[{"data":1,"prerenderedAt":-1},["ShallowReactive",2],{"wp-translations":3,"blog-categories-en":8,"fetchBlogIndex-en--1":42},{"post":4,"docs":7},[5,6],"EN","RU",[5,6],[9,18,26,34],{"id":10,"graphqlId":11,"name":12,"slug":13,"image":14,"uri":15,"count":16,"children":17,"locale":5},36,"dGVybTozNg==","Complete Guides","complete-guides",null,"/category/complete-guides/",20,[],{"id":19,"graphqlId":20,"name":21,"slug":22,"image":14,"uri":23,"count":24,"children":25,"locale":5},1,"dGVybTox","Crypto News","crypto-news","/category/crypto-news/",14,[],{"id":27,"graphqlId":28,"name":29,"slug":30,"image":14,"uri":31,"count":32,"children":33,"locale":5},44,"dGVybTo0NA==","Exchange Guides","exchange-guides","/category/exchange-guides/",12,[],{"id":35,"graphqlId":36,"name":37,"slug":38,"image":14,"uri":39,"count":40,"children":41,"locale":5},48,"dGVybTo0OA==","Trading Guides","trading-guides","/category/trading-guides/",8,[],{"type":43,"posts":44,"pageInfo":484},"all_posts",[45,94,130,166,203,239,274,309,344,379,414,449],{"id":46,"title":47,"date":48,"slug":49,"uri":50,"excerpt":51,"content":52,"postId":53,"language":54,"translations":58,"author":65,"categories":70,"featuredImage":74,"seo":79},"cG9zdDo4NjU=","Convert BNB to BTC Online on P2PChange","2025-09-05T11:15:11","convert-bnb-to-btc","/exchange-guides/convert-bnb-to-btc/","\u003Cp>Need to move value from Binance Coin to Bitcoin quickly? This step-by-step guide shows you exactly how to convert bnb to btc on P2PChange with minimal fuss and maximum safety. We’ll cover the essentials—network choices, address formats, quote timers, and on-chain verification—so your exchange cryptocurrency flow is smooth from start to finish. By the end, […]\u003C/p>\n","\u003Cp>\u003Cspan style=\"font-weight: 400;\">Need to move value from Binance Coin to Bitcoin quickly? This step-by-step guide shows you exactly how to convert bnb to btc on P2PChange with minimal fuss and maximum safety. We’ll cover the essentials—network choices, address formats, quote timers, and on-chain verification—so your exchange cryptocurrency flow is smooth from start to finish. By the end, you’ll know how to exchange BNB to BTC, how to swap BNB to BTC again later with confidence, and how to reverse the route (btc to bnb) if needed.\u003C/span>\u003C/p>\n\u003Ch2>\u003Cb>Why Choose P2PChange?\u003C/b>\u003C/h2>\n\u003Cp>\u003Cspan style=\"font-weight: 400;\">P2PChange.is follows the instant-swap model: you choose a pair (BNB → BTC), paste a destination wallet address, confirm a quoted rate, send BNB, and receive BTC after the required confirmations. No order books to manage, no pro trader interface to wrangle—just a clean flow that’s perfect for quick conversions and moving funds between wallets or exchanges.\u003C/span>\u003C/p>\n\u003Cp>\u003Cspan style=\"font-weight: 400;\">Why this approach works well for bnb to btc:\u003C/span>\u003C/p>\n\u003Cul>\n\u003Cli style=\"font-weight: 400;\" aria-level=\"1\">\u003Cb>Simplicity:\u003C/b>\u003Cspan style=\"font-weight: 400;\"> One form, one quote, one send. Great for one-off conversions.\u003C/span>\u003C/li>\n\u003Cli style=\"font-weight: 400;\" aria-level=\"1\">\u003Cb>Speed:\u003C/b>\u003Cspan style=\"font-weight: 400;\"> BNB Smart Chain (BEP-20) confirms quickly; once processed, \u003C/span>\u003Cb>Bitcoin\u003C/b>\u003Cspan style=\"font-weight: 400;\"> lands on mainnet and is trackable immediately.\u003C/span>\u003C/li>\n\u003Cli style=\"font-weight: 400;\" aria-level=\"1\">\u003Cb>Custody control:\u003C/b>\u003Cspan style=\"font-weight: 400;\"> Your BTC ends up in a wallet you control, not parked in an exchange account.\u003C/span>\u003C/li>\n\u003Cli style=\"font-weight: 400;\" aria-level=\"1\">\u003Cb>Clear costs:\u003C/b>\u003Cspan style=\"font-weight: 400;\"> A transparent “estimated receive” number helps you see what you’ll get after fees and spreads.\u003C/span>\u003C/li>\n\u003C/ul>\n\u003Ch2>\u003Cb>Exchanging BNB to BTC Step-by-Step on P2PChange\u003C/b>\u003C/h2>\n\u003Ch3>\u003Cb>Step 1: Access P2PChange\u003C/b>\u003C/h3>\n\u003Cp>\u003Cspan style=\"font-weight: 400;\">Type \u003C/span>\u003Ca class=\"invalid-url\" href=\"http://p2pchange.is\" data-validation-message=\"Invalid URL path\">\u003Cb>P2PChange.is\u003C/b>\u003C/a>\u003Cspan style=\"font-weight: 400;\"> directly into your browser bar and consider bookmarking the site for future swaps.\u003C/span>\u003C/p>\n\u003Ch3>\u003Cb>Step 2: Provide Wallet Addresses\u003C/b>\u003C/h3>\n\u003Cp>\u003Cspan style=\"font-weight: 400;\">On the swap form, select \u003C/span>\u003Cb>BNB → BTC\u003C/b>\u003Cspan style=\"font-weight: 400;\">.\u003C/span>\u003C/p>\n\u003Cp>\u003Cb>Choosing the correct BNB network\u003C/b>\u003C/p>\n\u003Cp>\u003Cspan style=\"font-weight: 400;\">Most users swap BNB on BNB Smart Chain (BEP-20). BEP-20 addresses look like \u003C/span>\u003Cspan style=\"font-weight: 400;\">0x…\u003C/span>\u003Cspan style=\"font-weight: 400;\"> (EVM format). Less commonly, some older setups use BNB Beacon Chain (BEP-2), where deposit addresses start with \u003C/span>\u003Cspan style=\"font-weight: 400;\">bnb…\u003C/span>\u003Cspan style=\"font-weight: 400;\"> and often require a MEMO (a short numeric tag) for exchange deposits.\u003C/span>\u003C/p>\n\u003Cul>\n\u003Cli style=\"font-weight: 400;\" aria-level=\"1\">\u003Cspan style=\"font-weight: 400;\">If you’re sending from MetaMask/Trust/Hardware wallet configured for BSC, you’re almost certainly on BEP-20.\u003C/span>\u003C/li>\n\u003Cli style=\"font-weight: 400;\" aria-level=\"1\">\u003Cspan style=\"font-weight: 400;\">If your wallet or exchange shows BEP-2, copy both the \u003C/span>\u003Cspan style=\"font-weight: 400;\">bnb…\u003C/span>\u003Cspan style=\"font-weight: 400;\"> address and the MEMO exactly.\u003C/span>\u003C/li>\n\u003C/ul>\n\u003Cp>\u003Cb>Paste your BTC receiving address\u003C/b>\u003C/p>\n\u003Cp>\u003Cspan style=\"font-weight: 400;\">Bitcoin mainnet addresses typically start with \u003C/span>\u003Cspan style=\"font-weight: 400;\">bc1\u003C/span>\u003Cspan style=\"font-weight: 400;\"> (bech32), or older formats \u003C/span>\u003Cspan style=\"font-weight: 400;\">3…\u003C/span>\u003Cspan style=\"font-weight: 400;\"> / \u003C/span>\u003Cspan style=\"font-weight: 400;\">1…\u003C/span>\u003Cspan style=\"font-weight: 400;\">. Do not paste an address from another chain (e.g., a wrapped BTC address on an EVM chain). If you’re depositing to an exchange, open its BTC deposit page and copy the Bitcoin mainnet address shown there.\u003C/span>\u003C/p>\n\u003Cp>\u003Cb>Copy-paste check (always):\u003C/b>\u003Cspan style=\"font-weight: 400;\"> After pasting any address, compare the first and last 4–6 characters against your source. It’s a simple habit that prevents expensive typos.\u003C/span>\u003C/p>\n\u003Ch3>\u003Cb>Step 3: Confirm Transaction Details\u003C/b>\u003C/h3>\n\u003Cp>\u003Cspan style=\"font-weight: 400;\">The quote screen will display:\u003C/span>\u003C/p>\n\u003Cul>\n\u003Cli style=\"font-weight: 400;\" aria-level=\"1\">\u003Cb>Estimated BTC you will receive\u003C/b>\u003C/li>\n\u003Cli style=\"font-weight: 400;\" aria-level=\"1\">\u003Cspan style=\"font-weight: 400;\">The \u003C/span>\u003Cb>BNB deposit address\u003C/b>\u003Cspan style=\"font-weight: 400;\"> generated for your order (BEP-20 \u003C/span>\u003Cspan style=\"font-weight: 400;\">0x…\u003C/span>\u003Cspan style=\"font-weight: 400;\"> or BEP-2 \u003C/span>\u003Cspan style=\"font-weight: 400;\">bnb…\u003C/span>\u003Cspan style=\"font-weight: 400;\">)\u003C/span>\u003C/li>\n\u003Cli style=\"font-weight: 400;\" aria-level=\"1\">\u003Cspan style=\"font-weight: 400;\">Any \u003C/span>\u003Cb>service/network fees\u003C/b>\u003Cspan style=\"font-weight: 400;\"> included in the quote\u003C/span>\u003C/li>\n\u003Cli style=\"font-weight: 400;\" aria-level=\"1\">\u003Cspan style=\"font-weight: 400;\">A \u003C/span>\u003Cb>countdown timer\u003C/b>\u003Cspan style=\"font-weight: 400;\"> to fund the swap\u003C/span>\u003C/li>\n\u003Cli style=\"font-weight: 400;\" aria-level=\"1\">\u003Cb>Minimum/maximum\u003C/b>\u003Cspan style=\"font-weight: 400;\"> amount limits\u003C/span>\u003C/li>\n\u003C/ul>\n\u003Cp>\u003Cspan style=\"font-weight: 400;\">Some services offer \u003C/span>\u003Cb>fixed\u003C/b>\u003Cspan style=\"font-weight: 400;\"> vs. \u003C/span>\u003Cb>floating\u003C/b>\u003Cspan style=\"font-weight: 400;\"> rates. A \u003C/span>\u003Cb>fixed\u003C/b>\u003Cspan style=\"font-weight: 400;\"> rate locks your price during the timer window (helpful in volatile markets), while a \u003C/span>\u003Cb>floating\u003C/b>\u003Cspan style=\"font-weight: 400;\"> rate tracks the market until your BNB arrives (often tighter to real-time, but can drift).\u003C/span>\u003C/p>\n\u003Cp>\u003Cb>Before you confirm:\u003C/b>\u003C/p>\n\u003Cul>\n\u003Cli style=\"font-weight: 400;\" aria-level=\"1\">\u003Cspan style=\"font-weight: 400;\">Verify the BTC destination is truly Bitcoin mainnet.\u003C/span>\u003C/li>\n\u003Cli style=\"font-weight: 400;\" aria-level=\"1\">\u003Cspan style=\"font-weight: 400;\">If using BEP-2, ensure you have the MEMO if your wallet/exchange requires it.\u003C/span>\u003C/li>\n\u003Cli style=\"font-weight: 400;\" aria-level=\"1\">\u003Cspan style=\"font-weight: 400;\">Note the timer—if you fund after it expires, you may trigger a refund flow.\u003C/span>\u003C/li>\n\u003Cli style=\"font-weight: 400;\" aria-level=\"1\">\u003Cspan style=\"font-weight: 400;\">If you see a field for a refund address, fill it in (BNB address for BEP-20/BEP-2). It’s your safety net if the order can’t be completed.\u003C/span>\u003C/li>\n\u003C/ul>\n\u003Cp>\u003Cspan style=\"font-weight: 400;\">Click \u003C/span>\u003Cb>Confirm\u003C/b>\u003Cspan style=\"font-weight: 400;\"> to create the order and show the BNB deposit address/QR code. Keep this tab open.\u003C/span>\u003C/p>\n\u003Ch3>\u003Cb>Step 4: Send BNB\u003C/b>\u003C/h3>\n\u003Cp>\u003Cspan style=\"font-weight: 400;\">Open your BNB wallet and send the \u003C/span>\u003Cb>exact\u003C/b>\u003Cspan style=\"font-weight: 400;\"> amount shown on the order page to the \u003C/span>\u003Cb>BNB deposit address\u003C/b>\u003Cspan style=\"font-weight: 400;\"> provided by P2PChange.\u003C/span>\u003C/p>\n\u003Cp>\u003Cb>Sending tips for BNB:\u003C/b>\u003C/p>\n\u003Cul>\n\u003Cli style=\"font-weight: 400;\" aria-level=\"1\">\u003Cb>Exactness matters:\u003C/b>\u003Cspan style=\"font-weight: 400;\"> If the platform expects an exact amount, match it as closely as possible. If your wallet can’t send that exact figure, slightly over-sending (within reason) is safer than under-sending, which might stall the order.\u003C/span>\u003C/li>\n\u003Cli style=\"font-weight: 400;\" aria-level=\"1\">\u003Cb>Gas/network fee:\u003C/b>\u003Cspan style=\"font-weight: 400;\"> On BEP-20, ensure you have a small BNB balance to pay gas. On BEP-2, you’ll pay a network fee and (if depositing to an exchange) include the MEMO.\u003C/span>\u003C/li>\n\u003Cli style=\"font-weight: 400;\" aria-level=\"1\">\u003Cb>Test send for larger swaps:\u003C/b>\u003Cspan style=\"font-weight: 400;\"> If you’re moving a big amount, send 5–10% first. Once you see the proportional BTC arrive, send the remainder.\u003C/span>\u003C/li>\n\u003Cli style=\"font-weight: 400;\" aria-level=\"1\">\u003Cb>Save the TxID:\u003C/b>\u003Cspan style=\"font-weight: 400;\"> Copy your BNB transaction hash immediately (BEP-20: BscScan link; BEP-2: Beacon explorer link). It’s crucial for tracking and support.\u003C/span>\u003C/li>\n\u003C/ul>\n\u003Cp>\u003Cspan style=\"font-weight: 400;\">The order page should detect your payment (pending) and then mark it as received once it’s confirmed on the BNB network.\u003C/span>\u003C/p>\n\u003Ch3>\u003Cb>Step 5: Receive BTC\u003C/b>\u003C/h3>\n\u003Cp>\u003Cspan style=\"font-weight: 400;\">After the BNB transaction reaches the required confirmations and the swap executes, P2PChange will broadcast the BTC\u003C/span> \u003Cspan style=\"font-weight: 400;\">payout to your destination address.\u003C/span>\u003C/p>\n\u003Cul>\n\u003Cli style=\"font-weight: 400;\" aria-level=\"1\">\u003Cb>Timing:\u003C/b>\u003Cspan style=\"font-weight: 400;\"> BNB confirmations are fast; the BTC payout broadcasts shortly after processing, then confirms on Bitcoin mainnet (typical block time ~10 minutes, longer during congestion).\u003C/span>\u003C/li>\n\u003Cli style=\"font-weight: 400;\" aria-level=\"1\">\u003Cb>Depositing to exchanges:\u003C/b>\u003Cspan style=\"font-weight: 400;\"> On-chain arrival is immediate to the blockchain, but exchanges may take additional time to credit your account internally. If they’ve given you a unique BTC address (standard today), credits are usually smooth.\u003C/span>\u003C/li>\n\u003C/ul>\n\u003Ch2>\u003Cb>Confirming the Transaction\u003C/b>\u003C/h2>\n\u003Cp>\u003Cspan style=\"font-weight: 400;\">Verifying both legs on public explorers is your “audit trail.” Do this every time.\u003C/span>\u003C/p>\n\u003Cp>\u003Cb>1) BNB side (your send)\u003C/b>\u003C/p>\n\u003Cul>\n\u003Cli style=\"font-weight: 400;\" aria-level=\"1\">\u003Cb>BEP-20:\u003C/b>\u003Cspan style=\"font-weight: 400;\"> Paste your Tx hash into \u003C/span>\u003Ca href=\"http://bscscan.com\">\u003Cspan style=\"font-weight: 400;\">BscScan.com\u003C/span>\u003C/a>\u003Cspan style=\"font-weight: 400;\">. Confirm the To address matches the swap’s deposit address, and the amount is exact.\u003C/span>\u003C/li>\n\u003Cli style=\"font-weight: 400;\" aria-level=\"1\">\u003Cb>BEP-2:\u003C/b>\u003Cspan style=\"font-weight: 400;\"> Paste your Tx hash into a BNB Beacon Chain explorer. Confirm the To address and MEMO (if used) are correct.\u003C/span>\u003C/li>\n\u003C/ul>\n\u003Cp>\u003Cb>2) BTC side (your receive)\u003C/b>\u003C/p>\n\u003Cul>\n\u003Cli style=\"font-weight: 400;\" aria-level=\"1\">\u003Cspan style=\"font-weight: 400;\">Paste your Bitcoin address into a BTC explorer (e.g., mempool.space or \u003C/span>\u003Ca href=\"http://blockstream.info\">\u003Cspan style=\"font-weight: 400;\">blockstream.info\u003C/span>\u003C/a>\u003Cspan style=\"font-weight: 400;\">).\u003C/span>\u003C/li>\n\u003Cli style=\"font-weight: 400;\" aria-level=\"1\">\u003Cspan style=\"font-weight: 400;\">Confirm an incoming transaction appears with the expected amount (allowing for any clearly stated fees in the quote).\u003C/span>\u003C/li>\n\u003Cli style=\"font-weight: 400;\" aria-level=\"1\">\u003Cspan style=\"font-weight: 400;\">Watch confirmations accumulate. Most services/exchanges consider 1–3 confirmations sufficient for small deposits; larger operations may wait for more.\u003C/span>\u003C/li>\n\u003C/ul>\n\u003Ch2>\u003Cb>Conclusion\u003C/b>\u003C/h2>\n\u003Cp>\u003Cspan style=\"font-weight: 400;\">Converting bnb to btc on P2PChange is straightforward when you focus on three checkpoints:\u003C/span>\u003C/p>\n\u003Col>\n\u003Cli style=\"font-weight: 400;\" aria-level=\"1\">\u003Cb>Networks:\u003C/b>\u003Cspan style=\"font-weight: 400;\"> Send BNB from the correct chain (BEP-20 or BEP-2), and receive BTC on Bitcoin mainnet.\u003C/span>\u003C/li>\n\u003Cli style=\"font-weight: 400;\" aria-level=\"1\">\u003Cb>Details:\u003C/b>\u003Cspan style=\"font-weight: 400;\"> Paste addresses carefully, include MEMO only when required, and watch the quote timer.\u003C/span>\u003C/li>\n\u003Cli style=\"font-weight: 400;\" aria-level=\"1\">\u003Cb>Records:\u003C/b>\u003Cspan style=\"font-weight: 400;\"> Save your order ID, BNB TxID, and BTC TxID, plus a screenshot of the quote page.\u003C/span>\u003C/li>\n\u003C/ol>\n\u003Cp>\u003Cspan style=\"font-weight: 400;\">This disciplined flow keeps your exchange, swap, and convert bnb to btc journeys predictable—whether you’re moving funds to cold storage, rebalancing, or routing BTC to a platform that doesn’t support BNB directly. If you plan to reverse later (btc to bnb), the process is symmetric: choose the opposite pair, confirm the quote, send BTC (mainnet), and receive BNB on your chosen network.\u003C/span>\u003C/p>\n\u003Ch3>\u003Cb>Follow us:\u003C/b>\u003C/h3>\n\u003Cp>\u003Ca class=\"invalid-url\" href=\"http://p2pchange.is\" data-validation-message=\"Invalid URL path\">\u003Cspan style=\"font-weight: 400;\">P2pchange\u003C/span>\u003C/a>\u003C/p>\n\u003Cp>\u003Ca href=\"https://x.com/p2pchange_is\">\u003Cspan style=\"font-weight: 400;\">Twitter/X\u003C/span>\u003C/a>\u003C/p>\n\u003Cp>\u003Ca href=\"https://t.me/p2pchange_is\">\u003Cspan style=\"font-weight: 400;\">Telegram\u003C/span>\u003C/a>\u003C/p>\n",865,{"code":5,"locale":55,"name":56,"slug":57},"en_US","English","en",[59],{"language":60,"slug":49,"status":64},{"code":6,"locale":61,"name":62,"slug":63},"ru_RU","Русский","ru","publish",{"node":66},{"name":67,"avatar":68},"andrei.naberezhny",{"url":69},"https://secure.gravatar.com/avatar/f5d3f37709e5f14687fbb3bda04b9689333b13a4d35fc5efc57c8f8534636943?s=96&d=mm&r=g",{"edges":71},[72],{"node":73},{"name":29,"slug":30,"uri":31},{"node":75},{"sourceUrl":76,"altText":77,"title":78},"https://p2pchange.is/wp-content/uploads/2025/09/p2p-change-pics-2025-09-05t134136.770.png","","P2p change pics — 2025-09-05T134136.770",{"canonical":80,"metaDesc":81,"readingTime":82,"opengraphTitle":47,"opengraphUrl":80,"opengraphImage":83,"twitterImage":14,"opengraphDescription":81,"twitterDescription":77,"title":47,"twitterTitle":77,"opengraphType":85,"opengraphPublishedTime":86,"opengraphModifiedTime":77,"breadcrumbs":87},"https://p2pchange.is/exchange-guides/convert-bnb-to-btc/","how to exchange BNB to BTC, how to swap BNB to BTC again later with confidence, and how to reverse the route (btc to bnb) if needed.",7,{"sourceUrl":84,"altText":77},"https://p2pchange.is/wp-content/uploads/2025/09/p2p-change-pics-2025-09-05t134136.770-300x169.png","article","2025-09-05T11:15:11+00:00",[88,90,92],{"text":89,"relativeUrl":77},"Home",{"text":29,"relativeUrl":91},"/exchange-guides",{"text":47,"relativeUrl":93},"/exchange-guides/convert-bnb-to-btc",{"id":95,"title":96,"date":97,"slug":98,"uri":99,"excerpt":100,"content":101,"postId":102,"language":103,"translations":104,"author":107,"categories":110,"featuredImage":114,"seo":118},"cG9zdDo4NTk=","Convert BTC to SOL Online on P2PChange","2025-09-03T15:18:44","convert-btc-to-sol-online","/exchange-guides/convert-btc-to-sol-online/","\u003Cp>Looking to move value from Bitcoin to Solana quickly? This guide shows you exactly how to convert btc to sol on P2PChange.is with a clean, repeatable process. You’ll learn why people prefer an instant-swap service for this route, how to exchange BTC to SOL step by step, and how to verify everything on block explorers […]\u003C/p>\n","\u003Cp>\u003Cspan style=\"font-weight: 400;\">Looking to move value from Bitcoin to Solana quickly? This guide shows you exactly how to convert btc to sol on P2PChange.is with a clean, repeatable process. You’ll learn why people prefer an instant-swap service for this route, how to exchange BTC to SOL step by step, and how to verify everything on block explorers so you’re never left guessing. We’ll also sprinkle in practical tips to keep fees low and avoid common mistakes when you exchange cryptocurrency.\u003C/span>\u003C/p>\n\u003Ch2>\u003Cb>Why Choose P2PChange.is?\u003C/b>\u003C/h2>\n\u003Cp>\u003Cspan style=\"font-weight: 400;\">When you need to swap BTC to SOL without opening an order book, instant-swap services are convenient: you paste a destination address, approve a quote, send Bitcoin, and receive SOL to your wallet after network confirmations. The appeal is simplicity and speed—no maker/taker grids or chart watching.\u003C/span>\u003C/p>\n\u003Cp>\u003Cspan style=\"font-weight: 400;\">That said, good process beats speed. Before you convert btc to ltc—oops, wrong pair—before you convert btc to sol, keep these principles in mind:\u003C/span>\u003C/p>\n\u003Cul>\n\u003Cli style=\"font-weight: 400;\" aria-level=\"1\">\u003Cb>Clarity of quote:\u003C/b>\u003Cspan style=\"font-weight: 400;\"> You should see the estimated SOL you’ll receive, the time window for funding, and any service/network fees.\u003C/span>\u003C/li>\n\u003Cli style=\"font-weight: 400;\" aria-level=\"1\">\u003Cb>Network correctness:\u003C/b>\u003Cspan style=\"font-weight: 400;\"> BTC must be sent on Bitcoin mainnet; SOL must arrive on the Solana network as native SOL (not an SPL token with the wrong mint).\u003C/span>\u003C/li>\n\u003Cli style=\"font-weight: 400;\" aria-level=\"1\">\u003Cb>Refund path:\u003C/b>\u003Cspan style=\"font-weight: 400;\"> If the platform offers a refund address for BTC, fill it in. It’s your safety net if the quote expires or you underpay.\u003C/span>\u003C/li>\n\u003Cli style=\"font-weight: 400;\" aria-level=\"1\">\u003Cb>Record-keeping:\u003C/b>\u003Cspan style=\"font-weight: 400;\"> Save the order ID, deposit address, and both block explorer links (BTC and SOL). It’s crucial for support and tax records.\u003C/span>\u003C/li>\n\u003C/ul>\n\u003Ch2>\u003Cb>Exchanging BTC to SOL Step-by-Step on P2PChange\u003C/b>\u003C/h2>\n\u003Cp>\u003Cspan style=\"font-weight: 400;\">The interface wording can change over time, but the flow below is typical for instant-swap platforms like P2PChange. Follow it carefully, and you’ll exchange btc to sol without drama.\u003C/span>\u003C/p>\n\u003Ch3>\u003Cb>Step 1: Access P2PChange\u003C/b>\u003C/h3>\n\u003Cp>\u003Cspan style=\"font-weight: 400;\">Type \u003C/span>\u003Ca class=\"invalid-url\" href=\"http://p2pchange.is\" data-validation-message=\"Invalid URL path\">\u003Cb>P2PChange.is\u003C/b>\u003C/a>\u003Cspan style=\"font-weight: 400;\"> directly in your browser and look for the HTTPS padlock. Avoid sponsored links and typosquats. If you use a password manager, bookmark the site to prevent phishing later.