Stripe is testing a new US dollar-backed stablecoin product for businesses outside the U.S., U.K., and Europe, aiming to expand the dollar's global footprint.

Daily top performer — Pudgy Penguins (PENGU)

S&P 500 futures dipped as over 180 S&P companies prepare to report earnings this week, following a 4.59% gain last week amid easing US-China trade tensions. Gold prices dipped to around $3,310 as easing US-China trade tensions reduced safe-haven demand, though recession fears may limit further losses ahead of key US economic data releases. Fed hawkishness may cap gains. CoinDesk Indices, which tracks the broader crypto market, fell 0.72% in the past 24 hours, while Bitcoin and Ether dropped 0.19% and 1.07%, respectively. Trade these markets and more with up to 500x leverage on Bybit MT5 using this 

Today's top performer is PENGU, rising by 27.5%, following Pudgy Penguins' recent expansion into multiple industries and their celebration of World Penguin Day.

Pudgy Penguins (PENGU), launched in July 2021, is a popular NFT collection known for its cute artwork. It has expanded into physical products like toys, generating over $10 million in sales, and the collection now holds a market cap of over $1.19 billion. Pudgy Penguins and $PENGU were recently 

 as a fitspo in Wisdom Kaye's content, marking a major milestone for their influence across industries. Additionally, last Saturday, the brand celebrated 

, highlighting its continued growth and impact beyond the NFT space. This showcases Pudgy Penguins' expanding presence and reach in multiple sectors.

Check out the latest prices, charts, and data of 

 a new US dollar-backed stablecoin product for businesses outside the U.S., U.K., and Europe, aiming to expand the dollar's global footprint. This follows Stripe's acquisition of Bridge, a stablecoin payment network, which competes with the SWIFT system. Stripe has a history with crypto and recently introduced stablecoin payments in over 70 countries. The company sees this new product as a decade-long ambition, with the stablecoin market growing significantly in 2025.

BTC spot ETFs saw $3.06B of net inflows for the week ending 25 April 2025, with $2.97B from non-GBTC products and $94M from GBTC. Since inception, ETFs have accumulated $38.4B in net flows, with non-GBTC products contributing $61.1B and GBTC seeing $22.7B of outflows.

GiveRep, a decentralized reputation protocol on Sui, has 

 a points program where users can earn Reputation Points by tweeting about GiveRep and its Loyalty projects to qualify for an upcoming airdrop. A minimum of 100 X (Twitter) followers is required, and participants may also earn bonus airdrops from partner projects.

Beginner

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Stripe launches testing for global stablecoin payments after Bridge acquisition

Initia is a blockchain ecosystem that unifies Layer 1 security with customizable Layer 2 rollups through its Interwoven Stack architecture. Learn more here.

 ecosystem forces developers to choose between security and customization, while fragmenting liquidity across isolated chains. Enter Initia (INIT), a groundbreaking protocol that reimagines blockchain architecture by seamlessly integrating 

This article examines Initia's Interwoven Stack architecture, its innovative economic features and the INIT token's utility and distribution, and considers whether this ambitious ecosystem redesign represents a promising investment opportunity following its recent mainnet launch.

 is a blockchain ecosystem that unifies Layer 1 security with customizable Layer 2 rollups through its Interwoven Stack architecture, enabling developers to build specialized application chains without sacrificing interoperability or liquidity or requiring deep infrastructure expertise.

Initia emerged in 2022 when Stanford Liu and Ezaan "Zon" Mangalji left Terraform Labs to tackle blockchain's fragmentation challenges. They later added ecosystem lead OmniscientAsian from Sino Global Capital to help create a more streamlined blockchain infrastructure.

The project quickly gained investor backing, starting with Binance Labs' pre-seed funding in October 2023. This was followed by a $7.5 million seed round led by Delphi Digital and Hack VC, then a $2.5 million community round and a $14 million Series A that valued Initia at $350 million by late 2024.

