Uncategorized
The Protocol: Vana Introduces Token Standard for Data-Backed Assets

Welcome to The Protocol, CoinDesk’s weekly wrap-up of the most important stories in cryptocurrency tech development. I’m Ben Schiller.
In this issue:
Vana launches token standard
Hashgraph to debut private blockchain
ASICs will look more like servers
An interview with Gensyn’s Ben Fielding
This article is featured in the latest issue of The Protocol, our weekly newsletter exploring the tech behind crypto, one block at a time. Sign up here to get it in your inbox every Wednesday.
Network News
VANA’S DATA-BACKED TOKEN STANDARD: Crypto enthusiasts might have heard of the ERC-20 token standard, which provides guidelines to ensure that tokens created on the Ethereum smart contract blockchain are compatible and can interact with other tokens and applications within the network. A similar standard for data-backed tokens, called VRC-20, has now emerged. Vana, an EVM-compatible Layer 1 blockchain that helps users monetize personal data by bundling it into DataDAOs for AI model training, introduced the new standard early this week to boost trust and transparency in the market for data-backed digital assets. The VRC-20 standard design includes specific criteria such as fixed supply, governance, and liquidity rules while ensuring real data access by tying tokens to actual data utility. Additionally, it promotes continuous liquidity through rewards that ensure market stability. «This isn’t speculation. This is real financialization of data,» Vana noted on X. Vana launched its mainnet in December, with VANA as its native cryptocurrency. Since then, the network has onboarded over 12 million data points through multiple DataDAOs, reflecting strong demand for user-owned data. DataDAOs or data liquidity pools are decentralized marketplaces that bring data on-chain as transferable digital tokens. DLPs are where data is contributed, tokenized and made ready for use in applications such as AI model training. — Omkar Godbole Read more.
HASHGRAPH LINES UP Q3 PRIVATE CHAIN: Hashgraph, the blockchain development firm focusing on the Hedera (HBAR) network, is building a private, permissioned blockchain for enterprises in highly regulated industries with plans to debut in the third quarter of 2025. HashSphere, built with Hedera’s technology, aims to bridge private and public distributed ledgers, ensuring compliance with regulations while maintaining interoperability, the company said Monday. Hashgraph is looking to provide services to asset managers, banks and payment providers seeking secure, low-cost cross-border transactions with stablecoins.While public blockchains offer security and transparency, enterprises in industries like finance and payments often face compliance challenges, particularly with know your customer (KYC) and anti-money laundering (AML) requirements. HashSphere addresses this by restricting access to verified participants, enabling firms to develop tokenized assets, AI-powered services and other blockchain-based products while meeting regulatory standards. The network also integrates Hedera’s existing tools, including the Token Service for managing digital assets and the Consensus Service for recording transactions with trusted timestamps. The platform is compatible with the Ethereum Virtual Machine (EVM), allowing developers to deploy decentralized applications using Solidity and other EVM languages. — Kris Sandor Read more.
ASICS TO BE MORE LIKE SERVERS: In the beginning, there were only CPUs, then GPUs, for bitcoin mining. Then came the mighty ASIC in 2013, and with it, the “shoebox” form factor that has become emblematic of the bitcoin mining industry. What comes next? ASIC manufacturers are increasingly betting on a hydro-cooled server rack design to become a substantial portion of bitcoin mining fleets, leaning into the “direct-to-chip” cooling for further efficiency gains. Last September, Bitmain announced its model U3S21EXPH developed in a partnership with Hut 8. Its U3 design means that one unit takes up three spaces in a traditional server rack. MicroBT soon followed with its M63 Hydro series, as did Bitdeer’s Sealminer A2 Hydro unit. Following suit, Auradine released its server rack model, the AH3880, this March. Its U2 design, which occupies two server slots, is a bit smaller, but it packs more hashrate per unit of space at 600 TH/s (or 300 TH/s per slot) versus Bitmain’s 860 TH/s (286.66 TH/s per slot). The benefit of a server rack ASIC lies in standardization. Bitcoin miners are increasingly marching in step with the traditional datacenter industry, and that industry could see 40% adoption of direct liquid-to-chip cooling by 2026, according to data center developer Cyrus One. If miners adopt this design, then theoretically, they can optimize their supply chains by converging on server designs that are becoming best practice in the big-boy data center sector. — Colin Harper, Blockspace Read more.