\u003C/span>\u003C/p>\n\u003Ch3>\u003Cb>Step 2: Provide Wallet Addresses\u003C/b>\u003C/h3>\n\u003Cp>\u003Cspan style=\"font-weight: 400;\">On the swap form, select \u003C/span>\u003Cb>BTC → SOL\u003C/b>\u003Cspan style=\"font-weight: 400;\"> (or \u003C/span>\u003Cb>Bitcoin → Solana\u003C/b>\u003Cspan style=\"font-weight: 400;\">). You’ll be asked for your SOL receiving address.\u003C/span>\u003C/p>\n\u003Cul>\n\u003Cli style=\"font-weight: 400;\" aria-level=\"1\">\u003Cb>SOL address format:\u003C/b>\u003Cspan style=\"font-weight: 400;\"> Solana addresses are base58 strings (letters/numbers), typically 32–44 characters. If it starts with \u003C/span>\u003Cspan style=\"font-weight: 400;\">0x\u003C/span>\u003Cspan style=\"font-weight: 400;\"> or looks like an Ethereum address, stop—that’s the wrong network.\u003C/span>\u003C/li>\n\u003Cli style=\"font-weight: 400;\" aria-level=\"1\">\u003Cb>Destination type:\u003C/b>\u003Cspan style=\"font-weight: 400;\"> If you’re receiving to a self-custody wallet (e.g., Phantom, Solflare, hardware wallet), copy the SOL (native) address. If you’re receiving to a centralized exchange, open its deposit page and copy the Solana network deposit address. Some exchanges also show an optional memo—include it if they say it’s required.\u003C/span>\u003C/li>\n\u003Cli style=\"font-weight: 400;\" aria-level=\"1\">\u003Cb>Refund BTC address:\u003C/b>\u003Cspan style=\"font-weight: 400;\"> If P2PChange provides this field, add a BTC address you control. It can help if the order can’t be fulfilled or arrives late.\u003C/span>\u003C/li>\n\u003C/ul>\n\u003Cp>\u003Cb>Double-check:\u003C/b>\u003Cspan style=\"font-weight: 400;\"> Compare the first and last 4–6 characters of the SOL address after paste. Typos are unforgiving on-chain.\u003C/span>\u003C/p>\n\u003Ch3>\u003Cb>Step 3: Confirm Transaction Details\u003C/b>\u003C/h3>\n\u003Cp>\u003Cspan style=\"font-weight: 400;\">You’ll now see a quote summarizing the swap: how much SOL you will receive for the specified BTC, a countdown timer, any service/network fees, and the BTC deposit address that P2PChange generated for your order.\u003C/span>\u003C/p>\n\u003Cp>\u003Cspan style=\"font-weight: 400;\">Review carefully:\u003C/span>\u003C/p>\n\u003Cul>\n\u003Cli style=\"font-weight: 400;\" aria-level=\"1\">\u003Cb>Rate type:\u003C/b>\u003Cspan style=\"font-weight: 400;\"> Some services offer \u003C/span>\u003Cb>floating\u003C/b>\u003Cspan style=\"font-weight: 400;\"> (tracks the market) and \u003C/span>\u003Cb>fixed\u003C/b>\u003Cspan style=\"font-weight: 400;\"> (locks the rate for the countdown window). Fixed protects you from sudden moves, but may include a buffer in the price.\u003C/span>\u003C/li>\n\u003Cli style=\"font-weight: 400;\" aria-level=\"1\">\u003Cb>Limits:\u003C/b>\u003Cspan style=\"font-weight: 400;\"> Note minimum/maximum amounts for exchange btc to sol. Send within the displayed range.\u003C/span>\u003C/li>\n\u003Cli style=\"font-weight: 400;\" aria-level=\"1\">\u003Cb>Timer:\u003C/b>\u003Cspan style=\"font-weight: 400;\"> If BTC arrives after the timer, the order may auto-refund minus fees.\u003C/span>\u003C/li>\n\u003Cli style=\"font-weight: 400;\" aria-level=\"1\">\u003Cb>Solana network:\u003C/b>\u003Cspan style=\"font-weight: 400;\"> Confirm the destination is native SOL on Solana mainnet. If you intend to receive on another chain (e.g., SOL bridged to EVM), the destination must explicitly support that—otherwise stick with Solana mainnet.\u003C/span>\u003C/li>\n\u003C/ul>\n\u003Cp>\u003Cspan style=\"font-weight: 400;\">When everything looks right, confirm to create the order. Leave the order tab open.\u003C/span>\u003C/p>\n\u003Ch3>\u003Cb>Step 4: Send BTC\u003C/b>\u003C/h3>\n\u003Cp>\u003Cspan style=\"font-weight: 400;\">Open your BTC wallet and send the exact amount shown to the Bitcoin deposit address on the order page.\u003C/span>\u003C/p>\n\u003Cp>\u003Cb>Best practices for sending BTC:\u003C/b>\u003C/p>\n\u003Cul>\n\u003Cli style=\"font-weight: 400;\" aria-level=\"1\">\u003Cb>Exactness matters:\u003C/b>\u003Cspan style=\"font-weight: 400;\"> Some services require the exact satoshi amount. If you can’t send the exact number, over-sending slightly (within reason) is safer than under-sending (which can stall the order).\u003C/span>\u003C/li>\n\u003Cli style=\"font-weight: 400;\" aria-level=\"1\">\u003Cb>Network fee:\u003C/b>\u003Cspan style=\"font-weight: 400;\"> Choose a miner fee that confirms within the quote window. During busy periods, target faster confirmation.\u003C/span>\u003C/li>\n\u003Cli style=\"font-weight: 400;\" aria-level=\"1\">\u003Cb>Test transaction (optional but smart):\u003C/b>\u003Cspan style=\"font-weight: 400;\"> For large swaps, send 5–10% first, wait for the SOL payout, then send the remainder.\u003C/span>\u003C/li>\n\u003Cli style=\"font-weight: 400;\" aria-level=\"1\">\u003Cb>Save the TxID:\u003C/b>\u003Cspan style=\"font-weight: 400;\"> Copy your Bitcoin transaction ID immediately. You’ll need it to track confirmations or to share with support.\u003C/span>\u003C/li>\n\u003C/ul>\n\u003Cp>\u003Cspan style=\"font-weight: 400;\">Keep the order page open and watch for the “payment detected” status once your BTC hits the mempool.\u003C/span>\u003C/p>\n\u003Ch3>\u003Cb>Step 5: Receive SOL\u003C/b>\u003C/h3>\n\u003Cp>\u003Cspan style=\"font-weight: 400;\">After the BTC transaction reaches the required confirmations (varies by service and network conditions), P2PChange will execute the swap btc to sol and broadcast the SOL payout to your destination address.\u003C/span>\u003C/p>\n\u003Cul>\n\u003Cli style=\"font-weight: 400;\" aria-level=\"1\">\u003Cb>Speed expectations:\u003C/b>\u003Cspan style=\"font-weight: 400;\"> Solana finalizes fast; in normal conditions, the SOL transfer should arrive within seconds to a few minutes after your BTC confirms.\u003C/span>\u003C/li>\n\u003Cli style=\"font-weight: 400;\" aria-level=\"1\">\u003Cb>Check your wallet:\u003C/b>\u003Cspan style=\"font-weight: 400;\"> Your wallet balance should reflect the incoming SOL. If you’re depositing to a centralized exchange, crediting can take a bit longer than a self-custody wallet.\u003C/span>\u003C/li>\n\u003C/ul>\n\u003Cp>\u003Cspan style=\"font-weight: 400;\">If you need proof of delivery, you can view the transaction on a Solana block explorer (details below).\u003C/span>\u003C/p>\n\u003Ch2>\u003Cb>Confirming the Transaction\u003C/b>\u003C/h2>\n\u003Cp>\u003Cspan style=\"font-weight: 400;\">Verifying on-chain is the confidence boost every swap deserves. Do it from both sides:\u003C/span>\u003C/p>\n\u003Cp>\u003Cb>1) Bitcoin side (your send)\u003C/b>\u003C/p>\n\u003Cul>\n\u003Cli style=\"font-weight: 400;\" aria-level=\"1\">\u003Cspan style=\"font-weight: 400;\">Paste the \u003C/span>\u003Cb>BTC TxID\u003C/b>\u003Cspan style=\"font-weight: 400;\"> into a Bitcoin block explorer (e.g., mempool.space). Confirm:\u003C/span>\n\u003Cul>\n\u003Cli style=\"font-weight: 400;\" aria-level=\"2\">\u003Cspan style=\"font-weight: 400;\">The destination address matches the P2PChange \u003C/span>\u003Cb>deposit address\u003C/b>\u003Cspan style=\"font-weight: 400;\"> shown on your order page.\u003C/span>\u003C/li>\n\u003Cli style=\"font-weight: 400;\" aria-level=\"2\">\u003Cspan style=\"font-weight: 400;\">The \u003C/span>\u003Cb>amount\u003C/b>\u003Cspan style=\"font-weight: 400;\"> is correct.\u003C/span>\u003C/li>\n\u003Cli style=\"font-weight: 400;\" aria-level=\"2\">\u003Cspan style=\"font-weight: 400;\">The \u003C/span>\u003Cb>confirmation count\u003C/b>\u003Cspan style=\"font-weight: 400;\"> is progressing.\u003C/span>\u003C/li>\n\u003C/ul>\n\u003C/li>\n\u003C/ul>\n\u003Cp>\u003Cb>2) Solana side (your receive)\u003C/b>\u003C/p>\n\u003Cul>\n\u003Cli style=\"font-weight: 400;\" aria-level=\"1\">\u003Cspan style=\"font-weight: 400;\">Paste your \u003C/span>\u003Cb>SOL address\u003C/b>\u003Cspan style=\"font-weight: 400;\"> into a Solana explorer such as \u003C/span>\u003Cb>Solscan\u003C/b>\u003Cspan style=\"font-weight: 400;\"> or \u003C/span>\u003Cb>SolanaFM\u003C/b>\u003Cspan style=\"font-weight: 400;\">. Confirm:\u003C/span>\n\u003Cul>\n\u003Cli style=\"font-weight: 400;\" aria-level=\"2\">\u003Cspan style=\"font-weight: 400;\">An \u003C/span>\u003Cb>incoming SOL transfer\u003C/b>\u003Cspan style=\"font-weight: 400;\"> appears from the service’s payout address.\u003C/span>\u003C/li>\n\u003Cli style=\"font-weight: 400;\" aria-level=\"2\">\u003Cspan style=\"font-weight: 400;\">The \u003C/span>\u003Cb>amount\u003C/b>\u003Cspan style=\"font-weight: 400;\"> is close to the quoted receive (accounting for any displayed fees).\u003C/span>\u003C/li>\n\u003Cli style=\"font-weight: 400;\" aria-level=\"2\">\u003Cspan style=\"font-weight: 400;\">The \u003C/span>\u003Cb>timestamp\u003C/b>\u003Cspan style=\"font-weight: 400;\"> lines up shortly after your BTC confirmation.\u003C/span>\u003C/li>\n\u003C/ul>\n\u003C/li>\n\u003C/ul>\n\u003Ch2>\u003Cb>Conclusion\u003C/b>\u003C/h2>\n\u003Cp>\u003Cspan style=\"font-weight: 400;\">Converting btc to sol with P2PChange is straightforward when you slow down for three checks: right networks, right details, right records. Select BTC → SOL, paste a valid Solana mainnet address, confirm the quote (amounts, timer, fees), send Bitcoin to the provided deposit address, and wait for confirmations. Finish by verifying both legs on block explorers. Whether you’re moving funds to use Solana dapps, rebalancing into solana, or planning to flip sol to btc later, this disciplined flow keeps your exchange smooth and predictable.\u003C/span>\u003C/p>\n\u003Ch3>\u003Cb>Follow us:\u003C/b>\u003C/h3>\n\u003Cp>\u003Ca class=\"invalid-url\" href=\"http://p2pchange.is\" data-validation-message=\"Invalid URL path\">\u003Cspan style=\"font-weight: 400;\">P2pchange\u003C/span>\u003C/a>\u003C/p>\n\u003Cp>\u003Ca href=\"https://x.com/p2pchange_is\">\u003Cspan style=\"font-weight: 400;\">Twitter/X\u003C/span>\u003C/a>\u003C/p>\n\u003Cp>\u003Ca href=\"https://t.me/p2pchange_is\">\u003Cspan style=\"font-weight: 400;\">Telegram\u003C/span>\u003C/a>\u003C/p>\n",859,{"code":5,"locale":55,"name":56,"slug":57},[105],{"language":106,"slug":98,"status":64},{"code":6,"locale":61,"name":62,"slug":63},{"node":108},{"name":67,"avatar":109},{"url":69},{"edges":111},[112],{"node":113},{"name":29,"slug":30,"uri":31},{"node":115},{"sourceUrl":116,"altText":77,"title":117},"https://p2pchange.is/wp-content/uploads/2025/09/p2p-change-pics-100.png","P2p change pics (100)",{"canonical":119,"metaDesc":120,"readingTime":121,"opengraphTitle":96,"opengraphUrl":119,"opengraphImage":122,"twitterImage":14,"opengraphDescription":120,"twitterDescription":77,"title":96,"twitterTitle":77,"opengraphType":85,"opengraphPublishedTime":124,"opengraphModifiedTime":77,"breadcrumbs":125},"https://p2pchange.is/exchange-guides/convert-btc-to-sol-online/","You’ll learn why people prefer an instant-swap service for this route, how to exchange BTC to SOL step by step, and how to verify on block explorers",6,{"sourceUrl":123,"altText":77},"https://p2pchange.is/wp-content/uploads/2025/09/p2p-change-pics-100-300x169.png","2025-09-03T15:18:44+00:00",[126,127,128],{"text":89,"relativeUrl":77},{"text":29,"relativeUrl":91},{"text":96,"relativeUrl":129},"/exchange-guides/convert-btc-to-sol-online",{"id":131,"title":132,"date":133,"slug":134,"uri":135,"excerpt":136,"content":137,"postId":138,"language":139,"translations":140,"author":143,"categories":146,"featuredImage":150,"seo":154},"cG9zdDo4NTM=","What is Maker? A Complete Guide to MKR","2025-09-01T15:01:52","what-is-maker-mkr","/complete-guides/what-is-maker-mkr/","\u003Cp>Maker—long known as MakerDAO—is one of DeFi’s oldest, most battle‑tested protocols. It introduced Dai (DAI) in 2017, a crypto‑collateralized stablecoin soft‑pegged to the U.S. dollar, and the MKR governance token used to manage risk, fees, and upgrades. In 2024–2025, Maker began a major overhaul dubbed Endgame, rebranding public‑facing products as Sky (with USDS and SKY […]\u003C/p>\n","\u003Cp>\u003Cspan style=\"font-weight: 400;\">Maker—long known as \u003C/span>\u003Cb>MakerDAO\u003C/b>\u003Cspan style=\"font-weight: 400;\">—is one of DeFi’s oldest, most battle‑tested protocols. It introduced \u003C/span>\u003Cb>Dai\u003C/b>\u003Cspan style=\"font-weight: 400;\"> (DAI) in 2017, a crypto‑collateralized stablecoin soft‑pegged to the U.S. dollar, and the MKR governance token used to manage risk, fees, and upgrades. In 2024–2025, Maker began a major overhaul dubbed Endgame, rebranding public‑facing products as Sky (with USDS and SKY positioned as upgrades to DAI and MKR). Because many users and apps still reference the Maker/MKR terminology, this guide explains how the system works today and clarifies what the rebrand means for MKR holders.\u003C/span>\u003C/p>\n\u003Ch2>\u003Cb>TL;DR\u003C/b>\u003C/h2>\n\u003Cul>\n\u003Cli style=\"font-weight: 400;\" aria-level=\"1\">\u003Cb>Maker (aka the Sky Protocol)\u003C/b>\u003Cspan style=\"font-weight: 400;\"> lets users mint or borrow a dollar‑like asset using crypto (and certain real‑world assets) as collateral.\u003C/span>\u003C/li>\n\u003Cli style=\"font-weight: 400;\" aria-level=\"1\">\u003Cb>MKR\u003C/b>\u003Cspan style=\"font-weight: 400;\"> is the legacy governance and recapitalization token: holders vote on parameters (risk, fees, collateral) and historically absorbed losses or benefited from buybacks.\u003C/span>\u003C/li>\n\u003Cli style=\"font-weight: 400;\" aria-level=\"1\">\u003Cspan style=\"font-weight: 400;\">Key modules include \u003C/span>\u003Cb>Vaults\u003C/b>\u003Cspan style=\"font-weight: 400;\"> (over‑collateralized loans), the \u003C/span>\u003Cb>Dai Savings Rate (DSR)\u003C/b>\u003Cspan style=\"font-weight: 400;\">, and the \u003C/span>\u003Cb>Peg Stability Module (PSM)\u003C/b>\u003Cspan style=\"font-weight: 400;\"> that helps keep the peg tight.\u003C/span>\u003C/li>\n\u003Cli style=\"font-weight: 400;\" aria-level=\"1\">\u003Cspan style=\"font-weight: 400;\">In 2024–2025, the ecosystem introduced \u003C/span>\u003Cb>Sky/USDS/SKY\u003C/b>\u003Cspan style=\"font-weight: 400;\"> and \u003C/span>\u003Cb>Spark\u003C/b>\u003Cspan style=\"font-weight: 400;\">, but MKR’s historical role and mechanics remain essential for anyone studying Maker.\u003C/span>\u003C/li>\n\u003C/ul>\n\u003Ch2>\u003Cb>How Maker works\u003C/b>\u003C/h2>\n\u003Cp>\u003Cb>1) Vaults (over‑collateralized debt).\u003C/b>\u003Cspan style=\"font-weight: 400;\"> Users lock collateral (ETH, liquid staking tokens, RWAs via whitelisted partners, etc.) into a smart‑contract Vault and generate a dollar‑denominated liability. In the classic model, users minted DAI; under the Sky brand, USDS is presented as the upgraded stablecoin. If collateral value falls and the position breaches its liquidation ratio, the protocol auctions collateral to repay the debt plus penalties.\u003C/span>\u003C/p>\n\u003Cp>\u003Cb>2) Stability fees and interest.\u003C/b>\u003Cspan style=\"font-weight: 400;\"> Borrowers pay a stability fee (an interest‑like rate) that is set by governance per collateral type. These fees historically funded system surplus and the DSR (below).\u003C/span>\u003C/p>\n\u003Cp>\u003Cb>3) DSR (Dai Savings Rate).\u003C/b>\u003Cspan style=\"font-weight: 400;\"> The Dai Savings Rate allowed DAI holders to deposit into a contract and earn a protocol‑set yield sourced from stability fees and other income. It has functioned as a key monetary policy tool to manage DAI demand and peg stability.\u003C/span>\u003C/p>\n\u003Cp>\u003Cb>4) PSM (Peg Stability Module).\u003C/b>\u003Cspan style=\"font-weight: 400;\"> The PSM lets users swap approved stablecoins (e.g., USDC) for DAI (and back) at near‑par with minimal slippage. It has been critical during periods of stress, providing a direct arbitrage path to keep DAI close to $1, while increasing DAI’s exposure to the reserve assets it accepts.\u003C/span>\u003C/p>\n\u003Cp>\u003Cb>5) Governance & risk.\u003C/b> \u003Cb>MKR holders\u003C/b>\u003Cspan style=\"font-weight: 400;\"> vote on collateral onboarding, risk parameters, stability fees, DSR, and operations via on‑chain governance. Historically, if the system accrued a deficit after liquidations (e.g., black‑swan collateral crashes), MKR could be minted and auctioned to recapitalize the protocol—diluting holders. In surplus times, MKR could be bought back and burned. This built‑in “skin‑in‑the‑game” is central to MKR’s design.\u003C/span>\u003C/p>\n\u003Ch2>\u003Cb>The evolution: Endgame, Sky, USDS/SKY, and Spark\u003C/b>\u003C/h2>\n\u003Cp>\u003Cspan style=\"font-weight: 400;\">In 2024–2025, Maker rolled out the Endgame roadmap with a public rebrand to Sky. The rebrand introduces USDS(an upgraded, collateral‑backed dollar token) and SKY (an upgraded governance token) alongside a simplified user app and savings experience. While the branding and UX changed, the underlying Maker architecture—over‑collateralized stablecoin system, governance by token holders, and risk modules—remains the backbone.\u003C/span>\u003C/p>\n\u003Cp>\u003Cspan style=\"font-weight: 400;\">A key piece of execution is Spark, a lending/earn stack aligned with Maker/Sky. Spark integrates deeply with the Maker allocation system to route liquidity into on‑chain markets and, over time, is governed by its own token (SPK) while remaining aligned with the broader Maker/Sky economics. In practice, Spark has served as a growth engine for stablecoin demand and on‑chain yield within the ecosystem.\u003C/span>\u003C/p>\n\u003Cp>\u003Cspan style=\"font-weight: 400;\">Bottom line: If you’re new, you’ll see Sky/USDS/SKY in consumer‑facing apps and Maker/DAI/MKR in historical docs, research, and many DeFi integrations. Understanding both labels helps you map documentation to what you see on‑chain today.\u003C/span>\u003C/p>\n\u003Ch2>\u003Cb>What does MKR do in this design?\u003C/b>\u003C/h2>\n\u003Cp>\u003Cb>Governance power.\u003C/b>\u003Cspan style=\"font-weight: 400;\"> MKR holders historically voted on smart‑contract upgrades, collateral onboarding, risk parameters, and monetary tools (DSR, PSM). Effective governance can increase protocol resilience and market trust.\u003C/span>\u003C/p>\n\u003Cp>\u003Cb>Recapitalization & buybacks.\u003C/b>\u003Cspan style=\"font-weight: 400;\"> MKR acts as a backstop when there is a shortfall (via mint‑and‑auction) and benefits during surpluses (via buy‑and‑burn). This risk‑return balance gives MKR economic exposure to the protocol’s performance.\u003C/span>\u003C/p>\n\u003Cp>\u003Cb>Signaling & alignment.\u003C/b>\u003Cspan style=\"font-weight: 400;\"> Large MKR holders—including risk teams and aligned service providers—have historically proposed and signaled parameter changes on public forums and voted on‑chain, shaping the protocol’s stance on everything from collateral types to real‑world asset exposure.\u003C/span>\u003C/p>\n\u003Ch2>\u003Cb>Why Maker matters in 2025\u003C/b>\u003C/h2>\n\u003Cul>\n\u003Cli style=\"font-weight: 400;\" aria-level=\"1\">\u003Cb>Battle‑tested stability mechanics.\u003C/b>\u003Cspan style=\"font-weight: 400;\"> Maker’s PSM and monetary levers have kept its dollar token near peg through several crypto cycles.\u003C/span>\u003C/li>\n\u003Cli style=\"font-weight: 400;\" aria-level=\"1\">\u003Cb>Savings that scale with revenue.\u003C/b>\u003Cspan style=\"font-weight: 400;\"> The DSR translates protocol income into a transparent base rate for holders, making the system competitive with stablecoin yields elsewhere.\u003C/span>\u003C/li>\n\u003Cli style=\"font-weight: 400;\" aria-level=\"1\">\u003Cb>Real‑world asset (RWA) integrations.\u003C/b>\u003Cspan style=\"font-weight: 400;\"> Over time, governance directed part of the balance sheet into Treasury‑like exposure through whitelisted partners to diversify revenue and dampen crypto volatility—one reason DAI/USDS yields sometimes track TradFi moves.\u003C/span>\u003C/li>\n\u003Cli style=\"font-weight: 400;\" aria-level=\"1\">\u003Cb>Ecosystem flywheel via Spark.\u003C/b>\u003Cspan style=\"font-weight: 400;\"> Spark funnels liquidity into productive venues (DeFi, CeFi, RWAs) and, by aligning incentives (including SPK), has helped deepen stablecoin liquidity and expand use cases.\u003C/span>\u003C/li>\n\u003C/ul>\n\u003Ch2>\u003Cb>Risks and trade‑offs to understand\u003C/b>\u003C/h2>\n\u003Cul>\n\u003Cli style=\"font-weight: 400;\" aria-level=\"1\">\u003Cb>Peg risk & reserve composition.\u003C/b>\u003Cspan style=\"font-weight: 400;\"> The PSM can increase exposure to centralized stablecoins (e.g., USDC). That tightens the peg but raises counterparty/regulatory exposure.\u003C/span>\u003C/li>\n\u003Cli style=\"font-weight: 400;\" aria-level=\"1\">\u003Cb>Collateral volatility & liquidations.\u003C/b>\u003Cspan style=\"font-weight: 400;\"> Sharp drawdowns of crypto collateral can trigger liquidations, penalties, and potential shortfalls—events that historically placed MKR at recapitalization risk.\u003C/span>\u003C/li>\n\u003Cli style=\"font-weight: 400;\" aria-level=\"1\">\u003Cb>Governance capture.\u003C/b>\u003Cspan style=\"font-weight: 400;\"> Concentrated voting power or low voter turnout can lead to sub‑optimal decisions. Public forums and transparency mitigate this but don’t eliminate it.\u003C/span>\u003C/li>\n\u003Cli style=\"font-weight: 400;\" aria-level=\"1\">\u003Cb>Smart‑contract & operational risk.