Initia aims to eliminate the traditional security/customization trade-off in blockchain by creating a unified ecosystem that allows both to coexist. By establishing a central hub for all rollups, the project combines the advantages of monolithic security with the flexibility of modularity, thereby eliminating the fragmentation that currently plagues blockchain systems.

The platform's integrated stack simplifies blockchain development with pre-built solutions that work together seamlessly. Users benefit from Initia's Universal Accounts system, which provides a consistent experience across all connected chains, eliminating the need for multiple wallets or managing different tokens for gas fees.

By introducing economic alignment mechanisms such as the 

, Initia creates an environment in which developers can focus solely on innovation in their applications. This shift away from infrastructure concerns toward product development aims to enhance capital efficiency and drive broader adoption of blockchain.

Initia fuses Layer 1 (L1) and Layer 2 (L2) technologies into a unified architecture with three distinct components. The foundation is Initia L1, built on Cosmos SDK, which functions as the orchestration layer. This base provides security, governance and interoperability.

Above this foundation, Interwoven Rollups (Minitias) provide developers with customizable Layer 2 environments, allowing them to select their preferred virtual machine (

, Move or Wasm), define unique gas token systems and implement specialized transaction ordering mechanisms. 

Binding everything together is the Interwoven Stack, a comprehensive framework that provides all necessary tools for building and deploying rollups without requiring developers to source and integrate disparate components.

The system leverages optimistic rollups through the OPinit Stack to achieve remarkable transaction speeds (up to 10,000 

) while maintaining security. Transactions processed via L2 rollups are submitted to Initia’s L1 for finalization, with data availability secured through 

Initia provides the following core features that work together to simplify development and unify the blockchain ecosystem.

Initia L1 serves as the foundational layer and central coordination hub for the entire ecosystem. Built on the Cosmos SDK with CometBFT and MoveVM, it provides essential services, including network security, governance mechanisms and liquidity solutions through InitiaDEX.

 (also known as Minitias) are flexible Layer 2 blockchains built on top of Initia L1. These rollups rely on the orchestration layer for security and data settlement, operating without native 

 while enabling advanced rollup functionalities.

Developers can customize their rollups by selecting from multiple virtual machines and defining their own gas token and fee structure. This flexibility enables application-specific optimizations and economic models, at the same time maintaining seamless interoperability within the broader Initia ecosystem.

The Interwoven Stack is Initia's comprehensive, all-in-one solution, designed to empower developers in building and deploying rollups with unmatched ease. Instead of requiring developers to research and piece together numerous components — such as wallets, explorers and 

 — the Stack provides everything needed right out of the box.

At the core of this framework is OPinit Stack, designed exclusively for optimistic rollups within the Cosmos ecosystem. It includes mechanisms for fraudproofs and rollback capabilities and supports multiple virtual machines, which allows developers to focus solely on building their applications, rather than configuring complex infrastructure.

The Vested Interest Program (VIP) is Initia's novel incentive alignment mechanism that’s designed to address common issues in multi-rollup ecosystems. It addresses the misalignment of incentives for high-activity 

 (DApps), the economic underutilization of the native token and the inefficient distribution of protocol-level incentives.

VIP programmatically rewards valuable economic activities by allocating INIT tokens to rollups that create innovative applications, and to users who perform beneficial actions. This approach ensures that rollup teams, users and token holders all share aligned interests in the ecosystem's long-term success.

 (DEX) built on the Initia L1, functioning as the central liquidity hub for all Interwoven Rollups. It features Balancer-style weighted pools for diverse asset pairs, and 

 pools for assets with closely correlated prices, ensuring an optimal trading experience.

Enshrined Liquidity is Initia's solution to the traditional dilemma in 

 (PoS) systems, whereby token holders must choose between either staking for security or providing liquidity. It allows governance-whitelisted InitiaDEX liquidity positions (INIT-TOKEN pairs) to function as staking assets alongside the native INIT token.

Users can earn both staking rewards and trading fees from a single position, dramatically improving capital efficiency. To qualify, LP tokens must include INIT as part of the pair (with at least 50% weight for Balancer pools) and receive 

 approval, which also determines reward weight distribution among all whitelisted tokens.

