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## エグゼクティブサマリー **IOTA**は、開発者向けにエンタープライズグレードのウォレットインフラストラクチャを提供するため、秘密鍵管理プラットフォームである**Turnkey**との統合を発表しました。このコラボレーションは、従来のシードフレーズの必要性を排除し、ポリシーベースのトランザクション自動化を可能にすることで、アプリケーション内で安全な非カストディアルウォレットを直接提供することを目的としています。このイニシアチブは、開発時間を短縮し、IOTA上で構築するプロジェクトの障壁を低くし、分散型アプリケーションの採用を加速するように設計されており、特に取引およびゲーム分野の**dApps**から特別な関心が寄せられています。 ## イベント詳細 **IOTA**と**Turnkey**の統合は、ネットワーク上で構築する開発者向けの高度なウォレット技術スイートを導入します。主要な提供内容は、シードレスの非カストディアルウォレットをアプリケーションに直接埋め込む機能を含み、ユーザーは複雑な秘密鍵やシードフレーズを管理することなく、資産を完全に制御できます。これは、堅牢なセキュリティとユーザーエクスペリエンスのバランスを取るシステムを通じて達成され、非カストディアルの原則を維持しながら「キーレス使用」体験を提供する認証オプションをしばしば活用します。 機能をさらに強化するために、この統合はトランザクション自動化のためのポリシーベースの署名を促進します。この機能により、日次トランザクション制限や特定のウォレットアドレスのブラックリスト登録など、カスタムルールを実装することができ、トランザクションが事前定義された条件に準拠することを保証します。**Turnkey**のインフラストラクチャは、「インフラストラクチャ優先」のアプローチと、カスタマイズされた製品構築のために設計された構成可能なプリミティブを特徴としています。トランザクション署名とウォレット作成において低いレイテンシ(通常50〜100ミリ秒)を誇り、99.9%のアップタイムと数百万のトランザクションを処理できるスケーラビリティを備えています。セキュリティは最優先事項であり、秘密鍵の生成、暗号化、アクセス制御は信頼されたハードウェアセキュリティエンクレーブ内で管理されます。このプラットフォームは検証可能でオープンソースであり、暗号化セキュリティと改ざん防止監査証跡を提供します。 ## 市場への影響 この統合は、**IOTA**エコシステムに significant な影響を与え、より広範な**Web3**開発トレンドに影響を与える可能性があります。ウォレットインフラストラクチャを簡素化し、セキュリティを強化することで、このパートナーシップはより多くの開発者を**IOTA**に引きつけ、より堅牢で多様な**dApp**ランドスケープを育成することを目指しています。安全な非カストディアルウォレットを統合し、トランザクションを自動化する能力は、ユーザーエクスペリエンスを向上させ、**Web3**アプリケーションにおける一般的な摩擦点を減らすために不可欠です。この開発プロセスの合理化により、**IOTA**ネットワーク上で準拠したユーザーフレンドリーなアプリケーションの立ち上げが加速されることが期待されます。エンタープライズグレードのソリューションと強化されたセキュリティへの注力は、従来のビジネスとより広範なユーザーベースを取り込もうとする他のブロックチェーンプロトコルにとっても前例となる可能性があります。 ## 専門家のコメント **IOTA財団**の会長兼共同創設者である**Dominik Schiener**は、この統合の戦略的重要性について強調しました。彼は、このようなパートナーシップが「IOTAを大規模に開発者がアクセス可能で有用なものにするために不可欠」であり、「IOTAエコシステム内のプロジェクトの障壁を低くし、IOTA上に構築されたアプリケーションの採用を加速する」役割を強調しました。この視点は、財団が開発者フレンドリーな環境を育成し、**IOTA**ネットワークの有用性を拡大することへのコミットメントを裏付けています。 ## より広い文脈 **Turnkey**によって提供されるような高度なウォレット技術の統合は、セキュリティとユーザーエクスペリエンスの向上を目指す**Web3**空間におけるより広範なトレンドを反映しています。マルチパーティ計算(**MPC**)ウォレットインフラストラクチャなどのソリューションは、他の業界プレイヤーに見られるように、従来のシードフレーズの必要性を排除し、ユーザーアカウントを保護するための柔軟なポリシーエンジンを可能にすることで、同様の課題に対処します。これらの進歩は、ユーザーが単一障害点なしに自分の資産を制御できる自己管理型エクスペリエンスを可能にします。 この開発は、ネットワークを進化させるための**IOTA**の継続的な戦略的イニシアチブと一致しています。**IOTA財団**は、2025年5月に予定されている**Rebasedプロトコル**のアップグレードを含むいくつかの主要なマイルストーンに積極的に取り組んでいます。このアップグレードは、毎秒50,000トランザクション(TPS)のスループットを持つ完全に分散型で高性能なブロックチェーンに移行し、ステーキング報酬を導入することを目的としています。さらに、2025年第3四半期の最近の開発は、**IOTA Gas Station**、**IOTA Identity**、**IOTA Notarization**、**IOTA Hierarchies**などのイニシアチブを通じて**IOTA**テクノロジーをよりアクセスしやすくすることに焦点を当てています。バリデーター委員会の67のアクティブなバリデーターへの拡大と、分析のための**Sentio**の統合は、**IOTA**の非中央集権化、セキュリティ、および開発者ツールへのコミットメントをさらに強調しており、**Turnkey**の統合をエコシステム成長と採用のための包括的なロードマップにおける補完的なステップとして位置付けています。将来の計画には、Devnetへのコア**アカウント抽象化**の展開も含まれており、完全なオンチェーンマルチシグネチャソリューションを実装する内部デモアプリケーションを作成することを目的としています。

## Executive Summary **IOTA**, a distributed ledger technology project, has announced the distribution of **10 million IOTA tokens** to its community in commemoration of its 10th anniversary. This initiative, which began with promotions from October 1, 2025, to December 29, 2025, includes various mechanisms such as **Binance Earn** locked products offering up to **29.9% Annual Percentage Rate (APR)**, anniversary event giveaways, and targeted airdrops for specific community segments. ## The Event in Detail Celebrating its inception in October 2015, **IOTA** is distributing **10 million IOTA tokens** to its community through a multi-faceted approach. A significant portion, **2 million IOTA tokens**, is allocated for staking rewards via **Binance Earn** locked products. These products provide varying APRs based on lock-up durations: **16.9%** for 30 days, **20.9%** for 60 days, and **29.9%** for 120 days. Subscriptions for these products are available on a first-come, first-served