Author: Gabby

Botanix Labs is winding down its Bitcoin Layer 2 network after concluding that user demand was insufficient to cover operating costs. The project, which ran its mainnet for about a year, processed over 25 million transactions and attracted around 200,000 wallets. The team cited that most Bitcoin holders view the asset as a long-term store of value, not an active tool for decentralized finance. Despite achieving 100% uptime and no security breaches, the network could not generate enough revenue from transaction fees alone.

Launched in July 2025 as an Ethereum Virtual Machine-compatible Bitcoin L2, Botanix aimed to bring smart contracts and DeFi to Bitcoin without relying on native token incentives. It integrated with Chainlink, Morpho, and OKX Wallet. However, the team admitted that the market simply was not ready for Bitcoin-focused DeFi. In a statement, they said: “The honest answer is that it did not work, at least not in this market and not on this timeline.”

The closure highlights broader challenges for Bitcoin L2 networks. Botanix noted that token launches struggle to sustain interest, and most demand for Bitcoin DeFi is concentrated on wrapped Bitcoin tokens on Ethereum. Users are shifting to centralized platforms like Robinhood and Hyperliquid for convenience. The shutdown is one of several in 2026, including TapTools and Binance’s NFT marketplace. Unlike failures due to hacks or regulations, Botanix fell victim to economics: users simply did not use Bitcoin DeFi enough to make the network viable.

The H token of Humanity Protocol has seen a modest uptick after the devastating June 9 exploit, but the path to recovery remains uncertain. Following a 74% weekly decline, the token is attempting to stabilize near $0.16, though key technical and fundamental hurdles persist.

On June 10, H gained roughly 23% in 24 hours, trading around $0.163. However, this rebound is fragile as the token is still 80.7% below its all-time high of $0.8439 from June 2. The wide daily range of $0.0578 to $0.241 reflects ongoing trader uncertainty.

The price collapse was triggered by a $36 million bridge attack, where an employee laptop compromise led to the theft of approximately 141.2 million H tokens. Humanity Protocol has since launched a public recovery tracker and offered a $1 million USDT bounty for information leading to asset recovery. The team has pledged to use any recovered funds for H buybacks, but no specific timeline has been provided.

Technical indicators continue to flash bearish signals. The relative strength index (RSI) sits at 41.81, below its moving average, suggesting weak momentum. The MACD line has crossed below the signal line, with a negative histogram confirming downward pressure. Key resistance levels are now $0.17 and $0.22, while support lies at $0.13 and the psychological $0.10 mark. The June 9 low near $0.0578 remains the most critical downside reference.

Derivatives data reveals reduced conviction among traders. Futures volume dropped 29% to $1.21 billion, while open interest fell 9.38% to $78 million. The combination of falling open interest during a volatile move suggests that traders are closing leveraged positions rather than building new ones. Spot netflow showed a mere $426 outflow on June 10, a neutral reading compared to the large flows seen during the attack.

Adding to the uncertainty is the scheduled token unlock on June 25. Early investor Trix Ventures chose an immediate discounted unlock over extended vesting, which could introduce additional selling pressure. The Fear and Greed Index remains near 10, indicating extreme fear, and sentiment is broadly bearish.

For any meaningful recovery, H must first reclaim the $0.17 level and then break through $0.22. Sustained buying pressure and reduced exchange inflows are essential. Without these, the token risks revisiting lower supports. The recovery effort hinges on successful asset recovery and market confidence restoration.

Ant International, the overseas division of Ant Group, is reportedly aiming to raise $1 billion in a new funding round that could push its valuation to at least $10 billion. The Singapore-based fintech firm has maintained profitability for eight quarters in a row and is expanding its cross-border payment operations.

According to reports, the company has initiated early talks with potential investors, including existing backers like General Atlantic and Silver Lake, to secure capital for international growth. This move comes as Ant International continues to gain momentum outside China, with an estimated $3.7 billion in revenue for 2025, representing a 25% increase year-over-year. Although the unit accounts for about 10% of Ant Group’s total revenue, its growth rate outpaces many domestic segments.