Minitswap eliminates the days-long waiting periods typically required by optimistic bridges when moving assets from rollups to Layer 1s. Users can instantly swap their rollup tokens for L1 assets through liquid trading pairs, creating a frictionless experience for asset transfers throughout the Initia ecosystem.

 offers a unified interface for managing assets across multiple rollups, thereby facilitating cross-chain transfers and accessing DApps. By abstracting multichain complexity into a single interface, users can navigate the entire Initia ecosystem without confronting technical barriers or fragmented experiences.

Initia's bridge technology enables secure token transfers between Initia L1 and rollups using an optimistic bridge model. The OPinit Bridge leverages Cosmos SDK modules, and operates through two key components that work in tandem to ensure system integrity.

The Executor handles token movements, output submissions and data relay, while the Challenger monitors for invalid proposals and provides security oversight. This balanced architecture delivers verifiable cross-chain communication that maintains the integrity of both L1 and L2 chains while enabling reliable asset transfers throughout the Initia ecosystem.

Initia reached a major milestone with its successful mainnet launch on Apr 24, 2025. Before then, the project had completed several critical developments, including the MiniEVM and MiniMove frameworks, the deployment of InitiaDEX and the implementation of the innovative Vested Interest Program.

The immediate post-launch phase is focusing on expanding the ecosystem by onboarding strategic partner projects across 

 and enterprise sectors. This expansion demonstrates Initia's versatility as it builds a network of interconnected Interwoven Rollups that leverage the platform's unified infrastructure.

The INIT airdrop will distribute 50 million tokens, representing 5% of the total supply, to early supporters and community members. This allocation is strategically divided across three main categories: testnet participants (89.46%), social contributors (6.04%) and Interwoven Stack partners (4.50%).

The largest portion (44.7 million INIT) is being designated for the 194,294 users who participated in Initia's public testnet campaigns, particularly those who engaged with interactive 

 activities. Additional allocations target users from partner ecosystems, including LayerZero, IBC and milkTIA holders.

Following the mainnet launch on Apr 24, 2025, eligible participants will have a 30-day claim window to secure their tokens. This airdrop serves as both a community-building initiative and a strategic token distribution to those most likely to contribute to the ecosystem's growth.

INIT is the native token of the Initia ecosystem, with a fixed total supply of 1 billion. Initial circulating supply at launch was 148.75 million INIT, representing 14.88% of the total supply. The token’s distribution is strategically designed to ensure long-term sustainability and broad community engagement.

INIT enables staking to secure the network, powers governance decisions for protocol changes, facilitates cross-rollup operations between different Minitias and provides liquidity through InitiaDEX. This utility-driven model ties INIT's value directly to ecosystem activity and adoption.

Looking to trade Initia tokens? Bybit now offers the INITUSDT Perpetual contract following the recent mainnet launch. To get started, you'll need to create a Bybit account, fund it with cryptocurrency and navigate to the 

While Initia represents a groundbreaking approach to blockchain scalability through its interwoven architecture and unified liquidity model, investors must carefully weigh its significant growth potential against relevant risk factors.

Initia shows promising potential with its comprehensive ecosystem approach and significant financial backing. In addition, growing demand for scalable blockchain infrastructure that doesn't sacrifice security or customization provides a favorable market environment. However, potential investors should 

 and consider their individual risk tolerance.

Initia revolutionizes blockchain architecture by creating a multichain environment in which thousands of appchains can coexist harmoniously through modularity and orchestration. With established financial backing and over 16 appchains already onboarded at mainnet launch, Initia could transform the way blockchain applications are built, deployed and interconnected.

Intermediate

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Initia (INIT): The Interwoven Stack behind scalable rollups

Apr 28, 2025: Our weekly Institutional Insights explores the latest market developments — market performance, industry news, exchange-traded fund (ETF) flows, trending topics, upcoming events and token unlocks — to help you supercharge your crypto trading.

 explores the latest market developments — market performance, industry news, exchange-traded fund (ETF) flows, trending topics, upcoming events and token unlocks — to help you supercharge your crypto trading.

