Welcome to The Protocol, CoinDesk’s weekly wrap-up of the most important stories in cryptocurrency tech development. I’m Margaux Nijkerk, CoinDesk’s Tech & Protocols reporter.

In this issue:

• Eclipse Launches $ES Airdrop, Distributing 15% of Token Supply
• Risc Zero’s ‘Boundless’ Incentivized Testnet Goes Live
• Bitcoin Devs Float Proposal to Freeze Quantum-Vulnerable Addresses — Even Satoshi Nakamoto’s
• Aethir and Credible Introduce First DePIN-Powered Credit Card

Network News

ECLIPSE TOKEN GENERATION EVENT: Eclipse, the layer-2 that combines technology from the Ethereum and Solana blockchains, shared that it has gone live with an airdorp of its $ES token. The team behind the network shared that the initial distribution will occur over the next 30 days, and a total of 1 billion $ES tokens have been minted, with distribution structured to go to community incentives and long-term protocol sustainability. Of the supply, 15% is allocated to an airdrop and liquidity provisions for core community members and developers who have supported the network from the start. 35% will support ecosystem growth and research and development, aimed to help scale the network. Contributors will receive 19% of the supply, including team members, with a four year vesting period and three year lockup schedule. The remaining 31% is for early supporters and investors, who are subject to a three year lockup schedule to commit to Eclipse’s roadmap long-term. — Margaux Nijkerk Read more.

RISC-ZERO “BOUNDLESS” INCENTIVIZED TESTNET GOES LIVE : Boundless, the decentralized zero-knowledge (ZK) compute marketplace powered by RISC Zero, has launched its incentivized testnet (which it is calling “Mainnet Beta”) on Base, Coinbase’s Ethereum layer-2 network. With Boundless’ incentivized testnet, developers can build and test applications in an environment as if the protocol is in fully live format. The network has already landed early support from industry heavyweights like the Ethereum Foundation, Wormhole and EigenLayer. A decentralized marketplace for zero-knowledge compute connects those who need zero-knowledge proofs — such as developers building rollups, bridges, or privacy-preserving applications — with a distributed network of independent “ZK provers or miners” who generate and verify those proofs. Instead of relying on centralized parties, this model allows anyone with the right hardware to contribute computing power and be rewarded for doing that cryptographic work. — Margaux Nijkerk Read more.

NEW BITCOIN PROPOSAL TO FREEZE QUANTAM-VULNERABLE ADDRESSES: A new Bitcoin draft proposal wants to do what’s long been unthinkable: Freeze coins secured by legacy cryptography — including those in Satoshi Nakamoto’s wallets — before quantum computers can crack them. That’s according to a new draft proposal co-authored by Jameson Lopp and other crypto security researchers, which introduces a phased soft fork that turns quantum migration into a ticking clock. Fail to upgrade, and your coins become unspendable. That includes the roughly 1.1 million BTC tied to early pay-to-pubkey addresses, like those of Satoshi’s and other early miners. “This proposal is radically different from any in Bitcoin’s history just as the threat posed by quantum computing is radically different from any other threat in Bitcoin’s history,” the authors explained as a motivation for the proposal. “Never before has Bitcoin faced an existential threat to its cryptographic primitives.” — Shaurya Malwa Read more.

THE FIRST DEPIN POWERED CREDIT CARD: Aethir, a decentralized GPU cloud network, has teamed up with Credible Finance, a lending protocol, to introduce what they call the first credit card and loan product powered by a decentralized physical infrastructure network (DePIN). The move is designed to give Aethir’s native ATH token holders and node operators access to stablecoin credit without liquidating their tokens — a step toward blending on-chain infrastructure with real-world financial capital. The product, which debuted on Wednesday, lets eligible users collateralize their ATH tokens to access a revolving credit line or preload a no-fee card with ATH or stablecoins on Solana. Loan approvals and limits are determined by Credible’s AI-driven credit engine, which evaluates a user’s on-chain activity, asset holdings and transaction history. — Margaux Nijkerk Read more.

In Other News

• Ripple has expanded its institutional custody services into the Middle East, partnering with UAE-based tokenization platform Ctrl Alt to support Dubai’s government-led real estate digitization initiative. The deal will see Ctrl Alt use Ripple’s custody infrastructure to store tokenized property title deeds issued by the Dubai Land Department (DLD) on the XRP Ledger (XRPL). — Shaurya Malwa Read more.
• SharpLink Gaming (SBET), the Nasdaq-listed firm with a crypto treasury strategy centered on ether ETH, on Tuesday said it has become the largest corporate holder of the asset with 280,706 ETH worth roughly $840 million at current prices. The firm raised $413 million via the issuance of over 24 million shares between July 7 and July 11, according to a press release. It purchased a total of 74,656 ETH over the past week at an average price of $2,852 each. Roughly $257 million of that fundraising remained for future ETH acquisitions, the firm said. — Kristzian Sandor Read more.

