Our monthly report delves into insights from options volatility to inspire your next crypto move.

: April 2025 saw BTC's implied volatility surge above 75% due to tariff chaos, but it collapsed to 35% within a week, indicating a surprising short-term drop in volatility expectations despite ongoing macro uncertainty.

: BTC's return above $100K was met with muted enthusiasm in the derivatives market, suggesting that 

traders no longer view this level as a significant psychological barrier, and the rally isn’t likely to be sustained.

: ETH significantly outperformed BTC with a 23% rally, leading to increased demand for short-dated calls and a positive shift in the options market, highlighting renewed bullish sentiment.

: Historical trends suggest a potential summer lull in volatility in store for BTC, raising questions about whether this pattern will repeat in 2025 amidst ongoing macroeconomic challenges.

Bitcoin’s volatility plunges in late April

April 2025 witnessed significant volatility in the cryptocurrency market, particularly influenced by US trade policies. As President Trump announced steep reciprocal tariffs, the crypto landscape experienced sharp fluctuations. Bitcoin (BTC) initially demonstrated resilience, despite widespread sell-offs in equities and the US dollar, only to succumb to a decline from $88K to $75K by early April. This period was characterized by a dramatic rise in implied volatility that peaked above 75% as traders sought protection through short-dated puts. However, as the tariffs faced moderation, implied volatility plummeted to 35% by mid-April, marking the lowest level since early March.

Interestingly, while short-tenor volatility collapsed, 

the back end of BTC's term structure remained elevated, signaling that market participants expect heightened volatility in the mid-term

. Amidst this backdrop, realized volatility fell below the five-year seasonal average, paralleling similar trends in previous years and suggesting a 

. The historical pattern contrasts that BTC often experiences a rebound in volatility heading into May, raising questions about whether this trend will persist.

Subdued derivative response suggests Bitcoin rally might not endure

The market's reaction to BTC's resurgence above the $100K threshold was notably subdued compared to previous instances. While BTC rallied 20% following the initial tariff sell-off, the derivatives market displayed a muted response. The 25-delta put/call skew, a measure of market sentiment, indicated only a slight bias toward out-of-the-money calls, contrasting sharply with sentiment previously when BTC first breached the $100K mark in December 2024. This lack of exuberance suggests that traders no longer view $100K as a significant inflection point, raising concerns about the sustainability of the rally. 

Meanwhile, funding rates and implied volatility — though still bullish — didn’t reach the extremes observed in earlier months, indicating more cautious market sentiment. The relationship between BTC's spot price and implied volatility suggests that although traders are optimistic, they’re waiting for BTC to approach previous all-time highs before adjusting their volatility expectations.

Ethereum's option data points to further rally

In stark contrast to BTC, Ethereum (ETH) displayed remarkable resilience and outperformed major cryptocurrencies, gaining 23% overnight following favorable trade news. This rally catalyzed a surge in demand for short-dated calls, pushing front-end volatility expectations significantly higher. The response from the derivatives market was robust, inverting the term structure and indicating renewed bullish sentiment toward ETH, even as it’s trading well below its all-time high.

The ETH options market exhibited a shift from neutral to slightly negative skew, to a 10% bias favoring out-of-the-money calls, reflecting the market's confidence in ETH's potential to regain lost ground. Despite overall macroeconomic uncertainty, the demand for ETH options suggests that traders are optimistic about Ether’s future price movements.

In conclusion, April 2025 highlighted the complex interplay between macroeconomic factors and cryptocurrency market dynamics. While BTC faced challenges in eliciting strong responses from derivatives markets upon recrossing the $100K threshold, ETH's performance indicated a divergence in market sentiment. As traders navigate the evolving landscape, the potential for seasonal volatility patterns and the influence of macroeconomic developments will remain critical factors in shaping future market expectations.

Advanced

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Bybit X Block Scholes options volatility report (April 2025): Data suggests Bitcoin rally might not endure, but Ether sees further upside

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.

After mostly trading sideways at the end of April 2025, a US-UK trade deal sparked a crypto rally. BTC surged past $100K for the first time since February, but it’s ETH's performance that captured the derivatives market's attention. 

