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Cap Surpasses $200M Tvl As Stablecoin Protocol Gains Traction
Crypto Trends

Cap Surpasses $200M TVL As Stablecoin Protocol Gains Traction

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Cap, a stablecoin protocol built on Ethereum, has surpassed $200 million in total value locked (TVL). According to the project’s update, $183 million comes from USDC collateral supporting its cUSD stablecoin, while roughly $30 million stems from SymbioticFi delegations by partners including Hyperithm, MEV Capital, Renzo Protocol, Concrete, and Re7 Labs.

Unlike conventional stablecoins, Cap introduces a model where yield generation is outsourced to whitelisted operators such as banks, high-frequency trading firms, and RWA protocols. 

The framework rests on three actors: minters, operators, and restakers. Minters hold cUSD pegged 1:1 with USDC/USDT, operators access delegated liquidity to execute strategies, and restakers provide security to ensure the system remains fully covered.

Through this structure, yield is distributed back to stablecoin holders and restakers, while operators retain their performance margins. Cap’s smart contracts enforce penalties and rewards, aiming to balance returns with systemic protection.

DeFi growth echoes TVL breakout moments

Cap’s $200 million TVL milestone comes days after decentralized perpetuals exchange Aster reported surpassing $1 billion in TVL, alongside 330,000 new users after launching its $ASTER token on BNB Chain. 

Aster also logged $345 million in trading volume within 24 hours of its debut, highlighting how fast liquidity can consolidate around protocols promising capital efficiency and market access.

While Cap is carving out its niche in stablecoin yield generation, Aster’s rapid climb illustrates a parallel surge of interest in decentralized trading platforms. Both projects reflect a wider narrative in the Decentralized Finance (DeFi): protocols that combine clear collateral mechanics with scalable user incentives are drawing substantial inflows despite market volatility.

Together, both underscore the diversification of DeFi adoption across different verticals. Cap leans on stablecoin infrastructure and outsourced yield strategies, while Aster focuses on derivatives and trading activity at scale. Their simultaneous TVL milestones suggest that investor demand is not confined to a single category but spans from stable yields to speculative trading. 

Also Read: Solana Hits $241 as TVL and Institutional Interest Surges



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NFT Gaming

‘Baby Shark’ Token on Story Protocol Drops 90% as Brand-Owner Denies Authorization

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A “Baby Shark” token hyped last week as officially representing the most viewed video on YouTube, slumped 90% after the issuing platform said the company minting the memecoin belatedly realized it didn’t have the authority to do so.

The token tumbled to under 0.064 cents from Tuesday’s 35 cents high on Story Protocol, a layer-1 blockchain specializing in intellectual property, after the brand owner, Seoul-based Pinkfong Co., issued a formal notice on X on Friday saying the token had “no affiliation whatsoever” with the company.

Baby Shark, a two-minute long music cartoon aimed at young children has garnered more than 16 billion individual views since its 2016 launch. The token, which had a peak market cap of $200 million, was issued using IP.World, which said it relied on faulty rights provided by a Pinkfong licensee and said its verification process blocked creator fees from being released.

“We, and the community, had every reason to believe the launch was fully authorized,” IP.World said.

(DEXTools)

In its post, Pingfong said only two assets, a Baby Shark Meme on Solana and Baby Shark Universe Token on BNB Chain, are officially endorsed.

The statement did little to calm traders who had piled in under the impression of the token was an official Pinkfong collaboration, amplified by influencer endorsements and Story Protocol’s own promotional push.

Separately, blockchain analytics firm Bubblemaps reported that at least one entity funneled funds through multiple fresh wallets to snipe $10 million worth of supply in the first minute of trading — representing roughly 7% of the token’s supply on its Sept. 23rd issuance.

While IP.World named the licensee, CoinDesk is not doing so as it has been unable to contact the company concerned for comment.



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Story Protocol (IP) price down 50% after hitting ATH, will the losses continue?
Crypto Trends

Story Protocol (IP) price down 50% after hitting ATH, will the losses continue?