\u003C/b>\u003Cspan style=\"font-weight: 400;\"> Like all DeFi, Maker relies on audited code and a culture of public review. Upgrades (e.g., Endgame/Sky changes) require careful governance to avoid regressions.\u003C/span>\u003C/li>\n\u003Cli style=\"font-weight: 400;\" aria-level=\"1\">\u003Cb>Brand transition complexity.\u003C/b>\u003Cspan style=\"font-weight: 400;\"> The dual use of Maker/MKR/DAI and Sky/SKY/USDS across apps, exchanges, and docs can cause short‑term confusion. Always verify ticker symbols, contract addresses, and interfaces before transacting.\u003C/span>\u003C/li>\n\u003C/ul>\n\u003Ch2>\u003Cb>How to use the system\u003C/b>\u003C/h2>\n\u003Cul>\n\u003Cli style=\"font-weight: 400;\" aria-level=\"1\">\u003Cb>Borrow against collateral (Vaults).\u003C/b>\u003Cspan style=\"font-weight: 400;\"> Deposit approved collateral (e.g., ETH) to mint a dollar token for trading, yield, or payments. Maintain a healthy collateralization ratio to avoid liquidation.\u003C/span>\u003C/li>\n\u003Cli style=\"font-weight: 400;\" aria-level=\"1\">\u003Cb>Earn the base savings rate.\u003C/b>\u003Cspan style=\"font-weight: 400;\"> Deposit your dollar token into the Savings contract (DSR/SSR, depending on branding) to earn the protocol‑set base rate. You can typically withdraw at any time.\u003C/span>\u003C/li>\n\u003Cli style=\"font-weight: 400;\" aria-level=\"1\">\u003Cb>Swap stablecoins via PSM‑style rails.\u003C/b>\u003Cspan style=\"font-weight: 400;\"> Use the PSM to swap into or out of the dollar token at tight spreads during volatility, remembering that fees and limits can change by governance.\u003C/span>\u003C/li>\n\u003Cli style=\"font-weight: 400;\" aria-level=\"1\">\u003Cb>Participate in governance.\u003C/b>\u003Cspan style=\"font-weight: 400;\"> If you hold MKR (or SKY, depending on the interface), review proposals, discuss in public forums, and vote. Stances on risk parameters and collateral types have direct, measurable effects on safety and yield.\u003C/span>\u003C/li>\n\u003C/ul>\n\u003Ch2>\u003Cb>MKR vs. SKY in one minute\u003C/b>\u003C/h2>\n\u003Cul>\n\u003Cli style=\"font-weight: 400;\" aria-level=\"1\">\u003Cb>Ticker & role:\u003C/b>\u003Cspan style=\"font-weight: 400;\"> MKR is the legacy governance/recapitalization token; SKY is its Endgame successor in consumer‑facing products. Many exchanges still list MKR, and upgrade mechanics have been staged via governance.\u003C/span>\u003C/li>\n\u003Cli style=\"font-weight: 400;\" aria-level=\"1\">\u003Cb>Economics:\u003C/b>\u003Cspan style=\"font-weight: 400;\"> Both represent governance exposure to system revenues and risks; details differ by phase and are set by evolving governance.\u003C/span>\u003C/li>\n\u003Cli style=\"font-weight: 400;\" aria-level=\"1\">\u003Cb>What to check before acting:\u003C/b>\u003Cspan style=\"font-weight: 400;\"> If you plan to trade or vote, confirm which token your venue/app supports (MKR or SKY), the contract address, and whether any upgrade/downgrade windows or fees apply.\u003C/span>\u003C/li>\n\u003C/ul>\n\u003Ch2>\u003Cb>Conclusion\u003C/b>\u003C/h2>\n\u003Cp>\u003Cspan style=\"font-weight: 400;\">Maker defined decentralized, collateral‑backed dollars and inspired the wider stablecoin field. MKR gave the protocol credible incentives—power when things go well and responsibility when they don’t. In 2025, as the ecosystem’s public face shifts to Sky with USDS and SKY, the fundamentals that made Maker resilient—over‑collateralization, programmatic monetary tools, transparent governance, and an expanding yield engine via Spark—remain the core story. If you understand how Vaults, DSR, PSM, and MKR governance fit together, you’ll be well‑equipped to navigate Maker’s next chapter—whatever logo it wears.\u003C/span>\u003C/p>\n\u003Ch3>\u003Cb>Follow us:\u003C/b>\u003C/h3>\n\u003Cp>\u003Ca class=\"invalid-url\" href=\"http://p2pchange.is\" data-validation-message=\"Invalid URL path\">\u003Cspan style=\"font-weight: 400;\">P2pchange\u003C/span>\u003C/a>\u003C/p>\n\u003Cp>\u003Ca href=\"https://x.com/p2pchange_is\">\u003Cspan style=\"font-weight: 400;\">Twitter/X\u003C/span>\u003C/a>\u003C/p>\n\u003Cp>\u003Ca href=\"https://t.me/p2pchange_is\">\u003Cspan style=\"font-weight: 400;\">Telegram\u003C/span>\u003C/a>\u003C/p>\n",853,{"code":5,"locale":55,"name":56,"slug":57},[141],{"language":142,"slug":134,"status":64},{"code":6,"locale":61,"name":62,"slug":63},{"node":144},{"name":67,"avatar":145},{"url":69},{"edges":147},[148],{"node":149},{"name":12,"slug":13,"uri":15},{"node":151},{"sourceUrl":152,"altText":77,"title":153},"https://p2pchange.is/wp-content/uploads/2025/09/p2p-change-pics-98.png","P2p change pics (98)",{"canonical":155,"metaDesc":156,"readingTime":40,"opengraphTitle":132,"opengraphUrl":155,"opengraphImage":157,"twitterImage":14,"opengraphDescription":156,"twitterDescription":77,"title":132,"twitterTitle":77,"opengraphType":85,"opengraphPublishedTime":159,"opengraphModifiedTime":77,"breadcrumbs":160},"https://p2pchange.is/complete-guides/what-is-maker-mkr/","Learn how Maker (MKR) and the former DAI system work: vaults, DSR, PSM, governance and burns—plus the 2024–2025 Sky rebrand and what it means for MKR.",{"sourceUrl":158,"altText":77},"https://p2pchange.is/wp-content/uploads/2025/09/p2p-change-pics-98-300x169.png","2025-09-01T15:01:52+00:00",[161,162,164],{"text":89,"relativeUrl":77},{"text":12,"relativeUrl":163},"/complete-guides",{"text":132,"relativeUrl":165},"/complete-guides/what-is-maker-mkr",{"id":167,"title":168,"date":169,"slug":170,"uri":171,"excerpt":172,"content":173,"postId":174,"language":175,"translations":176,"author":179,"categories":182,"featuredImage":186,"seo":190},"cG9zdDo4NDc=","CFTC Opens Path for Americans to Use Offshore Crypto Exchanges","2025-08-29T11:11:55","americans-can-use-offshore-crypto-exchanges","/crypto-news/americans-can-use-offshore-crypto-exchanges/","\u003Cp>The U.S. Commodity Futures Trading Commission (CFTC) has issued a staff advisory that, in effect, re‑opens a regulatory pathway for Americans to access foreign crypto trading venues—provided those platforms register with the agency as Foreign Boards of Trade (FBOTs). The move, welcomed by market participants as long‑overdue clarity, follows months of debate over how global […]\u003C/p>\n","\u003Cp>\u003Cspan style=\"font-weight: 400;\">The U.S. Commodity Futures Trading Commission (CFTC) has issued a staff advisory that, in effect, \u003C/span>\u003Cb>re‑opens a regulatory pathway for Americans to access foreign crypto trading venues\u003C/b>\u003Cspan style=\"font-weight: 400;\">—provided those platforms register with the agency as \u003C/span>\u003Cb>Foreign Boards of Trade (FBOTs)\u003C/b>\u003Cspan style=\"font-weight: 400;\">. The move, welcomed by market participants as long‑overdue clarity, follows months of debate over how global crypto venues can legally interact with U.S. customers.\u003C/span>\u003C/p>\n\u003Ch2>\u003Cb>What happened\u003C/b>\u003C/h2>\n\u003Cp>\u003Cspan style=\"font-weight: 400;\">On Aug. 28, the CFTC’s Division of Market Oversight released \u003C/span>\u003Cb>CFTC Letter No. 25‑27\u003C/b>\u003Cspan style=\"font-weight: 400;\">, a \u003C/span>\u003Cb>staff advisory\u003C/b>\u003Cspan style=\"font-weight: 400;\"> that reaffirms and clarifies the FBOT framework. Under long‑standing CFTC rules (\u003C/span>\u003Cb>Part 48\u003C/b>\u003Cspan style=\"font-weight: 400;\">), a foreign exchange may apply to register as an FBOT and then \u003C/span>\u003Cb>offer direct electronic access\u003C/b>\u003Cspan style=\"font-weight: 400;\"> to identified U.S. members or participants—so long as it meets conditions around surveillance, reporting, and compliance. The new advisory is framed as guidance to quell confusion generated by recent enforcement actions and shifting interpretations. In a companion press release, Acting Chair \u003C/span>\u003Cb>Caroline Pham\u003C/b>\u003Cspan style=\"font-weight: 400;\"> said the goal is to «promote regulatory clarity and access to markets» by restating how non‑U.S. platforms can serve Americans within the law.\u003C/span>\u003C/p>\n\u003Ch2>\u003Cb>What it does—and what it doesn’t\u003C/b>\u003C/h2>\n\u003Cp>\u003Cb>Does:\u003C/b>\u003C/p>\n\u003Cul>\n\u003Cli style=\"font-weight: 400;\" aria-level=\"1\">\u003Cb>Reaffirms the legal route\u003C/b>\u003Cspan style=\"font-weight: 400;\"> for foreign exchanges to serve U.S. users \u003C/span>\u003Cb>as FBOTs\u003C/b>\u003Cspan style=\"font-weight: 400;\">, including digital‑asset venues that list derivatives.\u003C/span>\u003C/li>\n\u003Cli style=\"font-weight: 400;\" aria-level=\"1\">\u003Cb>Details the application and conditions\u003C/b>\u003Cspan style=\"font-weight: 400;\"> (surveillance sharing, reporting, compliance controls) required before any U.S. access is permitted.\u003C/span>\u003C/li>\n\u003Cli style=\"font-weight: 400;\" aria-level=\"1\">\u003Cb>Signals a welcoming stance\u003C/b>\u003Cspan style=\"font-weight: 400;\"> from the CFTC to global firms that previously exited the U.S. market to return \u003C/span>\u003Cb>under supervision\u003C/b>\u003Cspan style=\"font-weight: 400;\">.\u003C/span>\u003C/li>\n\u003C/ul>\n\u003Cp>\u003Cb>Doesn’t:\u003C/b>\u003C/p>\n\u003Cul>\n\u003Cli style=\"font-weight: 400;\" aria-level=\"1\">\u003Cb>Instantly authorize every offshore platform\u003C/b>\u003Cspan style=\"font-weight: 400;\"> for U.S. retail. Firms must complete the \u003C/span>\u003Cb>FBOT registration\u003C/b>\u003Cspan style=\"font-weight: 400;\"> and comply with ongoing conditions.\u003C/span>\u003C/li>\n\u003Cli style=\"font-weight: 400;\" aria-level=\"1\">\u003Cb>Erase spot‑market complexities.\u003C/b>\u003Cspan style=\"font-weight: 400;\"> The CFTC’s direct remit still centers on derivatives. (Separately, earlier this month the agency outlined a path for \u003C/span>\u003Cb>listed spot crypto trading on registered futures exchanges\u003C/b>\u003Cspan style=\"font-weight: 400;\">, a distinct initiative that will run in parallel.)\u003C/span>\u003C/li>\n\u003Cli style=\"font-weight: 400;\" aria-level=\"1\">\u003Cb>Override other laws.\u003C/b>\u003Cspan style=\"font-weight: 400;\"> State rules, AML/KYC requirements, and SEC jurisdiction (for securities) still apply.\u003C/span>\u003C/li>\n\u003C/ul>\n\u003Ch2>\u003Cb>Why now\u003C/b>\u003C/h2>\n\u003Cp>\u003Cspan style=\"font-weight: 400;\">The advisory comes as U.S. regulators face sustained pressure to \u003C/span>\u003Cb>onshore liquidity\u003C/b>\u003Cspan style=\"font-weight: 400;\"> and reduce incentives for investors to route trades to opaque venues abroad. Industry coverage framed the move as the CFTC «inviting» crypto firms that left the U.S. to come back under the \u003C/span>\u003Cb>FBOT umbrella\u003C/b>\u003Cspan style=\"font-weight: 400;\">, while mainstream financial media emphasized the policy’s potential to reconnect American traders to global order books—\u003C/span>\u003Cb>under supervisory hooks\u003C/b>\u003Cspan style=\"font-weight: 400;\">. It also follows a separate August development in which the CFTC signaled it would \u003C/span>\u003Cb>permit listed spot crypto contracts\u003C/b>\u003Cspan style=\"font-weight: 400;\"> on CFTC‑registered exchanges, complementing the derivatives focus of the FBOT program.\u003C/span>\u003C/p>\n\u003Ch2>\u003Cb>What foreign exchanges would need to do\u003C/b>\u003C/h2>\n\u003Cp>\u003Cspan style=\"font-weight: 400;\">To qualify, a platform must:\u003C/span>\u003C/p>\n\u003Cul>\n\u003Cli style=\"font-weight: 400;\" aria-level=\"1\">\u003Cb>Apply under Part 48\u003C/b>\u003Cspan style=\"font-weight: 400;\"> and demonstrate it is a bona fide foreign board of trade in a regulated home jurisdiction.\u003C/span>\u003C/li>\n\u003Cli style=\"font-weight: 400;\" aria-level=\"1\">\u003Cb>Enter surveillance‑sharing arrangements\u003C/b>\u003Cspan style=\"font-weight: 400;\"> and provide \u003C/span>\u003Cb>timely data\u003C/b>\u003Cspan style=\"font-weight: 400;\"> to the CFTC.\u003C/span>\u003C/li>\n\u003Cli style=\"font-weight: 400;\" aria-level=\"1\">\u003Cb>Define which U.S. persons\u003C/b>\u003Cspan style=\"font-weight: 400;\"> may access the venue (typically identified members/participants) and through what connectivity.\u003C/span>\u003C/li>\n\u003Cli style=\"font-weight: 400;\" aria-level=\"1\">\u003Cb>Maintain compliance programs\u003C/b>\u003Cspan style=\"font-weight: 400;\"> (market abuse monitoring, AML/KYC expectations, recordkeeping).\u003C/span>\u003C/li>\n\u003Cli style=\"font-weight: 400;\" aria-level=\"1\">\u003Cb>Honor reporting and emergency authority\u003C/b>\u003Cspan style=\"font-weight: 400;\"> requirements so U.S. regulators can act if market integrity is threatened.\u003C/span>\u003C/li>\n\u003C/ul>\n\u003Cp>\u003Cspan style=\"font-weight: 400;\">In practice, this means \u003C/span>\u003Cb>no overnight flip‑switch\u003C/b>\u003Cspan style=\"font-weight: 400;\"> for retail. Large venues—think global platforms branded outside the U.S.—would need to \u003C/span>\u003Cb>formalize risk controls\u003C/b>\u003Cspan style=\"font-weight: 400;\"> and align matching engines, surveillance, and client onboarding with CFTC expectations before Americans can legally log in.\u003C/span>\u003C/p>\n\u003Ch2>\u003Cb>Industry impact: who wins, who waits\u003C/b>\u003C/h2>\n\u003Cul>\n\u003Cli style=\"font-weight: 400;\" aria-level=\"1\">\u003Cb>U.S. traders\u003C/b>\u003Cspan style=\"font-weight: 400;\">: If implemented, expect \u003C/span>\u003Cb>broader product menus\u003C/b>\u003Cspan style=\"font-weight: 400;\"> and \u003C/span>\u003Cb>deeper liquidity\u003C/b>\u003Cspan style=\"font-weight: 400;\"> when accessing global derivatives markets through registered channels. For now, nothing changes until venues are actually \u003C/span>\u003Cb>approved as FBOTs\u003C/b>\u003Cspan style=\"font-weight: 400;\"> and turn on access.\u003C/span>\u003C/li>\n\u003Cli style=\"font-weight: 400;\" aria-level=\"1\">\u003Cb>Global exchanges\u003C/b>\u003Cspan style=\"font-weight: 400;\">: The advisory offers a \u003C/span>\u003Cb>clearer, defensible route\u003C/b>\u003Cspan style=\"font-weight: 400;\"> back into the U.S. market without fully becoming domestic designated contract markets (DCMs). The trade‑off is \u003C/span>\u003Cb>heavier reporting and surveillance\u003C/b>\u003Cspan style=\"font-weight: 400;\">.\u003C/span>\u003C/li>\n\u003Cli style=\"font-weight: 400;\" aria-level=\"1\">\u003Cb>U.S. exchanges\u003C/b>\u003Cspan style=\"font-weight: 400;\">: More competition—yet on \u003C/span>\u003Cb>leveler, supervised terms\u003C/b>\u003Cspan style=\"font-weight: 400;\">. If foreign venues enter under FBOT rules, incumbents may push product innovation (e.g., basis products, cross‑margining) and tout \u003C/span>\u003Cb>U.S. customer protections\u003C/b>\u003Cspan style=\"font-weight: 400;\"> as a differentiator.\u003C/span>\u003C/li>\n\u003Cli style=\"font-weight: 400;\" aria-level=\"1\">\u003Cb>Regulators\u003C/b>\u003Cspan style=\"font-weight: 400;\">: The FBOT route creates \u003C/span>\u003Cb>visibility\u003C/b>\u003Cspan style=\"font-weight: 400;\"> into cross‑border activity and may \u003C/span>\u003Cb>reduce regulatory arbitrage\u003C/b>\u003Cspan style=\"font-weight: 400;\">, provided enforcement and data‑sharing keep pace.\u003C/span>\u003C/li>\n\u003C/ul>\n\u003Ch2>\u003Cb>Open questions\u003C/b>\u003C/h2>\n\u003Cul>\n\u003Cli style=\"font-weight: 400;\" aria-level=\"1\">\u003Cb>Scope for spot trading:\u003C/b>\u003Cspan style=\"font-weight: 400;\"> The FBOT framework is derivatives‑oriented. How the CFTC’s separate \u003C/span>\u003Cb>listed‑spot\u003C/b>\u003Cspan style=\"font-weight: 400;\">initiative interacts with FBOT approvals will determine how much of the \u003C/span>\u003Cb>offshore spot\u003C/b>\u003Cspan style=\"font-weight: 400;\"> experience can be replicated legally in the U.S.\u003C/span>\u003C/li>\n\u003Cli style=\"font-weight: 400;\" aria-level=\"1\">\u003Cb>Retail access vs. member access:\u003C/b>\u003Cspan style=\"font-weight: 400;\"> Part 48 contemplates \u003C/span>\u003Cb>identified members or participants\u003C/b>\u003Cspan style=\"font-weight: 400;\">—not necessarily broad retail. Expect further clarifications on onboarding flows, intermediaries, and safeguards.\u003C/span>\u003C/li>\n\u003Cli style=\"font-weight: 400;\" aria-level=\"1\">\u003Cb>Coordination with the SEC:\u003C/b>\u003Cspan style=\"font-weight: 400;\"> Tokens deemed \u003C/span>\u003Cb>securities\u003C/b>\u003Cspan style=\"font-weight: 400;\"> will remain outside the CFTC’s spot authority. Firms will need clear asset‑classification and disclosures to avoid overlap problems.\u003C/span>\u003C/li>\n\u003Cli style=\"font-weight: 400;\" aria-level=\"1\">\u003Cb>Timeline:\u003C/b>\u003Cspan style=\"font-weight: 400;\"> FBOT applications are non‑trivial. Even eager applicants will need months to align systems, policies, and governance.\u003C/span>\u003C/li>\n\u003C/ul>\n\u003Ch2>\u003Cb>Bottom line\u003C/b>\u003C/h2>\n\u003Cp>\u003Cspan style=\"font-weight: 400;\">The CFTC’s FBOT advisory \u003C/span>\u003Cb>doesn’t throw open the gates\u003C/b>\u003Cspan style=\"font-weight: 400;\">, but it \u003C/span>\u003Cb>does\u003C/b>\u003Cspan style=\"font-weight: 400;\"> mark the clearest route in years for Americans to legally access \u003C/span>\u003Cb>offshore crypto exchanges\u003C/b>\u003Cspan style=\"font-weight: 400;\">—so long as those platforms \u003C/span>\u003Cb>register and comply\u003C/b>\u003Cspan style=\"font-weight: 400;\">. For traders, the message is to watch \u003C/span>\u003Cb>who actually files and gets approved\u003C/b>\u003Cspan style=\"font-weight: 400;\">. For policy makers, the test will be whether supervised cross‑border access truly \u003C/span>\u003Cb>reduces risk\u003C/b>\u003Cspan style=\"font-weight: 400;\"> while restoring \u003C/span>\u003Cb>choice and liquidity\u003C/b>\u003Cspan style=\"font-weight: 400;\"> for U.S. customers.\u003C/span>\u003C/p>\n\u003Ch3>\u003Cb>Follow us:\u003C/b>\u003C/h3>\n\u003Cp>\u003Ca class=\"invalid-url\" href=\"http://p2pchange.is\" data-validation-message=\"Invalid URL path\">\u003Cspan style=\"font-weight: 400;\">P2pchange\u003C/span>\u003C/a>\u003C/p>\n\u003Cp>\u003Ca href=\"https://x.com/p2pchange_is\">\u003Cspan style=\"font-weight: 400;\">Twitter/X\u003C/span>\u003C/a>\u003C/p>\n\u003Cp>\u003Ca href=\"https://t.me/p2pchange_is\">\u003Cspan style=\"font-weight: 400;\">Telegram\u003C/span>\u003C/a>\u003C/p>\n",847,{"code":5,"locale":55,"name":56,"slug":57},[177],{"language":178,"slug":170,"status":64},{"code":6,"locale":61,"name":62,"slug":63},{"node":180},{"name":67,"avatar":181},{"url":69},{"edges":183},[184],{"node":185},{"name":21,"slug":22,"uri":23},{"node":187},{"sourceUrl":188,"altText":77,"title":189},"https://p2pchange.is/wp-content/uploads/2025/08/p2p-change-pics-96.png","P2p change pics (96)",{"canonical":191,"metaDesc":192,"readingTime":193,"opengraphTitle":168,"opengraphUrl":191,"opengraphImage":194,"twitterImage":14,"opengraphDescription":192,"twitterDescription":77,"title":168,"twitterTitle":77,"opengraphType":85,"opengraphPublishedTime":196,"opengraphModifiedTime":77,"breadcrumbs":197},"https://p2pchange.is/crypto-news/americans-can-use-offshore-crypto-exchanges/","A new CFTC advisory clarifies how foreign crypto exchanges can register as FBOTs to legally serve U.S. users. Here’s what changes, what doesn’t, and why.",5,{"sourceUrl":195,"altText":77},"https://p2pchange.is/wp-content/uploads/2025/08/p2p-change-pics-96-300x169.png","2025-08-29T11:11:55+00:00",[198,199,201],{"text":89,"relativeUrl":77},{"text":21,"relativeUrl":200},"/crypto-news",{"text":168,"relativeUrl":202},"/crypto-news/americans-can-use-offshore-crypto-exchanges",{"id":204,"title":205,"date":206,"slug":207,"uri":208,"excerpt":209,"content":210,"postId":211,"language":212,"translations":213,"author":216,"categories":219,"featuredImage":223,"seo":227},"cG9zdDo4NDE=","Thailand Picks KuCoin for World-First Tokenized Government Bonds (G-Token)","2025-08-27T14:32:25","thailand-gtoken","/crypto-news/thailand-gtoken/","\u003Cp>Thailand’s Ministry of Finance has chosen KuCoin as the first international exchange partner for G-Token, the country’s program to issue tokenized government bonds on licensed digital-asset venues. KuCoin says its locally regulated arm, KuCoin Thailand, will handle subscription, redemption, and listing alongside domestic partners XSpring Digital, SIX Network, and Krungthai XSpring. The initial pilot totals […]\u003C/p>\n","\u003Cp>\u003Cspan style=\"font-weight: 400;\">Thailand’s Ministry of Finance has chosen KuCoin as the first international exchange partner for \u003C/span>\u003Cb>G-Token\u003C/b>\u003Cspan style=\"font-weight: 400;\">, the country’s program to issue \u003C/span>\u003Cb>tokenized government bonds\u003C/b>\u003Cspan style=\"font-weight: 400;\"> on licensed digital-asset venues. KuCoin says its locally regulated arm, \u003C/span>\u003Cb>KuCoin Thailand\u003C/b>\u003Cspan style=\"font-weight: 400;\">, will handle \u003C/span>\u003Cb>subscription, redemption, and listing\u003C/b>\u003Cspan style=\"font-weight: 400;\"> alongside domestic partners \u003C/span>\u003Cb>XSpring Digital, SIX Network, and Krungthai XSpring\u003C/b>\u003Cspan style=\"font-weight: 400;\">. The initial pilot totals \u003C/span>\u003Cb>5 billion baht (~US$153 million)\u003C/b>\u003Cspan style=\"font-weight: 400;\">and is aimed at widening retail access to sovereign debt.\u003C/span>\u003C/p>\n\u003Ch2>\u003Cb>What exactly is G-Token?