Pentabase

Pentabase specializes in end-to-end Web3 consulting, incubation, and marketing/PR, with a strategic focus on Korea and global support for Web3 projects.

[Pentabase @pentabase_dlt]

Attended the @injective Ecosystem Meetup in Tokyo today.

Had some great conversations around stablecoins, RWAs, AI, and digital assets, and where onchain finance is headed next.

It was particularly interesting to hear how global Web3 teams and major Japanese companies are approaching blockchain adoption and digital assets. 🤝

[Pentabase @pentabase_dlt]

🇯🇵 Spent the day at WebX 2026 in Tokyo.

Lots of conversations around where Web3 is heading next, emerging narratives, and how different teams are approaching the next cycle. Always interesting to see the industry come together in one place.

A full day of conversations, new perspectives, and plenty of ideas worth thinking about. 👀

[Pentabase @pentabase_dlt]

The TVL (Total Value Locked) of Robinhood Chain, Robinhood's in-development Layer 2 network, has surpassed $200 million (approximately $320 million). 📈

Robinhood Chain is a proprietary Layer 2 network designed to support tokenized stock trading and real-world asset (RWA) tokenization.

The network aims to build onchain financial infrastructure and is increasingly being viewed as a platform that bridges DeFi and traditional finance.

As recently as late June, TVL remained at just a few million dollars.
However, liquidity accelerated rapidly in July, driven by growing participation from DeFi protocols.
Among the protocols, Morpho leads with approximately $77.8 million in TVL, followed by Ethena with around $59.3 million.
Together, the two account for more than 64% of the network's total TVL, serving as the primary liquidity drivers of the early ecosystem.

Overall,
the rapid increase in TVL suggests that Robinhood Chain is beginning to attract meaningful liquidity and establish an active DeFi ecosystem around its onchain financial infrastructure. 👀

[Pentabase @pentabase_dlt]

The timeline for the CLARITY Act, one of the most important U.S. crypto market structure bills, is expected to be delayed beyond its original early July target. ⚖️

The U.S. Senate is scheduled to return from recess on July 13, making a floor vote on the bill unlikely before then.

The biggest hurdle remains conflict-of-interest concerns.
Democrats continue to push for stronger ethics provisions related to President Trump's digital asset business activities, leaving the additional votes needed for passage uncertain.
Market expectations have also softened.
Galaxy Research has lowered its estimated probability of the bill passing this year from 75% to 60%, while prediction markets such as Polymarket currently price the odds at around 50%.

Despite the delay, institutional interest in digital assets remains strong.
Executives from BlackRock, Morgan Stanley, and Citi continue to highlight stablecoins and tokenization as key growth areas, and many believe that the eventual passage of the CLARITY Act would mark another major step toward regulatory clarity and broader institutional adoption of digital assets in the U.S. 👀

[Pentabase @pentabase_dlt]

📉 Bitcoin has fallen below the $60,000 mark, increasing the likelihood that it will end the first half of 2026 on a weak note. If both Q1 and Q2 close in negative territory, it would mark only the third time in Bitcoin’s history that the asset has posted losses in the first two quarters of the year.

Bitcoin is currently trading in the $59,000 range on Binance, while major altcoins including Ethereum and XRP have also moved lower. Over the past 24 hours, approximately $59 million in Bitcoin positions were liquidated, with nearly 89% of those being long positions. Total liquidations across the crypto market reached around $140 million.

Market analysts attribute the weakness to several macro factors, including capital rotating into AI and semiconductor stocks, continued outflows from US spot Bitcoin ETFs, the Federal Reserve’s hawkish monetary stance, and a strong US dollar. Notably, the second quarter has historically been one of Bitcoin’s stronger periods, making this year’s performance an unusual departure from seasonal trends.

Adding to the cautious outlook, the Bank for International Settlements (BIS) recently warned in its annual report that a potential AI investment bubble, persistent inflation, and deteriorating fiscal conditions remain key risks to the global economy.

👉 With AI-driven capital rotation, ETF outflows, a stronger dollar, and tighter monetary policy weighing on sentiment, volatility in the crypto market remains elevated. In the near term, macroeconomic conditions and institutional capital flows are expected to remain the key drivers of market direction.

[Pentabase @pentabase_dlt]

Polymarket has suffered a security incident resulting in approximately $3 million in losses after a third-party service provider was compromised. ⚠️

The attacker breached an external vendor and injected malicious code into Polymarket's website frontend, allowing the theft of funds from a small number of users.

Fewer than 15 accounts are believed to have been affected, with most of the stolen assets reportedly converted from pUSD into ETH.

Polymarket stated that the incident was not caused by a vulnerability in its blockchain protocol, but rather by a supply chain attack targeting an external service provider.
The vulnerability has since been patched, and the platform is operating normally.
The company also confirmed that all affected users will be fully reimbursed for their losses.