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IP price has dropped 48% over the past 5 days as investors booked profits after it hit a new all-time high over the weekend. A confirmed bearish pattern now points to more losses in the coming days.

Summary

  • IP price has dropped over 50% from its ATH hit earlier this month.
  • Profit-taking and the broader market downturn have muted the impact of recent project-related developments.
  • $5.4 stands as a key support level bulls must defend to stop further losses.

According to data from crypto.news, Story Protocol (IP) was trading at $7.59, down 24.5% over the past 24 hours and 48% below its new all-time high of $14.78 reached earlier on Sep. 21.

Notably, Story’s price rallied to its new record high amid renewed community discussion after the project announced it would host the Origin Summit, held on Sep. 23, 2025, in Seoul during Korea Blockchain Week.

The summit, which served as a landmark event at the intersection of AI, intellectual property, and blockchain, brought together speakers and executives from leading entertainment and IP companies such as HYBE and SM Entertainment, alongside major crypto and investment firms, including Polygon, Grayscale, and Animoca Brands, to discuss the tokenization goals of IP through Story’s infrastructure.

Hosting major events like this helps improve a project’s visibility and often draws investor attention, which can translate into stronger support and long-term interest.

Other major developments that supported the rally include the launch of the IP Vault, which helps secure IP data by storing it on-chain, and real-world adoption through high-profile IP partnerships.

Aria, an IP tokenization project built on Story, recently announced plans to tokenize $100 million worth of K-pop IP on the Story blockchain, a move widely seen by the community as a high-profile endorsement of the platform’s real-world potential. With landmark IPs like Pinkfong’s “Baby Shark” also joining the platform, investors likely see this as a sign that Story Protocol is actively powering the tokenization of some of the most recognizable content in global entertainment.

Although these developments helped fuel the rally, their impact was undercut as investors began booking profits. It is quite typical for cryptocurrencies to experience some pullback after strong rallies, especially after an asset hits a new all-time high, as is the case for IP. 

Some of the selling pressure also stemmed from the broader crypto market downturn, which followed a fresh wave of tariffs announced by U.S. President Donald Trump and growing uncertainty over whether the Federal Reserve will move ahead with additional rate cuts this year.

Bitcoin (BTC) and many other top altcoins recorded losses on the day, and the crypto fear and greed index fell deep into ‘fear’ territory.

Crypto traders are now awaiting cues from today’s PCE data release, the Fed’s preferred measure of inflation, which could offer clarity on the central bank’s next move.

On the daily chart, IP price has dropped below the lower trendline of an ascending broadening wedge that has been forming since late August this year. In technical analysis, this bearish reversal pattern develops during an uptrend when an asset’s price records successive higher highs and higher lows within two diverging upward-sloping lines.

IP price has broken below an ascending broadening wedge on the daily chart — Sep. 26 | Source: crypto.news

Following the bearish breakout, Story’s price has dropped below the 50-day simple moving average as sellers began to dominate price action.

Momentum indicators like the MACD were also flashing bearish signals today, with the MACD line crossing below the signal line, which is another telling sign that sellers are currently the dominant force.

Based on these bearish signs, IP remains vulnerable to downside action in the upcoming sessions unless the border market sentiment improves or a major bullish catalyst emerges.

As of press time, the next key support level for IP lies at $5.4, 29% below the current level. If bulls fail to defend this support, it could lead to a deeper correction towards $2.4, which marks the token’s lowest point in June.

Disclosure: This article does not represent investment advice. The content and materials featured on this page are for educational purposes only.



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Curve Finance Founder Michael Egorov Launches Bitcoin Yield Protocol
Crypto Trends

Curve Finance Founder Michael Egorov Launches Bitcoin Yield Protocol

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Michael Egorov, founder of Curve Finance, has launched Yield Basis, a decentralized protocol built to provide sustainable BTC$109,570.45 yield while eliminating impermanent loss (IL), one of decentralized finance’s longest-running challenges.