A 23% increase in ETH's spot price led to an inverted term structure and a spike in front-end volatility. The put/call skew for ETH shifted from a bearish bias to a nearly 10% skew toward OTM calls. Other sentiment indicators, such as perp funding rates and futures yield, also supported the rally. In contrast, while BTC's funding rates and skew have increased, its implied volatility remains low at 40%, over 30 points below ETH's 7-day implied volatility.

Please check out the report’s highlights.

ETH’s record performance since 2021 was propelled by positive term structure

ETH has significantly outperformed BTC and the top 10 cryptocurrencies, marking its largest single-day gain since May 2021. The options market has reflected this enthusiasm, with implied volatility for short tenors rising sharply and inverting ETH’s term structure, thus contrasting with BTC's muted, positively sloped structure. The 7-day tenor for ETH is now trading at a 33-point premium over that for BTC. 

While puts dominate BTC's open interest, ETH is seeing the opposite trend. On May 8, 2025, options volumes surged over $120M, more than double the typical monthly volume, with $60M more in calls than puts. ETH now boasts a positive futures curve and funding rates, as well as a strong skew toward OTM calls.

ETH sees exceptionally bullish put/call skew

ETH's substantial outperformance in the current crypto rally has led to bullish sentiment in its derivatives markets. Funding rates have surged, futures yields are strongly positive and the put/call skew has shifted significantly toward OTM calls, now close to 10%. This starkly contrasts with early April, when the skew was 20% toward OTM puts. Although ETH has underperformed (relative to BTC and other "ETH killers"), it has rebounded in this rally, with the ETH/BTC ratio rising after spending most of the year declining.

Open interest for Bitcoin options increased, with implied volatility remaining suppressed

The announcement of the new US administration's first trade deal, nearly 30 days into Trump's 90-day tariff pause, jolted crypto markets, pushing BTC back up above $100K. Surprisingly, implied volatility has remained suppressed, failing to invert BTC's term structure, with front-end volatility trading at around an 18-month low of 35-40%. On May 8, 2025, options volumes surged, with call volume reaching $189M, reversing last week's trend of higher put volumes. Meanwhile, open interest rose steadily to exceed $300M, the highest level this month, but remains significantly larger for puts than for calls despite the price increase.

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Bybit X Block Scholes crypto derivatives analytics report (May 9, 2025): Ether’s put/call skew turns remarkably more bullish than Bitcoin’s

This article explores how Sign works, its flagship products (such as TokenTable, SignPass and EthSign), its native token (SIGN) and how to trade SIGN on Bybit.

Sign is an omnichain attestation infrastructure that empowers users and developers to verify real-world claims on-chain. Built for a more transparent and decentralized future, it eliminates the need to “just trust” and enables everyone to verify with cryptographic proof.

This article explores how Sign works, its flagship products (such as TokenTable and EthSign), its native token (SIGN) and how to trade SIGN on Bybit.

 is an omnichain attestation protocol designed to make it easy for anyone to verify the authenticity of any claim — 

. Whether it’s a document, credential or user identity, Sign transforms traditional trust models into verifiable, cryptographic attestations. 

Sign’s mission is to replace outdated, opaque validation systems with transparent, 

 proof — enabling a future where “verify” replaces “trust.” Through tools like schema registries and digital signatures, Sign empowers users to bring accountability and integrity to digital interactions.

Sign is developed by the team behind EthSign, a 

-native e-signature and agreement platform. Its core team brings deep experience in 

 development and cross-chain integrations.

The project is backed by top-tier investors, including Sequoia Capital China (now known as HongShan Capital Group), Mirana Ventures, HashKey Capital and Hack VC.

This strategic funding positions Sign as a foundational layer in the web3 infrastructure stack.

Sign allows users to create attestations — cryptographically signed statements that prove the validity of claims, such as credentials, achievements or actions. These digital proofs can be verified by anyone at any time, making them tamperproof and transparent.

Sign’s key technical elements include a schema registry that ensures consistent data formatting, digital signatures proving authenticity, and on- and off-chain attestations with support for revocation or updates

This system acts like a programmable layer for web3, bringing a new level of trust to identity, credentials and data exchange.

TokenTable is Sign’s flagship token distribution platform. It helps projects unlock, distribute and manage tokens transparently and securely at scale.

It uses Sign’s attestation engine to verify token unlocks, 

 and vesting schedules, ensuring traceable, auditable token flows.

