Tokenized trading cards did $327M in volume over the last 30 days, up 8.3%, with the market splitting between five protocols. On the surface it looks like Courtyard's game: 44.5% of all volume, $145M in flow. But volume only tells half the story.

The other half is who actually makes money. Courtyard runs a thin 2.14% take-rate, so all that flow turns into just $3.1M in fees. Collector Crypt moves less ($123M) but charges 9.21%, pulling $11.2M, more than three times Courtyard's revenue.

Kraken said nearly 12,000 small crypto transfers from a wallet linked by Arkham Intelligence to HTX were sent to Kraken-linked addresses between August 17-24, triggering compliance reviews and temporary account restrictions for some users.

Kraken described the activity as a “dust attack,” potentially aimed at spreading sanctioned funds across platforms and triggering account freezes.

Most transfers were worth only a few cents or a few dollars. Kraken has restored access to affected accounts while continuing to hold the sanctioned funds and working with authorities.

HTX denied initiating the transfers and said it is investigating, citing possible address misattribution or malicious third-party activity.

The incident highlights a broader challenge for crypto compliance: users cannot prevent unwanted funds from being sent to their wallets, meaning attackers can potentially manipulate transaction histories and trigger costly compliance procedures.

The tactic has precedent. Following the 2022 U.S. sanctions on Tornado Cash, small amounts of ETH were similarly sent to prominent wallets without their owners’ consent.

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Velocity, formerly Drift Protocol, has launched its private beta, bringing on-chain perpetual futures with 0.02% trading fees from the first trade.

The platform offers multi-collateral margin, allowing SOL and USDT deposits to earn yield while simultaneously backing USDT-settled positions.

Velocity is also offering 20% referral rewards, its highest referral rate, as it invites early traders to test the platform and help shape the product ahead of a wider launch.

Apply for the Velocity Private Beta

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ATLAS is a bundles headless exchange for institutional markets, built on its Zero L1, for institutional markets matching, clearing, settlement and risk into one backend, so any trading venue can launch a market without building the infrastructure itself.

Zero, the high-performance chain LayerZero unveiled in February with Citadel Securities, DTCC, ARK Invest and Intercontinental Exchange, is purpose-built for tokenized securities, institutional DeFi and real-world-asset settlement. LayerZero pitched the effort at institutional scale, pointing to DTCC's $4.7 quadrillion in 2025 securities processing and trillions of dollars in daily FX and derivatives turnover as the market it wants to bring onchain.

ATLAS extends that push from infrastructure to a live venue, giving traditional finance heavyweights a shared onchain exchange for digital assets and deepening Wall Street's move into tokenized markets.

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Grove has acquired a 37.8M CFG position, about 5.4% of the token's supply, deepening a long-term partnership with Centrifuge that dates back to the early MakerDAO era.

Grove already routes more than $1.27B of assets through Centrifuge's tokenization infrastructure. The firm framed the CFG holding as a move from protocol integration to strategic alignment, tying its own growth more closely to Centrifuge's real-world-asset rails.

The stake adds to a run of institutional capital backing onchain real-world assets, and positions Grove as a long-term stakeholder rather than just a user of Centrifuge's infrastructure.

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A coordinated oracle manipulation attack on two Morpho PT-reUSD markets triggered ~$36.39M in liquidations, with the attacker reportedly earning ~$1.3M.

The attacker used TWAP purchases of Pendle YT-reUSD to push down the PT-reUSD price, triggering liquidations of highly leveraged positions. One 15-minute TWAP fell to 0.9647, causing borrowers to become eligible for liquidation.

12 borrowers with ~$36.1M in positions were liquidated. The attacker reportedly captured 96% of the liquidated collateral, while reUSD itself remained unaffected and no bad debt was incurred.

Morpho said it is investigating whether the PT market price was intentionally manipulated and working with the relevant teams on a safer oracle configuration.

The incident highlights risks with using short-term TWAP oracles for long-dated, low-liquidity Pendle markets, where relatively small price movements can trigger large-scale liquidations.

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Lisk will discontinue its DAO and shut down Lisk Chain on October 31, 2026, as the project refocuses on a new product now in early access.

The proposal burns the DAO treasury tokens vested for 2027 to 2033, roughly 100M LSK, to sharply cut the total supply, and moves the rest of the treasury to Lisk Ltd to fund the new Lisk. Ecosystem costs will no longer be paid in LSK, which the team says had created heavy sell pressure and driven the token's decline.

Lisk framed the reset as a response to L2s struggling to route revenue back to their token. Staking also becomes more flexible: emergency unlock is enabled without penalty and rewards are only guaranteed until the chain shuts down.

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Grayscale debuted the first U.S. Zcash ETF, converting its Zcash Trust into a spot fund that trades as ZCSH on NYSE Arca with $313.5M in assets.

The ETF carries a 2.5% management fee, with the revenue directed to Zcash ecosystem development. The launch followed Grayscale's fifth amended SEC registration and extends the firm's track record of converting trusts into ETFs, after Bitcoin, Ethereum, XRP, Solana and Litecoin.

Grayscale framed the product as a way for investors to gain regulated exposure to one of the market's leading privacy assets, arguing that the case for financial privacy strengthens as AI expands the monitoring of financial activity.

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Green month, top to bottom. Gold, silver and Big Tech all added trillions, but Bitcoin led the majors with +24.8%, back to #12 at $80k. SpaceX cracked the Top 10 at #9. The same board that was bleeding in June is now the cleanest picture of risk-on you'll find.

HashKey Exchange partnered with Franklin Templeton to distribute its flagship tokenized money market fund to digital asset investors across Asia.

The fund, Franklin OnChain U.S. Government Liquidity Fund (grBENJI), invests in short-term U.S. government securities with shares represented as on-chain tokens, promising faster settlement, more transparency and lower costs than traditional fund structures. It went live on the HashKey Exchange Earn Channel on August 24.

Franklin Templeton has been making efforts to expand in Asia. In Nov 2025, it debuted Hong Kong's first tokenized money-market fund, the U.S. Government Money Fund.

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