Bitcoin holders have long faced limited opportunities for on-chain returns. Lending markets rarely offer more than a fraction of a percent, while automated market maker (AMM) pools have exposed users to IL — the risk of losing value when token prices diverge. Even in favorable conditions, yields rarely topped 1–2%.

Yield Basis tackles this by reengineering the AMM model. The protocol removes IL risk altogether, which Egorov says will enable deeper Bitcoin liquidity on-chain and more attractive yield opportunities for institutional and professional investors. To manage early growth, three pools launched with a $1 million deposit cap each.

The system borrows from Curve’s five years of infrastructure resilience, adopting a vote-escrow mechanism (veYB) for governance. Token holders must lock their YB to participate in governance and earn protocol fees, distributed in either Curve’s crvUSD stablecoin or wrapped Bitcoin. Unlike many DeFi projects, token emissions aren’t simply handed to liquidity providers; they are tied to position yield, a model Egorov calls “value-protecting.”

Yield Basis secured $5 million in early 2025 funding and is the first project to debut on the joint Legion and Kraken launchpad, where the community can access its token sale. While Bitcoin is the initial focus, Egorov says the protocol’s impermanent loss solution could extend to Ethereum, tokenized commodities or even stocks — potentially broadening the scope of yield-bearing assets on-chain.



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Pinkfong's iconic IP tokenized on Story Protocol
GameFi Guides

Pinkfong’s iconic IP tokenized on Story Protocol

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Pinkfong, the creator of the global hit ‘Baby Shark,’ is taking its iconic IP to Web3, as Story Protocol announces its tokenization on ip.world.

Summary

  • “Baby Shark” and other Pinkfong content are now tokenized on Story Protocol’s ip.world.
  • The initiative allows fans and creators to “remix and expand the Pinkfong IP”, according to the official announcement.

Story Protocol (IP) has just announced the tokenization of Pinkfong’s IP, the creative force behind the global sensation “Baby Shark,” on ip.world, a platform for IP-backed memecoins on Story Protocol.

With over 140 billion total views and more than 240 million subscribers across platforms, Pinkfong’s content portfolio represents one of the most valuable IPs in the children’s entertainment sector. Notably, “Baby Shark” holds the record as YouTube’s most-viewed video, with over 16 billion views.

This tokenization initiative allows the Pinkfong IP to be transformed into a tradable, programmable asset, enabling creators and fans to “remix and expand the Pinkfong IP.”

IP of the official Pinkfong Company mascot, known for Baby Shark, has been tokenized on @ipdotworld. Pinkfong touts:

▸ 140B+ total views
▸ 240M+ total subscribers
▸ 16B+ views on Baby Shark
▸ YouTube’s most viewed video

Now you can remix and expand the Pinkfong IP ↴ https://t.co/gcHq3ifK7q

— Story (@StoryProtocol) September 23, 2025

Story Protocol leads the IP tokenization wave

The development is part of a broader trend in the entertainment industry, where traditional models of content distribution and monetization are being reimagined through blockchain technology, with Story Protocol emerging as a leading platform for making IP investable.

Story Protocol recently supported Aria Protocol’s Aria PRIME platform in bringing $100 million of Korean music catalogs on-chain. The initiative uses Story Protocol to tokenize music rights, giving investors access to fractionalized IP while enabling rights holders to benefit from improved liquidity, automated royalties, and smart contract-enabled licensing.

Beyond entertainment and music, Story Protocol is expanding the tokenization of intellectual property across a wide array of industries, including AI models, game assets, memes, design creations, and patents. Flagship IPs on the platform include Magma, a browser-based professional design platform, and Mahojin, a decentralized AI platform for datasets and AI models.





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Aria PRIME tokenizes $100M Korean music catalogs
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Aria debuts $100M music IP tokenization via Story Protocol

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Aria launches Aria PRIME with Story Protocol, tokenizing $100M Korean music catalogs to bring cultural IP into institutional investment markets.

Summary

  • Aria PRIME launches as an institutional platform for tokenized IP
  • First deal brings $100M in Korean music catalogs onchain with Story Protocol
  • Platform plans to expand into other cultural assets like film and art

Aria is moving $100 million in Korean music catalogs onchain through Story Protocol, opening a new market for tokenized cultural IP.

