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The Protocol: Solana’s Seeker Mobile Begins to Ship

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1 месяц ago

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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:

  • Solana’s Seeker Phone Fixes Saga’s Flaws With Usability Upgrade
  • Base Says Sequencer Failure Caused Block Production Halt of 33 Minutes
  • Solana’s Jito Proposes Routing 100% of Block Engine Fees to DAO Treasury
  • Cardano Community Approves $70M Core Dev Budget, Boosting ADA Prospects
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SOLANA SEEKER PHONE BEGINS SHIPPING: The Solana Seeker phone is not your average smartphone, nor does it want to be. Building on the lessons of its predecessor, the Saga, Solana Mobile’s newest device reimagines what a crypto-native phone can be. Smaller, lighter and boasting a longer-lasting battery than its predecessor, the Seeker aims to improve on the user experience while doubling down on mobile-first crypto usability. Out of the box, it’s clear who this device is for: active Solana users who regularly transact on-chain, with the design focusing on everything crypto-first. With 150,000 phones pre-ordered from over 50 countries and at a price point of $500 the Seeker wants to bring Solana ecosystem participants the ability to transact on the go in a matter of seconds. If you’re someone who frequently uses Solana, the Seeker might feel like it was built specifically for you. However, this phone is not intended for the casual crypto user. “If you’re somebody who transacts at least once a week, frankly, then you might not be a full on power user, but you’re at least a regular enough user that Seeker makes sense,” Emmett Hollyer, the general manager at Solana Mobile, told CoinDesk in an interview. Read CoinDesk’s full review of the phone here. — Margaux Nijkerk Read more.

POST-MORTEM ON BASE’S BLOCK PRODUCTION HALT : Block production on Coinbase’s (COIN) Base network halted for 33 minutes early Tuesday following a sequencer failover that didn’t recover as expected, developers said in a post-mortem report. The outage began at 06:07 UTC on Aug. 5, when the active sequencer fell behind due to congestion from on-chain activity. While Base’s Conductor module — a core component of the OP Stack designed to maintain uptime — correctly attempted to shift leadership to a standby sequencer, the new instance had not been fully provisioned and was unable to produce blocks. Since it couldn’t automatically switch again, production stalled until engineers manually fixed the issue. The network was fully recovered by 06:40, according to the report. To avoid reorganization risks — that is, when a blockchain temporarily rewrites history by replacing confirmed blocks with alternative ones — the team paused Conductor and coordinated a controlled leadership transition. This process contributed to the length of the outage. The outage highlighted a key operational risk in layer-2 rollup networks that rely on centralized sequencers to order and submit transactions. These systems remain dependent on rapid failover mechanisms and complete provisioning, and a single-point gap in this chain can lead to full network stalls. — Shaurya Malwa Read more.

NEW JITO PROPOSAL FOR REROUTING BLOCK ENGINE FEES: Jito Labs put forward a new governance proposal, called JIP-24, aimed at decentralizing the network further by routing all its Block Engine and Block Assembly Marketplace (BAM) fees directly to the Jito DAO treasury. If approved, the DAO would assume control over protocol revenue streams, directing them to the network’s JTO tokenholders. This, in turn, would reduce Jito Labs’ influence over the network of the same name, with a DAO subgroup taking on a greater role in development. Jito Labs hopes the change will ultimately boost the Jito token’s value. Currently, rewards from Jito’s Block Engine are split evenly — 3% to Jito Labs and 3% to the DAO. JIP-24 would eliminate the split, sending the full 6% of fees, along with all future BAM-related revenue, to the DAO treasury permanently. “This proposal reflects the commitment of the Jito ecosystem to ensure that protocol fees accrue directly to the token holders as optimally as possible and cements the DAO as central to the technical and economic governance of the Jito Network,” the Jito Labs team wrote in their proposal. — Margaux Nijkerk Read more.

CARDANO CORE DEVS GET $70M BUDGET : Cardano’s core development team, Input Output Global (IOG), secured approval for a $71 million treasury allocation to fund 12 months of network upgrades following a drawn-out governance vote that drew concerns around transparency, accountability and cost. The proposal passed with 74% in favor and authorizes the disbursement of 96 million ADA, or roughly 13% of the protocol’s treasury, to IOG. Payments will be milestone-based and overseen by Intersect, a member-driven governance body. Smart contracts and an independent committee will add additional oversight, IOG said. Key deliverables include Hydra, a layer-2 scaling product for faster and cheaper transactions, and Project Acropolis, which aims to re-architect the Cardano node for greater modularity and ease of developer onboarding. The team also plans to reduce memory usage and improve operational costs for validators. Such implementations can eventually lead to increased developer activity and new use cases on the Cardano network, contributing to demand for ADA, the network’s gas token. — Shaurya Malwa Read more.