Regulatory and Policy

• The House of Representatives on Tuesday did not vote on a procedural motion to advance a trio of crypto bills, but may vote Wednesday to advance the legislation. As it sped into its crypto-focused week on Tuesday, the U.S. House’s process toward passing digital assets bills ground to a sudden halt over a procedural vote as members of the House Freedom Caucus objected to the way some of the legislation has developed under Senate dominance. The legislation still has strong, bipartisan support, suggesting the procedural mishap may be overcome as a further vote was scheduled for later Tuesday afternoon. This vote was canceled less than 15 minutes before it was set to begin, so the matter may not be raised again until early Wednesday — the same day the Digital Asset Markets Clarity Act was set to be voted on. — Jesse Hamilton, Stephen Alpher, & Nikilesh De Read more.
• A 12-person jury has been seated for Tornado Cash developer Roman Storm’s criminal trial, and opening arguments are set to begin later this afternoon in the Thurgood Marshall courthouse in Lower Manhattan. Seven women and five men with a diverse range of backgrounds and ages will decide whether the U.S. Department of Justice can prove beyond a reasonable doubt that Storm engaged in conspiracy to commit money laundering, conspiracy to violate U.S. sanctions and conspiracy to operate an unlicensed money transmitting business. — Cheyenne Ligon & Nikilesh De Read more.

Calendar

• July 16-18: Web3 Summit, Berlin
• Sept. 22-28: Korea Blockchain Week, Seoul
• Oct. 1-2: Token2049, Singapore
• Nov. 17-22: Devconnect, Buenos Aires
• Dec. 11-13: Solana Breakpoint, Abu Dhabi
• Feb. 10-12, 2026: Consensus, Hong Kong
• May 5-7, 2026: Consensus, Miami

NEAR Protocol exhibited pronounced bullish momentum over the past 24 hours, ascending from $2.60 to $2.68.

NEAR is now up by 8% over the past few days having surged by 45% since Jun 17. The move reflects optimism across the wider altcoin ecosystem, with data points suggesting sustained upside.

A broader artificial intelligence (AI) token rally has propelled the sector’s aggregate market capitalization to $33.64 billion.

Fund manager Bitwise also published on post on X about how the Near Protocol would use «billions of AI agents» to manage capital and execute trades, adding fuel to Wednesday’s rally.

Technical Indicators Highlight Trading Patterns

• Overall trading range reached $0.16 representing 5.89% of the trading range during the 24-hour period under examination.
• High-volume surge of 5.81 million tokens occurred at 16 July 14:00, significantly exceeding the 24-hour average of 2.55 million tokens.
• Key resistance emerged at $2.70-$2.72 levels where price reversed on elevated volume during peak trading hours.
• Support consolidated around $2.56-$2.62 with multiple successful retests throughout the trading session.
• The final 60 minutes from 16 July 15:06 to 16:05 demonstrated a decline from $2.71 to $2.68 representing a 1.11% drop with a $0.05 intraday range.
• Sharp sell-off period featured elevated volume spikes exceeding 230,000 tokens at 15:16 and 15:36 during the consolidation phase.

Disclaimer: Parts of this article were generated with the assistance from AI tools and reviewed by our editorial team to ensure accuracy and adherence to our standards. For more information, see CoinDesk’s full AI Policy.

Internet Computer (ICP) moved higher in tandem with a broad-based crypto market surge, climbing 1.89% $5.5354 after peaking at around $5.65 early on Wednesday. As capital rotated into altcoins following gains in bitcoin and ether, ICP followed suit with a 7% upswing, driven by early bullish momentum and strong support at the lower end of its range.

The 24-hour window spanning July 15 at 15:00 UTC to July 16 at 14:00 UTC saw ICP fluctuate within a $0.39 range. Volume during this rally exceeded 964,000 units, indicating robust participation from both large and small buyers as the altcoin sector gained steam.

After peaking, ICP transitioned into a sideways consolidation phase between $5.50 and $5.58. Two failed attempts to break above the $5.64–$5.66 resistance zone confirmed short-term exhaustion, according to CoinDesk Research’s technical analysis data model. The token remained well bid near $5.52, where fresh demand consistently emerged.

Read more: ICP Jumps 4% as Launch of AI-Powered Self-Writing Web3 Apps Platform ‘Caffeine’ Nears

This consolidation reflects similar dynamics seen across Layer 1 tokens, which are seeing profit-taking after multi-session gains but maintaining higher support zones. ICP’s ability to hold steady in a tightening range mirrors the broader market’s pause after a strong leg up.

If bullish sentiment across the crypto market continues, ICP may challenge the $5.60–$5.66 resistance band again, supported by steady inflows and its strong positioning in the decentralized computing narrative.

Technical Analysis Highlights

• ICP climbed 7% from $5.28 to $5.66 before consolidating in a $0.39 range.
• Early rally supported by 964K+ volume, matching broader altcoin strength.
• Resistance firmed at $5.64–$5.66 with two rejection attempts.
• Price stabilized in a $5.50–$5.58 channel for much of the session.
• Support formed around $5.52; buyers consistently defended this level.
• ICP rebounded from $5.50 to $5.53 in the final hour on 19.8K+ volume.
• Market structure remains bullish above $5.50 amid macro crypto strength.
• Current price: $5.5354, up 1.89% on the day.

Disclaimer: Parts of this article were generated with the assistance from AI tools and reviewed by our editorial team to ensure accuracy and adherence to our standards. For more information, see CoinDesk’s full AI Policy.