What happened in the crypto markets last week? #Binance Research’s Weekly Alpha 🧵👇

1/ Macro/TradFi April’s CPI fell to 2.3%, just below the expected 2.4%, while Core CPI held steady at 2.8%, in line with forecasts. The data marks a four-year low in headline inflation and the third straight monthly decline.

2/ Macro/TradFi (Cont.) Thailand’s finance minister announced plans to issue a US$150M “digital investment token” in the next two months, according to Bloomberg.

3/ Macro/TradFi (Cont.) @coinbase is set to join the S&P 500, becoming the first pure-play crypto company to be included in the benchmark index.

4/ Macro/TradFi (Cont.) @RobinhoodApp is set to acquire Canadian crypto platform WonderFi in an all-cash deal worth around US$179M, marking a major step in its crypto expansion in Canada.

5/ Macro/TradFi (Cont.) @jpmorgan's Kinexys, @chainlink, and @OndoFinance tested cross-chain settlement of a tokenized U.S. Treasuries fund, highlighting the growing convergence of traditional and decentralized finance.

6/ Macro/TradFi (Cont.) @vaneck_us and @Securitize partnered to launch the VBILL tokenized fund, offering investors access to U.S. Treasurys. The fund leverages Securitize’s integrated services and is initially available on Avalanche, BNB Chain, Ethereum, and Solana, with

7/ Macro/TradFi (Cont.) @falconxnetwork announced a strategic partnership with @StanChart, which will provide banking infrastructure and currency pairs to support FalconX’s institutional crypto offerings and regional expansion.

8/ L1/L2 The @ethereumfndn unveiled its "Trillion Dollar Security" initiative, outlining a three-part strategy to enhance Ethereum’s infrastructure and raise its security standards for a global, trillion-dollar financial network.

9/ L1/L2 (Cont.) Over 11,000 EIP-7702 authorizations were recorded within a week of @ethereum's Pectra upgrade, reflecting strong early adoption of smart wallets. The new functionality allows temporary delegation of EOA control to smart contract accounts.

10/ DeFi @ExponentialDeFi, backed by Paradigm, has launched YO—a yield-optimizing DeFi platform built for both beginners and pros. It aims to simplify DeFi by eliminating fragmentation and automatically sourcing top yield opportunities across Base, Ethereum, and Solana.

11/ DeFi (Cont.) @Polymarket hit an all-time high in April with over 7,000 new prediction markets created, up 20.7% from March, extending the platform’s growth since late 2024.

12/ DeFi (Cont.) PumpSwap, the DEX tied to @pumpdotfun, launched a revenue-sharing program that gives token creators 50% of protocol revenue, including 0.05% of each eligible transaction in SOL for their specific token.

13/ DeFi (Cont.) @synthetix_io contributors proposed acquiring Derive (formerly Lyra) via an SNX-for-DRV token swap, valuing the deal at US$27M. The acquisition is pending community approval through an on-chain vote.

14/ Stablecoins @Tether_to's USDT supply has surpassed US$150B, with the circulating supply on Tron reaching US$73.8B—overtaking Ethereum’s US$71.9B for the first time since November 2024.

15/ Stablecoins (Cont.) @Anchorage is expanding into stablecoins with its acquisition of Mountain Protocol. The move coincides with Mountain’s decision to begin an orderly wind-down of its USDM stablecoin.

16/ Stablecoins (Cont.) @global_dollar, a stablecoin consortium co-founded by firms including Paxos, Robinhood, and Kraken, has added 19 new members as it pushes to grow adoption of its USDG stablecoin.

17/ Others @MicroStrategy purchased another 13,390 BTC for US$1.34B at an average price of US$99,856, bringing its total holdings to 568,840 BTC.

18/ Others (Cont.) @Metaplanet_JP acquired 1,241 more BTC for US$126.7M, bringing its total holdings to 6,796 BTC—surpassing El Salvador’s and now worth around US$706.7M.

19/ Others (Cont.) Twenty One Capital, backed by Cantor Fitzgerald, Tether, and SoftBank, purchased 4,812 BTC worth US$458.7M.

20/ Others (Cont.) @defidevcorp added 172,670 SOL, boosting its total holdings past US$100M. It also recently completed a US$24M private placement to fund further Solana purchases.

21/ Others (Cont.) @sns announced its token generation event went live on Tuesday, with 40% of the supply allocated to early and new supporters.

22/ Others (Cont.) @yugalabs has transferred ownership of the CryptoPunks NFT series to the Infinite Node Foundation, a nonprofit dedicated to preserving digital art.

23/ Interested to learn more? Be sure to check out the Binance Research website for more project and macro research reports. www.binance.com/en/research