Operating independently with its own board in Singapore, Ant International has become a key driver of Ant Group’s global strategy. A successful fundraising could also pave the way for a separate public listing in Hong Kong, following the governance restructuring that split the international arm from the parent company’s core operations.

Central to Ant International’s expansion is Alipay+, a payment network linking digital wallets and payment systems across over 100 markets. It connects more than 150 million merchants with over 2 billion consumers, enabling seamless payments using existing wallets while merchants receive funds locally.

Beyond consumer payments, Ant International offers Antom for merchant acquiring, WorldFirst for cross-border trade finance, and Bettr for AI-powered lending and currency management. Underlying these services is Whale, the company’s blockchain platform, which processed over $1 trillion in transactions in 2024, with roughly one-third via blockchain rails.

Recent partnerships have expanded Whale’s role in enterprise treasury. For instance, Standard Chartered and Ant International completed SGD-denominated liquidity transfers on Whale, following earlier Hong Kong dollar trials. Both firms are part of the Hong Kong Monetary Authority’s Ensemble Sandbox for tokenization.

Ant International also integrated Circle’s USDC stablecoin into its cross-border payment infrastructure, enabling blockchain-based settlements. The company has confirmed plans to seek stablecoin licenses in Hong Kong, Singapore, and Luxembourg, starting with an application under Hong Kong’s new stablecoin regime.

Ant Group chairman Eric Jing highlighted at the Singapore FinTech Festival that AI and tokenized settlement systems could enhance financial accessibility, reflecting the technology driving Ant International’s growth.

New York’s financial watchdog has proposed updates to its stablecoin regulations in anticipation of the federal GENIUS Act, which will overhaul how payment stablecoins are overseen nationwide. The New York State Department of Financial Services aims to align its framework with the forthcoming law while maintaining its existing consumer protections.

The proposed rule retains key requirements for reserve backing, redeemability, permissible assets, and independent audits. It adds new provisions, including limits on reserves held with a single custodian and mandatory risk management programs covering internal controls, information security, and asset growth. These changes ensure consistency with the GENIUS Act, which creates a dual-track oversight system: issuers with over $10 billion in stablecoins face direct federal regulation, while smaller issuers can remain under state oversight if state rules are certified as substantially similar.

Acting Superintendent Kaitlin Asrow emphasized that New York’s established rules have protected consumers and fostered market stability. The GENIUS Act mirrors much of DFS’s stablecoin framework, which was formalized in 2022. The new rule will help the state maintain its high standards while adapting to federal requirements. Under the GENIUS Act, stablecoins must be 1:1 backed by high-quality liquid assets, issuers cannot offer yield, and users have priority claims in bankruptcy.

DFS is positioning New York for certification by the Stablecoin Certification Review Committee, which includes Treasury, Federal Reserve, and FDIC representatives. Certification would allow eligible issuers to remain under state supervision. The department recently signed an agreement with the European Banking Authority to enhance cross-border stablecoin oversight.

A 10-day preproposal comment period begins now, followed by a 60-day public comment period once published in the State Register. The final regulation will take effect when the GENIUS Act becomes law on January 18, 2027. Existing New York-licensed issuers will have one year to comply, and current guidance remains in force until then.

In a striking contrast to the broader cryptocurrency market’s downward trend, Audiera’s BEAT token emerged as a standout performer on June 10, climbing to approximately $5.44. This price surge represents a 28.41% increase over the past 24 hours and an astonishing 343% gain over the last week. The token’s market capitalization has swelled to around $1.54 billion, with its 30-day return reaching a staggering 930.62% and the 90-day gain exceeding 1,270%.

The rally occurred against a backdrop of significant losses among major cryptocurrencies. Bitcoin traded near $61,000, while Ether, XRP, Solana, and BNB all posted daily losses. The total cryptocurrency market value fell by more than $60 billion, making BEAT’s upward move even more remarkable. Audiera’s recent weekly token burn of 770,545 BEAT between June 1 and June 8, representing weekly revenue of approximately $2.87 million, may have contributed to investor interest. The project has reported a total burn of 12.35 million BEAT, permanently removing them from circulation.