Weekly highlight — US-Sino trade conflicts cool down

China is considering suspending its 125% tariff on certain US imports, including medical equipment and industrial chemicals like ethane, due to the economic impact of the trade war. Discussions are also underway to waive tariffs on aircraft leases, which are financially burdensome for airlines.

This potential move has boosted investor optimism, with Asian shares rising and the yuan recovering losses. Analysts view this as a step toward de-escalation, although significant differences between the US and China remain.

The proposed exemptions align with recent US tariff exclusions on electronics, highlighting the intertwined nature of the two economies. Chinese companies reliant on US goods, such as advanced medical equipment and ethane, have reported some shipments arriving without tariffs.

While the list of potential exemptions is still being finalized, authorities have requested companies submit customs codes for necessary goods. Reports suggest China may also waive tariffs on at least eight semiconductor-related products, excluding memory chips, which could impact companies such as Micron Technology.

Overall, while investor interest grows, relations between the two nations still face challenges, with China demanding the US revoke unilateral tariffs before resuming trade talks.

Traders have heavily invested in Cantor Equity Partners Inc, a blank-check company merging with Twenty One Capital Inc., which is backed by Tether, Bitfinex and SoftBank. Since the April 22 merger announcement, Cantor's stock has surged 197%, closing at $31.50 on Friday.

The merger includes a convertible debt offering, potentially leading to a market capitalization of about $12 billion that would far exceed the estimated $4 billion value of the Bitcoin it’s expected to hold. This would reflect strong demand for crypto-related investments.

Analysts note that investing in such vehicles is akin to betting on Bitcoin's growth. Public special-purpose acquisition company (SPAC) shareholders are projected to own 2.7% of the new company, while major stakeholders like Tether and SoftBank will have substantial shares. Overall, the market is optimistic about this collaboration in the digital asset space.

Advanced

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Weekly Institutional Insights: Trade conflicts cool down as crypto SPAC sees popularity

Our weekly crypto derivatives analytics report delves into macro events; the current state of crypto and trading signals from spot trading volume; and futures, options and perpetual contracts.

At the start of the week, Bitcoin showed signs of decoupling from US equities. However, US president Trump's positive remarks about the US-China trade war (which had included a 145% tariff on Chinese goods) triggered a relief rally across markets. As a result, BTC has resumed moving up with US equities. 

This rally has led to a rise in short-tenor implied volatility and a recovery in BTC’s put-call skew, indicating that traders are seeking upside exposure.

Please check out the report’s highlights.

Perp open interest rises across the board

Perpetual open interest increased significantly this week across various tokens, especially ETH. Perpetual trading volumes also rose. Notably, Ap 7, 2025 recorded the highest trade volume of the month, following Trump's comment, "Forget markets for a second, we have all the advantages."

BTC option open interest shows a mixed picture; put-call skew in short tenor sends positive signals

President Trump’s recent willingness to negotiate a trade deal with China’s President Xi triggered a relief rally across asset classes, including crypto. Bitcoin had already risen 7% since Apr 21, 2025, prior to Trump's comments. Despite this rally, open interest in puts has outpaced calls, with options volume remaining relatively balanced. 

It's unclear if the demand for puts reflects a hedge against downside risks, or a bet against the upward movement. Meanwhile, perpetual funding rates are providing limited insight into sentiment. However, the recovery of the put-call skew at short tenors indicates that traders are seeking upside exposure to the rally — and are willing to pay for it.

ETH unexpectedly outperforms BTC in this relief rally

ETH's response to the recent crypto market recovery has diverged from previous trends: it outperformed BTC in spot prices, a rarity in past rallies, and open interest in calls exceeds that in puts — opposite to BTC's trend. In addition, ETH call open interest is nearly double that of puts, with calls dominating options volumes. This suggests traders anticipate ETH will reduce its significant underperformance against both BTC and other “ETH killers” like SUI and SOL. Additionally, the spot rally has led to another term structure inversion for ETH.

