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21Shares launched two new crypto ETPs focusing on decentralized AI and Solana's DeFi ecosystem, expanding its European offerings to 50 and enhancing institutional access to these emerging sectors. Executive Summary 21Shares, a Swiss wealth manager, has introduced two new physically backed crypto exchange-traded products (ETPs) in Europe. The new offerings include the 21Shares Artificial Superintelligence Alliance ETP (AFET) and the 21Shares Raydium ETP (ARAY). These additions bring 21Shares' total ETPs in Europe to 50, with the firm managing over $11 billion in assets globally as of September 14, 2025. The launches aim to provide regulated investment avenues for institutional investors seeking exposure to emerging crypto narratives in decentralized AI and the Solana decentralized finance (DeFi) ecosystem. The Event in Detail The newly launched AFET ETP tracks a basket of decentralized artificial intelligence protocols, specifically Fetch.ai, SingularityNET, Ocean Protocol, and CUDOS. These protocols are unified under the Artificial Superintelligence (ASI) Alliance, which leverages the $FET token as its foundational asset. The AFET ETP is listed on Euronext Amsterdam and Euronext Paris, providing investors with direct exposure to this collaborative framework focused on advancing decentralized AI. Simultaneously, 21Shares introduced the ARAY ETP, which offers exposure to the RAY token of Raydium. Raydium functions as a prominent decentralized exchange (DEX) and automated market maker (AMM) within the Solana ecosystem. As of September 2025, Raydium secures over $2.3 billion in total value locked (TVL), positioning it as a significant liquidity hub on Solana. The ARAY ETP is listed on the SIX Swiss Exchange. These launches signify 21Shares' ongoing strategy to broaden its product suite, reaching a milestone of 50 physically backed crypto ETPs in Europe. The firm's global assets under management stand at approximately $11.52 billion. Market Implications The introduction of these ETPs by 21Shares expands regulated access for institutional investors to specific high-growth sectors within the cryptocurrency market. By offering ETPs tied to decentralized AI and Solana DeFi, the firm facilitates capital inflow into these specialized niches, which were previously less accessible through traditional financial instruments. This development further legitimizes crypto assets as an investable class for mainstream financial participants and strengthens 21Shares' position as a leading provider in the crypto ETP market. The move aligns with an increasing demand from institutional investors for exposure to next-generation decentralized technologies. Expert Commentary Market observers note that this expansion is bullish for institutional adoption within distinct crypto niches, particularly decentralized AI and the Solana ecosystem. The availability of such products suggests growing mainstream investor access to these themes, indicating a maturing market where specialized crypto assets are increasingly integrated into regulated investment frameworks. Broader Context The launch of the AFET and ARAY ETPs occurs amidst a surge of activity in the broader crypto ETP market. Recent developments include BlackRock's iShares Bitcoin ETP listing on the SIX Swiss Exchange and other European venues, as well as the approval of ETPs for various tokens like Floki Inu. This trend highlights traditional finance's increasing embrace of digital assets, with ETPs serving as a critical bridge. These financial instruments allow investors to gain exposure to underlying cryptocurrencies without the complexities of direct ownership, custody, or private key management. The targeted nature of 21Shares' new ETPs reflects a strategic focus on narrative-driven crypto sectors that are attracting significant developer activity and investor interest, such as decentralized computing and AI integration.
Pump.fun livestreamers are earning substantial rewards by promoting Solana meme coins through bizarre stunts, creating highly volatile "creator capital markets" with rapid price fluctuations. Executive Summary Pump.fun livestreamers are engaging in increasingly bizarre stunts to promote their Solana meme coins, generating significant creator rewards and high market volatility. This trend underscores the emergence of "creator capital markets," where content creators directly monetize their audience's engagement through associated crypto tokens, often leading to rapid price fluctuations and speculative market sentiment. The Event in Detail The Pump.fun platform has recently seen a resurgence in livestreams, with creators performing unusual acts to promote their newly launched meme tokens. These promotions range from individuals pretending to be lamps for eight hours, hosting bizarre talent shows, spinning an egg wearing a hat, to acting as "Joker-esque" characters. The platform's new fee model directly incentivizes these activities by allowing token creators to earn a percentage of every trade. Significant earnings have been reported by these creators. Former League of Legends esports player Michael "BunnyFuFuu" Kurylo earned $243,600 in creator rewards since launching his BunCoin. The developer behind the RUNNER token earned $108,410. The deployer of the EGG token accrued $72,760 in creator rewards, despite the token's market capitalization dropping 80% from its peak of $1.6 million to $308,600. The duo behind the "lamps" stream earned $4,710, with their token reaching a peak market cap of $262,000 before retracing to $157,000. Market Implications These livestream promotions generate substantial trading volume and rapid, often extreme, price fluctuations for the associated meme coins. The market sentiment surrounding these "creator capital markets" is characterized by high volatility and speculative activity. The