Derivatives activity played a crucial role in fueling BEAT’s breakout. Futures volume over 24 hours reached nearly $1.57 billion, far exceeding spot turnover. Open interest jumped 20.44% to $303.49 million, indicating that traders were adding new leveraged positions. The sharp price increase forced approximately $4.2 million in short positions to close, while long liquidations stood at around $122,130. This imbalance created a classic short squeeze, with Bybit recording about $1.57 million in short liquidations, followed by OKX at roughly $837,830, and other exchanges clearing substantial bearish positions.

Technical indicators show the bullish momentum is extremely stretched. The relative strength index stands at 94.54, well above the overbought threshold of 70 and its moving average of 74.42. While this confirms strong demand, it also signals that the price move is heavily extended. The MACD remains firmly bullish, with the line at 0.92403 above the signal line at 0.49126 and the histogram widening to 0.43277, indicating accelerating upward momentum. Immediate resistance is seen at $5.79, with the psychological $6 level as the next target. Key support lies near $4.80, with a stronger support zone between $4 and $4.20.

Despite the impressive gains, concerns about whale activity have surfaced. Pseudonymous analyst 0xNox noted that several large traders have repeatedly opened long positions near the current price, potentially pushing the token higher. Since May 28, when this activity was first observed, BEAT has surged roughly 5x in just ten days. However, these claims remain unverified. The analyst also warned that tokens distributed across multiple wallets have not moved and could create selling pressure if transfers begin. With a circulating supply of about 288-290 million out of a maximum one billion tokens, BEAT’s fully diluted valuation exceeds $5 billion, far above its current market cap. For the rally to sustain, BEAT must break through $5.79 and hold above $6 without a significant drop in open interest or spot demand. Failure to defend $4.80 could shift focus to the $4.20 and $4 support levels.

Flare co-founder Hugo Philion has revealed that the team is investigating the possibility of running a LayerZero Decentralized Verifier Network (DVN). This disclosure came in response to a community-driven suggestion about connecting FXRP with the Cardano blockchain. However, Philion was careful to note that no decision has been made regarding FXRP’s expansion to Cardano, and the conversation is still in its infancy with no concrete timeline, technical specs, or official collaboration in place.

The proposal for a Flare-operated DVN was put forward by an XRP enthusiast who believes such infrastructure could create a secure pathway for FXRP to interact with Cardano-based decentralized applications. While Philion acknowledged that Flare is “actively exploring” the DVN concept, he remained noncommittal about FXRP’s potential move to Cardano. In his own words: “Can’t comment on whether FXRP will go to Cardano.”

LayerZero DVNs function as independent verifiers for messages shuttling between different blockchains. Application developers can choose which verifier networks they trust and set the number of confirmations needed to finalize a cross-chain transaction. This flexibility is a key feature of the LayerZero protocol.

FXRP acts as a representation of XRP within Flare’s smart contract environment. Users can mint FXRP by locking up XRP and then utilize it in various DeFi activities, including lending, liquidity provisioning, and yield farming. Flare officially launched FXRP on its mainnet in September 2025, and its supply quickly exceeded 100 million tokens, many of which have been deployed across staking and other financial products.

Expanding FXRP to another blockchain would require technical compatibility on both ends. According to LayerZero’s documentation, any chosen DVN must be operational on both the source and destination chains before it can validate a route. As of now, there is no public evidence that LayerZero supports a Cardano pathway, and neither Flare nor Cardano has announced any integration efforts. Philion’s statements do not change this reality.

The exchange also shed light on Philion’s broader vision for blockchain interoperability. He has previously clashed with Cardano founder Charles Hoskinson over whether separate projects should build their own bridging systems or adopt shared solutions. In a recent post, Philion welcomed Hoskinson’s renewed participation in the industry, stating that the space benefits from his presence. He reiterated his stance that Cardano could leverage existing assets like FXRP and FBTC through LayerZero rather than creating proprietary versions, though this remains a personal opinion rather than an official agreement between the projects.