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Bybit X Block Scholes crypto derivatives analytics report (Apr 24, 2025): Put-call skew recovers at short tenors, showing reviving sentiment

Bybit Learn

Blockchain

What are the differences between a permissioned blockchain and a permissionless blockchain? Find out more in this article.

Permissioned blockchains and permissionless blockchains are two diametrically opposed options when it comes to cryptocurrency trading. A 

 network outlines all of the transactions regarding a particular cryptocurrency. Permissioned blockchains are private blockchains that include administrator oversight, and permissionless blockchains are public blockchains that have no limitations on them other than those within the various federal, state and local laws governing such blockchains. 

Either permissioned or permissionless blockchains will help you manage your digital assets, but it's important to realize all of the pros and cons of a private blockchain and the technology involved in keeping it secure. Although the technology of public blockchains is advanced, they lack the security measures of private blockchains.

A permissioned blockchain is a private blockchain that only a few people can access. They are given such access through keys and passwords by the blockchain administrator, who oversees the security measures of the permissioned blockchain.

Within the distributed ledger, not everyone granted access to the permissioned blockchain is able to do the same things. The administrator not only controls who has access to the blockchain, but also what each person allowed on it can do. The identity verification process is a necessary part of this added level of security. 

As a blockchain network, a permissioned blockchain offers a business more transparency because participants can feel more secure while doing business within the digital ledger. Without the proper keys, no one can interact with the permissioned blockchain.

Permissioned blockchains also promote and encourage accountability. It's always clear “who did what” because everyone who has access must log in after providing identity verification. Everything is tracked, which means that the administrator knows whom to contact if something goes wrong.

Despite a lack of central authority, the administrator, along with any others who are involved in making decisions, can set parameters for access, actions and other aspects of interacting with the permissioned blockchain.

Because of their very nature, permissioned blockchains are the cryptocurrency darlings of the business world. Their rigid structure and extremely tight security are true enterprise solutions, because 

 controlling access — when there are, perhaps, hundreds of employees who might need to use the blockchain — could lead to chaos and confusion.

Because access to the permissioned blockchain is limited to a small group of people, it's easier to customize its characteristics than it would be with a permissionless blockchain, which carries a far greater number of users. When the business needs to make modifications, it's a simple matter to change the permissions afforded to the users on the private blockchain and, if necessary, to alter who has access to it.

Because a permissioned blockchain is highly secure, it provides exceptional data protection. This includes both industry secrets and personal data — not only that of the employees to whom the administrator has granted access, but the rest of the employees as well. Of course, enterprise data security involves much more than just the cryptocurrency flow on the blockchain, but a permissioned blockchain is an integral part of such security.

Disadvantages of a Permissioned Blockchain

While a private blockchain provides great internal transparency, there’s zero chance of any outside oversight without assistance from within the company that's using the chain. This can lead to manipulation of data, corruption, or even outright criminality within the collection of users to whom the administrator has granted access. The implication here is not that every administrator (or user) is a crook, but that lack of outside oversight could lessen the credibility of both the permissioned blockchain itself and the company that uses it.

Because the administrator controls everything, both the business and its users are subject to that person's whim. In addition, while those allowed access to the permissioned blockchain can form a consensus among themselves, the administrator can effectively nullify their concerns, suggestions or directives — because they only have access to the private blockchain through the administrator. If the administrator isn't trustworthy, they can change the rules at any time, which might cause problems within the blockchain that will be extremely difficult to solve.

A permissionless blockchain is a decentralized arena for working with cryptocurrency that has no administrator, no special permissions and no real secrecy within the blockchain itself.

Permissionless blockchains are secure, however, from external threats. For example, they are not weak against either brute-force attacks or internal scams, such as double-spending. Within the blockchain everyone can see everything. Because of these characteristics, permissionless blockchains aren’t generally for enterprise-level businesses. Rather, they're for individuals and small businesses that rely on their personal keys for their security.

Individuals love the anonymity of permissionless blockchains. There's no Big Brother administrator looking over their collective shoulders to see what they're doing. The users answer only to themselves and to all applicable federal, state and local laws. Some notable examples of permissionless blockchains include 

How Does a Permissionless Blockchain Work?