SignPass is a blockchain-based identity solution that brings real-world credentials on-chain. One notable implementation is the Sierra Leone PR Card, used for the world’s first government-approved on-chain permanent residency program.

SignPass offers encrypted on-chain records for easy 

 verification, physical ID issuance for daily identity use and streamlined digital application systems for cross-border access.

It showcases the way blockchain can modernize public sector services worldwide.

EthSign is a decentralized contract signing platform that lets users create, sign and store legally binding agreements directly on-chain. It removes intermediaries and ensures documents are immutable and accessible.

EthSign reinforces Sign’s mission by bringing traditional documentation into the realm of verifiable web3 attestations.

The SIGN token is the native utility token powering the Sign ecosystem. It’s used for:

The total supply is capped at 10 billion SIGN, with 1.2 billion tokens in circulation. While the fully diluted valuation (FDV) sits above $746 million as of May 7, the circulating market cap is approximately $89.6 million. SIGN continues to gain traction across exchanges and developer networks.

SIGN is available for trading on Bybit via Spot trading and as a USDT Perpetual contract. Bybit offers up to 75x leverage for the SIGNUSDT Perpetual contract and supports secure, high-liquidity spot trading.

Start exploring the future of attestations with SIGN on Bybit today.

Intermediate

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Sign (SIGN): Web3 protocol for trustless attestation

Compliant trading means following platform rules and avoiding manipulative behavior. Learn more about how you can trade responsibly and compliantly on Bybit.

Crypto trading has come a long way from what used to be the domain of institutional players, and is now open to almost anyone with an internet connection. It’s easier than ever to buy and sell digital assets, try new strategies or build a portfolio from scratch all within minutes.

But with that level of access comes responsibility. As more people join the market, the need for fairness and accountability has become even more important. This isn’t just about price charts or profits — it’s about keeping the playing field level for everyone involved.

At Bybit, we take that responsibility seriously. We're here to offer the tools, safeguards and education you need to help you trade responsibly and to protect the platform from misuse.

This article describes what it actually means to trade compliantly, why it matters — and what can happen if things go off course.

Compliant trading means playing fair, following the platform’s rules, staying within the boundaries of what’s allowed and avoiding anything that could unfairly affect the market.

It’s not about avoiding risk: it’s about knowing what you’re doing, using official tools the right way and making sure your trades aren’t causing harm to yourself or others.

In short, compliant traders don’t just focus on their P&L — they understand that how they conduct themselves while trading matters. Responsible trading protects their accounts, keeps the platform stable and builds long-term credibility in the crypto ecosystem.

Why does responsible and compliant trading matter?

It’s easy to assume that compliance is only something platforms or regulators need to worry about. But in reality, every trader plays a part. When someone attempts to exploit the system — for example, by coordinating mass trades through off-platform channels — the consequences can ripple across the entire market.

In extreme cases, irresponsible trading behavior can:

And if the trades in question are linked to coordinated action, use of fake accounts or external bots? That opens the door to account freezes, compliance reviews and, in some cases, permanent suspension.

Bybit has a responsibility to act when the system is being abused — not just for legal reasons, but in order to protect honest traders.

Common examples of noncompliant or risky behavior

Some traders join Telegram groups or online communities in which KOLs (key opinion leaders) give out coordinated trading instructions (for example, “Buy token A now, sell it in an hour”). This practice isn’t just risky: it often involves a small number of insiders benefiting while the majority end up with losses.

When many people follow the same instruction all at once, it can artificially inflate the price of a low-liquidity token. The KOLs then exit at the top —while others are left with falling prices and unexpected liquidations.

Such a textbook case of market manipulation violates our Terms of Service and, depending upon jurisdiction, could violate financial laws.

Using bots or unverified trading strategies

Some Telegram groups may seem convincing, but trades coordinated off-platform are often unverified and may serve someone else’s agenda. 

 programmed to front-run trades, mimic pump-and-dump strategies or follow unverified signals can trigger compliance red flags and may lead to account restrictions.

Bybit does not support trading bots from unverified sources. They can also trigger flags in our monitoring systems, which may result in account suspension.

Using another person’s account or sharing login credentials — even if it’s with a family member — goes against both Bybit’s policies and global 

(AML) rules. It also opens the door to fraud, loss of funds and irreversible penalties.