meme coin market carries inherent risks, including illiquidity, potential for exit scams, and significant price discovery volatility due to the absence of clear valuation baselines. Small-cap meme tokens can experience parabolic price movements with relatively modest capital inflows, largely due to their low liquidity. Expert Commentary The concept of "creator capital markets" is gaining traction, driven by the direct monetization opportunities for creators through crypto tokens. The underlying philosophy behind some creator payout models aims to align incentives, ensuring that creators are rewarded for building sustainable projects rather than merely engaging in speculative ventures. This approach seeks to build trust by rebutting the assumption that new tokens are solely vehicles for creators to enrich themselves, instead tying rewards to the long-term health and success of the platform. Broader Context This trend is situated within the expanding Web3 creator economy, where decentralized technologies aim to empower content creators with new monetization and audience interaction models. However, the rapidly evolving landscape of crypto advertising faces tightening global regulations in 2025. These regulations include stringent influencer disclosure rules and platform restrictions, potentially impacting the types of promotional activities seen on platforms like Pump.fun. Regulatory frameworks such as the EU's MiCA regulation and the U.S. GENIUS Act are establishing clearer guidelines for crypto-asset advertising. In 2024, misleading or false advertising in the crypto sector resulted in $115 million in fines globally, with projections for higher losses in 2025. Despite a general increase in cryptocurrency adoption, with approximately 28% of American adults owning crypto in 2025, concerns persist regarding the security of digital assets, as 40% of owners express a lack of confidence in the technology's safety. These factors introduce a layer of scrutiny to highly speculative and unregulated promotional activities within the crypto market.
Meme coins PEPE, DOGE, and SHIB posted double-digit gains while MYX Finance dropped 25.08% amid allegations of an airdrop scandal, reflecting a volatile market day. Executive Summary Amid a volatile cryptocurrency market, meme coins PEPE, DOGE, and SHIB recorded double-digit price increases, while MYX Finance experienced a 25.08% decline following allegations of an airdrop scandal. This divergence highlights a prevailing "risk-on" sentiment in specific altcoin segments concurrent with significant negative events impacting other projects. The Event in Detail PEPE surged 18% in 24 hours, reaching a price of $0.00001236. Its market capitalization expanded to $5.2 billion, and daily trading volumes increased by 187% to $1.65 billion. Dogecoin (DOGE) recorded a 10% gain, breaking key resistance levels to trade at $0.29. Shiba Inu (SHIB) also saw an 8.86% increase. These movements contributed to the Altcoin Season Index reaching 71/100, alongside Bitcoin dominance sliding to 56.55%, indicating a rotation of capital into high-beta tokens such as meme coins. The broader cryptocurrency market observed an overall liquidity improvement, with total market capitalization increasing by 2.09% in 24 hours, and derivatives open interest climbing to $926 billion. Conversely, MYX Finance (MYX) experienced a 25.08% price decline in 24 hours, with its price falling to $12.67. This downturn coincided with allegations from blockchain analytics firm Bubblemaps, which claimed the project's core team was directly connected to wallets that siphoned $170 million worth of MYX tokens from a recent airdrop. Bubblemaps described this alleged activity as "the biggest airdrop Sybil of all time." Prior to this drop, MYX had seen a 914.93% price increase over the preceding seven days, achieving a fully diluted valuation of $17 billion within 48 hours of its launch. Market Implications The strong performance of meme coins like PEPE and DOGE suggests a robust speculative interest and community-driven momentum within this segment of the cryptocurrency market. Technical analysis on PEPE/USDT indicated a "strong buy" signal across major moving averages, with the Relative Strength Index (RSI) at 68, suggesting strong momentum without being overbought. Analysts, including popular trader Ali, noted PEPE's consolidation within a symmetrical triangle pattern, projecting a potential 111% upside towards $0.000026 based on historical breakout patterns. DOGE's technical indicators, including an RSI of 73.58 and bullish divergence on the MACD, further supported its upward trajectory. The significant price decline of MYX Finance following the airdrop scandal highlights the inherent risks in nascent projects and the potential for market manipulation or governance failures in decentralized finance. Such incidents can erode investor confidence, particularly in newly launched tokens and airdrop distribution models, potentially leading to increased scrutiny and demand for greater transparency in tokenomics and team wallet disclosures. Broader Context The distinct performance of meme coins in 2025 underscores their evolving role as a unique asset class. While still largely speculative and sentiment-driven, some projects are exploring hybrid models that integrate utility beyond pure meme culture. However, the market remains susceptible to rapid shifts in sentiment and regulatory scrutiny. The MYX Finance situation serves as a cautionary example of the vulnerabilities within the Web3 ecosystem, particularly concerning the integrity of token distributions and the impact of alleged misconduct on investor trust and asset valuations. This event, coupled with the speculative rally in meme coins, indicates a complex and bifurcated market environment where capital flows are influenced by both fundamental concerns and community-driven narratives.
