Arca Allegedly Acquires $10.7 Million in ENA and IMX Tokens

Sep 24 2025, 17:25

Myriad Launches Revenue Share Program, Targets DeFi Prediction Market Expansion

Executive Summary Prediction market protocol Myriad has launched a new revenue share program, offering rewards in USDC and Myriad Points to users for referrals and extending revenue sharing to developers integrating with its ecosystem. This strategic move aims to boost user adoption and developer engagement, potentially increasing activity and innovation within the prediction market sector, though broader market sentiment remains subject to external factors. The Event in Detail Myriad has introduced a "Share to Earn" program designed to incentivize participation within its ecosystem. Under this new model, users who refer others to trade on Myriad's USDC markets receive 1% of the referred user's buy volume in USDC, alongside Myriad Points. This on-chain system ensures transparent and inclusive distribution of rewards, as stated by DASTAN co-founder and COO Ilan Hazan, who noted, "Our on-chain revenue share system ensures that rewards are distributed in a transparent and inclusive manner." Additionally, the protocol is extending its revenue share program to developers who build applications that integrate with Myriad using its Builder Ecosystem. Financial Mechanics The "Share to Earn" program operates by directly rewarding referrers with a percentage of the financial activity generated by their referrals. Specifically, when a user makes a prediction on a USDC market using a referral link, the referrer accumulates USDC equivalent to 1% of that user's buy volume. These USDC rewards accumulate directly. In addition to USDC, referrers also receive Myriad Points, a distinct token within the Myriad ecosystem, designed to further incentivize engagement and long-term participation. Business Strategy & Market Positioning Myriad's strategy focuses on creating a "dynamic participatory model" that rewards all ecosystem participants. This initiative follows the protocol's rapid growth, having surpassed $10 million in USDC trading volume and onboarded over 511,000 users since its introduction. The platform has facilitated more than 5.4 million predictions and seen its browser extension installed over 60,000 times, quickly ascending to the top tier of Web3 trading applications. Loxley Fernandes, co-founder and CEO of Myriad, stated that the protocol is "building the rails for prediction markets to evolve beyond a niche crypto product and become an entirely new segment of DeFi." This aggressive growth strategy positions Myriad alongside other significant players in the prediction market space, such as Polymarket and Kalshi, which have also seen substantial activity and valuations, with Polymarket raising $200 million on a $1 billion valuation and Kalshi raising $185 million on a $2 billion valuation. Myriad aims to be both a consumer platform and a B2B protocol, with plans for integrations with EigenLayer and EigenCloud, and the introduction of ERC-PRED as a new asset class for prediction markets. Market Implications The launch of Myriad's revenue share program carries several potential implications for the broader Web3 and DeFi ecosystems. Short-term, the referral incentives are likely to drive increased user acquisition and trading volume on Myriad, directly benefiting the protocol's liquidity and market presence. Long-term, if successful, this model could solidify Myriad's standing in the burgeoning prediction market sector and potentially serve as a blueprint for other DeFi protocols seeking to enhance user engagement and growth. The prediction market sector is projected to reach $95.5 billion by 2035, indicating significant growth potential. Furthermore, stablecoin adoption, with USDC being a key component of Myriad's reward system, is expected to reach $2 trillion by 2028. This growth trajectory for both sectors underscores the strategic importance of initiatives like Myriad's in attracting capital and participants. The move reinforces the trend of Web3 platforms leveraging tokenomics and revenue sharing to foster vibrant, participant-owned ecosystems. Expert Commentary Ilan Hazan, DASTAN co-founder and COO, emphasized the transparent nature of the reward system, stating, "Our on-chain revenue share system ensures that rewards are distributed in a transparent and inclusive manner." Loxley Fernandes, co-founder and CEO of Myriad, highlighted the protocol's broader vision, noting that it is "building the rails for prediction markets to evolve beyond a niche crypto product and become an entirely new segment of DeFi." This perspective aligns with broader industry forecasts, such as Thomas Peterffy's prediction that prediction markets could potentially surpass the stock market in the next 15 years, due to their unique ability to price real-world expectations. Broader Context Myriad's new revenue share program signifies an ongoing evolution in how Web3 protocols incentivize growth and decentralize ownership. By integrating both user referrals and developer contributions into its reward structure, Myriad is advancing a participatory model that aims to foster a more robust and self-sustaining ecosystem. This approach is central to establishing prediction markets as a fundamental component of the DeFi landscape, moving beyond their previous niche status. The success of this model could influence other DeFi projects to explore similar incentive structures, contributing to the overall maturity and expansion of the decentralized finance sector.