Tips for responsible and compliant trading on Bybit

The good news is that there’s a better way to trade — responsibly, safely and with confidence, starting with the right tools, mindset and habits.

Use copy trading the way it’s meant to be used

 is one of Bybit’s most trusted features, and for good reason. It gives users access to professional traders’ strategies while maintaining full transparency. However, it only works if you follow verified 

These traders have been vetted and their stats are fully visible. You can view their P&L, risk settings and trade history. Bybit also provides built-in tools, such as 

 and staking products allow you to earn passive yield with minimal effort. These products are fully backed by our infrastructure and undergo regular audits, and are a compliant way to generate returns without chasing risky trades.

No matter how convincing a Telegram group may sound, remember that trades executed outside of regulated channels are unverified and often unaccountable. They may be coordinated for someone else’s gain.

 offers a wide range of articles and tutorials, covering everything from indicators and oscillators to advanced portfolio strategies. Before following any external signal, it’s worth spending 10 minutes to understand the rationale behind it. In trading, knowledge is your best form of compliance. Before you enter any position, ensure that you fully understand the asset you're trading, the current market conditions and the risks involved.

, never share your login credentials, and always enable two-factor (2FA) authentication. In addition, all trading activity should originate from your own account and remain under your own control.

Bybit’s systems are designed to flag irregular behavior. If your account is found to be engaging in prohibited activity, even unintentionally, you may be:

We take these steps in order to protect the broader user base and to uphold market fairness.

Being compliant doesn’t mean missing out on opportunity. In fact, it’s the opposite. It means you’re using the platform the way it was designed, with safeguards, transparency and trust. Shortcuts might look appealing in the short term, but they rarely end well. The most successful traders on Bybit are the ones who understand risk, stay informed and trade with integrity.

Take the time to learn and use the tools available to you. And remember: protecting your account starts with choosing how you’ll trade.

Beginner

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How to trade compliantly and responsibly on Bybit

Bybit Learn

Altcoins

ATOM 2.0 has been gaining traction on crypto news, read on to find out what their new whitepaper and road map is about.

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The recent Cosmosverse event announced a highly anticipated Cosmos Hub white paper. Known as 

, the new road map goes through several key details on changes to the Cosmos Hub and how this would impact the 

This overall vision is known as the 'Internet of blockchains' and is coming to fruition with the implementation of this road map. Today, multiple sovereign blockchains are able to communicate with each other and improve the 

 is one prime example of a blockchain that has a 

 that allows you to swap various Cosmos assets that were sent in from other Cosmos chains and can eventually be integrated with other protocols. Another example would be 

 for the entire Cosmos ecosystem that leverages the interoperability and composability provided by Cosmos.

Now that you have some context, let's compare the difference between ATOM 1.0 and ATOM 2.0, and take a look at the future of Cosmos.

Building The Foundation Of Cosmos Hub — ATOM 1.0

The Cosmos Hub's initial role was to create the technologies and frameworks needed to kickstart the internet of blockchains, and thus it created the Cosmos SDK, IBC, 

, various interchain modules, etc, which are core open-source primitives for the blockchains that are now part of the Cosmos ecosystem. 

Note: ‘Cosmos Hub’ refers to the Layer 1 blockchain in the ‘Cosmos’ ecosystem, with 

as its governance token. 'Cosmos' refers to the ecosystem of various app chains with their own governance token.

Cosmos is also known as a Layer 0 blockchain that allowed other blockchains to be built on it. These blockchains are Cosmos chains and are built with the Cosmos SDK, which is a toolkit that helps developers make it easier to create customized 

 tailored to their needs without reinventing everything from scratch. 

The Cosmos SDK caught on and many developers went to build on it to create their own customized blockchain. For example, there are chains that are tailored for 

and Osmosis, or other chains that focus on specific features such as 

These are also known as app chains which as similar to 

. What makes them interesting is that because they are their own modular chain, activities that happen on each chain won't congest other chains unlike in 

, which is a monolithic chain. This means if a hyped NFT mint is happening on Stargaze, users can still do other transactions such as trading and yield farming on another chain such as Carbon, without having to pay insane gas fees like on Ethereum.

Now that the foundations of the internet of blockchains have been built with multiple blockchains live for quite some time and working together, and billions of capital locked across multiple chains, the Cosmos Hub is now moving on to a new role - helping a growing ecosystem of 

blockchains to flourish while maintaining relevance. 