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In Other News

  • Big banks are making it harder and more expensive for consumers to use fintech and crypto apps, which amounts to what could be seen as «Operation Chokepoint 3.0.» That’s according to Alex Rampell, general partner at venture capital firm Andreessen Horowitz (a16z). In the firm’s latest fintech newsletter, Rampell pointed to traditional financial institutions charging high fees to access account data or move money, particularly to services like Coinbase or Robinhood, as a move to strangle the competition. «Under the Biden administration, Operation Chokepoint 2.0 tried to debank and deplatform crypto,» Rampell said. «That era has ended, but now the banks are aiming to implement their own Chokepoint 3.0 — charging insanely high fees to access data or move money to crypto and fintech apps — and, more concerningly, blocking crypto and fintech apps they don’t like.» — Francisco Rodrigues Read more.
  • When Celestia airdropped its TIA token to 580,000 users in 2023 it was the plat du jour among traders and investors, with the project saying the release aligned with a new «modular era.» However, despite rallying to a dizzying $20 price point in September 2024, it has since slumped to less than $1.65 in a desperate plight spurred by a series of massive cliffs in the token’s vesting schedule. Data from Tokenomist shows that core contributors and early backers, notably a slew of venture capitalists, could sell tokens purchased relatively cheaply in early fundraising rounds onto the open market. This coincided with TIA’s precipitous move to the downside, although it’s worth noting that the token’s market cap, currently at $1.2 billion, actually increased by 50% despite the token losing 90% of its value due to the sheer scale of supply increase. — Oliver Knight Read more.
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Regulatory and Policy

  • The White House is preparing an executive order that would penalize banks for cutting off customers over their beliefs. The order, reported by the Wall Street Journal, is expected to be signed by President Donald Trump as early as this week. It would direct banking regulators to investigate whether financial firms violated the Equal Credit Opportunity Act or other consumer protection laws when closing accounts. While the order could still be altered, it would bring further stability to the crypto sector. During the Biden administration, a coordinated effort from the federal government was launched to de-bank crypto firms, an effort known as Operation Chokepoint 2.0. The draft order does not name specific banks, but reportedly references an incident involving Bank of America and a Christian nonprofit in Uganda. The bank said it closed the accounts because it does not serve small businesses operating abroad.— Francisco Rodrigues Read more.
  • A group of French lawmakers is preparing a draft law that would enable the use of surplus electricity from nuclear power plants to mine bitcoin, according to recent public statements. The proposal would install mining hardware at facilities owned by state utility, Électricité de France (EDF), according to Le Monde. The process would take advantage of surplus energy generated by these nuclear power plants. France is the largest producer of nuclear power in the European Union, according to 2023 data from Eurostat. It accounted for 338,202 gigawatt hours, or more than half the 27-nation bloc’s total output. The heat produced by nuclear fission is used to produce electricity, but more than two-thirds of it is lost, the statistics agency said. — Francesco Rodrigues Read more.
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Crypto Markets Today: XMR Rallies Despite 18-Block Reorg

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29 минут ago

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15 сентября, 2025

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Bitcoin traded in the red having failed to establish a foothold above $116,000 as whales rotated more funds into ether.

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Bitcoin Fails to Hold $116K as OGs Rotate Into Ether: Crypto Daybook Americas

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1 час ago

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15 сентября, 2025

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By Omkar Godbole (All times ET unless indicated otherwise)

The crypto market has stalled since Saturday, with bitcoin (BTC) once again failing to keep gains above $116,000 alongside continued selling by wallets of early adopters, or OGs.

According to blockchain analyst Lookonchain, on Sunday an eight-year BTC holder moved 1,176 BTC worth over $136 million to Hyperliquid and started dumping. This holder is known to have exchanged 35,991 BTC for 886,731 ETH in recent months.

Other long-term holders have also been liquidating coins in recent months as the market continues to adjust to a six-figure price as the new normal for BTC.

But the latest selling is not just limited to long-term holders. On-chain data tracked by Glassnode showed that wallets of all sizes are back to distributing coins.

In ether’s case, whale wallets continue to scale exposure, suggesting ether outperformance relative to bitcoin. The ether-bitcoin ratio on Binance, however, fell for a third consecutive day, unable to capitalize on the descending trendline breakout confirmed on Friday.

Memecoins, the recent outperformers, have also come under pressure, with top tokens, DOGE and SHIB, losing 10% and 6%, respectively, over the past 24 hours.