Overall,
the incident highlights that securing user assets depends not only on onchain protocols, but also on the security of web frontends and third-party service providers. 👀

[Pentabase @pentabase_dlt]

🔐 Secret Network suffers $4.67 million exploit from “infinite mint” vulnerability

Privacy-focused blockchain Secret Network has suffered an exploit resulting in approximately $4.67 million in losses after an attacker abused an “infinite mint” vulnerability in a smart contract.

The attacker exploited a flawed smart contract to create unlimited amounts of Axelar bridge-wrapped assets without providing any real collateral. These newly minted tokens were then redeemed through legitimate channels for actual underlying assets. The core issue was that the contract failed to properly verify the source of incoming transfers before minting new tokens.

Although the attack occurred on June 10, it went unnoticed until June 17, when a cross-chain transaction failed due to an “insufficient funds” error in the drained account.

According to investigators, the attacker moved the stolen assets to the Ethereum network, converted them into ETH, split the funds across roughly 30 wallets, and later transferred them to exchanges including KuCoin, ChangeNOW, and HitBTC.

Affected assets include Axelar-wrapped tokens such as saUSDT, saUSDC, saDAI, saWETH, saWBTC, saWBNB, and sawstETH. Secret Network has warned holders that the backing of these assets may have been compromised and that funds could potentially be lost.

Axelar, however, clarified that neither the Axelar network nor the IBC (Inter-Blockchain Communication) protocol was compromised. The vulnerable smart contract was not developed, deployed, or maintained by Axelar.

👉 The incident highlights how flaws in connected smart contracts — rather than the bridge infrastructure itself — can lead to significant losses, underscoring the critical importance of security and verification mechanisms in cross-chain ecosystems.

[Pentabase @pentabase_dlt]

Cracks may be emerging in Michael Saylor's Bitcoin accumulation machine. 📉

STRC, the variable-rate perpetual preferred stock issued by Strategy (MSTR), has broken below its $100 par value and recently traded in the $83–$89 range.

Market participants believe investors are rotating into higher-yield alternatives, as STRC's dividend rate of 11.5% currently trails SATA's 13.69%.
At the same time, Bitcoin's roughly 50% decline from its peak has weakened confidence in the instrument.
STRC has been one of Strategy's key funding vehicles for acquiring additional Bitcoin.
When the stock trades below $100, the company's ability to efficiently raise capital through new issuances becomes significantly less attractive. ⚠️

Some analysts have raised concerns about a potential "death spiral."
However, unlike the LUNA collapse, STRC has no maturity date, no margin calls, and no forced liquidation mechanism, making the structure fundamentally different.
Overall,
the STRC depeg appears less like a system failure and more like a market repricing event driven by lower yields, Bitcoin weakness, and growing competition from alternative products.
Bitcoin's price direction and Strategy's willingness to increase dividend rates are likely to be the key factors investors watch going forward. 👀

[Pentabase @pentabase_dlt]

Donald Trump announced that a peace agreement between the United States and Iran has been finalized. According to Trump, the deal includes the reopening of the Strait of Hormuz without transit fees and the immediate lifting of the US naval blockade. Iranian officials also confirmed the agreement, stating that an official signing ceremony is scheduled for June 19.

Under the agreement, both countries have agreed to halt mutual attacks and lift their respective restrictions on the Strait of Hormuz. The two sides have also agreed in principle to resume negotiations over Iran’s nuclear program. In addition, the United States is expected to consider easing certain sanctions related to Iran’s overseas oil exports.

Financial markets reacted immediately. Brent crude fell more than 3% following the announcement, dropping to around $84 per barrel, while West Texas Intermediate (WTI) traded near $81. Expectations of reduced geopolitical tensions boosted risk appetite, leading to gains in the Australian dollar and the euro against the US dollar.

Bitcoin also rallied sharply. Within about 30 minutes of the peace announcement, Bitcoin surged by more than $1,400, reaching approximately $65,400. The Crypto Fear & Greed Index also rose from 13 to 18, suggesting that extreme fear in the digital asset market had begun to ease.

However, analysts caution that the agreement does not fully resolve tensions in the Middle East. Key issues—including Iran’s nuclear ambitions, its ballistic missile program, and Israel’s response—remain unresolved, meaning future negotiations will be critical.

👉 While the reopening of the Strait of Hormuz and the ceasefire agreement have eased short-term geopolitical risks, market attention is now shifting toward upcoming monetary policy decisions from major central banks, including the US Federal Reserve (Fed), the Bank of Japan (BOJ), and the Reserve Bank of Australia (RBA). Their interest rate outlooks are expected to be key drivers of risk asset markets going forward.