This will be done using four new technology called Interchain Security (ICS), Liquid Staking, Interchain Scheduler, and Interchain Allocator that sits on top of the 

Interchain Security will transform the Cosmos Hub into a secure platform for others to build the next generation of interchain-native infrastructure and 

, paving the way for new cross-chain opportunities and innovation.

To explain what ICS is, we first need to briefly understand how blockchain security for Cosmos chains works. 

Cosmos blockchains are PoS blockchains, and thus their security is determined by the economic value of the staked assets from the chain validators. Basically, the higher the 

 of the token, the more validators there are, and the harder it is to attack the chain. An attacker would require more capital to take over or attack the network.

However, the issue is that maintaining a high market cap to prevent an attack is not easy for all blockchains, especially newer blockchains. When a new chain is created, it may still be finding its product-market fit and may also struggle to get validators as they may not see value in the chain and would not

their capital to buy the chain's PoS asset and stake it to secure it.

To counteract this, many new Cosmos chains initially offer high inflationary rewards to incentivize validators to buy and stake. But this creates high selling pressure on the token price over time, and it may repel investors from buying the token knowing that there is a lot of 

pressure. And over time, if the token market cap drops too much from dumping, it again faces an increased risk of attack, and the blockchain is back to round one again.

This is where Interchain Security comes in. Interchain Security allows the validator set of a bigger chain, known as a 

, to provide security to the smaller chain, known as a 

, in exchange, the provider chain receives some of the gas fees and staking rewards from the consumer chain.

For example, an established chain such as the Cosmos Hub can secure a newer chain like 

with the interchain security mechanism. This would allow the validator set on Cosmos to produce blocks on the Quicksilver chain. It also uses ATOM as a 

, so if a user misbehaves on the Quicksilver chain, their ATOM would automatically be slashed on the Hub.

The provider chain may also have its core functionality to be built on a consumer chain and receive financing for its infrastructure build-out, allowing it to cut down on its own development cost and time. 

Therefore, Quicksilver would be able to import the entire economic security of the Cosmos Hub, currently secured by billions worth of staked ATOM and one of the most secure validator sets in the Cosmos ecosystem, in exchange for 

 and staking rewards. These rewards would then be given to ATOM stakers, increasing the value accrual for ATOM as well as allowing the Cosmos Hub to use and integrate with Quicksilver's liquid staking functionality.

Additionally, ICS is purely optional and can be opted out of even after using it. This mechanism can be used for the early stages of a protocol to provide stakeholders with 

Just like how there are thousands of apps that people all over the world are using right now, in the future, if there are thousands of app chains that appear that are being secured by the Cosmos Hub validator set, it could generate a lot of value back to the ATOM token. 

Interchain Security also reduces the barriers and costs of entry for consumer chains and enables a number of potential applications, including: 

In summary, Interchain Security gives smaller chains a faster, easier, and cheaper path to market, helping to foster innovation and allowing more integrations and collaborative opportunities with other chains in Cosmos. 

The other technology layer is called Liquid Staking which will also help to provide secure economic scaling.

In PoS blockchains like Cosmos Hub, its staked assets are not able to be used, which affects cross-chain composability. Liquid staking would allow users to use their staked collateral, such as staked ATOM, as a liquid token that can be traded with and sent across other Cosmos chains.

This increases the user's capital efficiency by unlocking additional capital, while still securing the network as their ATOM remains staked. The concept is similar to liquid staked ETH from 

 (stETH), which was hugely popular and successful and was accepted as collateral by multiple 

It would be easy to imagine a liquid staked ATOM achieving a similar level of success in the cosmos ecosystem as well, allowing users to earn ATOM staking rewards while interacting with other DeFi protocols. Liquid staking would extend not only to ATOM but other PoS cosmos assets as well. 

While Interchain Security enables the reuse of the same validator set and staked collateral to secure additional state machines. Liquid Staking would enable the reuse of the same staked collateral for other purposes. 

Together, Interchain Security and Liquid Staking create a secure base layer for projects to build on, furthering the growth of Cosmos app chains and activities.

