1] Circle signs MOU with Kakao Group to explore blockchain payments in Korea (https://cryptobriefing.com/circle-kakao-block ...)[2] Circle and Kakao Group partner to explore block... - Pluang (https://pluang.com/en/news-feed/circle-jalin- ...)[3] Kakao Group Teams Up With Circle to Pursue Korean Won Stablecoin, Blockchain Payments - bloomingbit (https://en.bloomingbit.io/feed/news/116809 ...)[4] Kakao Group and Circle Begin Full-Fledged Collaboration on Next-Generation Digital Assets - 아시아경제 (https://www.asiae.co.kr/en/article/2026072309 ...)
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Jul 23 2026, 02:39
Ethereum L2s hit $37.4B TVL as Base, Arbitrum, Optimism lead scaling push
**Ethereum's Layer-2 ecosystem reached $37.4 billion in total value locked, confirming that the network's scaling upgrades are shifting activity to L2s while keeping settlement on the mainnet.** Ethereum's weekly transaction count hit 18 million while median fees fell to $0.008, a divergence that shows the scaling roadmap is working. "The Pectra and Fusaka upgrades expanded blob throughput and data availability, which is exactly what L2s need to scale without congesting L1," Jason Wu, on-chain analyst at Edgen, said. Total blob fees reached 1.492 million ETH, per Dune Analytics, reflecting adoption of proto-danksharding. L2 TVL now stands at $37.41 billion, nearly half of Ethereum mainnet's total. Base leads with $11.86 billion, followed by Arbitrum One, ZKsync, and OP Mainnet. Base processed 248.3 million transactions in the period, accounting for 29.1 percent of all L2 activity, while Robinhood Chain posted a 30,922 percent monthly surge in transaction count. The milestone validates Ethereum's rollup-centric roadmap, potentially drawing more developers and capital to L2s and pressuring competing L1 chains to justify their valuations. Monthly active users on Ethereum rose 2.9 percent to 8.3 million, signaling the ecosystem is attracting new participants even as activity migrates to L2s. **L2 Transaction Volumes Surge as Costs Collapse** Transaction counts on L2s have spiked since late June. Arbitrum One saw monthly transaction growth of 22.2 percent, while Optimism posted 19.2 percent and Base added 13.4 percent, according to Token Terminal data. Robinhood Chain, the newest entrant, recorded a 30,922 percent monthly increase and now accounts for 13.9 percent of all L2 transactions. The median transaction fee on Ethereum fell to an all-time low of $0.008, even as weekly transaction counts reached 18 million. That cost collapse is the direct result of proto-danksharding, which uses temporary data blobs to reduce L2 posting costs to Ethereum. **What the $37.4B TVL Milestone Means for the Ecosystem** The $37.41 billion locked across L2s represents nearly half of Ethereum mainnet's total TVL, per L2BEAT data. Base leads at $11.86 billion, up 1.04 percent, followed by Arbitrum One and OP Mainnet. ZKsync was the only top L2 to post a decline. This concentration of value on L2s strengthens the thesis that Ethereum's rollup-centric roadmap is working as designed: execution scales on L2s while security and settlement remain on Ethereum L1. The next test will come with further data availability improvements in upcoming upgrades, which could push L2 TVL past $50 billion by year-end. This article is for informational purposes only and does not constitute investment advice.