GENSYN CEO BEN FIELDING: Ten years ago, when he was still a young AI researcher beginning his PhD track, Ben Fielding explored how “swarms” of AI — clusters of many different models — could talk to each other and learn from each other, which might improve the collective whole. There was just one problem: He was handcuffed by the realities of that noisy machine beneath his desk. And he knew he was outgunned by Google and other Big Tech. Compute constraints would always be an issue, he realized. The solution? Decentralized AI. Fielding co-founded Gensyn (along with Harry Grieve) in 2020, or years before Decentralized AI became fashionable. The project was initially known for building decentralized compute, but the vision is actually something wider: “The network for machine intelligence.” They’re building solutions up and down the tech stack. And now, a decade after Fielding’s noisy desk annoyed his lab-mates, the early tools of Gensyn are out in the wild. Gensyn recently released its “RL Swarms” protocol (a descendant of Fielding’s PhD work) and just launched its Testnet — which brings blockchain into the fold. Fielding talked with Jeff Wilser about AI Swarms, how blockchain snaps into the puzzle, and shares why all innovators — not just tech giants — “should have the right to build machine learning technologies.” — Jeff Wilser Read more.
In Other News
Web3 lacks a dedicated memory layer, making its current architecture inefficient and difficult to scale. Random Linear Network Coding (RLNC) offers a solution by enhancing data propagation and storage efficiency in decentralized systems. Implementing RLNC can address Web3’s scalability challenges by optimizing memory and data access without compromising decentralization, says Muriel Médard, co-founder of Optimum. Read her op-ed here.
Ripple, an enterprise-focused blockchain service closely tied to the XRP Ledger (XRP), said on Wednesday it has integrated its stablecoin to the company’s cross-border payments system to boost adoption for Ripple USD (RLUSD). Select Ripple Payments customers including cross-border payment providers BKK Forex and iSend are already using the stablecoin to improve their treasury operations, the company said. Ripple plans to further expand the token’s availability of its token to payments customers. RLUSD reached a $244 million market capitalization, growing 87% over the past month. — Kris Sandor reports.
Regulatory and Policy
The U.S. Securities and Exchange Commission has dropped or paused over a dozen ongoing cases (and lost one) since U.S. President Donald Trump retook office just over two months ago and appointed Commissioner Mark Uyeda as acting chair. Here is a rundown of what’s left on the SEC’s enforcement docket. — Nik De reports.
Calendar
April 8-10: Paris Blockchain Week
April 30-May 1: Token 2049, Dubai
May 14-16: Consensus, Toronto
May 20-22: Avalanche Summit, London
May 27-29: Bitcoin 2025, Las Vegas
June 30-July 3: EthCC, Cannes
Oct. 1-2: Token2049, Singapore
Uncategorized
Illinois to Drop Staking Lawsuit Against Coinbase

Illinois will soon drop its staking lawsuit against Coinbase, joining three other U.S. states that have recently backed down from litigation against the exchange.
A spokesperson for Illinois Secretary of State Alexi Giannoulias told CoinDesk on Thursday that the office “intends to drop the Coinbase lawsuit.” The spokesperson did not reply when asked when the case may be dropped.
Illinois was one of 10 U.S. states that brought charges against Coinbase in 2023 for allegedly violating state securities laws through its staking program. The U.S. Securities and Exchange Commission (SEC) also charged Coinbase with violating federal securities laws for its staking product, but dropped that suit in February. Since the SEC’s retreat, state securities regulators in Kentucky, Vermont and South Carolina have also abandoned their own cases against the exchange.