basis, with minimum subscription limits set at **1 IOTA** and maximum limits ranging from **120,000 IOTA** to **500,000 IOTA**, depending on the duration. Further community engagement initiatives include anniversary event giveaways, with **250,000 tokens** designated for 10 winners. Additionally, targeted airdrops are planned for **Genesis NFT** holders, contributors to **LiquidLink DeFi**, and native **IOTA** stakers. These airdrops aim to reward long-term supporters and active participants within the **IOTA** ecosystem. ## Financial Mechanics The financial incentive structure is primarily driven by the **Binance Earn** locked products. The offering provides competitive APRs: **16.9%** for a 30-day lock-up, **20.9%** for 60 days, and **29.9%** for a 120-day lock-up. These rates are available during the promotional period spanning from October 1, 2025, to December 29, 2025. To participate, users must subscribe to **IOTA** locked products, with a minimum subscription of **1 IOTA**. Maximum subscription limits are set at **500,000 IOTA** for the 30-day product, **200,000 IOTA** for the 60-day product, and **120,000 IOTA** for the 120-day product. Rewards are distributed daily, commencing the day after a successful subscription. ## Business Strategy & Market Positioning **IOTA**'s strategy behind this **10 million token** distribution centers on enhancing community loyalty and stimulating network participation. By rewarding existing holders and attracting new users through high-yield staking opportunities and direct airdrops, **IOTA** aims to fortify its user base. The focus on celebrating a decade of operation underscores its long-term commitment and established presence in the distributed ledger technology sector. This approach is consistent with common Web3 community-building practices that leverage token incentives to drive engagement and ecosystem growth. The initiative also seeks to attract capital into the **IOTA** ecosystem, potentially boosting its on-chain metrics and overall valuation, a strategy observed in other digital asset projects aiming for increased adoption and liquidity. ## Market Implications The **IOTA** token distribution and **Binance Earn** promotion are anticipated to have several market implications for the **IOTA** ecosystem. In the short term, increased trading volume and price volatility for **IOTA** are expected as users engage with the airdrop mechanisms and **Binance Earn** products. The high APR offered by **Binance** is likely to attract new users and capital, potentially increasing demand for **IOTA**. Long-term effects could include enhanced community loyalty and network participation, assuming the incentives successfully retain users. The influx of capital through staking could positively influence **IOTA**'s on-chain metrics and overall market valuation. Market sentiment specifically for **IOTA** is assessed as potentially bullish due to increased community engagement, demand from lock-up products, and new investor interest, while the market-wide impact is considered neutral. ## Broader Context This initiative by **IOTA** reflects a broader trend within the Web3 ecosystem where established projects utilize token distributions and high-yield financial products to celebrate milestones, invigorate their communities, and attract investment. By leveraging platforms like **Binance** for high-APR offerings, **IOTA** taps into a vast user base, aligning with ongoing efforts across the digital asset space to onboard new participants and expand liquidity. Such strategies contribute to the maturation of the digital asset market by providing structured incentives for holding and participation, thereby supporting the underlying technology's development and adoption.