A group of Senate Democrats introduced a seven-pillar framework for U.S. crypto market regulation, aiming to establish clear rules and consumer protections through bipartisan legislative efforts. Executive Summary Twelve Senate Democrats have released a comprehensive seven-pillar framework detailing their conditions for supporting a digital-asset market-structure bill in the United States. This initiative signals a willingness by the Democratic party to engage in bipartisan negotiations with Republicans to establish a durable regulatory framework for the nearly $4 trillion global crypto market. The proposal emphasizes investor protections, closing regulatory gaps, and curbing potential illicit finance activities, aiming to reduce future regulatory uncertainty and foster innovation. The Event in Detail The framework, introduced on Tuesday, outlines a detailed approach to regulating U.S. crypto markets. It proposes granting the Commodity Futures Trading Commission (CFTC) new powers over spot markets for non-security tokens, while establishing a clear process to determine if a digital asset falls under the Securities and Exchange Commission (SEC)’s jurisdiction as a security. This aims to provide jurisdictional clarity for the sector. The framework also mandates disclosure requirements for token issuers and calls for crypto-specific rulemaking for exchanges and custody providers. Strict anti-manipulation and consumer protection standards are central to the proposal. Additionally, all digital asset platforms serving U.S. users would be required to register with FinCEN as financial institutions, subjecting them to Bank Secrecy Act (BSA), Anti-Money Laundering (AML) rules, and sanctions enforcement. Decentralized Finance (DeFi) is identified as a key vector for illicit finance, with the framework calling for new oversight tools to prevent its misuse. It also seeks to prohibit interest or yield paid by stablecoin issuers, whether directly or indirectly. A politically charged section targets ethics, barring elected officials and their families from launching or profiting from crypto projects while in office, and mandating disclosure of their digital asset holdings. The Democrats called for increased funding for financial regulators and a guarantee of bipartisan representation in their rulemaking processes. Market Implications The introduction of this framework could lead to more predictable regulation for the crypto industry in the U.S., potentially fostering innovation and institutional adoption. The bipartisan effort suggests a path towards regulatory clarity, which could mitigate the current state of market uncertainty. However, failure to reach a consensus between the Democratic and Republican proposals could prolong regulatory ambiguity, hindering further growth and investment within the Web3 ecosystem. Expert Commentary In their proposal, the senators stated: > "Digital asset technology has the potential to unlock new businesses and spur American innovation. But questions about digital assets place in the U.S. regulatory framework have hobbled both innovation and consumer protection." This sentiment underscores the legislative intent to address the regulatory void that has constrained both innovation and consumer safeguards. Regarding the ethics provisions, Democrats have alleged, as per their framework, that certain actions by elected officials have undermined confidence in the broader digital asset industry, emphasizing the need for robust ethics rules. Broader Context The Democrats’ framework sets the stage for negotiations with Republicans, who have also introduced their own market structure bill drafts. The bipartisan approach is deemed essential for any legislation to advance through Congress. The objective is to create "clear rules of the road that protect consumers and safeguard our markets" and to ensure that digital assets are not exploited for illicit activities or personal gain by public officials. The overarching goal is to define how cryptocurrencies fit into current or future regulatory frameworks, thereby solidifying the U.S. position in the evolving global digital asset landscape.
Raydium is an automated market maker (AMM) and liquidity provider built on the Solana blockchain for the Serum decentralized exchange (DEX). Raydium has a first-mover advantage as an AMM within Serum and will be an integral part of bringing new and existing projects and protocols into the ecosystem. The protocol will act as a bridge for projects looking to expand to Solana and Serum, and in the process Raydium and the RAY token will become a foundation for enabling further development with partners, its own platform, and the ecosystem as a whole.
Unlike any other AMMs, Raydium provides on-chain liquidity to a central limit orderbook, meaning that Raydium LPs get access to the entire orderflow and liquidity of Serum.
Long term, Raydium aims to capture and maintain a leadership position among AMMs and liquidity providers on Serum, while leveraging the power of Solana to drive the evolution of decentralized finance (DeFi) and emerge as a leading protocol in the space alongside our partners and the community." (Data from Coingecko)
Raydium (RAY) current price is 0, up 4.68% today.
Raydium (RAY) daily trading volume is $87.0M
Raydium (RAY) current market cap is $912.6M
Raydium (RAY) current circulating supply is 268.1M
Raydium (RAY) fully diluted market cap (FDV) is $1.8B