\u003C/b>\u003C/h2>\n\u003Cp>\u003Cspan style=\"font-weight: 400;\">G-Token (short for “Government Token”) is a \u003C/span>\u003Cb>government-backed digital investment token\u003C/b>\u003Cspan style=\"font-weight: 400;\"> that represents Thai sovereign debt under the \u003C/span>\u003Cb>Public Debt Management Act\u003C/b>\u003Cspan style=\"font-weight: 400;\">. The initiative was approved by the Cabinet on \u003C/span>\u003Cb>May 13, 2025\u003C/b>\u003Cspan style=\"font-weight: 400;\">, with authorities positioning it as a new, more accessible channel for public investment in government securities. Thailand’s securities regulator and local press have since outlined the framework, including the plan for a \u003C/span>\u003Cb>5-billion-baht\u003C/b>\u003Cspan style=\"font-weight: 400;\"> pilot and rulemaking to support distribution through \u003C/span>\u003Cb>licensed exchanges\u003C/b>\u003Cspan style=\"font-weight: 400;\">. \u003C/span>\u003C/p>\n\u003Ch2>\u003Cb>Why KuCoin—and why now?\u003C/b>\u003C/h2>\n\u003Cp>\u003Cspan style=\"font-weight: 400;\">KuCoin entered Thailand this year by acquiring the country’s first SEC-supervised token platform (ERX) and relaunching it as \u003C/span>\u003Cb>KuCoin Thailand\u003C/b>\u003Cspan style=\"font-weight: 400;\">, which operates under the \u003C/span>\u003Cb>Thai SEC’s\u003C/b>\u003Cspan style=\"font-weight: 400;\"> oversight. Today’s announcement positions KuCoin as the \u003C/span>\u003Cb>first global exchange\u003C/b>\u003Cspan style=\"font-weight: 400;\"> to support the G-Token rollout, with scope to assist on secondary-market liquidity and potential future listings beyond Thailand—\u003C/span>\u003Cb>subject to regulatory approval\u003C/b>\u003Cspan style=\"font-weight: 400;\">. \u003C/span>\u003C/p>\n\u003Cp>\u003Cspan style=\"font-weight: 400;\">The exchange framed the project as a landmark for \u003C/span>\u003Cb>real-world asset (RWA)\u003C/b>\u003Cspan style=\"font-weight: 400;\"> tokenization: government bonds—long considered safe, low-risk instruments—are being \u003C/span>\u003Cb>fractionalized and distributed via blockchain rails\u003C/b>\u003Cspan style=\"font-weight: 400;\">, potentially lowering minimums and improving settlement efficiency for small investors.\u003C/span>\u003C/p>\n\u003Ch2>\u003Cb>How it will work (at launch)\u003C/b>\u003C/h2>\n\u003Cul>\n\u003Cli style=\"font-weight: 400;\" aria-level=\"1\">\u003Cb>Primary distribution:\u003C/b>\u003Cspan style=\"font-weight: 400;\"> The first G-Tokens will be offered on \u003C/span>\u003Cb>licensed Thai exchanges\u003C/b>\u003Cspan style=\"font-weight: 400;\">. KuCoin Thailand will facilitate \u003C/span>\u003Cb>subscription and redemption\u003C/b>\u003Cspan style=\"font-weight: 400;\"> in coordination with XSpring Digital, SIX Network and Krungthai XSpring. \u003C/span>\u003C/li>\n\u003Cli style=\"font-weight: 400;\" aria-level=\"1\">\u003Cb>Secondary trading:\u003C/b>\u003Cspan style=\"font-weight: 400;\"> After issuance, G-Tokens are expected to \u003C/span>\u003Cb>trade on local digital-asset venues\u003C/b>\u003Cspan style=\"font-weight: 400;\">. A future \u003C/span>\u003Cb>global listing on KuCoin.com\u003C/b>\u003Cspan style=\"font-weight: 400;\"> is possible, pending clearances from regulators. \u003C/span>\u003C/li>\n\u003Cli style=\"font-weight: 400;\" aria-level=\"1\">\u003Cb>Investor proposition:\u003C/b>\u003Cspan style=\"font-weight: 400;\"> Authorities and media have said the product aims to offer \u003C/span>\u003Cb>returns higher than bank deposits\u003C/b>\u003Cspan style=\"font-weight: 400;\">, with the \u003C/span>\u003Cb>principal and interest\u003C/b>\u003Cspan style=\"font-weight: 400;\"> obligations backed by the Thai government—though investors should still read the final terms and risk factors.\u003C/span>\u003C/li>\n\u003C/ul>\n\u003Ch2>\u003Cb>Timeline and policy backdrop\u003C/b>\u003C/h2>\n\u003Cul>\n\u003Cli style=\"font-weight: 400;\" aria-level=\"1\">\u003Cb>May 13, 2025:\u003C/b>\u003Cspan style=\"font-weight: 400;\"> The Cabinet approves G-Token as a new borrowing tool under the Public Debt Management Act; officials signal an initial \u003C/span>\u003Cb>5-billion-baht\u003C/b>\u003Cspan style=\"font-weight: 400;\"> pilot. \u003C/span>\u003C/li>\n\u003Cli style=\"font-weight: 400;\" aria-level=\"1\">\u003Cb>July 2025:\u003C/b>\u003Cspan style=\"font-weight: 400;\"> Thai authorities publish clarifications and rules for the upcoming launch; \u003C/span>\u003Cb>Thai SEC\u003C/b>\u003Cspan style=\"font-weight: 400;\"> communications describe G-Token as a \u003C/span>\u003Cb>government loan-raising instrument\u003C/b>\u003Cspan style=\"font-weight: 400;\"> governed by existing public-debt law. \u003C/span>\u003C/li>\n\u003Cli style=\"font-weight: 400;\" aria-level=\"1\">\u003Cb>August 27, 2025:\u003C/b>\u003Cspan style=\"font-weight: 400;\"> KuCoin announces it is the \u003C/span>\u003Cb>first global exchange\u003C/b>\u003Cspan style=\"font-weight: 400;\"> supporting the program; partners and operational roles are confirmed.\u003C/span>\u003C/li>\n\u003C/ul>\n\u003Ch2>\u003Cb>Why this matters\u003C/b>\u003C/h2>\n\u003Cp>\u003Cb>For Thailand:\u003C/b>\u003Cspan style=\"font-weight: 400;\"> G-Token could modernize sovereign funding while supporting \u003C/span>\u003Cb>financial inclusion\u003C/b>\u003Cspan style=\"font-weight: 400;\">, letting retail investors buy \u003C/span>\u003Cb>digital sovereign bonds\u003C/b>\u003Cspan style=\"font-weight: 400;\"> in smaller denominations via \u003C/span>\u003Cb>licensed digital-asset exchanges\u003C/b>\u003Cspan style=\"font-weight: 400;\">. Authorities have pitched the program as a way to open “quality investments” to the public and improve efficiency in state fundraising. \u003C/span>\u003C/p>\n\u003Cp>\u003Cb>For crypto and RWAs:\u003C/b>\u003Cspan style=\"font-weight: 400;\"> This is among the most prominent \u003C/span>\u003Cb>RWA tokenization\u003C/b>\u003Cspan style=\"font-weight: 400;\"> efforts by a national government. If successful, it could set \u003C/span>\u003Cb>benchmarks\u003C/b>\u003Cspan style=\"font-weight: 400;\"> for compliance, custody, and secondary trading that other issuers study—especially in Asia, where governments are experimenting with digital bond formats. \u003C/span>\u003C/p>\n\u003Cp>\u003Cb>For KuCoin:\u003C/b>\u003Cspan style=\"font-weight: 400;\"> The move strengthens KuCoin’s \u003C/span>\u003Cb>regulated footprint\u003C/b>\u003Cspan style=\"font-weight: 400;\"> in Southeast Asia and could attract fixed-income–minded users who previously had little reason to open a crypto exchange account. The exchange’s role also underscores how \u003C/span>\u003Cb>licensed local entities\u003C/b>\u003Cspan style=\"font-weight: 400;\"> (KuCoin Thailand) can bridge traditional finance and global crypto platforms within a clear legal perimeter. \u003C/span>\u003C/p>\n\u003Ch2>\u003Cb>What to watch next\u003C/b>\u003C/h2>\n\u003Col>\n\u003Cli style=\"font-weight: 400;\" aria-level=\"1\">\u003Cb>Final product terms:\u003C/b>\u003Cspan style=\"font-weight: 400;\"> Coupon, tenor, minimum ticket size, tax treatment, and settlement mechanics will determine investor uptake. Keep an eye on the \u003C/span>\u003Cb>PDMO\u003C/b>\u003Cspan style=\"font-weight: 400;\"> and \u003C/span>\u003Cb>Thai SEC\u003C/b>\u003Cspan style=\"font-weight: 400;\"> channels for official details. \u003C/span>\u003C/li>\n\u003Cli style=\"font-weight: 400;\" aria-level=\"1\">\u003Cb>Secondary-market liquidity:\u003C/b>\u003Cspan style=\"font-weight: 400;\"> After the offering, trading depth and spreads on licensed exchanges (and any future international venue) will reveal real investor demand. \u003C/span>\u003C/li>\n\u003Cli style=\"font-weight: 400;\" aria-level=\"1\">\u003Cb>Regulatory exportability:\u003C/b>\u003Cspan style=\"font-weight: 400;\"> Whether other jurisdictions accept or replicate a Thai-style \u003C/span>\u003Cb>tokenized government bond\u003C/b>\u003Cspan style=\"font-weight: 400;\"> will influence cross-border listings and the growth of a standardized RWA market.\u003C/span>\u003C/li>\n\u003C/ol>\n\u003Ch3>\u003Cb>Follow us:\u003C/b>\u003C/h3>\n\u003Cp>\u003Ca class=\"invalid-url\" href=\"http://p2pchange.is\" data-validation-message=\"Invalid URL path\">\u003Cspan style=\"font-weight: 400;\">P2pchange\u003C/span>\u003C/a>\u003C/p>\n\u003Cp>\u003Ca href=\"https://x.com/p2pchange_is\">\u003Cspan style=\"font-weight: 400;\">Twitter/X\u003C/span>\u003C/a>\u003C/p>\n\u003Cp>\u003Ca href=\"https://t.me/p2pchange_is\">\u003Cspan style=\"font-weight: 400;\">Telegram\u003C/span>\u003C/a>\u003C/p>\n",841,{"code":5,"locale":55,"name":56,"slug":57},[214],{"language":215,"slug":207,"status":64},{"code":6,"locale":61,"name":62,"slug":63},{"node":217},{"name":67,"avatar":218},{"url":69},{"edges":220},[221],{"node":222},{"name":21,"slug":22,"uri":23},{"node":224},{"sourceUrl":225,"altText":77,"title":226},"https://p2pchange.is/wp-content/uploads/2025/08/p2p-change-pics-94.png","P2p change pics (94)",{"canonical":228,"metaDesc":229,"readingTime":230,"opengraphTitle":205,"opengraphUrl":228,"opengraphImage":231,"twitterImage":14,"opengraphDescription":229,"twitterDescription":77,"title":205,"twitterTitle":77,"opengraphType":85,"opengraphPublishedTime":233,"opengraphModifiedTime":77,"breadcrumbs":234},"https://p2pchange.is/crypto-news/thailand-gtoken/","Thailand taps KuCoin to support G-Token—the first publicly offered tokenized government bond. Here’s the issuance size, timeline, partners, and risks",4,{"sourceUrl":232,"altText":77},"https://p2pchange.is/wp-content/uploads/2025/08/p2p-change-pics-94-300x169.png","2025-08-27T14:32:25+00:00",[235,236,237],{"text":89,"relativeUrl":77},{"text":21,"relativeUrl":200},{"text":205,"relativeUrl":238},"/crypto-news/thailand-gtoken",{"id":240,"title":241,"date":242,"slug":243,"uri":244,"excerpt":245,"content":246,"postId":247,"language":248,"translations":249,"author":252,"categories":255,"featuredImage":259,"seo":263},"cG9zdDo4MzU=","What is Avalanche? A Complete Guide to AVAX","2025-08-26T13:35:38","what-is-avalanche","/complete-guides/what-is-avalanche/","\u003Cp>Avalanche is a high-performance Layer-1 blockchain designed for low fees, rapid finality, and flexible scaling through “subnets” (now often called Avalanche L1s). It powers EVM-compatible apps on its C-Chain and lets builders launch their own purpose-built blockchains that inherit Avalanche security and tooling. If you want a clear, up-to-date Avalanche guide for 2025—with plain-English explanations […]\u003C/p>\n","\u003Cp>\u003Cspan style=\"font-weight: 400;\">Avalanche is a high-performance Layer-1 blockchain designed for low fees, rapid finality, and flexible scaling through “subnets” (now often called Avalanche L1s). It powers EVM-compatible apps on its C-Chain and lets builders launch their own purpose-built blockchains that inherit Avalanche security and tooling. If you want a clear, up-to-date \u003C/span>\u003Cb>Avalanche guide\u003C/b>\u003Cspan style=\"font-weight: 400;\"> for 2025—with plain-English explanations of \u003C/span>\u003Cb>AVAX staking\u003C/b>\u003Cspan style=\"font-weight: 400;\">, \u003C/span>\u003Cb>subnets\u003C/b>\u003Cspan style=\"font-weight: 400;\">, \u003C/span>\u003Cb>wallets\u003C/b>\u003Cspan style=\"font-weight: 400;\">, and the \u003C/span>\u003Cb>Avalanche Bridge\u003C/b>\u003Cspan style=\"font-weight: 400;\">—you’re in the right place.\u003C/span>\u003C/p>\n\u003Ch2>\u003Cb>Avalanche in one minute\u003C/b>\u003C/h2>\n\u003Cul>\n\u003Cli style=\"font-weight: 400;\" aria-level=\"1\">\u003Cb>Architecture:\u003C/b>\u003Cspan style=\"font-weight: 400;\"> The “Primary Network” runs \u003C/span>\u003Cb>three blockchains\u003C/b>\u003Cspan style=\"font-weight: 400;\">—the \u003C/span>\u003Cb>P-Chain\u003C/b>\u003Cspan style=\"font-weight: 400;\"> (platform & validators), \u003C/span>\u003Cb>C-Chain\u003C/b>\u003Cspan style=\"font-weight: 400;\">(EVM smart contracts), and \u003C/span>\u003Cb>X-Chain\u003C/b>\u003Cspan style=\"font-weight: 400;\"> (asset exchange). \u003C/span>\u003C/li>\n\u003Cli style=\"font-weight: 400;\" aria-level=\"1\">\u003Cb>Consensus & speed:\u003C/b>\u003Cspan style=\"font-weight: 400;\"> Avalanche consensus targets \u003C/span>\u003Cb>sub-second finality\u003C/b>\u003Cspan style=\"font-weight: 400;\"> and high throughput; the project commonly cites “<1s” finality and multi-thousand TPS (implementation-dependent). \u003C/span>\u003C/li>\n\u003Cli style=\"font-weight: 400;\" aria-level=\"1\">\u003Cb>Scaling model:\u003C/b>\u003Cspan style=\"font-weight: 400;\"> Developers launch custom \u003C/span>\u003Cb>Avalanche L1s (“subnets”)\u003C/b>\u003Cspan style=\"font-weight: 400;\"> with their own rules, fees, and even virtual machines, while still tapping Avalanche tooling.\u003C/span>\u003C/li>\n\u003Cli style=\"font-weight: 400;\" aria-level=\"1\">\u003Cb>Token:\u003C/b> \u003Cb>AVAX\u003C/b>\u003Cspan style=\"font-weight: 400;\"> pays gas and is staked by validators; \u003C/span>\u003Cb>transaction fees are burned\u003C/b>\u003Cspan style=\"font-weight: 400;\">, creating a structural sink. The supply is \u003C/span>\u003Cb>hard-capped (720M)\u003C/b>\u003Cspan style=\"font-weight: 400;\">. \u003C/span>\u003C/li>\n\u003Cli style=\"font-weight: 400;\" aria-level=\"1\">\u003Cb>Staking basics:\u003C/b>\u003Cspan style=\"font-weight: 400;\"> To validate, you stake \u003C/span>\u003Cb>2,000 AVAX\u003C/b>\u003Cspan style=\"font-weight: 400;\">; to delegate, \u003C/span>\u003Cb>25 AVAX\u003C/b>\u003Cspan style=\"font-weight: 400;\"> (lockup 2 weeks–1 year; min delegation fee 2%). \u003C/span>\u003C/li>\n\u003C/ul>\n\u003Ch2>\u003Cb>How Avalanche works\u003C/b>\u003C/h2>\n\u003Ch3>\u003Cb>The three chains of the Primary Network\u003C/b>\u003C/h3>\n\u003Cp>\u003Cspan style=\"font-weight: 400;\">Avalanche separates concerns across three integrated blockchains:\u003C/span>\u003C/p>\n\u003Cul>\n\u003Cli style=\"font-weight: 400;\" aria-level=\"1\">\u003Cb>C-Chain:\u003C/b>\u003Cspan style=\"font-weight: 400;\"> EVM-compatible smart-contract chain (run Solidity apps, use MetaMask, deploy tokens/NFTs). \u003C/span>\u003C/li>\n\u003Cli style=\"font-weight: 400;\" aria-level=\"1\">\u003Cb>P-Chain:\u003C/b>\u003Cspan style=\"font-weight: 400;\"> Coordinates validators and manages \u003C/span>\u003Cb>Avalanche L1s (subnets)\u003C/b>\u003Cspan style=\"font-weight: 400;\">. \u003C/span>\u003C/li>\n\u003Cli style=\"font-weight: 400;\" aria-level=\"1\">\u003Cb>X-Chain:\u003C/b>\u003Cspan style=\"font-weight: 400;\"> Optimized for creating and transferring assets. \u003C/span>\u003C/li>\n\u003C/ul>\n\u003Cp>\u003Cspan style=\"font-weight: 400;\">This design keeps smart contracts fast while letting governance and validator coordination live on their own rails.\u003C/span>\u003C/p>\n\u003Ch3>\u003Cb>Avalanche consensus & finality\u003C/b>\u003C/h3>\n\u003Cp>\u003Cspan style=\"font-weight: 400;\">Instead of classic leader-based designs, Avalanche uses repeated randomized sampling among validators to quickly converge on a transaction’s outcome. The result is \u003C/span>\u003Cb>very fast, probabilistic-to-practical finality\u003C/b>\u003Cspan style=\"font-weight: 400;\">—generally quoted as \u003C/span>\u003Cb>sub-second\u003C/b>\u003Cspan style=\"font-weight: 400;\">—which is why DeFi and gaming apps often highlight snappy user experience. \u003C/span>\u003C/p>\n\u003Ch2>\u003Cb>Subnets (aka Avalanche L1s): the scaling superpower\u003C/b>\u003C/h2>\n\u003Cp>\u003Cspan style=\"font-weight: 400;\">Instead of forcing every app to share one global state machine, Avalanche lets you spin up \u003C/span>\u003Cb>independent Layer-1s\u003C/b>\u003Cspan style=\"font-weight: 400;\"> with their own validator sets, VM, fee logic, and compliance rules—useful for institutions, games, and region-specific deployments. These \u003C/span>\u003Cb>Avalanche L1s\u003C/b>\u003Cspan style=\"font-weight: 400;\"> are coordinated by the P-Chain but can be tailored for privacy or performance. \u003C/span>\u003C/p>\n\u003Cp>\u003Cspan style=\"font-weight: 400;\">Communication between L1s is handled natively via \u003C/span>\u003Cb>Avalanche Warp Messaging (AWM)\u003C/b>\u003Cspan style=\"font-weight: 400;\">, which lets subnets send authenticated messages to each other without a separate bridge—handy for cross-app features and shared liquidity. \u003C/span>\u003C/p>\n\u003Ch2>\u003Cb>The AVAX token: gas, staking & burn\u003C/b>\u003C/h2>\n\u003Cul>\n\u003Cli style=\"font-weight: 400;\" aria-level=\"1\">\u003Cb>Utility:\u003C/b>\u003Cspan style=\"font-weight: 400;\"> AVAX is used to pay gas across Avalanche’s chains and L1s; it’s also staked to secure the network. \u003C/span>\u003C/li>\n\u003Cli style=\"font-weight: 400;\" aria-level=\"1\">\u003Cb>Hard cap & burn:\u003C/b>\u003Cspan style=\"font-weight: 400;\"> AVAX has a \u003C/span>\u003Cb>hard-capped supply of 720 million\u003C/b>\u003Cspan style=\"font-weight: 400;\">. Notably, \u003C/span>\u003Cb>transaction fees are burned\u003C/b>\u003Cspan style=\"font-weight: 400;\">, permanently removing AVAX from circulation—providing a counterweight to emissions from staking rewards. \u003C/span>\u003C/li>\n\u003C/ul>\n\u003Ch2>\u003Cb>Staking: validate or delegate\u003C/b>\u003C/h2>\n\u003Cp>\u003Cspan style=\"font-weight: 400;\">If you want to participate in consensus (and potentially earn rewards):\u003C/span>\u003C/p>\n\u003Cul>\n\u003Cli style=\"font-weight: 400;\" aria-level=\"1\">\u003Cb>Validator:\u003C/b>\u003Cspan style=\"font-weight: 400;\"> Stake \u003C/span>\u003Cb>2,000 AVAX\u003C/b>\u003Cspan style=\"font-weight: 400;\"> minimum; choose a \u003C/span>\u003Cb>2-week to 1-year\u003C/b>\u003Cspan style=\"font-weight: 400;\"> lockup. Rewards depend on uptime and chosen duration.\u003C/span>\u003C/li>\n\u003Cli style=\"font-weight: 400;\" aria-level=\"1\">\u003Cb>Delegator:\u003C/b>\u003Cspan style=\"font-weight: 400;\"> Delegate \u003C/span>\u003Cb>25 AVAX\u003C/b>\u003Cspan style=\"font-weight: 400;\"> or more to a validator for \u003C/span>\u003Cb>2 weeks–1 year\u003C/b>\u003Cspan style=\"font-weight: 400;\">; validators set a delegation fee that must be \u003C/span>\u003Cb>≥2%\u003C/b>\u003Cspan style=\"font-weight: 400;\"> by protocol rule.\u003C/span>\u003C/li>\n\u003C/ul>\n\u003Cp>\u003Cspan style=\"font-weight: 400;\">Quick note: Avalanche’s staking model does \u003C/span>\u003Cb>not\u003C/b>\u003Cspan style=\"font-weight: 400;\"> slash for downtime like some networks, but low uptime reduces rewards—so choose reputable validators.\u003C/span>\u003C/p>\n\u003Ch2>\u003Cb>Building & using Avalanche today\u003C/b>\u003C/h2>\n\u003Ch3>\u003Cb>Wallets\u003C/b>\u003C/h3>\n\u003Cul>\n\u003Cli style=\"font-weight: 400;\" aria-level=\"1\">\u003Cb>Core\u003C/b>\u003Cspan style=\"font-weight: 400;\"> (by Ava Labs) is Avalanche’s official wallet family (web/extension/mobile) for swapping, bridging, staking, and app discovery.\u003C/span>\u003C/li>\n\u003Cli style=\"font-weight: 400;\" aria-level=\"1\">\u003Cb>MetaMask\u003C/b>\u003Cspan style=\"font-weight: 400;\"> works on the \u003C/span>\u003Cb>C-Chain\u003C/b>\u003Cspan style=\"font-weight: 400;\"> because it’s EVM-compatible; add Avalanche via network settings. \u003C/span>\u003C/li>\n\u003C/ul>\n\u003Ch3>\u003Cb>Bridging assets\u003C/b>\u003C/h3>\n\u003Cp>\u003Cspan style=\"font-weight: 400;\">The \u003C/span>\u003Cb>Avalanche Bridge\u003C/b>\u003Cspan style=\"font-weight: 400;\"> makes it straightforward to move \u003C/span>\u003Cb>BTC and ERC-20s\u003C/b>\u003Cspan style=\"font-weight: 400;\"> between Bitcoin/Ethereum and Avalanche’s C-Chain, with official guides and support. You can also access it inside \u003C/span>\u003Cb>Core\u003C/b>\u003Cspan style=\"font-weight: 400;\">. \u003C/span>\u003C/p>\n\u003Ch2>\u003Cb>Avalanche vs. Ethereum: where it fits\u003C/b>\u003C/h2>\n\u003Cul>\n\u003Cli style=\"font-weight: 400;\" aria-level=\"1\">\u003Cb>Compatibility:\u003C/b>\u003Cspan style=\"font-weight: 400;\"> Avalanche’s \u003C/span>\u003Cb>C-Chain\u003C/b>\u003Cspan style=\"font-weight: 400;\"> runs an EVM, so existing Solidity dApps and wallets port easily.\u003C/span>\u003C/li>\n\u003Cli style=\"font-weight: 400;\" aria-level=\"1\">\u003Cb>Performance & finality:\u003C/b>\u003Cspan style=\"font-weight: 400;\"> Avalanche pursues \u003C/span>\u003Cb>sub-second finality\u003C/b>\u003Cspan style=\"font-weight: 400;\"> and high throughput, which helps UX for on-chain games, trading, and payments. Ethereum mainnet prioritizes neutrality and decentralization with rollups for scaling.\u003C/span>\u003C/li>\n\u003Cli style=\"font-weight: 400;\" aria-level=\"1\">\u003Cb>App-specific chains:\u003C/b>\u003Cspan style=\"font-weight: 400;\"> Avalanche’s \u003C/span>\u003Cb>L1s (subnets)\u003C/b>\u003Cspan style=\"font-weight: 400;\"> are a native, production path for bespoke blockchains (custom fees, compliance, or permissioning) that still sit inside the Avalanche universe. \u003C/span>\u003C/li>\n\u003C/ul>\n\u003Ch2>\u003Cb>Fees, gas, and cost\u003C/b>\u003C/h2>\n\u003Cp>\u003Cspan style=\"font-weight: 400;\">Transactions require \u003C/span>\u003Cb>AVAX gas\u003C/b>\u003Cspan style=\"font-weight: 400;\">, and \u003C/span>\u003Cb>those fees are burned\u003C/b>\u003Cspan style=\"font-weight: 400;\"> rather than paid to validators. Cost depends on network demand and the complexity of the action (simple transfer vs. contract interaction). For many use cases, gas on Avalanche is measured in cents or less, though prices vary with usage.