The remaining states with staking-related suits against Coinbase include Alabama, California, Maryland, New Jersey, Washington and Wisconsin. Spokespeople for California, Maryland, and Wisconsin declined to comment on pending litigation.
A representative for the New Jersey Bureau of Securities told CoinDesk the “Coinbase matter remains open,” and Bill Beatty, securities administrator for the Washington Department of Financial Institutions said the state’s “case with Coinbase remains ongoing at this time.”
The Alabama Securities Commission did not return CoinDesk’s request for comment.
Uncategorized
Dogecoin Volatility Surge: From Stability to Dramatic Decline

Recent Price Action Shows Signs of Recovery
In the last 100 minutes of trading, DOGE has demonstrated a notable recovery pattern, climbing from a local bottom of $0.156 to stabilize around $0.158.
The price action shows an apparent V-shaped recovery with significant volume spikes (16-21 million) during the bottoming process around 14:50-14:52, indicating strong buyer interest at support levels.
The $0.158-$0.159 zone has emerged as immediate potential resistance, with multiple tests showing decreasing selling pressure. This recovery aligns with the 38.2% Fibonacci retracement level from the recent decline, suggesting potential continuation toward the 50% retracement at $0.160 if current momentum persists.
Dogecoin Technical Indicators
Price Range: DOGE traded between $0.179–$0.156, representing a 12.7% swing.
Volatility: 48-hour annualized volatility reached 86.3%, significantly above market norms.
Support/Resistance: Breakdown of $0.165 support level with new critical support zone at $0.158–$0.160.
Fibonacci Levels: Potential stabilization at the 61.8% retracement level ($0.162).
Volume Analysis: High-volume selling pressure followed by significant volume spikes (16–21 million) during recovery.
Recovery Pattern: V-shaped recovery from $0.156 to $0.158 with decreasing selling pressure at resistance.
Retracement Levels: Current price action aligns with 38.2% Fibonacci retracement with the potential move toward a 50% level at $0.160.
Disclaimer: This article was generated with 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. This article may include information from external sources, which are listed below when applicable.
External References:
Times Tabloid, “Dogecoin (DOGE) Next Significant Rally? 7 Critical Levels to Watch,” accessed Apr. 3, 2025
Bitzo, “Market Weakness Strikes: Are DOGE, SHIB Set to Recover in April?” accessed Apr. 3, 2025
Times Tabloid, “Dogecoin (DOGE) at a Critical Turning Point as Key Levels Dictate Its Next Move,” accessed Apr. 3, 2025
Coinpedia, “Will Dogecoin (DOGE) Crash or Skyrocket?,” accessed Apr. 3, 2025
Finbold, “Anxiety Grips Dogecoin Holders as Major Sentiment Flips Into Bear Territory,” accessed Apr. 3, 2025
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Luxor’s Aaron Forster on Bitcoin Mining’s Growing Sophistication

Luxor Technology wants to make bitcoin mining easier. That’s why the firm has rolled out a panoply of products (mining pools, hashrate derivatives, data analytics, ASIC brokerage) to help bitcoin miners, large and small, develop their operations.
Aaron Forster, the company’s director of business development, joined in October 2021, and has seen the team grow from roughly 15 to 85 people in the span of three and a half years.
Forster worked a decade in the Canadian energy sector before coming to bitcoin mining, which is one of the reasons why he’ll be speaking about the future of mining in Canada and the U.S. at the BTC & Mining Summit at Consensus this year, May 14-15.
In the lead-up to the event, Forster shared with CoinDesk his thoughts on bitcoin miners turning to artificial intelligence, the growing sophistication of the mining industry, and how Luxor’s products enable miners to hedge various forms of risk.
This interview has been condensed and edited for clarity.
Mining pools allow miners to combine their computational resources to have higher chances of receiving bitcoin block rewards. Can you explain to us how Luxor’s mining pools work?
Aaron Forster: Mining pools are basically aggregators that reduce the variance of solo mining. When you look at solo mining, it’s very lottery-esque, meaning that you could be plugging your machines in and you might hit block rewards tomorrow — or you might hit it 100 years from now. But you’re still paying for energy during that time. At a small scale, it’s not a big deal, as you scale that up and create a business around it.