Flare integrated LayerZero V2 in 2024, linking its network to numerous other blockchains. At the time, Philion suggested that Flare could eventually operate as a DVN, facilitating cross-chain markets for tokens like XRP and Bitcoin. The latest remarks revive that concept, but without a specific deployment plan from Flare, Cardano, or LayerZero, the idea of FXRP on Cardano remains purely speculative.

Bitcoin’s value slipped under $61,000 on June 10, as market participants trimmed risk ahead of the crucial U.S. inflation report. The leading cryptocurrency touched an intraday low of $60,755 before edging back to around $61,200, reflecting growing caution among investors.

The price decline extended a broader selloff that has left Bitcoin more than 50% below its all-time high from October 2025. This movement comes as traders reassess their positions in light of recent stronger-than-expected economic data, which has diminished hopes for Federal Reserve rate cuts. Instead, some futures markets now price in the possibility of rate hikes later this year, adding pressure to risk assets like cryptocurrencies.

Inflation worries are further fueled by elevated oil prices, which remain near $88 per barrel despite a recent pullback. Rising geopolitical tensions in the Middle East, including reported attacks involving Iran and U.S. military action, are contributing to uncertainty. These factors have made traders reluctant to increase exposure to volatile assets ahead of the Consumer Price Index release, which could shape monetary policy expectations.

Institutional demand has also weakened, with data showing persistent outflows from U.S. spot Bitcoin ETFs in recent weeks. This trend removes a key driver of previous price rallies. Market maker Wintermute noted that the lack of significant capital inflows makes it difficult to identify a market bottom, as current buying activity is insufficient to counteract selling pressure. They also highlighted a liquidity gap between $50,000 and $59,000, which could amplify any downward move if key support levels break.

From a technical perspective, Bitcoin remains in a bearish phase. The daily chart shows the asset trading below a bearish Supertrend indicator near $68,400, which has been negative since late May. A pattern of lower highs and lower lows has persisted since Bitcoin failed to hold above $80,000. The daily MACD remains below zero, indicating weak momentum despite a slight easing in selling pressure.

Analysts are closely watching the $60,000 support level. Ted Pillows suggested that a sweep of this zone could occur, and if it holds, Bitcoin might bounce back toward $65,000. However, a failure could lead to new yearly lows. Fellow analyst Lennaert Snyder identified the previous day’s low near $60,800 as another key level, while noting that liquidity is concentrated above $65,000 and $68,000. Longer-term charts point to a major support zone between $50,000 and $55,000, which served as a consolidation range throughout 2024. If current support fails, this area is expected to be the next critical test for Bitcoin’s market structure.

Many cryptocurrency enthusiasts are rethinking their approach as market volatility persists. Instead of engaging in frequent trades, a growing number of individuals are turning to platforms like SHRMiner for consistent monthly returns. This shift highlights a desire for stability rather than speculative gains.

SHRMiner bills itself as an AI-driven computing infrastructure service that simplifies participation in the digital asset space. The platform automates operations, handles hardware requirements, and provides daily payouts, making it accessible even to those without technical expertise. Its promise of up to $8,000 per month has drawn interest from long-term investors.

The platform supports a variety of cryptocurrencies including Bitcoin, Ethereum, XRP, and USDT, allowing users to choose plans that match their risk tolerance. With features like SSL encryption, DDoS protection, and round-the-clock support, SHRMiner emphasizes security and ease of use.

Investors like Michael, a Texan who reduced his active trading after multiple market cycles, appreciate the simplicity. He notes that he no longer needs to monitor charts constantly but can still benefit from the crypto economy. This sentiment echoes a broader trend where participants seek passive income without the stress of daily trading.

Getting started involves a straightforward process: create a free account, select a plan starting from $3,000, and begin receiving daily returns. The platform also offers a limited-time $15 welcome bonus for new users. All contracts return the initial investment at maturity, adding a layer of capital preservation.

While not without risks, SHRMiner represents a paradigm where crypto involvement doesn’t always mean active trading. For those prioritizing steady income over adrenaline-fueled trades, such platforms offer an alternative path to participate in the digital economy.