\u003C/span>\u003C/p>\n\u003Ch2>\u003Cb>Popular use cases\u003C/b>\u003C/h2>\n\u003Cul>\n\u003Cli style=\"font-weight: 400;\" aria-level=\"1\">\u003Cb>DeFi & trading:\u003C/b>\u003Cspan style=\"font-weight: 400;\"> EVM DeFi (DEXs, lending) runs on the C-Chain; custom L1s can host specialized markets with tailored fee curves. \u003C/span>\u003C/li>\n\u003Cli style=\"font-weight: 400;\" aria-level=\"1\">\u003Cb>Gaming & consumer apps:\u003C/b>\u003Cspan style=\"font-weight: 400;\"> Teams deploy L1s with fast finality, predictable fees, and \u003C/span>\u003Cb>AWM\u003C/b>\u003Cspan style=\"font-weight: 400;\"> for cross-game messaging. \u003C/span>\u003C/li>\n\u003Cli style=\"font-weight: 400;\" aria-level=\"1\">\u003Cb>Institutional rails:\u003C/b>\u003Cspan style=\"font-weight: 400;\"> Subnets can require KYC’d validators or region-specific compliance—useful for tokenized assets and private markets.\u003C/span>\u003C/li>\n\u003C/ul>\n\u003Ch2>\u003Cb>How to get started (step-by-step)\u003C/b>\u003C/h2>\n\u003Col>\n\u003Cli style=\"font-weight: 400;\" aria-level=\"1\">\u003Cb>Set up a wallet:\u003C/b>\u003Cspan style=\"font-weight: 400;\"> Install \u003C/span>\u003Cb>Core\u003C/b>\u003Cspan style=\"font-weight: 400;\"> or add Avalanche to \u003C/span>\u003Cb>MetaMask\u003C/b>\u003Cspan style=\"font-weight: 400;\"> (C-Chain). \u003C/span>\u003C/li>\n\u003Cli style=\"font-weight: 400;\" aria-level=\"1\">\u003Cb>Acquire AVAX:\u003C/b>\u003Cspan style=\"font-weight: 400;\"> Buy on a reputable exchange, then withdraw to your C-Chain address (0x… format) for dApps and staking. \u003C/span>\u003Ci>\u003Cspan style=\"font-weight: 400;\">(Use exchange instructions; not cited here.)\u003C/span>\u003C/i>\u003C/li>\n\u003Cli style=\"font-weight: 400;\" aria-level=\"1\">\u003Cb>Bridge assets (optional):\u003C/b>\u003Cspan style=\"font-weight: 400;\"> Use the \u003C/span>\u003Cb>Avalanche Bridge\u003C/b>\u003Cspan style=\"font-weight: 400;\"> to bring over ETH or ERC-20s for DeFi. \u003C/span>\u003C/li>\n\u003Cli style=\"font-weight: 400;\" aria-level=\"1\">\u003Cb>Try a dApp:\u003C/b>\u003Cspan style=\"font-weight: 400;\"> Explore EVM dApps on the C-Chain or a curated L1; confirm you’re on the correct network and contract. \u003C/span>\u003C/li>\n\u003Cli style=\"font-weight: 400;\" aria-level=\"1\">\u003Cb>Stake AVAX:\u003C/b>\u003Cspan style=\"font-weight: 400;\"> Either \u003C/span>\u003Cb>delegate 25+ AVAX\u003C/b>\u003Cspan style=\"font-weight: 400;\"> to a validator or later consider running your own validator with \u003C/span>\u003Cb>2,000 AVAX\u003C/b>\u003Cspan style=\"font-weight: 400;\"> if you have the expertise and capital. \u003C/span>\u003C/li>\n\u003C/ol>\n\u003Ch2>\u003Cb>Risks & considerations\u003C/b>\u003C/h2>\n\u003Cul>\n\u003Cli style=\"font-weight: 400;\" aria-level=\"1\">\u003Cb>Throughput claims vs. reality:\u003C/b>\u003Cspan style=\"font-weight: 400;\"> Published TPS and finality are \u003C/span>\u003Cb>capabilities\u003C/b>\u003Cspan style=\"font-weight: 400;\">, not guarantees under every workload; test your app’s path.\u003C/span>\u003C/li>\n\u003Cli style=\"font-weight: 400;\" aria-level=\"1\">\u003Cb>Validator/Delegation choices:\u003C/b>\u003Cspan style=\"font-weight: 400;\"> Rewards depend on uptime and parameters; research operators before delegating. \u003C/span>\u003C/li>\n\u003Cli style=\"font-weight: 400;\" aria-level=\"1\">\u003Cb>Bridging risk:\u003C/b>\u003Cspan style=\"font-weight: 400;\"> The official bridge has dedicated security design and support, but any cross-chain movement introduces additional risk; double-check addresses and chain context. \u003C/span>\u003C/li>\n\u003C/ul>\n\u003Ch2>\u003Cb>Bottom line\u003C/b>\u003C/h2>\n\u003Cp>\u003Cspan style=\"font-weight: 400;\">Avalanche aims to be the \u003C/span>\u003Cb>builder-friendly, high-throughput L1\u003C/b>\u003Cspan style=\"font-weight: 400;\"> where you can run EVM apps on the \u003C/span>\u003Cb>C-Chain\u003C/b>\u003Cspan style=\"font-weight: 400;\"> and launch \u003C/span>\u003Cb>custom L1s (subnets)\u003C/b>\u003Cspan style=\"font-weight: 400;\"> for specialized needs—while enjoying \u003C/span>\u003Cb>sub-second finality\u003C/b>\u003Cspan style=\"font-weight: 400;\">, \u003C/span>\u003Cb>low fees\u003C/b>\u003Cspan style=\"font-weight: 400;\">, and an \u003C/span>\u003Cb>AVAX\u003C/b>\u003Cspan style=\"font-weight: 400;\"> token model that \u003C/span>\u003Cb>burns all gas\u003C/b>\u003Cspan style=\"font-weight: 400;\">. For users, that means quick transactions and familiar tooling; for teams, it means a path to tailor compliance, fees, and performance without leaving the ecosystem. \u003C/span>\u003C/p>\n\u003Ch3>\u003Cb>Follow us:\u003C/b>\u003C/h3>\n\u003Cp>\u003Ca class=\"invalid-url\" href=\"http://p2pchange.is\" data-validation-message=\"Invalid URL path\">\u003Cspan style=\"font-weight: 400;\">P2pchange\u003C/span>\u003C/a>\u003C/p>\n\u003Cp>\u003Ca href=\"https://x.com/p2pchange_is\">\u003Cspan style=\"font-weight: 400;\">Twitter/X\u003C/span>\u003C/a>\u003C/p>\n\u003Cp>\u003Ca href=\"https://t.me/p2pchange_is\">\u003Cspan style=\"font-weight: 400;\">Telegram\u003C/span>\u003C/a>\u003C/p>\n",835,{"code":5,"locale":55,"name":56,"slug":57},[250],{"language":251,"slug":243,"status":64},{"code":6,"locale":61,"name":62,"slug":63},{"node":253},{"name":67,"avatar":254},{"url":69},{"edges":256},[257],{"node":258},{"name":12,"slug":13,"uri":15},{"node":260},{"sourceUrl":261,"altText":77,"title":262},"https://p2pchange.is/wp-content/uploads/2025/08/p2p-change-pics-92.png","P2p change pics (92)",{"canonical":264,"metaDesc":265,"readingTime":121,"opengraphTitle":241,"opengraphUrl":264,"opengraphImage":266,"twitterImage":14,"opengraphDescription":265,"twitterDescription":77,"title":241,"twitterTitle":77,"opengraphType":85,"opengraphPublishedTime":268,"opengraphModifiedTime":77,"breadcrumbs":269},"https://p2pchange.is/complete-guides/what-is-avalanche/","Learn what Avalanche is, how AVAX works, subnets vs. C-Chain, staking (2,000 AVAX validator / 25 AVAX delegation), fees, wallets & bridging.",{"sourceUrl":267,"altText":77},"https://p2pchange.is/wp-content/uploads/2025/08/p2p-change-pics-92-300x169.png","2025-08-26T13:35:38+00:00",[270,271,272],{"text":89,"relativeUrl":77},{"text":12,"relativeUrl":163},{"text":241,"relativeUrl":273},"/complete-guides/what-is-avalanche",{"id":275,"title":276,"date":277,"slug":278,"uri":279,"excerpt":280,"content":281,"postId":282,"language":283,"translations":284,"author":287,"categories":290,"featuredImage":294,"seo":298},"cG9zdDo4Mjk=","Bitcoin Slips Under $111K as Whale Offload Triggers $550M in Liquidations","2025-08-25T14:14:54","bitcoin-price-slips-under-111k","/crypto-news/bitcoin-price-slips-under-111k/","\u003Cp>What happened Bitcoin’s weekend sell-off accelerated into Monday trade, with prices briefly dipping under $111,000 before stabilizing in the low-$112Ks. The move followed a large whale unloading roughly 24,000 BTC (over $300 million at the time), which hit thin liquidity and triggered a cascade of forced unwinds. Total crypto liquidations topped $550 million over the […]\u003C/p>\n","\u003Ch2>\u003Cb>What happened\u003C/b>\u003C/h2>\n\u003Cp>\u003Cspan style=\"font-weight: 400;\">Bitcoin’s weekend sell-off accelerated into Monday trade, with prices briefly dipping under $111,000 before stabilizing in the low-$112Ks. The move followed a large whale unloading roughly \u003C/span>\u003Cb>24,000 BTC\u003C/b>\u003Cspan style=\"font-weight: 400;\"> (over $300 million at the time), which hit thin liquidity and triggered a cascade of forced unwinds. Total crypto liquidations topped \u003C/span>\u003Cb>$550 million\u003C/b>\u003Cspan style=\"font-weight: 400;\"> over the past day, according to CoinDesk’s market desk.\u003C/span>\u003C/p>\n\u003Cp>\u003Cspan style=\"font-weight: 400;\">On-chain sleuths told CoinDesk the selling wallet had ties to \u003C/span>\u003Cb>HTX\u003C/b>\u003Cspan style=\"font-weight: 400;\"> funds dormant for ~six years, with \u003C/span>\u003Cb>12,000 BTC\u003C/b>\u003Cspan style=\"font-weight: 400;\">transferred on Sunday alone. That flow erased gains logged after Fed Chair Jerome Powell’s Jackson Hole remarks and pushed BTC to \u003C/span>\u003Cb>lows below $111,000\u003C/b>\u003Cspan style=\"font-weight: 400;\"> before a modest bounce.\u003C/span>\u003C/p>\n\u003Cp>\u003Cspan style=\"font-weight: 400;\">The bout of volatility comes just days after BTC set a fresh 2025 peak near \u003C/span>\u003Cb>$124,290\u003C/b>\u003Cspan style=\"font-weight: 400;\"> (Aug. 14). Ahead of Powell’s speech, traders had already been taking profits and positioning defensively—one reason the market was vulnerable to a sharp, flow-driven downdraft.\u003C/span>\u003C/p>\n\u003Ch2>\u003Cb>Why whale activity mattered this time\u003C/b>\u003C/h2>\n\u003Cp>\u003Cspan style=\"font-weight: 400;\">Whale deposits to exchanges tend to precede supply hitting order books. CryptoQuant researchers flagged a summer pickup in \u003C/span>\u003Cb>whale and miner transfers to exchanges\u003C/b>\u003Cspan style=\"font-weight: 400;\"> as BTC pressed new highs—classic “distribution risk” that can amplify downside when liquidity thins. The weekend dump fit that pattern: a single seller, large clip sizes, and a market already leaning cautious.\u003C/span>\u003C/p>\n\u003Cp>\u003Cspan style=\"font-weight: 400;\">Options data also reflect nerves. Deribit risk-reversals (25-delta) remain negative through year-end, signaling that \u003C/span>\u003Cb>puts cost more than calls\u003C/b>\u003Cspan style=\"font-weight: 400;\"> as traders hedge against further drawdowns—a setup CoinDesk highlighted alongside the flash crash headlines.\u003C/span>\u003C/p>\n\u003Ch2>\u003Cb>The macro backdrop\u003C/b>\u003C/h2>\n\u003Cp>\u003Cspan style=\"font-weight: 400;\">Macro didn’t help. Powell’s Jackson Hole speech was interpreted as \u003C/span>\u003Cb>dovish-leaning but non-committal\u003C/b>\u003Cspan style=\"font-weight: 400;\">, and positioning into the event had skewed cautious. Investopedia noted BTC had already \u003C/span>\u003Cb>slipped ~10%\u003C/b>\u003Cspan style=\"font-weight: 400;\"> from its Aug. 14 peak ahead of the speech, with flow indicators such as the \u003C/span>\u003Cb>Coinbase–Binance spread\u003C/b>\u003Cspan style=\"font-weight: 400;\"> hinting at strong U.S. spot selling. When the whale hit, follow-through arrived quickly.\u003C/span>\u003C/p>\n\u003Ch2>\u003Cb>Market takeaways\u003C/b>\u003C/h2>\n\u003Cp>\u003Cb>1) Liquidity gaps cut both ways.\u003C/b>\u003Cspan style=\"font-weight: 400;\"> Summer books are thinner; large market sells can “gap” price and mechanically trigger stops. The magnitude of Sunday’s move was less about a change in fundamentals and more about \u003C/span>\u003Cb>where size met liquidity\u003C/b>\u003Cspan style=\"font-weight: 400;\">. CoinDesk’s liquidation tallies underscore how leverage accelerates that process.\u003C/span>\u003C/p>\n\u003Cp>\u003Cb>2) The “whale supply” theme isn’t new.\u003C/b>\u003Cspan style=\"font-weight: 400;\"> Quant shops have spent July–August documenting higher \u003C/span>\u003Cb>exchange inflows from whales and miners\u003C/b>\u003Cspan style=\"font-weight: 400;\">—fuel for pullbacks when risk appetite wobbles. If those flows persist, bounces can be sold until the supply dries up.\u003C/span>\u003C/p>\n\u003Cp>\u003Cb>3) Options hedging remains elevated.\u003C/b>\u003Cspan style=\"font-weight: 400;\"> With \u003C/span>\u003Cb>risk-reversals negative\u003C/b>\u003Cspan style=\"font-weight: 400;\">, rallies may meet structured selling from desks long volatility protection, keeping tops choppy until hedge demand eases.\u003C/span>\u003C/p>\n\u003Ch2>\u003Cb>Levels & scenarios to watch\u003C/b>\u003C/h2>\n\u003Cul>\n\u003Cli style=\"font-weight: 400;\" aria-level=\"1\">\u003Cb>$111K–$113K:\u003C/b>\u003Cspan style=\"font-weight: 400;\"> Weekend low and immediate bounce area. Lose it cleanly, and the market likely re-tests the round-number magnet at \u003C/span>\u003Cb>$110K\u003C/b>\u003Cspan style=\"font-weight: 400;\"> and prior liquidity pockets just below.\u003C/span>\u003C/li>\n\u003Cli style=\"font-weight: 400;\" aria-level=\"1\">\u003Cb>$116K–$117K:\u003C/b>\u003Cspan style=\"font-weight: 400;\"> Post-Powell spike zone; reclaiming and holding above would signal dip-buyers back in charge.\u003C/span>\u003C/li>\n\u003Cli style=\"font-weight: 400;\" aria-level=\"1\">\u003Cb>Macro calendar:\u003C/b>\u003Cspan style=\"font-weight: 400;\"> The market remains sensitive to rate-cut odds and dollar moves into September; traders were already positioned for Powell to be less supportive than hoped.\u003C/span>\u003C/li>\n\u003C/ul>\n\u003Ch2>\u003Cb>What it means for investors\u003C/b>\u003C/h2>\n\u003Cp>\u003Cspan style=\"font-weight: 400;\">Short-term, \u003C/span>\u003Cb>flow dominates\u003C/b>\u003Cspan style=\"font-weight: 400;\">. When a single wallet can clip tens of thousands of BTC into a thin tape, price discovery becomes mechanical, and leverage gets cleared fast. If you’re trading the volatility:\u003C/span>\u003C/p>\n\u003Cul>\n\u003Cli style=\"font-weight: 400;\" aria-level=\"1\">\u003Cspan style=\"font-weight: 400;\">Watch \u003C/span>\u003Cb>exchange whale inflows\u003C/b>\u003Cspan style=\"font-weight: 400;\"> and \u003C/span>\u003Cb>derivatives positioning\u003C/b>\u003Cspan style=\"font-weight: 400;\">; both have been reliable early warnings this month.\u003C/span>\u003C/li>\n\u003Cli style=\"font-weight: 400;\" aria-level=\"1\">\u003Cspan style=\"font-weight: 400;\">Respect liquidity pockets around key round numbers ($110K/$115K) and don’t ignore options cues (persistent \u003C/span>\u003Cb>put skew\u003C/b>\u003Cspan style=\"font-weight: 400;\">).\u003C/span>\u003C/li>\n\u003C/ul>\n\u003Cp>\u003Cspan style=\"font-weight: 400;\">Medium-term, the \u003C/span>\u003Cb>secular backdrop\u003C/b>\u003Cspan style=\"font-weight: 400;\"> didn’t change in a day. As Investopedia noted last week, many macro strategists still characterize BTC’s cycle as intact, even while acknowledging the market hadn’t seen a deep reset in some time—making episodes like this more likely.\u003C/span>\u003C/p>\n\u003Ch3>\u003Cb>Follow us:\u003C/b>\u003C/h3>\n\u003Cp>\u003Ca class=\"invalid-url\" href=\"http://p2pchange.is\" data-validation-message=\"Invalid URL path\">\u003Cspan style=\"font-weight: 400;\">P2pchange\u003C/span>\u003C/a>\u003C/p>\n\u003Cp>\u003Ca href=\"https://x.com/p2pchange_is\">\u003Cspan style=\"font-weight: 400;\">Twitter/X\u003C/span>\u003C/a>\u003C/p>\n\u003Cp>\u003Ca href=\"https://t.me/p2pchange_is\">\u003Cspan style=\"font-weight: 400;\">Telegram\u003C/span>\u003C/a>\u003C/p>\n",829,{"code":5,"locale":55,"name":56,"slug":57},[285],{"language":286,"slug":278,"status":64},{"code":6,"locale":61,"name":62,"slug":63},{"node":288},{"name":67,"avatar":289},{"url":69},{"edges":291},[292],{"node":293},{"name":21,"slug":22,"uri":23},{"node":295},{"sourceUrl":296,"altText":77,"title":297},"https://p2pchange.is/wp-content/uploads/2025/08/p2p-change-pics-90.png","P2p change pics (90)",{"canonical":299,"metaDesc":300,"readingTime":230,"opengraphTitle":276,"opengraphUrl":299,"opengraphImage":301,"twitterImage":14,"opengraphDescription":300,"twitterDescription":77,"title":276,"twitterTitle":77,"opengraphType":85,"opengraphPublishedTime":303,"opengraphModifiedTime":77,"breadcrumbs":304},"https://p2pchange.is/crypto-news/bitcoin-price-slips-under-111k/","Bitcoin (BTC) fell below $111,000 after a single whale moved ~24,000 BTC, sparking over $550 million in crypto liquidations. Here’s what happened",{"sourceUrl":302,"altText":77},"https://p2pchange.is/wp-content/uploads/2025/08/p2p-change-pics-90-300x169.png","2025-08-25T14:14:54+00:00",[305,306,307],{"text":89,"relativeUrl":77},{"text":21,"relativeUrl":200},{"text":276,"relativeUrl":308},"/crypto-news/bitcoin-price-slips-under-111k",{"id":310,"title":311,"date":312,"slug":313,"uri":314,"excerpt":315,"content":316,"postId":317,"language":318,"translations":319,"author":322,"categories":325,"featuredImage":329,"seo":333},"cG9zdDo4MjM=","JPMorgan Lists 4 Reasons Ethereum Is Outperforming Bitcoin in August 2025","2025-08-22T09:55:37","ethereum-is-outperforming-bitcoin","/crypto-news/ethereum-is-outperforming-bitcoin/","\u003Cp>Ethereum (ETH) has pulled ahead of Bitcoin (BTC) on a relative basis this month—and JPMorgan thinks it’s not a fluke. In a fresh note, the bank highlights four catalysts propelling ether’s recent strength: ETF plumbing and flows, corporate treasury accumulation, a friendlier regulatory backdrop, and a bullish technical turn in the ETH/BTC ratio. Independent market […]\u003C/p>\n","\u003Cp>\u003Cspan style=\"font-weight: 400;\">Ethereum (ETH) has pulled ahead of Bitcoin (BTC) on a relative basis this month—and JPMorgan thinks it’s not a fluke. In a fresh note, the bank highlights \u003C/span>\u003Cb>four\u003C/b>\u003Cspan style=\"font-weight: 400;\"> catalysts propelling ether’s recent strength: \u003C/span>\u003Cb>ETF plumbing and flows, corporate treasury accumulation, a friendlier regulatory backdrop, and a bullish technical turn in the ETH/BTC ratio.\u003C/b>\u003Cspan style=\"font-weight: 400;\"> Independent market data back up the thesis: spot \u003C/span>\u003Cb>Ether ETFs just logged their first-ever $1 billion\u003C/b>\u003Cspan style=\"font-weight: 400;\"> day of net inflows, and the \u003C/span>\u003Cb>ETH/BTC pair pushed to a 2025 high\u003C/b>\u003Cspan style=\"font-weight: 400;\">. \u003C/span>\u003C/p>\n\u003Ch2>\u003Cb>The four drivers, explained\u003C/b>\u003C/h2>\n\u003Cp>\u003Cb>1) ETF mechanics + big-money inflows\u003C/b>\u003Cb>\u003Cbr />\n\u003C/b>\u003Cspan style=\"font-weight: 400;\">U.S. regulators have \u003C/span>\u003Cb>cleared in-kind creations/redemptions\u003C/b>\u003Cspan style=\"font-weight: 400;\"> for spot crypto ETFs—a structure that cuts friction for large investors moving assets in and out. That improvement has been a tailwind for ether funds as they’ve scaled up in 2025. Then came the headline: on \u003C/span>\u003Cb>Aug. 11\u003C/b>\u003Cspan style=\"font-weight: 400;\">, spot \u003C/span>\u003Cb>Ether ETFs took in over $1B net in a single day\u003C/b>\u003Cspan style=\"font-weight: 400;\">—a first for the category—led by BlackRock and Fidelity products. Together, those details help explain why ETH demand has accelerated in August. \u003C/span>\u003C/p>\n\u003Cp>\u003Cb>2) Corporate treasuries are buying ETH\u003C/b>\u003Cb>\u003Cbr />\n\u003C/b>\u003Cspan style=\"font-weight: 400;\">A surge of small and mid-cap public companies has begun adding ether to balance sheets—sometimes alongside staking—creating a new, steady bid for supply. \u003C/span>\u003Cb>Reuters\u003C/b>\u003Cspan style=\"font-weight: 400;\"> tallied roughly \u003C/span>\u003Cb>966,000 ETH\u003C/b>\u003Cspan style=\"font-weight: 400;\"> held by companies as of early August (≈$3.5B at the time), and \u003C/span>\u003Cb>Standard Chartered\u003C/b>\u003Cspan style=\"font-weight: 400;\"> has argued treasuries could eventually control a meaningful slice of the float. The upshot: a new class of “sticky” holders is forming. \u003C/span>\u003C/p>\n\u003Cp>\u003Cb>3) A clearer policy backdrop\u003C/b>\u003Cb>\u003Cbr />\n\u003C/b>\u003Cspan style=\"font-weight: 400;\">Policy moves in Washington have improved sentiment around Ethereum’s role in payments and tokenization. For example, progress on a \u003C/span>\u003Cb>U.S. stablecoin bill\u003C/b>\u003Cspan style=\"font-weight: 400;\"> has been associated with stronger ether performance (stablecoins are heavily issued and transacted on Ethereum). Meanwhile, the SEC’s tolerance for \u003C/span>\u003Cb>in-kind ETF flows\u003C/b>\u003Cspan style=\"font-weight: 400;\"> removed operational uncertainty for large issuers. Together, these signals reduce headline risk versus prior years. \u003C/span>\u003C/p>\n\u003Cp>\u003Cb>4) The chart turned: ETH/BTC broke higher\u003C/b>\u003Cb>\u003Cbr />\n\u003C/b>\u003Cspan style=\"font-weight: 400;\">Since June 1, ETH has \u003C/span>\u003Cb>outpaced BTC\u003C/b>\u003Cspan style=\"font-weight: 400;\">, driving the \u003C/span>\u003Cb>ETH/BTC ratio above ~0.037\u003C/b>\u003Cspan style=\"font-weight: 400;\">, its high for 2025 so far. Technicians view that breakout as confirmation of relative-strength momentum—exactly the kind of “fourth leg” that can pull macro money off the sidelines. \u003C/span>\u003C/p>\n\u003Ch2>\u003Cb>By the numbers: what the market is showing\u003C/b>\u003C/h2>\n\u003Cul>\n\u003Cli style=\"font-weight: 400;\" aria-level=\"1\">\u003Cb>ETF flows:\u003C/b>\u003Cspan style=\"font-weight: 400;\"> Ether’s funds hit a \u003C/span>\u003Cb>record $1B daily net\u003C/b>\u003Cspan style=\"font-weight: 400;\"> inflow on Aug. 11; cumulative inflows have surpassed \u003C/span>\u003Cb>$10B\u003C/b>\u003Cspan style=\"font-weight: 400;\">since launch, though flows remain volatile day-to-day.\u003C/span>\u003C/li>\n\u003Cli style=\"font-weight: 400;\" aria-level=\"1\">\u003Cb>Price action:\u003C/b>\u003Cspan style=\"font-weight: 400;\"> ETH reclaimed and held the \u003C/span>\u003Cb>$4,000\u003C/b>\u003Cspan style=\"font-weight: 400;\"> handle last week before broad-market chop; relative performance versus BTC has been the standout. \u003C/span>\u003C/li>\n\u003Cli style=\"font-weight: 400;\" aria-level=\"1\">\u003Cb>Treasury adoption:\u003C/b>\u003Cspan style=\"font-weight: 400;\"> Corporate buyers have emerged as a new class of holders—\u003C/span>\u003Cb>Reuters\u003C/b>\u003Cspan style=\"font-weight: 400;\"> and bank research both document the trend. \u003C/span>\u003C/li>\n\u003C/ul>\n\u003Ch2>\u003Cb>The fine print: risks and counter-currents\u003C/b>\u003C/h2>\n\u003Cp>\u003Cspan style=\"font-weight: 400;\">Even as the structural story improves, the \u003C/span>\u003Cb>tape remains choppy\u003C/b>\u003Cspan style=\"font-weight: 400;\">:\u003C/span>\u003C/p>\n\u003Cul>\n\u003Cli style=\"font-weight: 400;\" aria-level=\"1\">\u003Cb>Flow reversals happen.