## Executive Summary **Tron Inc.**, a publicly traded entity focused on blockchain integration, has announced a substantial expansion of its TRON (TRX) token treasury, reaching over **$220 million**. This increase follows the exercise of **warrants totaling $110 million** by **Bravemorning Limited**, which now holds an **86.6% ownership stake** in Tron Inc. This move is presented as a manifestation of the "crypto-stock synergy" and aligns with a broader market trend toward the adoption of **Real-World Assets (RWA)** and increased institutional participation in the digital asset space. ## The Event in Detail On September 2, 2025, **Tron Inc. (Nasdaq: TRON)** confirmed the expansion of its TRON (TRX) token treasury to more than **$220 million**. This capital injection resulted from **Bravemorning Limited** exercising all its warrants to purchase restricted common shares for **$110 million**. The transaction added **312,500,100 TRX tokens** to Tron Inc.'s treasury portfolio, elevating its pro forma shareholders' equity to over $220 million. Bravemorning Limited's total equity investment in Tron Inc. now stands at **$210 million**, securing its position as the controlling shareholder. This expansion builds upon Tron Inc.'s initial TRX Treasury Strategy launched in June 2025 through a Securities Purchase Agreement with Bravemorning. Formerly known as SRM Entertainment, Inc., Tron Inc. has adopted a strategy akin to a reverse merger, a method that allows private companies to access public markets. The company emphasizes its role as the largest public holder of TRX tokens and its commitment to integrating decentralized finance into its long-term value creation strategy. The underlying TRON network boasts over **328 million user wallets globally** and processes a significant volume of stablecoin transactions, including approximately **$82.6 billion in TRC-20 USDT**, accounting for nearly 50% of total USDT circulation. In 2024, total USDT settlement on Tron reached approximately **$5.5 trillion**, with the first half of 2025 recording over **$3.6 trillion**, marking a 50% increase year-over-year. ## Market Implications The expansion of Tron Inc.'s TRX treasury exemplifies the burgeoning "crypto-stock synergy," a trend designed to bridge traditional capital markets with the digital asset ecosystem. This strategy, while drawing comparisons to **MicroStrategy's aggressive Bitcoin acquisition playbook**, carries distinct risk profiles. Unlike Bitcoin, TRX is characterized by a more limited trading volume, centralized control, and a closer tie to Tron Inc. itself, as noted by market analysts. However, the broader trend of publicly traded companies integrating various cryptocurrencies into their treasuries, including Ether, Solana, and XRP, continues to gain traction, signaling a shift in corporate treasury management. Significant regulatory developments are simultaneously reshaping the market landscape. The **U.S. Securities and Exchange Commission (SEC)** has streamlined the approval process for cryptocurrency **Exchange-Traded Funds (ETFs)**, a pivotal move on September 17, 2025, anticipated to unleash a "tidal wave" of new crypto investment products. Legislative acts such as the **CLARITY and GENIUS Acts of 2025** have reclassified Ethereum as a utility token and enabled efficient in-kind creation/redemption mechanisms for ETFs. Following the success of **Bitcoin spot ETFs**, which by September 23, 2025, held approximately **$147.2 billion in net assets** with **$57.25 billion in cumulative inflows**, and **Ethereum spot ETFs** accumulating over **$13 billion in net inflows**, the market has witnessed the debut of altcoin-specific products, including **REX-Osprey's