Jul 23 2026, 01:40
dYdX Chain v5.1 opens permissionless listings as exchange rivalry heats up
dYdX Chain released version 5.1 on July 22, introducing permissionless market listings that allow any user to create new trading markets without governance approval, a structural shift designed to expand the platform's addressable market. "This upgrade removes the bottleneck of governance votes for new market creation, letting the community and market makers respond to demand in real time," a dYdX spokesperson said. The v5.1 upgrade eliminates the previous requirement for governance proposals to list new perpetual and spot markets. Any user can now deploy markets by meeting on-chain parameters, including minimum liquidity thresholds and oracle feed requirements. The change mirrors the permissionless expansion playbook that Hyperliquid deployed through its HIP-3 and HIP-4 upgrades, which opened perpetual and outcome market listings to staked deployers starting in October 2025. The upgrade positions dYdX to compete more directly with Hyperliquid, which generated $1.34 trillion in trading volume and $320 million in revenue during the first half of 2026, according to Bitwise. dYdX's market share in perpetual futures has faced pressure as Hyperliquid's unified margin model and lower fee structure attracted volume. Whether v5.1 reverses that trend depends on how quickly deployers create markets and whether liquidity providers follow. **How Permissionless Listings Work on dYdX** Under v5.1, deployers must meet on-chain parameter requirements rather than passing a governance vote for each listing. The system uses predefined templates for market structure, similar to the template-based approach Hyperliquid introduced with HIP-4 on July 20. Hyperliquid's HIP-4 requires deployers to stake 500,000 HYPE tokens, worth about $30 million, locked for at least six months. dYdX has not disclosed equivalent staking requirements for its permissionless system, with details expected in forthcoming documentation. The competitive stakes are significant. Hyperliquid's HIP-4 outcome markets generated roughly $100 million in trading volume during their first month after launching on mainnet in May 2026, according to the protocol. dYdX's v5.1 does not include outcome markets — it focuses on perpetual and spot listings — but the architectural shift toward permissionless deployment follows the same strategic logic: let external deployers drive market growth rather than bottlenecking it through governance. **What This Means for DYDX Token Economics** The permissionless upgrade introduces a new demand driver for DYDX if deployers must stake or hold the token to create markets. Hyperliquid's HIP-3 and HIP-4 staking requirements have removed millions of HYPE from circulating supply — each HIP-4 deployer locks 500,000 HYPE worth roughly $30 million. dYdX's specific token requirements for permissionless deployment remain unannounced, but any staking mechanism would create similar supply-side pressure. dYdX's total value locked stood at roughly $480 million across its perpetual and spot markets as of mid-July, according to DefiLlama, compared with Hyperliquid's $2.1 billion. The v5.1 upgrade gives dYdX a path to narrow that gap by letting external market makers and trading firms list the pairs they want to trade, without waiting for governance cycles that can take weeks. This article is for informational purposes only and does not constitute investment advice.
Jul 23 2026, 01:37
Injective files for SEC transfer agent registration in $6.8B RWA push
Injective filed a Form TA-1 with the US Securities and Exchange Commission to register as a transfer agent, a move that would place the layer-1 blockchain within the existing US securities infrastructure for tokenized real-world assets. "This is a transfer agent registration, not a securities registration for the INJ token," a person familiar with the filing told Edgen. "Form TA-1 is what a service provider files, not what an issuer files. It positions Injective as regulated infrastructure for tokenized assets." The filing, submitted alongside the launch of Injective Mint on July 17, represents a direct engagement with US securities law rather than an attempt to work around it. Transfer agents maintain official ownership records of securities, process changes in ownership, and manage investor communications — functions that Injective aims to bring onchain. Under US rules, the transfer agent's register remains the legal source of truth even when a token exists on a blockchain, with the smart contract enforcing transfer restrictions to non-approved wallets. The strategic significance extends beyond the filing itself. Injective has already settled $6.8 billion in real-world asset volume on its network and surpassed $1.1 billion in native asset issuance, according to the company. The Injective Mint platform, now in private alpha, allows institutions to issue equities, bonds, ETFs, and foreign exchange products through a single compliance-ready interface — with holder restrictions, jurisdictional screening, and freeze controls built into the issuance process rather than added afterward. The SEC filing and platform launch follow a series of institutional infrastructure moves. BitGo joined Injective as a validator in June 2025, and the network has processed 2.94 billion onchain transactions to date. Injective also completed the migration of its INJ token from Ethereum's ERC-20 standard to its native Injective EVM, with Coinbase supporting a direct 1:1 conversion, boosting access to DeFi applications on the network. INJ traded at $5.28 as of July 20, up 4.2% from the prior week, with a daily trading volume of $88 million, according to CoinGecko. The token had a roughly $494 million market cap when it launched on Robinhood on July 16 at $4.76 to $5.00, and the listing was accompanied by a broader press cycle that included a Linux Foundation membership, an AI development kit, and a MiCA whitepaper. The approval timeline for the transfer agent registration remains uncertain. If approved, Injective would become one of the first blockchain networks to operate as a registered securities infrastructure provider in the US, potentially opening the door for traditional financial institutions to issue tokenized assets on its chain. Future releases and integrations on Injective Mint will be powered by the INJ token, creating a structural link between institutional adoption and token demand that could shift the network's economic dynamics as issuance scales. This article is for informational purposes only and does not constitute investment advice.