\u003C/b>\u003Cspan style=\"font-weight: 400;\"> After the record day, ether funds have also seen notable \u003C/span>\u003Cb>outflow days\u003C/b>\u003Cspan style=\"font-weight: 400;\">—including nearly \u003C/span>\u003Cb>$200M\u003C/b>\u003Cspan style=\"font-weight: 400;\"> in redemptions on Aug. 18—reminding traders that ETF demand can swing with macro data and positioning. \u003C/span>\u003C/li>\n\u003Cli style=\"font-weight: 400;\" aria-level=\"1\">\u003Cb>Macro sensitivity.\u003C/b>\u003Cspan style=\"font-weight: 400;\"> Crypto continues to trade with rates and risk appetite; late-summer jitters around inflation and Jackson Hole have pressured both BTC and ETH. \u003C/span>\u003C/li>\n\u003C/ul>\n\u003Ch2>\u003Cb>Why it matters beyond August\u003C/b>\u003C/h2>\n\u003Cp>\u003Cspan style=\"font-weight: 400;\">JPMorgan’s framework implies ether’s leadership can last \u003C/span>\u003Cb>if\u003C/b>\u003Cspan style=\"font-weight: 400;\"> those four pillars hold:\u003C/span>\u003C/p>\n\u003Col>\n\u003Cli style=\"font-weight: 400;\" aria-level=\"1\">\u003Cb>ETF market plumbing\u003C/b>\u003Cspan style=\"font-weight: 400;\"> stays favorable (in-kind, tight spreads, multiple issuers).\u003C/span>\u003C/li>\n\u003Cli style=\"font-weight: 400;\" aria-level=\"1\">\u003Cb>Treasury adoption\u003C/b>\u003Cspan style=\"font-weight: 400;\"> continues (firms raising capital precisely to buy and stake ETH). \u003C/span>\u003C/li>\n\u003Cli style=\"font-weight: 400;\" aria-level=\"1\">\u003Cb>Policy clarity\u003C/b>\u003Cspan style=\"font-weight: 400;\"> advances (stablecoin rules and disclosure standards that benefit Ethereum’s settlement role). \u003C/span>\u003C/li>\n\u003Cli style=\"font-weight: 400;\" aria-level=\"1\">\u003Cb>Technical trend\u003C/b>\u003Cspan style=\"font-weight: 400;\"> in ETH/BTC maintains higher-lows above key breakout levels. \u003C/span>\u003C/li>\n\u003C/ol>\n\u003Cp>\u003Cspan style=\"font-weight: 400;\">If any leg wobbles—say, flows flip negative for weeks or the ETH/BTC ratio loses the breakout—relative strength could fade. But for now, the drivers are visible in public data, not just in a bank’s slide deck.\u003C/span>\u003C/p>\n\u003Ch2>\u003Cb>What to watch next\u003C/b>\u003C/h2>\n\u003Cul>\n\u003Cli style=\"font-weight: 400;\" aria-level=\"1\">\u003Cb>ETF dashboards:\u003C/b>\u003Cspan style=\"font-weight: 400;\"> Keep an eye on daily net flows and secondary-market volumes for the largest ether funds (BlackRock, Fidelity, Grayscale mini). A string of strong inflow days often begets more. \u003C/span>\u003C/li>\n\u003Cli style=\"font-weight: 400;\" aria-level=\"1\">\u003Cb>Corporate filings & raises:\u003C/b>\u003Cspan style=\"font-weight: 400;\"> More \u003C/span>\u003Cb>treasury programs\u003C/b>\u003Cspan style=\"font-weight: 400;\"> (or capital raises earmarked for ETH) would reinforce the structural bid case. \u003C/span>\u003C/li>\n\u003Cli style=\"font-weight: 400;\" aria-level=\"1\">\u003Cb>ETH/BTC levels:\u003C/b>\u003Cspan style=\"font-weight: 400;\"> Technicians are watching whether the pair can \u003C/span>\u003Cb>hold above the 0.036–0.037 zone\u003C/b>\u003Cspan style=\"font-weight: 400;\"> and extend. \u003C/span>\u003C/li>\n\u003Cli style=\"font-weight: 400;\" aria-level=\"1\">\u003Cb>Macro calendar:\u003C/b>\u003Cspan style=\"font-weight: 400;\"> CPI/Jobs/central-bank signals; the same days that swing equities often swing ETF crypto flows\u003C/span>\u003C/li>\n\u003C/ul>\n\u003Ch3>\u003Cb>Follow us:\u003C/b>\u003C/h3>\n\u003Cp>\u003Ca class=\"invalid-url\" href=\"http://p2pchange.is\" data-validation-message=\"Invalid URL path\">\u003Cspan style=\"font-weight: 400;\">P2pchange\u003C/span>\u003C/a>\u003C/p>\n\u003Cp>\u003Ca href=\"https://x.com/p2pchange_is\">\u003Cspan style=\"font-weight: 400;\">Twitter/X\u003C/span>\u003C/a>\u003C/p>\n\u003Cp>\u003Ca href=\"https://t.me/p2pchange_is\">\u003Cspan style=\"font-weight: 400;\">Telegram\u003C/span>\u003C/a>\u003C/p>\n",823,{"code":5,"locale":55,"name":56,"slug":57},[320],{"language":321,"slug":313,"status":64},{"code":6,"locale":61,"name":62,"slug":63},{"node":323},{"name":67,"avatar":324},{"url":69},{"edges":326},[327],{"node":328},{"name":21,"slug":22,"uri":23},{"node":330},{"sourceUrl":331,"altText":77,"title":332},"https://p2pchange.is/wp-content/uploads/2025/08/p2p-change-pics-88.png","P2p change pics (88)",{"canonical":334,"metaDesc":335,"readingTime":230,"opengraphTitle":311,"opengraphUrl":334,"opengraphImage":336,"twitterImage":14,"opengraphDescription":335,"twitterDescription":77,"title":311,"twitterTitle":77,"opengraphType":85,"opengraphPublishedTime":338,"opengraphModifiedTime":77,"breadcrumbs":339},"https://p2pchange.is/crypto-news/ethereum-is-outperforming-bitcoin/","A new JPMorgan analysis points to four drivers behind ETH’s outperformance: ETF structure and record inflows, rising corporate treasury demand, improved U.S. regulatory clarity, and a bullish ETH/BTC technical breakout",{"sourceUrl":337,"altText":77},"https://p2pchange.is/wp-content/uploads/2025/08/p2p-change-pics-88-300x169.png","2025-08-22T09:55:37+00:00",[340,341,342],{"text":89,"relativeUrl":77},{"text":21,"relativeUrl":200},{"text":311,"relativeUrl":343},"/crypto-news/ethereum-is-outperforming-bitcoin",{"id":345,"title":346,"date":347,"slug":348,"uri":349,"excerpt":350,"content":351,"postId":352,"language":353,"translations":354,"author":357,"categories":360,"featuredImage":364,"seo":368},"cG9zdDo4MTU=","What is Celestia? A Complete Guide to TIA","2025-08-21T12:27:28","what-is-celestia","/complete-guides/what-is-celestia/","\u003Cp>Celestia is a blockchain that focuses on one job: making sure app data is published and available for anyone to verify. It doesn’t run your smart contracts. Instead, other chains and rollups handle execution, while Celestia acts like a shared bulletin board where they post their data cheaply and securely. Think of it like this: […]\u003C/p>\n","\u003Cp>\u003Cspan style=\"font-weight: 400;\">Celestia is a blockchain that focuses on \u003C/span>\u003Cb>one job\u003C/b>\u003Cspan style=\"font-weight: 400;\">: making sure app data is \u003C/span>\u003Cb>published and available\u003C/b>\u003Cspan style=\"font-weight: 400;\"> for anyone to verify. It \u003C/span>\u003Cb>doesn’t\u003C/b>\u003Cspan style=\"font-weight: 400;\"> run your smart contracts. Instead, other chains and rollups handle execution, while Celestia acts like a \u003C/span>\u003Cb>shared bulletin board\u003C/b>\u003Cspan style=\"font-weight: 400;\"> where they post their data cheaply and securely.\u003C/span>\u003C/p>\n\u003Cp>\u003Cspan style=\"font-weight: 400;\">Think of it like this:\u003C/span>\u003C/p>\n\u003Cul>\n\u003Cli style=\"font-weight: 400;\" aria-level=\"1\">\u003Cspan style=\"font-weight: 400;\">Other chains do the \u003C/span>\u003Cb>computing\u003C/b>\u003Cspan style=\"font-weight: 400;\"> (smart contracts).\u003C/span>\u003C/li>\n\u003Cli style=\"font-weight: 400;\" aria-level=\"1\">\u003Cb>Celestia\u003C/b>\u003Cspan style=\"font-weight: 400;\"> orders the data and proves the data is really there.\u003C/span>\u003C/li>\n\u003Cli style=\"font-weight: 400;\" aria-level=\"1\">\u003Cspan style=\"font-weight: 400;\">Users and light clients can check this without downloading everything.\u003C/span>\u003C/li>\n\u003C/ul>\n\u003Ch2>\u003Cb>Quick facts\u003C/b>\u003C/h2>\n\u003Cul>\n\u003Cli style=\"font-weight: 400;\" aria-level=\"1\">\u003Cb>Type:\u003C/b>\u003Cspan style=\"font-weight: 400;\"> Proof-of-stake blockchain (built with Cosmos SDK / CometBFT)\u003C/span>\u003C/li>\n\u003Cli style=\"font-weight: 400;\" aria-level=\"1\">\u003Cb>Launched:\u003C/b>\u003Cspan style=\"font-weight: 400;\"> October 31, 2023\u003C/span>\u003C/li>\n\u003Cli style=\"font-weight: 400;\" aria-level=\"1\">\u003Cb>Special sauce:\u003C/b>\u003Cspan style=\"font-weight: 400;\"> Data Availability Sampling (DAS), Namespaced Merkle Trees (NMTs)\u003C/span>\u003C/li>\n\u003Cli style=\"font-weight: 400;\" aria-level=\"1\">\u003Cb>Bridge to Ethereum (for proofs):\u003C/b>\u003Cspan style=\"font-weight: 400;\"> Blobstream\u003C/span>\u003C/li>\n\u003Cli style=\"font-weight: 400;\" aria-level=\"1\">\u003Cb>Token (TIA):\u003C/b>\u003Cspan style=\"font-weight: 400;\"> Used for staking, governance, and paying to publish data (“blobspace”)\u003C/span>\u003C/li>\n\u003C/ul>\n\u003Ch2>\u003Cb>Why Celestia exists\u003C/b>\u003C/h2>\n\u003Cp>\u003Cspan style=\"font-weight: 400;\">Traditional “monolithic” blockchains try to do \u003C/span>\u003Cb>everything on one chain\u003C/b>\u003Cspan style=\"font-weight: 400;\">: agree on blocks, run smart contracts, and store all the data. That gets \u003C/span>\u003Cb>expensive\u003C/b>\u003Cspan style=\"font-weight: 400;\"> and \u003C/span>\u003Cb>hard to scale\u003C/b>\u003Cspan style=\"font-weight: 400;\">.\u003C/span>\u003C/p>\n\u003Cp>\u003Cspan style=\"font-weight: 400;\">Celestia takes a \u003C/span>\u003Cb>modular\u003C/b>\u003Cspan style=\"font-weight: 400;\"> approach:\u003C/span>\u003C/p>\n\u003Cul>\n\u003Cli style=\"font-weight: 400;\" aria-level=\"1\">\u003Cspan style=\"font-weight: 400;\">Put \u003C/span>\u003Cb>execution\u003C/b>\u003Cspan style=\"font-weight: 400;\"> (smart contracts, app logic) on rollups or app-chains.\u003C/span>\u003C/li>\n\u003Cli style=\"font-weight: 400;\" aria-level=\"1\">\u003Cspan style=\"font-weight: 400;\">Use Celestia only for \u003C/span>\u003Cb>ordering data\u003C/b>\u003Cspan style=\"font-weight: 400;\"> and \u003C/span>\u003Cb>guaranteeing\u003C/b>\u003Cspan style=\"font-weight: 400;\"> it’s available to everyone.\u003C/span>\u003C/li>\n\u003C/ul>\n\u003Cp>\u003Cspan style=\"font-weight: 400;\">Result: more chains can run in parallel, and each can post data to one shared place.\u003C/span>\u003C/p>\n\u003Ch2>\u003Cb>How Celestia works\u003C/b>\u003C/h2>\n\u003Ch3>\u003Cb>1) Data Availability Sampling (DAS)\u003C/b>\u003C/h3>\n\u003Cp>\u003Cspan style=\"font-weight: 400;\">Instead of downloading full blocks, light nodes \u003C/span>\u003Cb>randomly sample small pieces\u003C/b>\u003Cspan style=\"font-weight: 400;\"> of each block. If enough random pieces are available, they can be confident the \u003C/span>\u003Cb>whole block\u003C/b>\u003Cspan style=\"font-weight: 400;\"> is available. That keeps verification \u003C/span>\u003Cb>fast and cheap\u003C/b>\u003Cspan style=\"font-weight: 400;\">, even on modest devices.\u003C/span>\u003C/p>\n\u003Ch3>\u003Cb>2) Namespaced Merkle Trees (NMTs)\u003C/b>\u003C/h3>\n\u003Cp>\u003Cspan style=\"font-weight: 400;\">Each app or rollup gets its own \u003C/span>\u003Cb>namespace\u003C/b>\u003Cspan style=\"font-weight: 400;\"> inside a block. With NMTs, you can efficiently prove that \u003C/span>\u003Cb>all data for your app\u003C/b>\u003Cspan style=\"font-weight: 400;\"> is included—without touching everyone else’s data. That saves bandwidth and speeds things up.\u003C/span>\u003C/p>\n\u003Ch3>\u003Cb>3) Proof-of-Stake with Cosmos tooling\u003C/b>\u003C/h3>\n\u003Cp>\u003Cspan style=\"font-weight: 400;\">Celestia uses a standard PoS model: validators stake \u003C/span>\u003Cb>TIA\u003C/b>\u003Cspan style=\"font-weight: 400;\"> and produce blocks; delegators stake to validators and share rewards. Upgrades and parameters are decided through \u003C/span>\u003Cb>on-chain governance\u003C/b>\u003Cspan style=\"font-weight: 400;\">.\u003C/span>\u003C/p>\n\u003Ch2>\u003Cb>Blobstream: how Ethereum can trust Celestia’s data\u003C/b>\u003C/h2>\n\u003Cp>\u003Cspan style=\"font-weight: 400;\">Many rollups settle on Ethereum. To help them \u003C/span>\u003Cb>prove\u003C/b>\u003Cspan style=\"font-weight: 400;\"> on Ethereum that their data was posted to Celestia, there’s \u003C/span>\u003Cb>Blobstream\u003C/b>\u003Cspan style=\"font-weight: 400;\">. It relays Celestia’s data commitments to Ethereum smart contracts. So a rollup can:\u003C/span>\u003C/p>\n\u003Col>\n\u003Cli style=\"font-weight: 400;\" aria-level=\"1\">\u003Cspan style=\"font-weight: 400;\">Publish its transaction data on Celestia (cheaper DA).\u003C/span>\u003C/li>\n\u003Cli style=\"font-weight: 400;\" aria-level=\"1\">\u003Cspan style=\"font-weight: 400;\">Use \u003C/span>\u003Cb>Blobstream\u003C/b>\u003Cspan style=\"font-weight: 400;\"> to show Ethereum that the data really exists on Celestia.\u003C/span>\u003C/li>\n\u003Cli style=\"font-weight: 400;\" aria-level=\"1\">\u003Cspan style=\"font-weight: 400;\">Keep strong withdrawal and safety guarantees on Ethereum while saving on data costs.\u003C/span>\u003C/li>\n\u003C/ol>\n\u003Cp>\u003Cspan style=\"font-weight: 400;\">Blobstream doesn’t move tokens; it moves \u003C/span>\u003Cb>proofs about data\u003C/b>\u003Cspan style=\"font-weight: 400;\">.\u003C/span>\u003C/p>\n\u003Ch2>\u003Cb>What the TIA token does\u003C/b>\u003C/h2>\n\u003Cul>\n\u003Cli style=\"font-weight: 400;\" aria-level=\"1\">\u003Cb>Secures the network:\u003C/b>\u003Cspan style=\"font-weight: 400;\"> Stake TIA (as a validator or delegator) to help run Celestia and earn rewards.\u003C/span>\u003C/li>\n\u003Cli style=\"font-weight: 400;\" aria-level=\"1\">\u003Cb>Governance:\u003C/b>\u003Cspan style=\"font-weight: 400;\"> Vote on protocol changes and community spending.\u003C/span>\u003C/li>\n\u003Cli style=\"font-weight: 400;\" aria-level=\"1\">\u003Cb>Pays for data:\u003C/b>\u003Cspan style=\"font-weight: 400;\"> Rollups/app-chains pay fees in TIA to publish their data (“blobspace”). This aligns \u003C/span>\u003Cb>demand for bandwidth\u003C/b>\u003Cspan style=\"font-weight: 400;\"> with \u003C/span>\u003Cb>validator incentives\u003C/b>\u003Cspan style=\"font-weight: 400;\">.\u003C/span>\u003C/li>\n\u003C/ul>\n\u003Ch2>\u003Cb>Where Celestia fits in a modular stack\u003C/b>\u003C/h2>\n\u003Cul>\n\u003Cli style=\"font-weight: 400;\" aria-level=\"1\">\u003Cb>Execution layer (rollups/app-chains):\u003C/b>\u003Cspan style=\"font-weight: 400;\"> Runs smart contracts and app logic.\u003C/span>\u003C/li>\n\u003Cli style=\"font-weight: 400;\" aria-level=\"1\">\u003Cb>Celestia (DA layer):\u003C/b>\u003Cspan style=\"font-weight: 400;\"> Stores and orders the data so everyone can verify it’s there.\u003C/span>\u003C/li>\n\u003Cli style=\"font-weight: 400;\" aria-level=\"1\">\u003Cb>Settlement layer (often Ethereum):\u003C/b>\u003Cspan style=\"font-weight: 400;\"> Enforces final rules, withdrawals, and disputes.\u003C/span>\u003C/li>\n\u003C/ul>\n\u003Cp>\u003Cspan style=\"font-weight: 400;\">This separation lets devs \u003C/span>\u003Cb>mix and match\u003C/b>\u003Cspan style=\"font-weight: 400;\">: keep Ethereum for settlement, use Celestia for cheaper data posting, and pick whatever execution environment you want.\u003C/span>\u003C/p>\n\u003Ch2>\u003Cb>Benefits and trade-offs\u003C/b>\u003C/h2>\n\u003Cp>\u003Cb>Benefits\u003C/b>\u003C/p>\n\u003Cul>\n\u003Cli style=\"font-weight: 400;\" aria-level=\"1\">\u003Cb>Cheaper verification:\u003C/b>\u003Cspan style=\"font-weight: 400;\"> Light clients can check data availability with DAS—no full blocks needed.\u003C/span>\u003C/li>\n\u003Cli style=\"font-weight: 400;\" aria-level=\"1\">\u003Cb>More throughput:\u003C/b>\u003Cspan style=\"font-weight: 400;\"> Many chains can post to one DA layer at once.\u003C/span>\u003C/li>\n\u003Cli style=\"font-weight: 400;\" aria-level=\"1\">\u003Cb>Lower DA costs for rollups:\u003C/b>\u003Cspan style=\"font-weight: 400;\"> Byte-based pricing on Celestia can reduce fees vs. posting all data directly to Ethereum.\u003C/span>\u003C/li>\n\u003Cli style=\"font-weight: 400;\" aria-level=\"1\">\u003Cb>Open to many projects:\u003C/b>\u003Cspan style=\"font-weight: 400;\"> It’s a public DA layer, not a closed committee.\u003C/span>\u003C/li>\n\u003C/ul>\n\u003Cp>\u003Cb>Trade-offs\u003C/b>\u003C/p>\n\u003Cul>\n\u003Cli style=\"font-weight: 400;\" aria-level=\"1\">\u003Cb>Operational complexity:\u003C/b>\u003Cspan style=\"font-weight: 400;\"> Apps must wire together execution + DA + settlement layers correctly.\u003C/span>\u003C/li>\n\u003Cli style=\"font-weight: 400;\" aria-level=\"1\">\u003Cb>Bridging assumptions:\u003C/b>\u003Cspan style=\"font-weight: 400;\"> Blobstream needs to reliably mirror Celestia’s data commitments on Ethereum; monitoring and best practices still matter.\u003C/span>\u003C/li>\n\u003Cli style=\"font-weight: 400;\" aria-level=\"1\">\u003Cb>Ecosystem maturity:\u003C/b>\u003Cspan style=\"font-weight: 400;\"> Tools and standards for modular builds are still evolving.\u003C/span>\u003C/li>\n\u003C/ul>\n\u003Ch2>\u003Cb>Quick FAQ\u003C/b>\u003C/h2>\n\u003Cp>\u003Cb>Is Celestia a smart-contract chain?\u003C/b>\u003Cb>\u003Cbr />\n\u003C/b>\u003Cspan style=\"font-weight: 400;\">Not really. Celestia focuses on \u003C/span>\u003Cb>data availability\u003C/b>\u003Cspan style=\"font-weight: 400;\">. Most smart-contract execution happens on rollups/app-chains that use Celestia for data.\u003C/span>\u003C/p>\n\u003Cp>\u003Cb>How do Ethereum rollups use Celestia?\u003C/b>\u003Cb>\u003Cbr />\n\u003C/b>\u003Cspan style=\"font-weight: 400;\">They post data on Celestia and use \u003C/span>\u003Cb>Blobstream\u003C/b>\u003Cspan style=\"font-weight: 400;\"> to prove on Ethereum that the data is there.\u003C/span>\u003C/p>\n\u003Cp>\u003Cb>What is TIA used for?\u003C/b>\u003Cb>\u003Cbr />\n\u003C/b>\u003Cspan style=\"font-weight: 400;\">Staking (security), governance (voting), and paying for data publication (blobspace).\u003C/span>\u003C/p>\n\u003Cp>\u003Cb>When did Celestia go live?\u003C/b>\u003Cb>\u003Cbr />\n\u003C/b>\u003Cspan style=\"font-weight: 400;\">October 31, 2023.\u003C/span>\u003C/p>\n\u003Ch2>\u003Cb>How Celestia compares\u003C/b>\u003C/h2>\n\u003Cul>\n\u003Cli style=\"font-weight: 400;\" aria-level=\"1\">\u003Cb>Versus monolithic L1s:\u003C/b>\u003Cspan style=\"font-weight: 400;\"> Celestia doesn’t run your contracts; it \u003C/span>\u003Cb>just\u003C/b>\u003Cspan style=\"font-weight: 400;\"> ensures data is available. That keeps verification light and scalable.\u003C/span>\u003C/li>\n\u003Cli style=\"font-weight: 400;\" aria-level=\"1\">\u003Cb>Versus DA committees (DACs):\u003C/b>\u003Cspan style=\"font-weight: 400;\"> Celestia is a \u003C/span>\u003Cb>public\u003C/b>\u003Cspan style=\"font-weight: 400;\"> DA layer with light-client checks, not a closed group of signers.\u003C/span>\u003C/li>\n\u003Cli style=\"font-weight: 400;\" aria-level=\"1\">\u003Cb>Versus posting data to Ethereum only:\u003C/b>\u003Cspan style=\"font-weight: 400;\"> Celestia can make data cheaper and more scalable; \u003C/span>\u003Cb>Blobstream\u003C/b>\u003Cspan style=\"font-weight: 400;\"> lets Ethereum still verify that data exists.\u003C/span>\u003C/li>\n\u003C/ul>\n\u003Ch2>\u003Cb>Getting started (simple path)\u003C/b>\u003C/h2>\n\u003Col>\n\u003Cli style=\"font-weight: 400;\" aria-level=\"1\">\u003Cb>Learn the basics:\u003C/b>\u003Cspan style=\"font-weight: 400;\"> Read Celestia’s docs on DAS and NMTs.\u003C/span>\u003C/li>\n\u003Cli style=\"font-weight: 400;\" aria-level=\"1\">\u003Cb>Explore Blobstream:\u003C/b>\u003Cspan style=\"font-weight: 400;\"> See how to prove Celestia data to Ethereum.\u003C/span>\u003C/li>\n\u003Cli style=\"font-weight: 400;\" aria-level=\"1\">\u003Cb>Try staking TIA:\u003C/b>\u003Cspan style=\"font-weight: 400;\"> Delegate to a validator and learn governance.\u003C/span>\u003C/li>\n\u003Cli style=\"font-weight: 400;\" aria-level=\"1\">\u003Cb>If you’re a builder:\u003C/b>\u003Cspan style=\"font-weight: 400;\"> Prototype a rollup or app-chain that posts data to Celestia.\u003C/span>\u003C/li>\n\u003C/ol>\n\u003Ch2>\u003Cb>Conclusion\u003C/b>\u003C/h2>\n\u003Cp>\u003Cspan style=\"font-weight: 400;\">If blockchains are Lego bricks, Celestia is the \u003C/span>\u003Cb>shared data brick\u003C/b>\u003Cspan style=\"font-weight: 400;\">. Your app or rollup runs elsewhere, but posts its data on Celestia so anyone can verify it easily and cheaply.\u003C/span>\u003C/p>\n\u003Ch3>\u003Cb>Follow us:\u003C/b>\u003C/h3>\n\u003Cp>\u003Ca class=\"invalid-url\" href=\"http://p2pchange.is\" data-validation-message=\"Invalid URL path\">\u003Cspan style=\"font-weight: 400;\">P2pchange\u003C/span>\u003C/a>\u003C/p>\n\u003Cp>\u003Ca href=\"https://x.com/p2pchange_is\">\u003Cspan style=\"font-weight: 400;\">Twitter/X\u003C/span>\u003C/a>\u003C/p>\n\u003Cp>\u003Ca href=\"https://t.me/p2pchange_is\">\u003Cspan style=\"font-weight: 400;\">Telegram\u003C/span>\u003C/a>\u003C/p>\n",815,{"code":5,"locale":55,"name":56,"slug":57},[355],{"language":356,"slug":348,"status":64},{"code":6,"locale":61,"name":62,"slug":63},{"node":358},{"name":67,"avatar":359},{"url":69},{"edges":361},[362],{"node":363},{"name":12,"slug":13,"uri":15},{"node":365},{"sourceUrl":366,"altText":77,"title":367},"https://p2pchange.is/wp-content/uploads/2025/08/p2p-change-pics-87.png","P2p change pics (87)",{"canonical":369,"metaDesc":370,"readingTime":193,"opengraphTitle":346,"opengraphUrl":369,"opengraphImage":371,"twitterImage":14,"opengraphDescription":370,"twitterDescription":77,"title":346,"twitterTitle":77,"opengraphType":85,"opengraphPublishedTime":373,"opengraphModifiedTime":77,"breadcrumbs":374},"https://p2pchange.is/complete-guides/what-is-celestia/","A simple guide to Celestia: a modular “data availability” blockchain that helps rollups scale. Learn DAS, Blobstream, Namespaced Merkle Trees, and what the TIA token is for",{"sourceUrl":372,"altText":77},"https://p2pchange.is/wp-content/uploads/2025/08/p2p-change-pics-87-300x169.png","2025-08-21T12:27:28+00:00",[375,376,377],{"text":89,"relativeUrl":77},{"text":12,"relativeUrl":163},{"text":346,"relativeUrl":378},"/complete-guides/what-is-celestia",{"id":380,"title":381,"date":382,"slug":383,"uri":384,"excerpt":385,"content":386,"postId":387,"language":388,"translations":389,"author":392,"categories":395,"featuredImage":399,"seo":403},"cG9zdDo4MTE=","Wyoming Launches First State-Issued Stablecoin ‘FRNT’","2025-08-20T13:29:05","wyoming-launches-stablecoin-frnt","/crypto-news/wyoming-launches-stablecoin-frnt/","\u003Cp>Wyoming just took a historic step in U.S. digital-asset policy: it launched the Frontier Stable Token (ticker: FRNT), becoming the first U.S. state to issue its own government-backed, fiat-pegged stablecoin. The program is overseen by the Wyoming Stable Token Commission and moves from years of legislative groundwork into live deployment.  