Sep 24 2025, 16:06

GSR Proposes Digital Asset Treasury Companies ETF Amid Accelerating Institutional Adoption

Executive Summary GSR has filed with the U.S. Securities and Exchange Commission (SEC) for the GSR Digital Asset Treasury Companies ETF. This proposed exchange-traded fund aims to invest a minimum of 80% of its net assets in equity securities of companies that hold digital assets in their corporate treasuries. This initiative aligns with a broader trend of increasing institutional interest and integration of digital assets into traditional finance, highlighted by over $20 billion in venture capital funding for Digital Asset Treasuries (DATs) this year. The SEC's recent approval of the Grayscale Digital Large Cap Fund (GLDC), the first multi-asset crypto ETP, and new generic listing standards further accelerate the regulatory pathway for such investment vehicles. The Event in Detail GSR's filing for the GSR Digital Asset Treasury Companies ETF is one of five new ETF applications, also including the GSR Ethereum Staking Opportunity ETF, GSR Crypto StakingMax ETF, GSR Crypto Core3 ETF, and GSR Ethereum YieldEdge ETF. The GSR Digital Asset Treasury Companies ETF aims to allocate at least 80% of its net assets to equities of companies maintaining significant digital asset holdings. This follows a similar proposal by Bitwise Asset Management for a "Bitcoin Standard Corporations ETF," which targets firms holding at least 1,000 Bitcoin, with a minimum $100 million market cap and $1 million daily trading volume. Bitwise's fund plans to weight holdings based on the value of their Bitcoin reserves, capped at 25% per company, a methodology that could favor companies like MicroStrategy with substantial Bitcoin holdings, such as its reported 444,262 Bitcoin. The broader trend of corporate digital asset adoption is exemplified by KULR Technology Group, which recently spent $21 million to acquire 217.18 Bitcoin. Separately, Strive Asset Management filed for the Strive Bitcoin Bond ETF, focusing on convertible bonds from companies with large Bitcoin holdings, again citing MicroStrategy. Market Implications The proliferation of such ETF proposals reflects and fuels a significant shift in corporate finance towards Digital Asset Treasuries (DATs). DAT firms have collectively attracted over $20 billion in venture capital funding this year, with July alone contributing nearly $10 billion. This funding surge indicates a move beyond mere speculation to a strategic integration of digital assets. The SEC's approval of generic listing standards for commodity-based exchange-traded products is a pivotal development. This new framework streamlines the approval process for crypto ETFs by eliminating the need for individual approvals under Section 19(b) of the Securities Exchange Act of 1934, provided underlying assets have a futures market on a regulated exchange for at least six months. The approval of the Grayscale Digital Large Cap Fund (GLDC), which offers exposure to Bitcoin, Ethereum, XRP, Solana, and Cardano, underscores this regulatory evolution. These developments are expected to increase institutional investment, enhance market liquidity, and provide more regulated avenues for exposure to digital assets, potentially leading to a "full-scale altcoin season" as predicted by some analysts. Expert Commentary Cosmo Jiang, General Partner at Pantera Capital, suggests the market is transitioning from "initial DAT formation" to "execution, scaling, and likely consolidation," with future mega-raises becoming less frequent. Michael Anderson, Co-founder of Framework Ventures, notes that only a few players with large market caps and volatility profiles might secure $500 million–$1 billion+ DAT rounds, suggesting a "long tail of smaller, ecosystem-specific DATs" will emerge. Nate Geraci, President of The ETF Store, commented on the spreading "BTC treasury operations virus." Peter Mintzberg, Grayscale CEO, acknowledged the "unmatched efforts" of the SEC Crypto Task Force in bringing regulatory clarity to the industry. Broader Context Ethereum treasuries are emerging as a distinct and transformative corporate finance strategy. Unlike Bitcoin, which often sits idle, Ethereum can be utilized as a yield-bearing asset through staking and DeFi lending, generating returns typically between 3% and 5%. Liquid staking products, such as Lido's stETH and Rocket Pool's rETH, enable businesses to earn yield while maintaining asset liquidity. Approximately 10% of Ethereum's circulating supply is now under institutional control, with over $17 billion held directly by organizations and an additional $25 billion through ETFs. This approach positions Ethereum as a "financial operating system for balance sheets," offering programmable and productive financial strategies. The European market has already seen liquid staking products wrapped into regulated funds, demonstrating the potential for broader adoption. The overall trend signifies a deeper integration of digital assets into global corporate financial strategies, moving beyond simple asset holding to active yield generation and diversified treasury management.