Aria made the announcement on Sept. 22, introducing Aria PRIME, its institutional platform for managing and investing in high-value intellectual property. The launch, done in partnership with Story Protocol (IP) and Contents Technologies, will bring tokenized access to music rights that represent more than half of South Korea’s global music distribution market.

Aria PRIME: turning culture into capital

Film franchises, music catalogs, and other entertainment rights are just a few of the extensive IP portfolios that Aria PRIME is designed to manage. Rights holders benefit from increased liquidity and more transparent ownership structures when these assets are tokenized into fungible units, and institutional investors can access them with the help of blockchain infrastructure.

The Story Layer 1 blockchain, a network designed for IP tokenization, powers the platform. Assets created as Intellectual Property Real-World Assets can be divided into fractional ownership, produce royalties, and be integrated with smart contracts for remix and licensing rights. This design enables both financial utility and new creative models.

Funding and ecosystem growth

Earlier in September, Aria secured $15 million in seed and strategic funding at a $50 million valuation, with support from Polychain Capital, Neo Classic Capital, and the Story Protocol Foundation. The company earns fees from token launches, trading, and IP vault management, but is currently reducing costs to drive adoption.

The $100 million Korean music catalog is Aria PRIME’s first step toward a larger institutional IP market. Cinema, art, and other genres might be added in the future, making cultural intellectual property a scalable financial asset.

By bridging capital markets and entertainment, Aria is positioning IP to function not only as creative output but also as investable capital.



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BNB Chain’s New Gold Protocol hit by $2m launch-day hack
NFT Gaming

BNB Chain’s New Gold Protocol hit by $2m launch-day hack

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AI-driven, self-described “DeFi 3.0” staking protocol The New Gold Protocol, built “with sustainability at its core,” was hacked hours after launch. The hacking took place on Sept. 18, 2025. The hacker exploited two flaws in the design of NGP. The case demonstrates how negligence in protocol design may doom a project from day one.

Summary

  • Nearly $2 million in crypto was stolen from the just-launched New Gold Protocol platform via a flash loan attack. 
  • Stolen money was sent to Tornado Cash. The hacker is not identified.
  • The team behind the New Gold Protocol keeps silent. 
  • The biggest flash loan attacks resulted in over $100 million in losses. 

What is New Gold Protocol?

The New Gold Protocol is a staking protocol built on top of the BNB blockchain and launched on Sept. 18.

One of the problems that The New Gold Protocol aimns to solve is the “lack of pricing rules.” According to the whitepaper, many DeFi protocols “lack standardized mechanisms for behavior pricing, resulting in volatility and disorder.”

The “next-generation DeFi 3.0” New Gold Protocol was meant to outperform competitors that do not have intrinsic earnings and whose governance models are inefficient. The NGP team saw the way to achieve transparency, fairness, and sustainability through AI optimization.

The New Gold Protocol was striving to create an inclusive staking platform with a transparent, automated environment sustained via smart contracts. Due to token burns, NGP promoted its native token as deflationary. It promised real-yield distributions instead of inflationary and speculative incentives. The NGP whitepaper suggested that transparency ensures accountability. However, it turned out that this was not enough.

How was NGP hacked?

The hacking took place shortly after the launch of the NGP token. The amount of NGP tokens that could be bought was limited to prevent price-inflation attacks, but the hacker found a way to bypass it.

According to analysts from blockchain security company Hacken, six hours before the attack the hacker accumulated a high number of assets via flash loans using different accounts. Flash loans are a feature popular on DeFi platforms. They allow borrowing crypto assets quickly without collateral. Borrowed funds may be used for arbitrage trading, stealing funds from a protocol, or price manipulation. As Hacken notes, the damage caused through flash loan attacks may amount to millions of dollars.

The attacker used an oracle-manipulation tactic. The protocol determined the NGP token price by scanning its reserves in the DEX’s liquidity pool, which allowed the attacker to manipulate the price. The attacker began swapping BUSD to NGP on PancakePair, which pumped NGP’s price quickly.