What Wyoming actually launched Product: […]\u003C/p>\n","\u003Cp>\u003Cspan style=\"font-weight: 400;\">Wyoming just took a historic step in U.S. digital-asset policy: it \u003C/span>\u003Cb>launched the Frontier Stable Token (ticker: FRNT)\u003C/b>\u003Cspan style=\"font-weight: 400;\">, becoming the first U.S. state to issue its own government-backed, fiat-pegged stablecoin. The program is overseen by the \u003C/span>\u003Cb>Wyoming Stable Token Commission\u003C/b>\u003Cspan style=\"font-weight: 400;\"> and moves from years of legislative groundwork into live deployment. \u003C/span>\u003C/p>\n\u003Ch2>\u003Cb>What Wyoming actually launched\u003C/b>\u003C/h2>\n\u003Cul>\n\u003Cli style=\"font-weight: 400;\" aria-level=\"1\">\u003Cb>Product:\u003C/b> \u003Cb>Frontier Stable Token (FRNT)\u003C/b>\u003Cspan style=\"font-weight: 400;\"> — a dollar-pegged stablecoin issued by the State of Wyoming. \u003C/span>\u003C/li>\n\u003Cli style=\"font-weight: 400;\" aria-level=\"1\">\u003Cb>Reserves & risk controls:\u003C/b>\u003Cspan style=\"font-weight: 400;\"> Fully backed by \u003C/span>\u003Cb>U.S. dollars and short-duration Treasuries\u003C/b>\u003Cspan style=\"font-weight: 400;\"> held in trust, with a \u003C/span>\u003Cb>statutorily targeted 102% (2% overcollateralization)\u003C/b>\u003Cspan style=\"font-weight: 400;\"> buffer. \u003C/span>\u003Cb>Franklin Advisers\u003C/b>\u003Cspan style=\"font-weight: 400;\"> manages the reserves; \u003C/span>\u003Cb>The Network Firm\u003C/b>\u003Cspan style=\"font-weight: 400;\"> provides financial audits and monthly attestations. \u003C/span>\u003C/li>\n\u003Cli style=\"font-weight: 400;\" aria-level=\"1\">\u003Cb>Chains at launch:\u003C/b> \u003Cb>Arbitrum, Avalanche, Base, Ethereum, Optimism, Polygon and Solana.\u003C/b>\u003Cspan style=\"font-weight: 400;\"> \u003C/span>\u003C/li>\n\u003Cli style=\"font-weight: 400;\" aria-level=\"1\">\u003Cb>Interoperability & issuance:\u003C/b>\u003Cspan style=\"font-weight: 400;\"> Built with \u003C/span>\u003Cb>LayerZero\u003C/b>\u003Cspan style=\"font-weight: 400;\"> to coordinate issuance across chains. \u003C/span>\u003C/li>\n\u003Cli style=\"font-weight: 400;\" aria-level=\"1\">\u003Cb>Governance:\u003C/b>\u003Cspan style=\"font-weight: 400;\"> Run by the \u003C/span>\u003Cb>Wyoming Stable Token Commission\u003C/b>\u003Cspan style=\"font-weight: 400;\">, created under the \u003C/span>\u003Cb>Wyoming Stable Token Act\u003C/b>\u003Cspan style=\"font-weight: 400;\">(2023) and updated in 2024.\u003C/span>\u003C/li>\n\u003C/ul>\n\u003Cp>\u003Cspan style=\"font-weight: 400;\">In the state’s words, FRNT is meant to enable \u003C/span>\u003Cb>secure, transparent, and efficient digital transactions\u003C/b>\u003Cspan style=\"font-weight: 400;\"> for consumers and businesses, with \u003C/span>\u003Cb>instant settlement and lower fees\u003C/b>\u003Cspan style=\"font-weight: 400;\"> than legacy rails. Governor \u003C/span>\u003Cb>Mark Gordon\u003C/b>\u003Cspan style=\"font-weight: 400;\">, who chairs the Commission, framed the launch as the culmination of Wyoming’s multi-year push on blockchain legislation. \u003C/span>\u003C/p>\n\u003Ch2>\u003Cb>Availability and on-ramps\u003C/b>\u003C/h2>\n\u003Cp>\u003Cspan style=\"font-weight: 400;\">FRNT has been \u003C/span>\u003Cb>deployed on-chain\u003C/b>\u003Cspan style=\"font-weight: 400;\"> and is rolling toward public access. Officials indicate the token will be \u003C/span>\u003Cb>available for purchase broadly in the coming days\u003C/b>\u003Cspan style=\"font-weight: 400;\"> via select platforms, including \u003C/span>\u003Cb>Kraken (Solana)\u003C/b>\u003Cspan style=\"font-weight: 400;\"> and the \u003C/span>\u003Cb>Rain\u003C/b>\u003Cspan style=\"font-weight: 400;\"> crypto card platform (Avalanche). The Commission’s website also notes public purchase is \u003C/span>\u003Cb>anticipated in September 2025\u003C/b>\u003Cspan style=\"font-weight: 400;\">, reflecting a staged rollout.\u003C/span>\u003C/p>\n\u003Ch2>\u003Cb>Why this is a first\u003C/b>\u003C/h2>\n\u003Cp>\u003Cspan style=\"font-weight: 400;\">Plenty of \u003C/span>\u003Cb>private\u003C/b>\u003Cspan style=\"font-weight: 400;\"> companies issue stablecoins; \u003C/span>\u003Cb>Wyoming is the first U.S. public entity\u003C/b>\u003Cspan style=\"font-weight: 400;\"> to issue a \u003C/span>\u003Cb>fully reserved\u003C/b>\u003Cspan style=\"font-weight: 400;\">, dollar-pegged token at production scale. Bloomberg reports FRNT will be \u003C/span>\u003Cb>overcollateralized by 2%\u003C/b>\u003Cspan style=\"font-weight: 400;\">, with \u003C/span>\u003Cb>Franklin Advisors managing\u003C/b>\u003Cspan style=\"font-weight: 400;\"> reserves and \u003C/span>\u003Cb>The Network Firm\u003C/b>\u003Cspan style=\"font-weight: 400;\"> attesting, formalizing a conservative reserve model uncommon even among large private stablecoins. \u003C/span>\u003C/p>\n\u003Cp>\u003Cspan style=\"font-weight: 400;\">The state is also targeting \u003C/span>\u003Cb>broad chain coverage\u003C/b>\u003Cspan style=\"font-weight: 400;\"> on day one (seven networks), which is rare for government-led projects and could make FRNT easier to plug into wallets, merchant tools and DeFi infrastructure where permitted. \u003C/span>\u003C/p>\n\u003Ch2>\u003Cb>How FRNT fits into the legal and policy picture\u003C/b>\u003C/h2>\n\u003Cp>\u003Cspan style=\"font-weight: 400;\">FRNT rests on the \u003C/span>\u003Cb>Wyoming Stable Token Act\u003C/b>\u003Cspan style=\"font-weight: 400;\"> and a dedicated Commission. The legislative framework—originating as \u003C/span>\u003Cb>SF0127 (2023)\u003C/b>\u003Cspan style=\"font-weight: 400;\"> and refined in 2024—empowered the state to issue a \u003C/span>\u003Cb>fiat-backed, fully reserved stable token\u003C/b>\u003Cspan style=\"font-weight: 400;\"> under formal oversight. That statutory base distinguishes FRNT from corporate products and sets clear duties for reserve management, reporting, and consumer protections.\u003C/span>\u003C/p>\n\u003Cp>\u003Cspan style=\"font-weight: 400;\">StateScoop adds that Wyoming publicly positions FRNT as a \u003C/span>\u003Cb>government-backed alternative\u003C/b>\u003Cspan style=\"font-weight: 400;\"> that can deliver “\u003C/span>\u003Cb>instant, low-cost digital payments that work 24/7 across borders\u003C/b>\u003Cspan style=\"font-weight: 400;\">,” while acknowledging that exact commercial use cases will develop over time. \u003C/span>\u003C/p>\n\u003Ch2>\u003Cb>What it could mean for payments and crypto adoption\u003C/b>\u003C/h2>\n\u003Col>\n\u003Cli style=\"font-weight: 400;\" aria-level=\"1\">\u003Cb>Government-grade assurances:\u003C/b>\u003Cb>\u003Cbr />\n\u003C/b>\u003Cspan style=\"font-weight: 400;\">The \u003C/span>\u003Cb>reserve manager (Franklin Advisers)\u003C/b>\u003Cspan style=\"font-weight: 400;\">, \u003C/span>\u003Cb>auditor (The Network Firm)\u003C/b>\u003Cspan style=\"font-weight: 400;\">, and \u003C/span>\u003Cb>overcollateralization\u003C/b>\u003Cspan style=\"font-weight: 400;\"> target may appeal to institutional treasurers and fintechs that prefer explicit public-sector oversight. That could make FRNT a bridge asset for \u003C/span>\u003Cb>compliant crypto payments\u003C/b>\u003Cspan style=\"font-weight: 400;\"> in and out of Wyoming-aligned use cases. \u003C/span>\u003C/li>\n\u003Cli style=\"font-weight: 400;\" aria-level=\"1\">\u003Cb>Programmable settlement across ecosystems:\u003C/b>\u003Cb>\u003Cbr />\n\u003C/b>\u003Cspan style=\"font-weight: 400;\">Issuing \u003C/span>\u003Cb>simultaneously on seven chains\u003C/b>\u003Cspan style=\"font-weight: 400;\"> gives developers and PSPs a common state-issued unit of account they can send \u003C/span>\u003Cb>on Ethereum, Solana, Avalanche, Polygon, Base, Arbitrum, and Optimism\u003C/b>\u003Cspan style=\"font-weight: 400;\">, potentially reducing fragmented liquidity. \u003C/span>\u003C/li>\n\u003Cli style=\"font-weight: 400;\" aria-level=\"1\">\u003Cb>Template for other states (and cities):\u003C/b>\u003Cb>\u003Cbr />\n\u003C/b>\u003Cspan style=\"font-weight: 400;\">If FRNT’s reserve model, reporting cadence, and fee economics succeed, other jurisdictions could copy the \u003C/span>\u003Cb>“public stable token”\u003C/b>\u003Cspan style=\"font-weight: 400;\"> playbook—especially for \u003C/span>\u003Cb>cross-border commerce\u003C/b>\u003Cspan style=\"font-weight: 400;\">, \u003C/span>\u003Cb>vendor payments\u003C/b>\u003Cspan style=\"font-weight: 400;\">, and \u003C/span>\u003Cb>treasury modernization\u003C/b>\u003Cspan style=\"font-weight: 400;\">. StateScoop’s coverage suggests governors view such programs as tools to \u003C/span>\u003Cb>attract fintech investment\u003C/b>\u003Cspan style=\"font-weight: 400;\"> and test \u003C/span>\u003Cb>faster settlement\u003C/b>\u003Cspan style=\"font-weight: 400;\"> for industries like energy and data centers. \u003C/span>\u003C/li>\n\u003C/ol>\n\u003Ch2>\u003Cb>Skepticism and open questions\u003C/b>\u003C/h2>\n\u003Cp>\u003Cspan style=\"font-weight: 400;\">Not everyone is convinced a state stablecoin solves a mass-market problem. Critics interviewed by StateScoop questioned whether a government token materially improves on existing banking rails for everyday consumers, and what happens to the business case if \u003C/span>\u003Cb>yields on reserve assets decline\u003C/b>\u003Cspan style=\"font-weight: 400;\"> over time. Those are fair questions for any stablecoin, public or private. \u003C/span>\u003C/p>\n\u003Cp>\u003Cb>Timeline & access\u003C/b>\u003Cspan style=\"font-weight: 400;\"> also remain in focus: the Commission’s site notes \u003C/span>\u003Cb>public purchase is anticipated in September 2025\u003C/b>\u003Cspan style=\"font-weight: 400;\">, even as exchanges and card platforms signal \u003C/span>\u003Cb>near-term onboarding\u003C/b>\u003Cspan style=\"font-weight: 400;\">. Users should watch official \u003C/span>\u003Cb>Commission channels\u003C/b>\u003Cspan style=\"font-weight: 400;\"> for final token distribution details and verified partners. \u003C/span>\u003C/p>\n\u003Ch2>\u003Cb>Quick facts: FRNT at a glance\u003C/b>\u003C/h2>\n\u003Cul>\n\u003Cli style=\"font-weight: 400;\" aria-level=\"1\">\u003Cb>Issuer:\u003C/b>\u003Cspan style=\"font-weight: 400;\"> State of Wyoming (Wyoming Stable Token Commission) \u003C/span>\u003C/li>\n\u003Cli style=\"font-weight: 400;\" aria-level=\"1\">\u003Cb>Peg & reserves:\u003C/b>\u003Cspan style=\"font-weight: 400;\"> $1 peg; \u003C/span>\u003Cb>cash and short-term U.S. Treasuries\u003C/b>\u003Cspan style=\"font-weight: 400;\">; \u003C/span>\u003Cb>2% overcollateralization target\u003C/b>\u003C/li>\n\u003Cli style=\"font-weight: 400;\" aria-level=\"1\">\u003Cb>Audits/attestations:\u003C/b> \u003Cb>The Network Firm\u003C/b>\u003Cspan style=\"font-weight: 400;\"> (monthly attestations) \u003C/span>\u003C/li>\n\u003Cli style=\"font-weight: 400;\" aria-level=\"1\">\u003Cb>Reserve manager:\u003C/b> \u003Cb>Franklin Advisers\u003C/b>\u003Cspan style=\"font-weight: 400;\"> \u003C/span>\u003C/li>\n\u003Cli style=\"font-weight: 400;\" aria-level=\"1\">\u003Cb>Chains:\u003C/b> \u003Cb>ETH, SOL, AVAX, POL, BASE, ARB, OP\u003C/b>\u003Cspan style=\"font-weight: 400;\"> \u003C/span>\u003C/li>\n\u003Cli style=\"font-weight: 400;\" aria-level=\"1\">\u003Cb>Interoperability:\u003C/b>\u003Cspan style=\"font-weight: 400;\"> Issuance coordinated via \u003C/span>\u003Cb>LayerZero\u003C/b>\u003Cspan style=\"font-weight: 400;\"> \u003C/span>\u003C/li>\n\u003Cli style=\"font-weight: 400;\" aria-level=\"1\">\u003Cb>Legal basis:\u003C/b> \u003Cb>Wyoming Stable Token Act\u003C/b>\u003Cspan style=\"font-weight: 400;\"> (2023, updates in 2024)\u003C/span>\u003C/li>\n\u003Cli style=\"font-weight: 400;\" aria-level=\"1\">\u003Cb>Public availability:\u003C/b>\u003Cspan style=\"font-weight: 400;\"> Staged rollout; \u003C/span>\u003Cb>purchase anticipated September 2025\u003C/b>\u003Cspan style=\"font-weight: 400;\"> (watch official channels).\u003C/span>\u003C/li>\n\u003C/ul>\n\u003Ch3>\u003Cb>Follow us:\u003C/b>\u003C/h3>\n\u003Cp>\u003Ca class=\"invalid-url\" href=\"http://p2pchange.is\" data-validation-message=\"Invalid URL path\">\u003Cspan style=\"font-weight: 400;\">P2pchange\u003C/span>\u003C/a>\u003C/p>\n\u003Cp>\u003Ca href=\"https://x.com/p2pchange_is\">\u003Cspan style=\"font-weight: 400;\">Twitter/X\u003C/span>\u003C/a>\u003C/p>\n\u003Cp>\u003Ca href=\"https://t.me/p2pchange_is\">\u003Cspan style=\"font-weight: 400;\">Telegram\u003C/span>\u003C/a>\u003C/p>\n",811,{"code":5,"locale":55,"name":56,"slug":57},[390],{"language":391,"slug":383,"status":64},{"code":6,"locale":61,"name":62,"slug":63},{"node":393},{"name":67,"avatar":394},{"url":69},{"edges":396},[397],{"node":398},{"name":21,"slug":22,"uri":23},{"node":400},{"sourceUrl":401,"altText":77,"title":402},"https://p2pchange.is/wp-content/uploads/2025/08/p2p-change-pics-84.png","P2p change pics (84)",{"canonical":404,"metaDesc":405,"readingTime":193,"opengraphTitle":381,"opengraphUrl":404,"opengraphImage":406,"twitterImage":14,"opengraphDescription":405,"twitterDescription":77,"title":381,"twitterTitle":77,"opengraphType":85,"opengraphPublishedTime":408,"opengraphModifiedTime":77,"breadcrumbs":409},"https://p2pchange.is/crypto-news/wyoming-launches-stablecoin-frnt/","Wyoming has rolled out the Frontier Stable Token (FRNT), the first fully reserved, state-issued stablecoin in the U.S. Backed by dollars",{"sourceUrl":407,"altText":77},"https://p2pchange.is/wp-content/uploads/2025/08/p2p-change-pics-84-300x169.png","2025-08-20T13:29:05+00:00",[410,411,412],{"text":89,"relativeUrl":77},{"text":21,"relativeUrl":200},{"text":381,"relativeUrl":413},"/crypto-news/wyoming-launches-stablecoin-frnt",{"id":415,"title":416,"date":417,"slug":418,"uri":419,"excerpt":420,"content":421,"postId":422,"language":423,"translations":424,"author":427,"categories":430,"featuredImage":434,"seo":438},"cG9zdDo4MDU=","What is Polkadot? A Complete Guide to DOT","2025-08-18T15:00:48","what-is-polkadot","/complete-guides/what-is-polkadot/","\u003Cp>Polkadot’s promise is simple but ambitious: let many specialized blockchains run in parallel, talk to each other seamlessly, and share security. It’s a design Gavin Wood sketched in the 2016 Polkadot paper—and one that went live in 2020 before evolving into “Polkadot 2.0” in 2024–2025.  Below is a concise tour of how Polkadot works, what […]\u003C/p>\n","\u003Cp>\u003Cspan style=\"font-weight: 400;\">Polkadot’s promise is simple but ambitious: let many specialized blockchains run in parallel, talk to each other seamlessly, and share security. It’s a design Gavin Wood sketched in the 2016 Polkadot paper—and one that went live in 2020 before evolving into “Polkadot 2.0” in 2024–2025. \u003C/span>\u003C/p>\n\u003Cp>\u003Cspan style=\"font-weight: 400;\">Below is a concise tour of how Polkadot works, what DOT is used for, and what changed with Polkadot 2.0.\u003C/span>\u003C/p>\n\u003Ch2>\u003Cb>What is Polkadot in one paragraph\u003C/b>\u003C/h2>\n\u003Cp>\u003Cspan style=\"font-weight: 400;\">Polkadot is a \u003C/span>\u003Cb>heterogeneous multi-chain network\u003C/b>\u003Cspan style=\"font-weight: 400;\">. A minimal “\u003C/span>\u003Cb>Relay Chain\u003C/b>\u003Cspan style=\"font-weight: 400;\">” handles consensus and shared security, while independent \u003C/span>\u003Cb>parachains\u003C/b>\u003Cspan style=\"font-weight: 400;\"> plug in for execution. Cross-chain messaging (XCM) lets those parachains exchange assets and instructions without trusted intermediaries. Polkadot uses \u003C/span>\u003Cb>Nominated Proof-of-Stake (NPoS)\u003C/b>\u003Cspan style=\"font-weight: 400;\"> to select validators, with nominators backing them. In 2024–2025, the network shifted away from slot auctions to a \u003C/span>\u003Cb>Coretime marketplace\u003C/b>\u003Cspan style=\"font-weight: 400;\"> (Agile Coretime) and introduced \u003C/span>\u003Cb>Asynchronous Backing\u003C/b>\u003Cspan style=\"font-weight: 400;\"> and \u003C/span>\u003Cb>Elastic Scaling\u003C/b>\u003Cspan style=\"font-weight: 400;\"> to boost throughput.\u003C/span>\u003C/p>\n\u003Ch2>\u003Cb>How Polkadot is built\u003C/b>\u003C/h2>\n\u003Ch3>\u003Cb>Relay Chain (security & coordination)\u003C/b>\u003C/h3>\n\u003Cp>\u003Cspan style=\"font-weight: 400;\">The Relay Chain is deliberately minimal: it does not run smart contracts. Its job is to coordinate validators, finalize blocks, and provide shared security to connected chains. Validators stake \u003C/span>\u003Cb>DOT\u003C/b>\u003Cspan style=\"font-weight: 400;\"> on the Relay Chain and validate for it; parachains inherit this security model. \u003C/span>\u003C/p>\n\u003Ch3>\u003Cb>Parachains (execution)\u003C/b>\u003C/h3>\n\u003Cp>\u003Cspan style=\"font-weight: 400;\">Parachains are application-specific blockchains that run in parallel. They can be EVM chains, WASM smart-contract chains, DeFi/DePIN chains, or vertical-specific runtimes. Critically, Polkadot gives them a native way to interoperate via \u003C/span>\u003Cb>XCM\u003C/b>\u003Cspan style=\"font-weight: 400;\">—a message \u003C/span>\u003Cb>format\u003C/b>\u003Cspan style=\"font-weight: 400;\"> used between consensus systems (with various transport layers such as XCMP/HRMP). \u003C/span>\u003C/p>\n\u003Ch3>\u003Cb>System chains (built-ins)\u003C/b>\u003C/h3>\n\u003Cp>\u003Cspan style=\"font-weight: 400;\">Polkadot also runs “system parachains” to provide common services. Two notable examples are:\u003C/span>\u003C/p>\n\u003Cul>\n\u003Cli style=\"font-weight: 400;\" aria-level=\"1\">\u003Cb>Asset Hub\u003C/b>\u003Cspan style=\"font-weight: 400;\"> – the canonical place to create and manage fungible and non-fungible assets for the ecosystem.\u003C/span>\u003C/li>\n\u003Cli style=\"font-weight: 400;\" aria-level=\"1\">\u003Cb>Bridge Hub\u003C/b>\u003Cspan style=\"font-weight: 400;\"> – purpose-built to host bridge pallets and facilitate trust-minimized connectivity to external networks (e.g., Kusama/Ethereum) as those bridges mature.\u003C/span>\u003C/li>\n\u003C/ul>\n\u003Ch2>\u003Cb>DOT: what the token is used for\u003C/b>\u003C/h2>\n\u003Cp>\u003Cb>DOT\u003C/b>\u003Cspan style=\"font-weight: 400;\"> is the native asset of Polkadot with three core utilities:\u003C/span>\u003C/p>\n\u003Col>\n\u003Cli style=\"font-weight: 400;\" aria-level=\"1\">\u003Cb>Staking\u003C/b>\u003Cspan style=\"font-weight: 400;\"> – to secure the network under NPoS (validators and nominators).\u003C/span>\u003C/li>\n\u003Cli style=\"font-weight: 400;\" aria-level=\"1\">\u003Cb>Governance\u003C/b>\u003Cspan style=\"font-weight: 400;\"> – on-chain voting to change parameters, upgrade code, and steer the treasury.\u003C/span>\u003C/li>\n\u003Cli style=\"font-weight: 400;\" aria-level=\"1\">\u003Cb>Fees / economic use\u003C/b>\u003Cspan style=\"font-weight: 400;\"> – paying transaction fees and, in the Polkadot 2.0 model, purchasing \u003C/span>\u003Cb>coretime\u003C/b>\u003Cspan style=\"font-weight: 400;\"> (blockspace) via marketplaces. \u003C/span>\u003C/li>\n\u003C/ol>\n\u003Cp>\u003Cspan style=\"font-weight: 400;\">Polkadot’s consensus and staking mechanics are documented in the developer docs and research notes from Web3 Foundation. If you want the deep cut (elections, slashing, rewards), start there. \u003C/span>\u003C/p>\n\u003Ch2>\u003Cb>Governance: from Gov1 to OpenGov\u003C/b>\u003C/h2>\n\u003Cp>\u003Cspan style=\"font-weight: 400;\">Polkadot replaced its earlier Council/Technical Committee model (“Gov1”) with \u003C/span>\u003Cb>OpenGov\u003C/b>\u003Cspan style=\"font-weight: 400;\">—a more permissionless, track-based system where proposals flow through different origins (tracks) with specific approval/support thresholds. The change aimed at more inclusivity and throughput for on-chain decision-making. \u003C/span>\u003C/p>\n\u003Ch2>\u003Cb>Interoperability: XCM, not a single bridge\u003C/b>\u003C/h2>\n\u003Cp>\u003Cspan style=\"font-weight: 400;\">Polkadot’s \u003C/span>\u003Cb>XCM\u003C/b>\u003Cspan style=\"font-weight: 400;\"> (Cross-Consensus Messaging) is a \u003C/span>\u003Cb>language/format\u003C/b>\u003Cspan style=\"font-weight: 400;\"> for messages between chains, rather than one bridge. That design lets parachains compose with each other’s features: move assets via Asset Hub, trigger a DeFi action on another parachain, or coordinate governance calls—without central custodians. \u003C/span>\u003C/p>\n\u003Ch2>\u003Cb>What changed with Polkadot 2.0?