#Bitcoin #DonaldTrump

[Pentabase @pentabase_dlt]

As SpaceX prepares for its blockbuster IPO,
investors are closely watching its potential impact on Bitcoin and the broader crypto market. 🚀
The company is targeting a $75 billion raise at an estimated $1.75 trillion valuation,
with demand reportedly exceeding available shares by a wide margin.

Some analysts believe the IPO could create short-term headwinds for Bitcoin,
as institutional and retail capital may rotate from crypto, gold, and other risk assets into one of the most anticipated public offerings in recent years. 📉
With exposure to major growth themes such as space technology, Starlink, and xAI,
SpaceX is attracting significant attention from Wall Street, potentially accelerating the shift of capital toward high-growth technology investments.

At the same time, SpaceX itself holds approximately 18,700 BTC on its balance sheet,
and history shows that major IPOs often create new wealth that can eventually flow back into crypto markets.
Overall,
while the SpaceX IPO may temporarily absorb liquidity and weigh on Bitcoin sentiment,
many analysts believe the longer-term impact could ultimately be positive as fresh capital and institutional participation expand across risk assets. 👀

[Pentabase @pentabase_dlt]

The US House Ways and Means Committee has released seven discussion drafts aimed at revising the digital asset taxation framework and has begun formal review ahead of an upcoming hearing.

The drafts address taxation standards for stablecoins, staking, mining and general crypto transactions. Key issues include the introduction of a “de minimis” exemption for small transactions — a long-standing industry request — and clearer tax treatment for mining and staking rewards.

The crypto industry argues that taxing and requiring reporting for even small transactions creates excessive administrative burdens. As a result, lawmakers are considering exempting transactions below a certain threshold from reporting requirements.

In May, the Digital Asset PARITY Act was formally introduced, proposing a $200 reporting exemption for stablecoin transactions. However, the exemption would not apply to cryptocurrencies such as Bitcoin.

Any crypto tax legislation would require bipartisan support in both the House and Senate to become law. Meanwhile, the Senate is prioritizing budget reconciliation and the Digital Asset Market Structure bill (the CLARITY Act), leaving the timeline for tax reform uncertain.

👉 The upcoming hearing will serve as a key test of whether the US can bring greater clarity to its digital asset tax regime and whether a small-transaction exemption will ultimately move forward as legislation.
#stablecoin #bitcoin #CLARITYAct

[Pentabase @pentabase_dlt]

Privacy-focused cryptocurrency Zcash (ZEC) plunged more than 20% in a single day amid concerns over network issues and a recently disclosed security vulnerability. 📉

The Zcash Foundation announced that it had completed emergency soft fork and hard fork upgrades to address a critical vulnerability discovered in Orchard,
the protocol’s latest privacy-focused shielded pool.
According to the Foundation, there is no evidence that the vulnerability was exploited,
and no unauthorized token creation, asset forgery, or privacy breaches have been detected.

However, reports of missing block data on several blockchain explorers during the upgrade process fueled concerns about network stability,
leading to a sharp deterioration in market sentiment. ⚠️
Overall,
the sell-off appears to be driven less by actual damage and more by uncertainty surrounding network reliability and the upgrade process,
highlighting how quickly confidence can weaken in crypto markets. 👀

[Pentabase @pentabase_dlt]

🌍 US and UK Central Bank Officials Express Diverging Views on Stablecoins

Federal Reserve Governor Christopher Waller stated that the growing adoption of dollar-backed stablecoins could strengthen the global influence of US monetary policy.

He explained that if countries increasingly use dollar stablecoins for payments and as a store of value, they would effectively align with US monetary conditions and interest rate environments. In this sense, US monetary policy could extend its reach internationally. Waller described stablecoins not as risky assets, but as tools that introduce greater competition into the payments sector.

In contrast, Bank of England policymaker Megan Greene offered a different outlook. She suggested that stablecoins could lose prominence in the coming years and may ultimately be replaced by tokenized deposits.

According to Greene, central bank digital currencies (CBDCs), stablecoins, and tokenized deposits are likely to compete, but in the long run, tokenized deposits — which are more closely integrated with the traditional banking system — may emerge as the dominant model.

This debate is also influencing US digital asset legislation. In particular, disagreements over whether stablecoins should be allowed to offer yield have become a key sticking point in discussions surrounding the CLARITY Act, delaying its legislative progress. Although the bill has passed the Senate Banking Committee, political uncertainties remain before it can be fully enacted.

👉 Whether stablecoins will serve as a strategic tool to reinforce dollar dominance or become a transitional phase overshadowed by tokenized deposits has emerged as a major policy debate among central bankers and lawmakers alike.
#Stablecoin

[Pentabase @pentabase_dlt]

The U.S. crypto industry is ramping up pressure on Congress to pass federal digital asset legislation. ⚖️

The Digital Chamber, one of the largest crypto lobbying groups in the U.S., has launched an online campaign urging lawmakers to pass the CLARITY Act,
allowing investors and industry participants to directly send messages supporting the bill.