The New Gold Protocol contained two limits: a buying limit and a cooldown limit for buyers. Both were bypassed as the attacker used the “dEaD” address as the recipient.

The next move was draining nearly all the BUSD tokens from the protocol via selling NGP. It left The New Gold Protocol with almost no funds. The attacker then gained $1.9 million worth of crypto and immediately swapped the funds to BNB-based ETH.

According to the Hacken team, the following actions included depositing stolen funds to Tornado Cash through Ethereum bridged with Across. The action sent the NGP price up while leaving the protocol with only a small amount of funds. Soon, the NGP token price plummeted 88%.

Unfortunately, despite ambitious plans to reshape the DeFi sector and build a sustainable product, The New Gold Protocol neglected its own security and faced severe damage. The company did not comment on the issue. The latest tweet reads “stability meets growth.” It was published several hours before the attack and now looks like a bitter joke.

Other flash loan attacks

As soon as flash loans were introduced, flash loan attacks quickly became one of the tactics used by criminals. 

The biggest attack took place in March 2023. The hacker managed to steal around $197 million in Wrapped Bitcoin, Wrapped Ethereum, and other assets from the Euler Finance protocol. The hacker was using an error in the platform’s calculation rate. The funds were sent to an address used earlier by the notorious DPRK hackers, the Lazarus Group. What made this case especially notable is that the hacker voluntarily returned all the funds and apologized.

Other notable examples include the Cream Finance hack ($130 million stolen in 2021) and Polter ($12 million stolen in 2024). A flash loan was part of the scheme used in 2025 to wipe out $223 million in crypto from the Cetus protocol based on Sui.



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Ngp Protocol Hit By $2M Exploit, Funds Sent To Tornado Cash
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NGP Protocol Hit by $2M Exploit, Funds Sent to Tornado Cash

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New Gold Protocol (NGP), a decentralized finance (DeFi) project built on the BNB Chain, became the latest target of a sophisticated exploit on Wednesday. The attacker drained nearly $2 million worth of assets from the project’s liquidity pool before moving the stolen funds through Tornado Cash, making them nearly impossible to trace.

How the exploit happened?

According to Web3 security firm Blockaid, the attacker zeroed in on NGP’s smart contract vulnerability within its getPrice() function. This function works out the price of NGP tokens by simply looking at the reserves in its Uniswap V2 pool.

Blockaid explained that relying on a single decentralized exchange (DEX) pool for price data left the protocol exposed. “A spot price from a single DEX pool is insecure because an attacker can easily and dramatically manipulate the pool’s reserves within a single atomic transaction using a flash loan,” the firm said.

The exploit began when the attacker initiated a flash loan, temporarily borrowing a large number of tokens. They then executed a swap to manipulate the mainPair pool, which boosted the USDT reserve while draining NGP tokens. This trick made the getPrice() function show a much lower token value than it really was. 

With the system fooled, the attacker slipped past the contract’s transaction limits and managed to buy a huge amount of NGP tokens at a cheap, manipulated price.

Aftermath of the hack

Once the tokens were drained, the attacker quickly swapped them into Ethereum and pushed the funds through Tornado Cash, the Ethereum mixer often linked to hacks. Once the hacker pushed the money through Tornado Cash, the trail went cold. That means the money trail is basically gone, and getting the funds back is next to impossible.

Word of the hack got around quickly and put the DeFi community on edge. NGP’s token price crashed within hours, and investors were left unsettled. So far, NGP has not laid out any plan on how it will recover the stolen money or compensate users who lost out.

Bigger lessons for DeFi

The NGP exploit is another reminder of how dangerous it is for protocols to depend on a single-price source. Flash loans, which allow attackers to borrow and use large sums in one go, continue to be a major tool in these kinds of attacks. 

Experts believe projects should focus on building safer systems by using more than one price feed, carrying out regular audits, and adding stronger protections to their contracts.