The primary idea behind a permissionless blockchain is to create a milieu with no central authority at all, not even an administrator. Everyone can participate in the consensus, has access to everything within the blockchain, and can verify what occurs on the blockchain and then validate it with broad consensus.

A secondary concept is to provide a way for people to build consensus easily. If everyone participates, then everyone has a stake in what's happening on the permissionless blockchain. The combination of "everyone pitching in" and the abundance of digital assets, such as tokens and 

, helps to make everything involved in the permissionless blockchain more efficient.

The openness of the permissionless blockchain is designed to get as many people involved as possible so that the public blockchain is resistant to corruption. For the permissionless blockchain to have to be reset, more than half of it would have to be corrupted, and it's nigh impossible to corrupt that much data without someone noticing first.

Advantages of a Permissionless Blockchain

Because the permissionless blockchain provides free access to everyone, there are no extra steps to go through for validation of transactions, or for interaction between intermediaries with authorization and the people on the blockchain. This is true even though the permissionless blockchain helps users maintain their anonymity. The ease of reconciliation is also supported by the fact that the permissionless blockchain is highly resistant to censorship, meaning that "a deal's a deal" once completed.

Public blockchains are the foundation of the world of cryptocurrency. Because so many people use them, and because more than half of the users would have to decide to alter the blockchain, people have great confidence in them. No one person or business can have total control over so many users, and 

Disadvantages of a Permissionless Blockchain

Permissionless blockchains are power hogs. Because they’re so large, they require great amounts of power to keep them up and running. Also, permissionless blockchains are slower to respond than private blockchains. Blockchain technology is improving all the time, but lots of users on a blockchain network means the need for a lot of power. Along with the need for such large amounts of power, there’s also the specter of increased costs. These involve not only the power to run the system itself, but to foster the consensus and reconciliation processes.

Small blocks mean that users have to wait until a new block is created before transactions will complete. This slows down the process, and contributes to a higher associated cost. And it doesn't just slow down the processes for the user in question, but for all of the permissionless blockchain's users.

Permissioned Blockchain vs. Permissionless Blockchain

Whether you're doing everything under the watchful eye of an administrator or other central authority, or you're remaining largely anonymous on a public blockchain, you're still buying and selling NFTs and other tokens and/or converting one currency to another. The idea is the same even if the methods are different.

When working with intermediaries, the members of a blockchain have to verify transactions to protect the members of the blockchain. In both cases, the members of the blockchain and the intermediaries share data with each other to validate the reconciliation process, thus protecting all parties from nefarious activities. Smart contracts are part of the fabric of both kinds of blockchains. These are automated programs designed to remove the need for excessive monitoring of situations within the blockchain.

The chief difference between permissioned blockchains and permissionless blockchains is in their type of security. In the case of the former, there’s an additional layer of security provided by the administrator, who assigns access to the private blockchain. When it comes to the latter, anyone can access the public blockchain.

Permissioned blockchains normally deal with large businesses that buy and sell tokens from each other, whereas permissionless blockchains deal with individuals and smaller businesses.

Which Should You Use — Permissioned or Permissionless Blockchain?

If you're a beginner, then the permissionless blockchain is the way to go. You don't have to get anyone else's approval to participate, and you can start small when it comes to your transactions. You'll buy and sell with one person or with a couple of people.

If you're experienced, then you can branch out into permissioned blockchains. You can cultivate relationships with businesses, separating your personal transactions from your business transactions. But just because you're experienced doesn't mean that you can't trade on a permissionless blockchain if the parameters of the transaction fit your needs.

For crypto investors and traders, having a well-rounded view of permissioned and permissionless blockchains is invaluable. While permissionless blockchains are the norm in cryptocurrencies, some businesses have opted to use private, permissioned blockchains, which can differ significantly from their public counterparts. Staying informed on all aspects of distributed ledger technologies will ensure you remain ahead of the curve when it comes to understanding this ever-evolving field.

Permissioned vs. Permissionless Blockchains: The Differences

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