\u003C/b>\u003C/h2>\n\u003Cp>\u003Cspan style=\"font-weight: 400;\">Polkadot 2.0 bundles three big ideas that modernize how chains get blockspace and how much throughput they can achieve.\u003C/span>\u003C/p>\n\u003Ch3>\u003Cb>1) Agile Coretime (Coretime marketplace)\u003C/b>\u003C/h3>\n\u003Cp>\u003Cspan style=\"font-weight: 400;\">Historically, teams \u003C/span>\u003Cb>leased\u003C/b>\u003Cspan style=\"font-weight: 400;\"> multi-month “parachain slots” through auctions (often with crowdloans). In 2024–2025, Polkadot deprecated auctions and introduced \u003C/span>\u003Cb>Agile Coretime\u003C/b>\u003Cspan style=\"font-weight: 400;\">: teams \u003C/span>\u003Cb>buy coretime\u003C/b>\u003Cspan style=\"font-weight: 400;\"> (execution resources) in monthly chunks or on demand through marketplaces, increasing flexibility and lowering capital lock-ups. Think of it as turning blockspace into a programmable resource market. \u003C/span>\u003C/p>\n\u003Cul>\n\u003Cli style=\"font-weight: 400;\" aria-level=\"1\">\u003Cb>Marketplaces & tooling:\u003C/b>\u003Cspan style=\"font-weight: 400;\"> documentation and early UIs like RegionX/Lastic show how purchasing and managing coretime regions could work (still evolving). \u003C/span>\u003C/li>\n\u003C/ul>\n\u003Ch3>\u003Cb>2) Asynchronous Backing (higher throughput)\u003C/b>\u003C/h3>\n\u003Cp>\u003Cspan style=\"font-weight: 400;\">Async Backing “pipelines” parachain block production and validation, allowing collators to build on slightly older Relay Chain blocks and queue multiple pending parablocks. In practice, this halves effective block time (e.g., toward ~6s defaults) and supports materially higher throughput for parachains.\u003C/span>\u003C/p>\n\u003Ch3>\u003Cb>3) Elastic Scaling (use more than one core)\u003C/b>\u003C/h3>\n\u003Cp>\u003Cspan style=\"font-weight: 400;\">With \u003C/span>\u003Cb>Elastic Scaling\u003C/b>\u003Cspan style=\"font-weight: 400;\">, a busy parachain can use \u003C/span>\u003Cb>multiple cores in parallel\u003C/b>\u003Cspan style=\"font-weight: 400;\">, processing several parablocks concurrently when demand spikes—and scale down when it’s quiet. That’s the step from “one-lane” to “multi-lane” execution on Polkadot.\u003C/span>\u003C/p>\n\u003Cp>\u003Cspan style=\"font-weight: 400;\">Together, these upgrades recast Polkadot from a fixed set of long-term parachain leases into a \u003C/span>\u003Cb>flexible compute market with\u003C/b>\u003Cspan style=\"font-weight: 400;\"> higher ceilings for throughput.\u003C/span>\u003C/p>\n\u003Ch2>\u003Cb>A quick timeline\u003C/b>\u003C/h2>\n\u003Cul>\n\u003Cli style=\"font-weight: 400;\" aria-level=\"1\">\u003Cb>2016:\u003C/b>\u003Cspan style=\"font-weight: 400;\"> Polkadot paper published by Dr. Gavin Wood (vision for a heterogeneous multi-chain). \u003C/span>\u003C/li>\n\u003Cli style=\"font-weight: 400;\" aria-level=\"1\">\u003Cb>May 2020:\u003C/b>\u003Cspan style=\"font-weight: 400;\"> Relay Chain goes live; phased mainnet rollout follows. \u003C/span>\u003C/li>\n\u003Cli style=\"font-weight: 400;\" aria-level=\"1\">\u003Cb>2023–2024:\u003C/b>\u003Cspan style=\"font-weight: 400;\"> Governance migrates to \u003C/span>\u003Cb>OpenGov\u003C/b>\u003Cspan style=\"font-weight: 400;\">. \u003C/span>\u003C/li>\n\u003Cli style=\"font-weight: 400;\" aria-level=\"1\">\u003Cb>2024–2025:\u003C/b> \u003Cb>Agile Coretime\u003C/b>\u003Cspan style=\"font-weight: 400;\"> launches and \u003C/span>\u003Cb>auctions are deprecated\u003C/b>\u003Cspan style=\"font-weight: 400;\">; \u003C/span>\u003Cb>Async Backing\u003C/b>\u003Cspan style=\"font-weight: 400;\"> and \u003C/span>\u003Cb>Elastic Scaling\u003C/b>\u003Cspan style=\"font-weight: 400;\"> roll out to boost throughput. \u003C/span>\u003C/li>\n\u003C/ul>\n\u003Ch2>\u003Cb>How Polkadot compares (at a glance)\u003C/b>\u003C/h2>\n\u003Cul>\n\u003Cli style=\"font-weight: 400;\" aria-level=\"1\">\u003Cb>Versus monolithic L1s:\u003C/b>\u003Cspan style=\"font-weight: 400;\"> Polkadot minimizes base-layer logic (Relay Chain) and pushes execution to many parallel chains, then knits them together with XCM. It’s modular by design rather than a single chain doing everything. \u003C/span>\u003C/li>\n\u003Cli style=\"font-weight: 400;\" aria-level=\"1\">\u003Cb>Versus a single rollup stack:\u003C/b>\u003Cspan style=\"font-weight: 400;\"> Polkadot is a \u003C/span>\u003Cb>shared security\u003C/b>\u003Cspan style=\"font-weight: 400;\"> network where many chains can specialize yet interoperate natively, and now \u003C/span>\u003Cb>buy blockspace\u003C/b>\u003Cspan style=\"font-weight: 400;\"> as needed—similar in spirit to “blockspace as a market,” but with NPoS-backed shared consensus and production-grade XCM.\u003C/span>\u003C/li>\n\u003C/ul>\n\u003Ch2>\u003Cb>Why developers and analysts care in 2025\u003C/b>\u003C/h2>\n\u003Cul>\n\u003Cli style=\"font-weight: 400;\" aria-level=\"1\">\u003Cb>Programmable blockspace:\u003C/b>\u003Cspan style=\"font-weight: 400;\"> Instead of locking DOT for long leases, teams can right-size their spend with Coretime. That’s friendlier to startups and seasonal apps. \u003C/span>\u003C/li>\n\u003Cli style=\"font-weight: 400;\" aria-level=\"1\">\u003Cb>Higher headroom:\u003C/b>\u003Cspan style=\"font-weight: 400;\"> Async Backing + Elastic Scaling help parachains hit shorter block times and run in parallel across multiple cores—key for UX and institutional throughput.\u003C/span>\u003C/li>\n\u003Cli style=\"font-weight: 400;\" aria-level=\"1\">\u003Cb>Native interoperability:\u003C/b>\u003Cspan style=\"font-weight: 400;\"> XCM keeps cross-chain calls first-class, and system chains (Asset Hub, Bridge Hub) provide common services for assets and external connectivity. \u003C/span>\u003C/li>\n\u003C/ul>\n\u003Ch2>\u003Cb>Bottom line\u003C/b>\u003C/h2>\n\u003Cp>\u003Cspan style=\"font-weight: 400;\">Polkadot began as a research-driven answer to scalability and interoperability. In its current form, it’s a \u003C/span>\u003Cb>shared-security, many-chain network\u003C/b>\u003Cspan style=\"font-weight: 400;\"> with programmable blockspace and native cross-chain messaging. If you’re evaluating DOT or building on Polkadot in 2025, focus on the mechanics that matter now: \u003C/span>\u003Cb>OpenGov\u003C/b>\u003Cspan style=\"font-weight: 400;\"> for upgrades and treasury, \u003C/span>\u003Cb>Coretime\u003C/b>\u003Cspan style=\"font-weight: 400;\"> for capacity, \u003C/span>\u003Cb>Async Backing/Elastic Scaling\u003C/b>\u003Cspan style=\"font-weight: 400;\"> for performance, and \u003C/span>\u003Cb>XCM\u003C/b>\u003Cspan style=\"font-weight: 400;\"> for composability. The pieces are there—and they’re getting more flexible.\u003C/span>\u003C/p>\n\u003Ch3>\u003Cb>Follow us:\u003C/b>\u003C/h3>\n\u003Cp>\u003Ca class=\"invalid-url\" href=\"http://p2pchange.is\" data-validation-message=\"Invalid URL path\">\u003Cspan style=\"font-weight: 400;\">P2pchange\u003C/span>\u003C/a>\u003C/p>\n\u003Cp>\u003Ca href=\"https://x.com/p2pchange_is\">\u003Cspan style=\"font-weight: 400;\">Twitter/X\u003C/span>\u003C/a>\u003C/p>\n\u003Cp>\u003Ca href=\"https://t.me/p2pchange_is\">\u003Cspan style=\"font-weight: 400;\">Telegram\u003C/span>\u003C/a>\u003C/p>\n",805,{"code":5,"locale":55,"name":56,"slug":57},[425],{"language":426,"slug":418,"status":64},{"code":6,"locale":61,"name":62,"slug":63},{"node":428},{"name":67,"avatar":429},{"url":69},{"edges":431},[432],{"node":433},{"name":12,"slug":13,"uri":15},{"node":435},{"sourceUrl":436,"altText":77,"title":437},"https://p2pchange.is/wp-content/uploads/2025/08/p2p-change-pics-82.png","P2p change pics (82)",{"canonical":439,"metaDesc":440,"readingTime":121,"opengraphTitle":416,"opengraphUrl":439,"opengraphImage":441,"twitterImage":14,"opengraphDescription":440,"twitterDescription":77,"title":416,"twitterTitle":77,"opengraphType":85,"opengraphPublishedTime":443,"opengraphModifiedTime":77,"breadcrumbs":444},"https://p2pchange.is/complete-guides/what-is-polkadot/","Learn how Polkadot works: Relay Chain + parachains, XCM interoperability, OpenGov governance, and the Polkadot 2.0 shift to Agile Coretime, Asynchronous Backing, and Elastic Scaling",{"sourceUrl":442,"altText":77},"https://p2pchange.is/wp-content/uploads/2025/08/p2p-change-pics-82-300x169.png","2025-08-18T15:00:48+00:00",[445,446,447],{"text":89,"relativeUrl":77},{"text":12,"relativeUrl":163},{"text":416,"relativeUrl":448},"/complete-guides/what-is-polkadot",{"id":450,"title":451,"date":452,"slug":453,"uri":454,"excerpt":455,"content":456,"postId":457,"language":458,"translations":459,"author":462,"categories":465,"featuredImage":469,"seo":473},"cG9zdDo3OTk=","Spanish Bank BBVA Will Store Binance Clients’ Assets Off-Exchange","2025-08-08T15:17:05","spanish-bank-bbva","/crypto-news/spanish-bank-bbva/","\u003Cp>What happened Spain’s third-largest lender BBVA is working with Binance to offer off-exchange custody to the exchange’s clients, according to the Financial Times. Assets would sit with BBVA—reportedly in U.S. Treasuries—while Binance accepts those holdings as margin for trading, creating a separation between clients’ collateral and the exchange’s trading venue.  CoinDesk and Reuters both picked […]\u003C/p>\n","\u003Ch2>\u003Cb>What happened\u003C/b>\u003C/h2>\n\u003Cp>\u003Cspan style=\"font-weight: 400;\">Spain’s third-largest lender \u003C/span>\u003Cb>BBVA\u003C/b>\u003Cspan style=\"font-weight: 400;\"> is working with \u003C/span>\u003Cb>Binance\u003C/b>\u003Cspan style=\"font-weight: 400;\"> to offer \u003C/span>\u003Cb>off-exchange custody\u003C/b>\u003Cspan style=\"font-weight: 400;\"> to the exchange’s clients, according to the \u003C/span>\u003Cb>Financial Times\u003C/b>\u003Cspan style=\"font-weight: 400;\">. Assets would sit with BBVA—reportedly in \u003C/span>\u003Cb>U.S. Treasuries\u003C/b>\u003Cspan style=\"font-weight: 400;\">—while \u003C/span>\u003Cb>Binance accepts those holdings as margin\u003C/b>\u003Cspan style=\"font-weight: 400;\"> for trading, creating a separation between clients’ collateral and the exchange’s trading venue. \u003C/span>\u003C/p>\n\u003Cp>\u003Cb>CoinDesk\u003C/b>\u003Cspan style=\"font-weight: 400;\"> and \u003C/span>\u003Cb>Reuters\u003C/b>\u003Cspan style=\"font-weight: 400;\"> both picked up the FT scoop. Reuters added that \u003C/span>\u003Cb>both BBVA and Binance declined to comment on\u003C/b>\u003Cspan style=\"font-weight: 400;\"> the reported arrangement.\u003C/span>\u003C/p>\n\u003Ch2>\u003Cb>Why it matters\u003C/b>\u003C/h2>\n\u003Cul>\n\u003Cli style=\"font-weight: 400;\" aria-level=\"1\">\u003Cb>Counterparty risk, addressed:\u003C/b>\u003Cspan style=\"font-weight: 400;\"> Allowing users to \u003C/span>\u003Cb>custody collateral off the exchange\u003C/b>\u003Cspan style=\"font-weight: 400;\"> can reduce the chance that funds get snarled if a venue faces distress—an explicit response to lessons from \u003C/span>\u003Cb>FTX’s 2022 collapse\u003C/b>\u003Cspan style=\"font-weight: 400;\">. \u003C/span>\u003C/li>\n\u003Cli style=\"font-weight: 400;\" aria-level=\"1\">\u003Cb>Traditional finance meets crypto:\u003C/b>\u003Cspan style=\"font-weight: 400;\"> A marquee euro-area bank acting as an \u003C/span>\u003Cb>independent custodian\u003C/b>\u003Cspan style=\"font-weight: 400;\"> may reassure institutions that require bank-grade controls before deploying size on centralized exchanges. \u003C/span>\u003C/li>\n\u003Cli style=\"font-weight: 400;\" aria-level=\"1\">\u003Cb>Binance’s de-risking arc:\u003C/b>\u003Cspan style=\"font-weight: 400;\"> The exchange has been moving to \u003C/span>\u003Cb>broaden custody choices\u003C/b>\u003Cspan style=\"font-weight: 400;\"> since early 2024, when it began letting larger clients use \u003C/span>\u003Cb>third-party banks\u003C/b>\u003Cspan style=\"font-weight: 400;\"> such as \u003C/span>\u003Cb>Sygnum\u003C/b>\u003Cspan style=\"font-weight: 400;\"> and \u003C/span>\u003Cb>FlowBank\u003C/b>\u003Cspan style=\"font-weight: 400;\">. The \u003C/span>\u003Cb>BBVA\u003C/b>\u003Cspan style=\"font-weight: 400;\"> link is the clearest sign yet that \u003C/span>\u003Cb>off-exchange custody\u003C/b>\u003Cspan style=\"font-weight: 400;\"> is becoming standard for VIP and institutional flow. \u003C/span>\u003C/li>\n\u003C/ul>\n\u003Ch2>\u003Cb>How the arrangement reportedly works\u003C/b>\u003C/h2>\n\u003Cp>\u003Cspan style=\"font-weight: 400;\">Per the FT, \u003C/span>\u003Cb>client funds sit at BBVA in U.S. Treasuries\u003C/b>\u003Cspan style=\"font-weight: 400;\">. \u003C/span>\u003Cb>Binance accepts the Treasuries as margin\u003C/b>\u003Cspan style=\"font-weight: 400;\">, so traders keep access to liquidity without holding collateral directly on the exchange. If the trading venue experienced an outage or worse, \u003C/span>\u003Cb>the collateral remains at the bank\u003C/b>\u003Cspan style=\"font-weight: 400;\">, insulated from exchange-specific risk. Think of it as a \u003C/span>\u003Cb>triparty-style\u003C/b>\u003Cspan style=\"font-weight: 400;\"> structure adapted for crypto.\u003C/span>\u003C/p>\n\u003Cp>\u003Cspan style=\"font-weight: 400;\">This model echoes mechanisms Binance has discussed publicly—ways for institutions to trade on the venue while leaving collateral with an external custodian. \u003C/span>\u003C/p>\n\u003Ch2>\u003Cb>The broader backdrop\u003C/b>\u003C/h2>\n\u003Cul>\n\u003Cli style=\"font-weight: 400;\" aria-level=\"1\">\u003Cb>Regulatory hangover:\u003C/b>\u003Cspan style=\"font-weight: 400;\"> Binance paid \u003C/span>\u003Cb>$4.3 billion\u003C/b>\u003Cspan style=\"font-weight: 400;\"> in 2023 to resolve U.S. anti-money-laundering and sanctions violations; founder \u003C/span>\u003Cb>Changpeng Zhao\u003C/b>\u003Cspan style=\"font-weight: 400;\"> received a \u003C/span>\u003Cb>four-month sentence\u003C/b>\u003Cspan style=\"font-weight: 400;\">. Sharper separation of functions—\u003C/span>\u003Cb>trading vs. custody\u003C/b>\u003Cspan style=\"font-weight: 400;\">—is part of the industry’s reputational rebuild. \u003C/span>\u003C/li>\n\u003Cli style=\"font-weight: 400;\" aria-level=\"1\">\u003Cb>Industry shift post-FTX:\u003C/b>\u003Cspan style=\"font-weight: 400;\"> Exchanges have moved to \u003C/span>\u003Cb>proof-of-reserves\u003C/b>\u003Cspan style=\"font-weight: 400;\"> attestations and \u003C/span>\u003Cb>segregated custody\u003C/b>\u003Cspan style=\"font-weight: 400;\">options as institutions demand stronger \u003C/span>\u003Cb>safeguards\u003C/b>\u003Cspan style=\"font-weight: 400;\"> and \u003C/span>\u003Cb>governance\u003C/b>\u003Cspan style=\"font-weight: 400;\">. BBVA’s reported role underlines how \u003C/span>\u003Cb>traditional banks\u003C/b>\u003Cspan style=\"font-weight: 400;\"> are stepping in to fill that custody gap.\u003C/span>\u003C/li>\n\u003C/ul>\n\u003Ch2>\u003Cb>What’s still unclear\u003C/b>\u003C/h2>\n\u003Cul>\n\u003Cli style=\"font-weight: 400;\" aria-level=\"1\">\u003Cb>Scope and eligibility:\u003C/b>\u003Cspan style=\"font-weight: 400;\"> Neither firm has said who qualifies (e.g., \u003C/span>\u003Cb>VIP/institutional\u003C/b>\u003Cspan style=\"font-weight: 400;\"> only, or high-net-worth/prime clients too). \u003C/span>\u003Cb>No public comment\u003C/b>\u003Cspan style=\"font-weight: 400;\"> yet from BBVA or Binance. \u003C/span>\u003C/li>\n\u003Cli style=\"font-weight: 400;\" aria-level=\"1\">\u003Cb>Scale of the program:\u003C/b>\u003Cspan style=\"font-weight: 400;\"> The \u003C/span>\u003Cb>size of committed collateral\u003C/b>\u003Cspan style=\"font-weight: 400;\">, settlement windows, and haircut policies for Treasuries accepted as margin are not disclosed in public reporting. \u003C/span>\u003C/li>\n\u003Cli style=\"font-weight: 400;\" aria-level=\"1\">\u003Cb>Jurisdictional coverage:\u003C/b>\u003Cspan style=\"font-weight: 400;\"> It’s not yet known whether the custody option is restricted to \u003C/span>\u003Cb>EU\u003C/b>\u003Cspan style=\"font-weight: 400;\"> clients or available globally via BBVA entities.\u003C/span>\u003C/li>\n\u003C/ul>\n\u003Ch2>\u003Cb>Competitive and market implications\u003C/b>\u003C/h2>\n\u003Col>\n\u003Cli style=\"font-weight: 400;\" aria-level=\"1\">\u003Cb>Institutional crypto custody goes mainstream\u003C/b>\u003Cb>\u003Cbr />\n\u003C/b>\u003Cspan style=\"font-weight: 400;\">A household-name bank onboarding as a \u003C/span>\u003Cb>Binance custody partner\u003C/b>\u003Cspan style=\"font-weight: 400;\"> could normalize \u003C/span>\u003Cb>off-exchange collateral\u003C/b>\u003Cspan style=\"font-weight: 400;\"> across the industry, pushing other venues to expand \u003C/span>\u003Cb>bank-custody rails\u003C/b>\u003Cspan style=\"font-weight: 400;\">. \u003C/span>\u003C/li>\n\u003Cli style=\"font-weight: 400;\" aria-level=\"1\">\u003Cb>Liquidity with lower perceived risk\u003C/b>\u003Cb>\u003Cbr />\n\u003C/b>\u003Cspan style=\"font-weight: 400;\">If Treasuries held at a bank can be posted as \u003C/span>\u003Cb>margin on Binance\u003C/b>\u003Cspan style=\"font-weight: 400;\">, professional traders may feel more comfortable scaling positions without warehousing funds on an exchange—potentially \u003C/span>\u003Cb>boosting volumes\u003C/b>\u003Cspan style=\"font-weight: 400;\"> without raising counterparty exposure. \u003C/span>\u003C/li>\n\u003Cli style=\"font-weight: 400;\" aria-level=\"1\">\u003Cb>Pressure on crypto-native custodians\u003C/b>\u003Cb>\u003Cbr />\n\u003C/b>\u003Cspan style=\"font-weight: 400;\">As banks like BBVA step in, \u003C/span>\u003Cb>crypto-native custody brands\u003C/b>\u003Cspan style=\"font-weight: 400;\"> face stiffer competition—especially where \u003C/span>\u003Cb>name recognition\u003C/b>\u003Cspan style=\"font-weight: 400;\"> matters for investment committees. (FT’s sources highlighted BBVA’s brand strength.)\u003C/span>\u003C/li>\n\u003C/ol>\n\u003Ch2>\u003Cb>Flashback: the path to third-party banking partners\u003C/b>\u003C/h2>\n\u003Cp>\u003Cspan style=\"font-weight: 400;\">The new arrangement fits a pattern. In \u003C/span>\u003Cb>January 2024\u003C/b>\u003Cspan style=\"font-weight: 400;\">, reporting indicated \u003C/span>\u003Cb>Binance began allowing larger traders to hold assets with third-party banks\u003C/b>\u003Cspan style=\"font-weight: 400;\">, pivoting from a model that relied on the exchange or its affiliated custodian. \u003C/span>\u003Cb>Sygnum\u003C/b>\u003Cspan style=\"font-weight: 400;\"> and \u003C/span>\u003Cb>FlowBank\u003C/b>\u003Cspan style=\"font-weight: 400;\"> were cited as early options. BBVA now appears to join that \u003C/span>\u003Cb>shortlist\u003C/b>\u003Cspan style=\"font-weight: 400;\">. \u003C/span>\u003C/p>\n\u003Ch2>\u003Cb>Bottom line\u003C/b>\u003C/h2>\n\u003Cp>\u003Cspan style=\"font-weight: 400;\">If confirmed, \u003C/span>\u003Cb>BBVA’s off-exchange custody\u003C/b>\u003Cspan style=\"font-weight: 400;\"> for \u003C/span>\u003Cb>Binance\u003C/b>\u003Cspan style=\"font-weight: 400;\"> clients is a milestone for \u003C/span>\u003Cb>institutional crypto trading\u003C/b>\u003Cspan style=\"font-weight: 400;\">: it keeps \u003C/span>\u003Cb>collateral at a bank\u003C/b>\u003Cspan style=\"font-weight: 400;\"> while preserving access to \u003C/span>\u003Cb>exchange liquidity\u003C/b>\u003Cspan style=\"font-weight: 400;\">, directly tackling \u003C/span>\u003Cb>counterparty risk\u003C/b>\u003Cspan style=\"font-weight: 400;\"> that has haunted the sector since 2022. It also signals a broader convergence—\u003C/span>\u003Cb>TradFi infrastructure\u003C/b>\u003Cspan style=\"font-weight: 400;\"> underpinning \u003C/span>\u003Cb>CeFi trading\u003C/b>\u003Cspan style=\"font-weight: 400;\">—that could define how large money participates in crypto from here.\u003C/span>\u003C/p>\n\u003Ch3>\u003Cb>Follow us:\u003C/b>\u003C/h3>\n\u003Cp>\u003Ca class=\"invalid-url\" href=\"http://p2pchange.is\" data-validation-message=\"Invalid URL path\">\u003Cspan style=\"font-weight: 400;\">P2pchange\u003C/span>\u003C/a>\u003C/p>\n\u003Cp>\u003Ca href=\"https://x.com/p2pchange_is\">\u003Cspan style=\"font-weight: 400;\">Twitter/X\u003C/span>\u003C/a>\u003C/p>\n\u003Cp>\u003Ca href=\"https://t.me/p2pchange_is\">\u003Cspan style=\"font-weight: 400;\">Telegram\u003C/span>\u003C/a>\u003C/p>\n",799,{"code":5,"locale":55,"name":56,"slug":57},[460],{"language":461,"slug":453,"status":64},{"code":6,"locale":61,"name":62,"slug":63},{"node":463},{"name":67,"avatar":464},{"url":69},{"edges":466},[467],{"node":468},{"name":21,"slug":22,"uri":23},{"node":470},{"sourceUrl":471,"altText":77,"title":472},"https://p2pchange.is/wp-content/uploads/2025/08/p2p-change-pics-80.png","P2p change pics (80)",{"canonical":474,"metaDesc":475,"readingTime":230,"opengraphTitle":451,"opengraphUrl":474,"opengraphImage":476,"twitterImage":14,"opengraphDescription":475,"twitterDescription":77,"title":451,"twitterTitle":77,"opengraphType":85,"opengraphPublishedTime":478,"opengraphModifiedTime":77,"breadcrumbs":479},"https://p2pchange.is/crypto-news/spanish-bank-bbva/","Spain’s BBVA will reportedly provide off-exchange custody for Binance clients, letting traders park collateral in U.S. Treasuries held at the bank that Binance accepts as trading margin.",{"sourceUrl":477,"altText":77},"https://p2pchange.is/wp-content/uploads/2025/08/p2p-change-pics-80-300x169.png","2025-08-08T15:17:05+00:00",[480,481,482],{"text":89,"relativeUrl":77},{"text":21,"relativeUrl":200},{"text":451,"relativeUrl":483},"/crypto-news/spanish-bank-bbva",{"offsetPagination":485},{"total":486,"hasMore":487,"hasPrevious":488},54,true,false]