The CLARITY Act aims to establish clearer rules around whether digital assets should be classified as securities or commodities,
while also defining the regulatory roles of the SEC and CFTC.

The industry views the bill as a key step toward reducing regulatory uncertainty in the U.S. crypto market,
while pro-crypto political influence is also expanding ahead of the upcoming midterm elections. 📈

Overall,
the latest push is being interpreted as more than simple lobbying
it signals that the U.S. digital asset industry is entering a new phase of political influence and institutional integration. 👀

[Pentabase @pentabase_dlt]

South Korea indicts operators in first DEX memecoin rug-pull case involving ‘CATFI’

South Korean prosecutors have indicted the operators behind the Solana-based memecoin “CATFI” in connection with a rug-pull scheme. The case marks the country’s first criminal prosecution of a DEX-based rug pull under the Virtual Asset User Protection Act, signaling a stronger enforcement stance by authorities.

According to prosecutors, the group promoted CATFI on social media as if it were an independent project, driving the token’s price up more than 1,000-fold within 26 hours. They allegedly sold their holdings at the peak, earning approximately 400 million won (about $260,000) in illicit profits. At least 256 investors are reported to have suffered losses totaling around 900 million won (about $600,000).

CATFI’s market capitalization once surged to $8.99 million in February 2025 but has since plunged 99% to roughly $50,000. The X account used to promote the project has also been deleted.

👉 The case underscores the risks of price manipulation and rug pulls in DEX-based memecoins and suggests that regulatory scrutiny and enforcement actions in the sector are likely to intensify.

[Pentabase @pentabase_dlt]

Hyperliquid’s native token HYPE has surged more than 20% in a single day, drawing strong attention across the market. 📈

After falling to the low-$20 range earlier this year, HYPE has staged a sharp recovery
and is now the top-performing asset among the top 100 cryptocurrencies by market capitalization.
A key driver behind the rally is the recent launch of spot-based Hyperliquid ETF products by Bitwise and 21Shares,
which has fueled expectations of growing institutional demand.

U.S. spot Hyperliquid ETFs have already seen strong early inflows,
with the market increasingly viewing HYPE as an emerging Wall Street-focused crypto narrative.

In addition,
large-scale HYPE accumulation linked to Grayscale-associated wallets has also been spotted,
further strengthening speculation around institutional positioning and long-term accumulation. 👀

Overall,
the latest HYPE rally is being viewed as more than just a short-term trading move,
but rather as a sign that the Hyperliquid ecosystem is evolving into a new institutional and ETF-driven crypto narrative. ⚡

[Pentabase @pentabase_dlt]

🚀 @defiapp has launched its new beta service, “Rocket Perps,” marking a new phase in its platform expansion. Beyond a simple feature update, the project is also hosting an offline tournament in South Korea with a total prize pool of $30,000, drawing significant market attention.

Rocket Perps is a high-leverage, game-based derivatives trading service. Users predict the direction of Bitcoin’s price and participate using virtual funds, earning XP through gameplay. Notably, accumulated XP can be used to unlock $HOME tokens, serving as a key differentiating feature of the platform.

The offline event, held in Apgujeong, Seoul, will be limited to 100 invited participants, with a total of $30,000 in Liquid $HOME tokens awarded as prizes. The event is seen as more than just a community meetup — it represents a strategic move to drive hands-on engagement with the new beta service while simultaneously boosting user liquidity.

DeFiApp positions itself as an all-in-one Web3 platform offering cross-chain swaps, derivatives trading, and staking in a single interface. Rocket Perps aligns with this vision, aiming to make trading more intuitive and accessible to a broader audience.

👉 Market watchers are now paying close attention to whether the launch of Rocket Perps and the $30,000 Seoul tournament can serve as a turning point for platform activation and user growth.

[Defi App @defiapp]

We're putting the fun back in crypto.

5-18-26

Comment below if you want access to beta.

[Pentabase @pentabase_dlt]

Bitcoin has reclaimed the $81K level once again, showing signs of a short-term rebound. 📈
Amid this recovery, the market is closely watching recent progress on U.S. crypto legislation as a key factor improving investor sentiment.

In particular, the U.S. Senate Banking Committee has bipartisanly advanced the “CLARITY Act,” a crypto market structure bill aimed at:
clarifying regulatory authority between the SEC and CFTC,
defining whether digital assets should be classified as securities or commodities,
and establishing clearer standards around DeFi-related activities.

The market is interpreting this move as a signal that regulatory uncertainty surrounding crypto in the U.S. may gradually ease,
while also viewing it as renewed momentum for long-delayed institutional and regulatory discussions. ⚖️

However, the bill still needs to pass a full Senate vote and House procedures,
meaning additional volatility and political uncertainty could remain until the legislation is fully finalized. 👀