Dogecoin (DOGE) ETF (DOJE)** and **XRP (XRP) ETF (XRPR)**. This regulatory momentum is converging with the rapid growth of **Real-World Assets (RWA)**. Traditional finance institutions are increasingly engaging with the RWA sector; for instance, **BlackRock launched its tokenized US Treasury fund, BUILD**, in March 2024. The stablecoin sector is also evolving, with Tether's annual revenue from T-Bills reaching **$10 billion**, underscoring the potential for yield-bearing stablecoins. **Ethena's USDe**, with over a **$5.5 billion market cap**, and its USDtb stablecoin, primarily backed by shares of BlackRock's tokenized US Treasury fund, exemplify this integration. ## Expert Commentary **HTX Ventures** holds an optimistic view on RWA, identifying it as the "next major driver for DeFi's mainstream adoption," particularly tokenized US Treasuries and sovereign bonds. They foresee **"crypto-stock synergy"** as a crucial trend for bridging traditional and crypto capital markets, bringing significant exposure and liquidity. Paul Atkins, in a recent speech, indicated a profound transformation where the entire financial system, including stocks, bonds, and real estate, is migrating on-chain. He emphasized that the **SEC** explicitly welcomes tokenized securities, removing previous regulatory uncertainties. Atkins further stated that the SEC is actively addressing the custody problem, which has hindered institutional participation due to rules like **SAB 121**, by modernizing custody rules specifically for tokenized securities. The timeline for these actions is projected to be "months, not years," suggesting an accelerated pace of adoption. Analysts project that even a conservative estimate of **10% tokenization** of traditional assets like commercial real estate, corporate bonds, and private equity in the next five years could move approximately **$4 trillion on-chain**. This figure is comparable to the current entire crypto market capitalization. The operational savings alone are substantial, with settlement times potentially dropping from T+2 to instant, eliminating billions in daily settlement risk. Custody fees are also expected to see significant compression. ## Broader Context The crypto market is undergoing a maturation phase, increasingly influenced by favorable regulatory policies, closer ties to global macroeconomic factors, and expanding institutional participation. However, the path to widespread RWA adoption is not without complexities. Navigating the diverse regulatory frameworks across jurisdictions, ensuring compliance with **KYC/AML requirements**, adhering to tests like the **Howey Test** for security classification, and establishing clear legal recognition of on-chain ownership remain critical challenges. The security and enforceability of **smart contracts** are also paramount, requiring robust auditing and verification to mitigate financial risks. Despite these hurdles, the confluence of traditional finance and crypto through RWA and "crypto-stock synergy" is anticipated to attract substantial new capital and users, thereby accelerating the maturity and mainstream adoption of the Web3 ecosystem. Regulatory clarity will be instrumental in de-risking the space for institutional investors. Continuous advancements in smart contract technology, dispute resolution mechanisms, and custodial solutions are expected to pave the way for broader adoption of tokenized assets, as governments increasingly embrace blockchain-based legal structures and recognize smart contracts as enforceable agreements. HTX Ventures emphasizes a long-term vision, moving beyond short-term speculation, for projects with strong fundamentals and a commitment to compliance and security.

