CoinSpotMarket Update
Major Crypto Bill Set For Vote on Thursday & Telegram Returns to TON
7 minutes
16 hours ago
7 minutes
16 hours ago
After months of delays and negotiations, the U.S. Senate Banking Committee will conduct a markup for the CLARITY Act on Thursday. If the committee votes to advance the bill, it will move to the Senate floor for all senators to debate, amend, and vote on.
The markup on Thursday will reveal whether all relevant parties are willing to compromise on key issues (e.g. stablecoin rewards, ethics) that have halted progress of the CLARITY Act since late January.
The CLARITY Act is widely considered the first potential comprehensive federal regulatory framework for digital assets in the U.S. Its primary goal is to eliminate long-standing uncertainty in the crypto industry and market. Among several objectives, the act sets out to clearly define which federal agency oversees different types of digital assets.
Hyperliquid (HYPE) continues to experience growth in its permissionless markets, known as HIP-3 markets, which allow users to trade for tokenised assets, such as gold, stocks and oil. As the below chart shows, OI has steadily climbed in recent weeks after falling in early April.
Earlier this week, open interest (OI) hit an all-time high of $3.4 billion ($2.5 billion USD). OI is the total dollar value of all active positions (e.g. longs, shorts) that traders currently have open. It is a useful indicator, especially when paired with daily trading volume, to gauge whether a platform such as Hyperliquid is actually seeing increased activity.
These two indicators, OI and trading volume, matter for HYPE’s outlook because it directly impacts the amount of fees being generated by the protocol, which then uses nearly all of these fees to automatically buy HYPE off the open market.
The milestone comes a week after Hyperliquid introduced outcome markets through its HIP-4 release, putting them in competition with prediction-market platforms such as Polymarket and Kalshi. The release allows Hyperliquid users to trade on future outcomes. For example, buying ‘yes’ or ‘no’ shares based on whether they believe the price of a certain cryptocurrency would cross a specific price threshold by some future date and time.
Importantly, traders can hold these outcome positions in the exact same account as their regular spot tokens and perpetual futures (perps), sharing the same liquidity and margin system. Consider this the latest step in Hyperliquid’s ambitious long-term plan to house all finance onchain. (For more on Hyperliquid, see our recent report.)
Toncoin (TON) rallied on an update from Pavel Durov, founder and CEO of Telegram, that the company plans to become the “the driving force behind TON” and become the largest validator on the network. According to Durov’s timeline of “2–3 weeks,” this development will take place in the second half of this month.
Bitcoin quarterly returns (%) since 2013 (Source: Glassnode)
The return of Telegram, the popular messaging app with more than 1 billion active users, is significant news for TON. The project was originally developed by Durov and his brother throughout 2017 and 2018 under the name Telegram Open Network (TON).
In 2020, TON encountered regulatory issues and Telegram was forced to abandon the project. Following this, leadership of TON was taken up by an independent community and the TON Foundation, an organisation set up in Switzerland, which Telegram will soon replace.
Now, six years later, Telegram will be returning to become the driver of the TON blockchain. According to Durov, the upcoming development of Telegram becoming the largest TON validator will be the third of seven steps in a campaign called ‘Make TON Great Again (MTONGA)’. Let’s see what other plans Durov and Telegram have in store for TON…
TON Foundation’s website has been replaced and awaiting an update (Source: ton.org)