The most common kind of mining pool is PPLNS, which means Pay-Per-Last-N-Shares. Basically, that means the miner does not get paid unless that mining pool hits the block. That’s also due to luck variance, so it’s no different from that solo miner’s situation. However, that creates revenue volatility for those large industrial miners.
So we’re seeing the emergence of what we call Full-Pay-Per-Share, or FPPS, and that’s Luxor is operating for our bitcoin pool. With FPPS, regardless of whether we find a block or not, we’re still paying our miners their revenue based on the number of shares they’ve submitted to the pool. That gives revenue certainty to miners, assuming hashprice stays the same. We’ve effectively become an insurance provider.
The problem is that you need a very deep and strong balance sheet to support that model, because while we’ve reduced the variance for miners, that risk is now put on us. So we need to plan for that. But it can be calculated over a long enough period of time. We have different partners in that regard, so that we don’t bear the full risk from our balance sheet.
Tell me about your ASIC brokerage business.
We’ve become one of the leading hardware suppliers on the secondary market. Primarily within North America, but we’ve shipped to 35+ countries. We deal with everybody from public companies to private companies, institutions to retail.
We’re primarily a broker, meaning we match buyer and seller, mostly on the secondary market. Sometimes we do interact with ASIC manufacturers, and in certain cases we do take principal positions, meaning we use money from our balance sheet to purchase ASICs and then resell them on the secondary market. But the majority of our volume comes from matching buyers and sellers.
Luxor also launched the first hashrate futures contracts.
We’re trying to push the Bitcoin mining space forward. We’re a hashrate marketplace, depending on how you look at our mining pools, and we wanted to take a big leap and take hashrate to the TradFi world.
We wanted to create a tool that allows investors to take a position on hashprice without effectively owning mining equipment. Hashprice is, you know, the hourly or daily revenue that miners get, and that fluctuates a lot. For some people it’s about hedging, for others it’s speculation. We’re creating a tool for miners to sell their hashrate forward and use it as a basic collateral or a way to finance growth.
We said, ‘Let’s allow miners to basically sell forward hashrate, receive bitcoin upfront, and then they can take that and do whatever they need to do with it, whether it’s purchase ASICs or expand their mining operations.’ It’s basically the collateralization of hashrate. So they’re obligated to send us X amount of hashrate per month for the length of the contract. Before that, they’ll receive a certain amount of bitcoin upfront.
There’s a market imbalance between buyers and sellers. We have a lot of buyers, meaning people and institutions wanting to earn yield on their bitcoin. What you’re lending your bitcoin at is effectively your interest rate. However, you could also look at it like you’re purchasing that hashrate at a discount. That’s important for institutions or folks that don’t want physical exposure to bitcoin mining, but want exposure to hash price or hashrate. They can do that synthetically through purchasing bitcoin and putting it into our market, effectively lending that out, earning a yield, and purchasing that hashrate at a discount.
What do you find most exciting about bitcoin mining at the moment?
The acceptance and natural progression of our industry into other markets. We can’t ignore the AI HPC transition. Instead of building these mega mines that are just massive buildings with power-dense bitcoin mining operations, you’re starting to see large miners turning into power infrastructure providers for artificial intelligence.
Using bitcoin mining as a stepping stone to a larger, more capital intensive industry like AI is exciting to me, because it kind of gives us a bit more acceptance, because we’re coming at it from a completely different angle. I think the biggest example is the Core Scientific-CoreWeave deal structure, how they’ve kind of merged those two businesses together. They’re complimentary to each other. And that’s really exciting.
When you look at our own product roadmap, we have no choice but to follow a similar roadmap to bitcoin miners. A lot of the products that we built for the mining industry are analogous to what is needed at a different level for AI. Mind you, it’s a lot simpler in our industry than in AI. We’re our first step into the HPC space, and it’s still very early days there.
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