The Cosmos ecosystem is made up of various 

that list the same assets. ATOM can be on multiple chains, and as they trade in the market, their prices can vary from one chain to another, similar to how ATOM's price varies slightly across different exchanges. This introduces a lot of arbitrage opportunities, where arbitrageurs will find 

offering the same token but at different prices, and will arbitrage the token prices so that they average out and earn a profit in exchange. This is a type of maximal extractable value (MEV) opportunity. 

There are two other common forms of MEV apart from arbitrage:

This MEV market can be made more efficient, more secure, and more lucrative for Cosmos chains and their users. The interchain needs a secure block space market to avoid off-chain cartelization and more options for chains seeking to optimize the use of block space. 

Existing MEV solutions on Ethereum like Flashbots’ are off-chain markets, however, it lacks 

 transparency. Interchain Scheduler brings MEV markets on-chain, facilitating a fairer and more transparent system. 

The Cosmos Hub used ATOM to fund the development of Cosmos' core components to reach the success that it has today. Funding is key during the initial phases of any ecosystem. Thus, when the next 

 begins, the Cosmos ecosystem may have many new chains appearing. In order to sustain and see the full impacts of the rapid growth, the current approach to on-chain monetary coordination may not be efficient enough to facilitate the needs of these new chains. 

Hence the Interchain Allocator was created. It is a platform for allocating capital to delegated parties to incentivize long-term alignment by bootstrapping users and 

for new chains. Essentially it attempts to create more 'symbiosis' where the more 'Coin A' that Cosmos Hub holds in its treasury, and the more ATOM that 'Chain A' holds in its treasury, the more aligned they are in incentives and goals.   

The Allocator provides two tools that enable incentive-aligned communities to develop strategies for economic coordination on behalf of the Cosmos Hub: 

and use the Interchain Allocator to achieve its goals, which include: 

The ATOM token does not have a maximum supply and issues inflationary token rewards to incentivize a target supply of the amount of ATOM staked. 

For example, when many ATOMs are being staked and the ratio is above two-thirds of its total supply, it will reduce the inflation to a minimum of 7%, and if lesser ATOMs are being staked and the staking ratio is below two-thirds of the total supply, it will increase inflation as high as 20%. As of the time of writing, ATOM inflation rate is around 18% and a 

of 311.8 million tokens with a market cap of $3.6 billion.

The upcoming liquid staking feature will increase the capital efficiency of staked ATOM by allowing it to be utilized while still being staked. Thus, the current monetary policy is being modified as users do not have to choose between staking their ATOM or using it in other 

As such, a new monetary policy is proposed which involves a 

The transitory phase begins with a significant increase in issuance that lasts for 36 months (3 years) before reaching a steady issuance rate that lasts indefinitely. The issuance rate starts at 10 million ATOM per month before declining until an issuance rate of 300,000 ATOM per month. You can view the 

The goal is to gradually remove security subsidies, starting from the current rate and decreasing by 10% every month for 36 months. By the end of this period, it is hoped that revenue from Interchain Security will meet or exceed the original subsidy and that the small inflation of 300,000 ATOM per month is negligible. 

This initial heightened issuance is meant to bootstrap the new Cosmos Hub Treasury that will be used to support and expand the network for the next few years. 

However there are arguments that this new issuance will be detrimental to ATOM stakers as 2/3 of the inflation will go towards the treasury and only 1/3 of it will go to stakers, and during the steady phase, all of the issuances will go to the treasury and none to stakers. Not to mention, the existing treasury has at least $60 million according to their public wallets, and issuing 10 million ATOM at the current price is over $100 million in market cap which could cause investors to worry about dilution even though the bulk of it goes into the treasury and are not circulating. 

This has stirred up some debates which will hopefully be addressed down the line before the proposal gets implemented. 

Currently, Cosmos Hub’s transaction fees are sent to the distribution module and divided between the Community Pool, delegators, and validators. The implementation of Interchain Security will add another stream of revenue from each consumer chain to the distribution module, which will replace the current security subsidy. 

The Cosmos ecosystem has grown a lot and has come a long way from the initial phases of pre-IBC and individual chains unable to communicate with each other. There is now a vibrant ecosystem of cross-chain transactions and interoperability, and this composability will only increase as more cross-chain dapps are created. 

With the addition of interchain security, liquid staking, interchain scheduler, and allocator, there will be more value accrual towards ATOM stakers, although it would be difficult to predict how much value these features could generate and if it is enough to offset the inflation of ATOM. 

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