Solana’s native token SOL traded over 2% lower at $234 despite key industry participants taking steps to accelerate the adoption of Solana-native decentralized finance (DeFi).

Kyle Samani, chairman of Nasdaq-listed Solana treasury company Forward Industries, said on X that the company plans to deploy funds into the Solana-based DeFi protocols. Last week, Forward raised $1.65 billion in a private placement led by Multicoin Capital, Galaxy Digital and Jump Crypto.

Samani was responding to an idea raised by a crypto trader, Ansem, who called for corporate treasury funds to invest in Solana-based DeFi to boost the network’s DeFi appeal relative to industry giant Ethereum.

In traditional markets, investor positioning in the S&P 500 looked totally biased bullish. «Sentiment is at extremes. Careful out there,» pseudonymous observer The Short Bear said on X. Stay alert!

What to Watch

  • Crypto
    • None scheduled.
  • Macro
    • None scheduled.
  • Earnings (Estimates based on FactSet data)
    • None scheduled.

Token Events

  • Governance votes & calls
    • Curve DAO is voting to update donation-enabled Twocrypto contracts, refining donation vesting so unlocked portions persist after burns. Voting ends Sept. 16.
  • Unlocks
    • Sept. 15: Starknet (STRK) to unlock 5.98% of its circulating supply worth $17.09 million.
    • Sept. 15: Sei (SEI) to unlock 1.18% of its circulating supply worth $18.06 million.
  • Token Launches
    • Sept. 15: OpenLedger (OPENLEDGER) to be listed on Crypto.com.

Conferences

Token Talk

By Oliver Knight

  • Monero’s blockchain suffered its deepest-ever reorg on Monday, rolling back 18 blocks.
  • A blockchain reorganization, or reorg, happens when nodes abandon part of the existing chain to follow a longer one with more proof-of-work. The shift occurs during a temporary fork, when two versions of the chain compete.
  • Monero’s XMR token remained unperturbed during the porcess; rallying by 5% despite the attack by Qubic, a layer-1 AI-focused blockchain and mining pool that attempted to take over the Monero blockchain by amassing 51% of the mining power last month.
  • The event rewrote roughly 36 minutes of transaction history and invalidated about 118 confirmed transactions, prompting concerns about the security of the network.
  • Crypto podcaster xenu claimed that Qubic’s reorg was an attempt to «stop the bleeding» of XMR’s price after it tumbled from $344 to $235 during the initial 51% attack in August.
  • XMR currently trades at $304 having brushed aside negative sentiment with daily trading volume rising by 78% to $136 million.

Derivatives Positioning

by Omkar Godbole

  • The top 25 coins have experienced a decline in futures open interest (OI) over the past 24 hours, with memecoins, such as DOGE, PEPE and FARTCOIN, registering double-digit capital outflows. This contrasts with the pre-Fed bounce being seen in most tokens.
  • BTC’s global futures OI tally has pulled back to 720K BTC from the near-record high of 744K BTC last week. Total market-wide OI has pulled back to $90 billion from $95 billion over the weekend.
  • ETH’s tally grew to over 14 million ether from roughly 13.2 million ether early this month, indicating renewed capital inflows. However, this does not necessarily indicate bullish positioning, as the OI-normalized cumulative volume delta (CVD) for ETH has been negative for the past 24 hours. That’s a sign of net selling pressure.
  • Most major tokens have seen a negative CVD for the past 24 hours.
  • Activity in the CME-listed futures looks to be picking up the pace, with OI bouncing to 141.69K BTC from the multimonth low of 133.25K BTC early this week. The annualized rate on a three-month basis remains below 10%, extending the consolidation. ETH’s CME OI remains below 2 million ether.
  • On Deribit, put bias in BTC and ETH has eased significantly across all tenors as markets anticipate Fed rate cuts in the coming months. The implied volatility term structure remains in contango, with December expiry expected to be more volatile.

Market Movements

  • BTC is down 1.1% from 4 p.m. ET Friday at $114,933.52 (24hrs: -1%)
  • ETH is down 3.1% at $4,528.04 (24hrs: -3.22%)
  • CoinDesk 20 is down 2.73% at 4,245.39 (24hrs: -3.35%)
  • Ether CESR Composite Staking Rate is down 2 bps at 2.82%
  • BTC funding rate is at 0.0081% (8.829% annualized) on Binance