## Executive Summary Valour, a subsidiary of **Nasdaq**-listed **DeFi Technologies**, has launched 13 new crypto Exchange Traded Products (ETPs) on the regulated **Spotlight Stock Market** in Sweden. This initiative includes the introduction of Europe's first **IOTA ETP**, designed to facilitate regulated investment in digital assets through traditional brokerage platforms. The newly launched ETPs encompass a diverse range of assets, including **IOTA**, **PEPE**, **Flare**, **Optimism**, **Immutable**, **Quant**, **The Graph**, **Floki**, **Theta**, **Hyperliquid**, **Virtuals**, **Story**, and **Four**. This expansion increases **Valour's** total ETP portfolio to 99, consolidating its position as a prominent provider of digital asset ETPs across multiple European countries. ## The Event in Detail On September 24, 2025, **DeFi Technologies Inc.** (Nasdaq: DEFT), through its subsidiaries **Valour Inc.** and **Valour Digital Securities Limited**, announced the launch of 13 new SEK-denominated ETPs on **Sweden's Spotlight Stock Market**. The newly introduced ETPs provide exposure to various digital assets, specifically: **Valour PEPE (PEPE) SEK ETP** (ISIN CH1108681615), **Valour Flare (FLR) SEK ETP** (ISIN CH1108681656), **Valour Virtuals (VIRTUAL) SEK ETP** (ISIN CH1108681664), **Valour Optimism (OP) SEK ETP** (ISIN CH1108681672), **Valour Story (IP) SEK ETP** (ISIN CH1108681680), **Valour Immutable (IMX) SEK ETP** (ISIN CH1108681698), **Valour Quant (QNT) SEK ETP** (ISIN CH1108681706), **Valour The Graph (GRT) SEK ETP** (ISIN CH1108681714), **Valour Floki (FLOKI) SEK ETP** (ISIN CH1108681722), **Valour Theta (THETA) SEK ETP** (ISIN CH1108681730), **Valour Four (FORM) SEK ETP** (ISIN CH1108681748), **Valour IOTA (IOTA) SEK ETP** (ISIN CH1108681755), and **Valour Hyperliquid (HYPE) SEK ETP** (ISIN CH1108681532). This strategic addition expands **Valour's** total number of listed ETPs to 99, which are traded across major European exchanges including **Spotlight Stock Market (Sweden)**, **Börse Frankfurt (Germany)**, **SIX Swiss Exchange (Switzerland)**, **London Stock Exchange (England)**, and **Euronext (Paris and Amsterdam)**. ## Financial Mechanics Each of the newly launched **SEK-denominated** ETPs is structured to provide regulated, exchange-traded exposure to its underlying digital asset. Investors can access these products through standard brokerage platforms, thereby integrating digital asset investment within traditional financial frameworks. A **1.9% management fee** is applied to each ETP. This mechanism allows traditional financial market participants to gain exposure to the price movements of cryptocurrencies without directly holding the underlying digital assets, simplifying investment processes and addressing custodial concerns for institutional investors. ## Business Strategy & Market Positioning This expansion reinforces **Valour's** strategic objective to maintain its position as a leading global provider of digital asset ETPs, boasting the largest selection worldwide. The new listings are specifically targeted at **Nordic investors**, aiming to provide enhanced access to a diversified portfolio of digital assets. The product offering spans key sectors of the digital asset ecosystem, including Layer 1 and Layer 2 networks, modular data availability solutions, tokenization infrastructure, gaming and creator ecosystems, and high-engagement community tokens. This broad approach aligns with a market trend where investor preferences are evolving beyond established cryptocurrencies. Johanna Belitz, Head of Nordics at **Valour**, stated, "The Nordic market values breadth, clarity, and compliance. This launch delivers all three and marks an important milestone for our investors. We're proud to further bolster Valour's position as the issuer with the largest selection of digital asset ETPs globally." Nadine Kenzelmann, Managing Director at **Valour**, added, "This expansion showcases Valour's scale and execution. We will continue to broaden access while maintaining institutional standards in risk management, operations, and market quality." This proactive diversification positions **Valour** to capture emerging interest in a wider array of digital assets. ## Broader Market Implications The launch of these 13 new ETPs by **Valour** signifies a continued advancement in the institutional integration of digital assets into traditional financial markets across Europe. This move is anticipated to enhance liquidity for the underlying tokens, potentially fostering price stability and increased trading volumes due to broader investor accessibility. By offering regulated products on established exchanges, **Valour** lowers the barrier to entry for both institutional and retail investors seeking compliant exposure to the digital asset space. This development reflects a maturing digital asset ecosystem and a response to growing demand for regulated investment vehicles. The diversification across various asset categories, from fundamental Layer 1 protocols like **IOTA** to community tokens like **PEPE**, indicates a wider acceptance and understanding of the varied functionalities and market segments within the digital asset landscape.