Sep 24 2025, 16:04

Nexon's MapleStory N Launches on Avalanche, Introducing NXPC Token and NFT Ecosystem

Executive Summary MapleStory N, Nexon's Web3 iteration of its popular MMORPG, commenced official operations on May 15, built on the Avalanche network. The game introduces a comprehensive blockchain-based economy with a three-asset tokenomics model: NFTs for digital assets, NXPC as the core ecosystem token, and NESO as an in-game currency convertible to NXPC. This initiative aims to blend classic gameplay with player ownership and decentralized economic structures, targeting increased player engagement and new revenue streams within the GameFi sector. The Event in Detail MapleStory N officially launched on May 15, with pre-downloads available from May 8. It operates on Avalanche's Henesys network and requires at least 30GB of storage and a connected wallet for participation. The game focuses on full item ownership, gasless blockchain transactions, and player-driven markets for NFT items. A collaboration with OpenSea involved a "Primary Drop Campaign" from May 6-12, during which over 1.7 million wallets minted an MSU Scroll SBT to receive exclusive in-game items, including an OpenSea Chair and an NXPC Headband. Early contributors received rewards, with 14.2 million NXPC distributed to testers and community members. NXPC is tradable on exchanges including Binance Alpha and PancakeSwap. The game consolidates its player base into three main worlds: Ain, Errai, and Fang. Future plans include "Synergy Apps" for user-generated content (UGC) and a mobile version of the game. Deconstructing the Financial Mechanics The MapleStory Universe ecosystem is anchored by a three-tiered financial structure: NFTs: Digital assets representing in-game items and characters, with blockchain-backed ownership. NXPC: The core utility and governance token, characterized by a fixed supply of 1 billion tokens. It employs a Bitcoin-inspired halving distribution model every four years to ensure scarcity. Approximately 207 million NXPC were in circulation as of September 2025. NXPC functions include paying fees for NFT minting, trading, and accessing Synergy Apps. It also grants governance rights for ecosystem upgrades. NESO: An in-game currency with a fixed conversion rate to NXPC. NESO is used for routine transactions, strategically isolating NXPC from daily gameplay volatility. This system employs NXPC Fission and Item Fusion mechanisms. Fission allows players to redeem NXPC for collections of NFTs, while Fusion enables conversion of NFT collections back into NXPC. This process creates an organic supply adjustment system designed to manage item rarity and supply based on ecosystem demand. The token was launched with a significant market presence, including an airdrop of 3% of NXPC to BNB holders and listings on major exchanges such as Binance, Bybit, Upbit, and Bithumb. At its peak, NXPC surged to $3.98, briefly pushing its market capitalization to nearly $4 billion. Early airdrop participants reportedly received 198 NXPC, valued at $575 at prevailing prices. Business Strategy and Market Positioning Nexon's entry into Web3 with MapleStory N represents a strategic pivot for a veteran game developer. The company leverages the MapleStory IP's nostalgic appeal and established player base, aiming to integrate it with the growing demand for "quality IP + sustainable token models" within the crypto market. This approach positions MapleStory N within the "GameFi 2.0 era," which emphasizes gameplay and player retention over purely financial incentives, a critique often leveled against early GameFi 1.0 projects like Axie Infinity. The integration of "Synergy Apps" for user-generated content (UGC) allows players to design maps, quests, and game modes, earning token rewards. This model fosters community-driven expansion and enhances the game's decentralized characteristics, transforming players into co-creators. The game operates on a custom Avalanche-based Layer 1 chain, optimized for high-speed transactions and NFT interoperability, highlighting a focus on robust technical infrastructure to support the complex in-game economy. Broader Market Implications The launch of MapleStory N could significantly impact player engagement and transaction volume for both NFTs and the NXPC token within the GameFi sector. Its success, or lack thereof, may serve as a precedent for other mainstream gaming companies considering a move into Web3, influencing broader corporate adoption trends. The innovative tokenomics, particularly the Fusion-Fission mechanism and Bitcoin-inspired halving, are designed to address issues of item inflation and maintain long-term value, potentially setting new standards for sustainable blockchain game economies. Investor sentiment in the GameFi narrative could be boosted by a successful launch, particularly given Nexon's reputation and financial performance, which reported Q1 2025 revenue of $776 million, an increase of 5% year-over-year. However, the GameFi sector continues to face substantial cybersecurity risks. The industry has seen significant losses, with nearly $1.93 billion in crypto-related crimes in H1 2025 and $2.5 billion** in total losses in 2025. This underscores the need for robust security measures, smart contract audits, and multi-layer transaction verification, factors critical for investor due diligence in the evolving Web3 gaming landscape.

Executive Summary

The Event in Detail

Market Implications

Expert Commentary

Broader Context

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