CoinDesk 20 members’ performance

  • DXY is unchanged at 97.48
  • Gold futures are down 0.29% at $3,675.80
  • Silver futures are down 0.56% at $42.59
  • Nikkei 225 closed up 0.89% at 44,768.12
  • Hang Seng closed up 0.22% at 26,446.56
  • FTSE is down 0.1% at 9,273.57
  • Euro Stoxx 50 is up 0.6% at 5,423.13
  • DJIA closed on Friday down 0.59% at 45,834.22
  • S&P 500 closed unchanged at 6,584.29
  • Nasdaq Composite closed up 0.44% at 22,141.10
  • S&P/TSX Composite closed down 0.42% at 29,283.82
  • S&P 40 Latin America closed unchanged at 2,857.80
  • U.S. 10-Year Treasury rate is unchanged at 4.059%
  • E-mini S&P 500 futures are unchanged at 6,594.50
  • E-mini Nasdaq-100 futures are unchanged at 24,098.00
  • E-mini Dow Jones Industrial Average Index are up 0.22% at 45,957.00

Bitcoin Stats

  • BTC Dominance: 58.11% (0.57%)
  • Ether to bitcoin ratio: 0.03938 (-1.38%)
  • Hashrate (seven-day moving average): 1,025 EH/s
  • Hashprice (spot): $53.81
  • Total Fees: 3.13 BTC / $362,347
  • CME Futures Open Interest: 141,690 BTC
  • BTC priced in gold: 31.5 oz
  • BTC vs gold market cap: 8.90%

Technical Analysis

DOGE's hourly chart with Ichimoku cloud. (TradingView/CoinDesk)

  • DOGE has dropped from 30.7 cents to 26 cents, penetrating the bullish trendline from Sept. 6 lows.
  • The breakdown suggests renewed seller momentum.
  • Prices have also found acceptance below the Ichimoku cloud. Crossovers below the cloud are said to represent a bearish shift in trend.

Crypto Equities

  • Coinbase Global (COIN): closed on Friday at $323.04 (-0.28%), -0.34% at $321.95 in pre-market
  • Circle (CRCL): closed at $125.32 (-6.27%), +1.81% at $127.59
  • Galaxy Digital (GLXY): closed at $29.70 (+2.88%), -0.47% at $29.56
  • Bullish (BLSH): closed at $51.84 (-3.98%), +1.72% at $52.73
  • MARA Holdings (MARA): closed at $16.31 (+3.82%), -0.67% at $16.20
  • Riot Platforms (RIOT): closed at $15.89 (+1.53%), -0.44% at $15.82
  • Core Scientific (CORZ): closed at $15.86 (+1.99%), -0.38% at $15.80
  • CleanSpark (CLSK): closed at $10.35 (+1.47%), unchanged in pre-market
  • CoinShares Valkyrie Bitcoin Miners ETF (WGMI): closed at $37.32 (+4.63%)
  • Exodus Movement (EXOD): closed at $28.36 (-1.73%), unchanged in pre-market

Crypto Treasury Companies

  • Strategy (MSTR): closed at $331.44 (+1.66%), -0.53% at $329.68
  • Semler Scientific (SMLR): closed at $29.19 (+2.28%)
  • SharpLink Gaming (SBET): closed at $17.7 (+8.19%), -2.26% at $17.30
  • Upexi (UPXI): closed at $6.76 (+18.93%), +1.55% at $6.86
  • Lite Strategy (LITS): closed at $3.07 (+10.43%)

ETF Flows

Spot BTC ETFs

  • Daily net flow: $642.4 million
  • Cumulative net flows: $56.79 billion
  • Total BTC holdings ~ 1.31 million

Spot ETH ETFs

  • Daily net flow: $405.5 million
  • Cumulative net flows: $13.38 billion
  • Total ETH holdings ~ 6.48 million

Source: Farside Investors

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Crypto Miners Rally in Pre-Market Trading Amid Tesla’s Surge

Published

1 час ago

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15 сентября, 2025

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Markets are seeing sharp moves this morning with crypto mining stocks continuing their rally and Tesla jumping on Elon Musk’s latest share purchase.

Bitfarms (BITF) is up 15% pre-market to $2.55, extending its weekly rally of 75%. AI-focused mining stocks continue their strong performance as well, with IREN (IREN) rising 3% pre-market and up over 230% year-to-date. Hive Blockchain (HIVE) gained 5% pre-market, adding to its 40% rise over the past month.

KindlyMD (NAKA), a bitcoin treasury company holding 5,765 BTC, is down 50% pre-market and off 96% from its all-time high.

Tesla (TSLA) is trading at $420 pre-market, up 6% from Friday’s close after a 7% surge last week. An SEC filing revealed Elon Musk purchased nearly 2.6 million shares.

While, CapitalB (ALCPB) acquired 48 BTC, bringing its total holdings to 2,249 BTC, up 15% in European markets.

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