For now, the $2 million loss is another entry in the long list of DeFi hacks that have happened this year. Recently, DeFi platform Nemo Protocol on Sui revealed that its $2.6M exploit on September 7, 2025 stemmed from unaudited code pushed to mainnet via a single-signature upgrade. Hackers exploited a public flash loan function and faulty query to mint tokens and drain the SY/PT pool.

It shows once again that, in this space, security is still the weakest point, for both builders and investors. 

Also Read: Radiant Hacker Moves $26.7 Million in Stolen Funds to Ethereum



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Sui Jumps Nearly 4% After Google Selects It as Launch Partner for AI Payments Protocol
Crypto Trends

Sui Jumps Nearly 4% After Google Selects It as Launch Partner for AI Payments Protocol

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Sui (SUI) rose nearly 4% over the past 24 hours after being selected as a launch partner for Google’s new Agentic Payments Protocol (AP2), a standard designed to let AI agents conduct financial transactions for users.

The token’s move from $3.509 to $3.622 marked a 3.22% gain, with trading spanning a $0.183 range. By contrast, the CoinDesk 20 index rose just 1% over the same period.

SUI is currently trading at $3.63.

The AP2 announcement added momentum to a token that had already shown bullish strength. Volume surged to 33.14 million during a breakout — nearly four times the 24-hour average of 8.73 million. That jump in activity, along with higher lows and steady bids above $3.50, points to possible institutional accumulation.

Google’s Agentic Payments Protocol is an emerging standard aimed at enabling AI agents to carry out payments and other financial operations on behalf of users. The protocol is part of a broader effort to bridge smart contracts, real-world payment rails, and machine autonomy.

At one point, SUI climbed from $3.60 to $3.65 before falling to $3.57 and settling at $3.60, a minor net loss for that specific intraday move.

Buyers reclaimed the $3.61–$3.65 range before volume tapered off, suggesting profit-taking.

But with the Google partnership now in play, bulls may target the next resistance band between $3.70 and $3.75.

Read more: Google Teams Up With Coinbase to Bring Stablecoin Payments to AI Apps



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DeFi Protocol Ondo Finance’s Token Soars Amid Tokenization Hype

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In brief

  • Ondo rose nearly 10% Thursday to $1.10, bringing weekly gains to more than 21%, CoinGecko data shows.
  • Total value locked for Ondo Finance has tripled this year to $1.57 billion.
  • BlackRock’s move to put ETFs on blockchains is adding credibility to Ondo’s push into tokenized stocks and real-world assets, Decrypt was told.

The token belonging to decentralized finance-focused asset manager and tech firm Ondo Finance is extending gains this week alongside a rising crypto market and fresh headlines related to the world’s largest asset manager, BlackRock.

While the crypto market’s broader bullish sentiment is being driven by the strong possibility of a Federal Reserve rate cut decision, the tokens’ rise coincides with BlackRock’s plans to introduce exchange-traded funds onto public blockchains, Bloomberg reported Wednesday.

Ondo is up nearly 10% on the day to $1.10 after clocking more than 21% gains this week, CoinGecko data shows.

Thursday’s gains follow last week’s launch of tokenized versions of more than 100 U.S.-listed stocks, ETFs, and other equities on Ethereum via the DeFi protocol’s Global Markets platform.

Lai Yuen, investment analyst at Fischer8 Capital, told Decrypt Ondo’s price rise is likely driven by “excitement around tokenized stocks.” 

Onboarded partners and advisors for Ondo’s Global Markets, which includes the likes of WisdomTree, have helped grow the platform by $160 million in TVL over nine days.

That all but “underscores the project’s strong early traction,” Yuen said.

Ondo Finance’s total value locked, meanwhile, has nearly tripled since the start of 2025, growing from $611 million to $1.57 billion, DefiLlama data shows.

The long-term outlook remains bullish, according to Yuen, who posits that even if the project captures 10% of the stock market, it would translate to “substantial fee generation for Ondo token holders.”

“The project’s regulatory moat, bolstered by its advisory board, provides a durable long-term advantage that will be difficult for competitors to replicate,” he said.

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