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Ripple 'APEX 2025 Singapore' On-site Sketch Ambition to Become a 'Finance-Oriented Mainnet' Expectations for Growth of RLUSD and XRP Ledger EVM Sidechain Launch in Q2 Attention to Korea’s Virtual Asset Regulations "Ripple is a mainnet for finance." "Ripple serves as a bridge between traditional finance and Web3." Brad Garlinghouse, CEO of Ripple, stated this at Ripple’s own event 'APEX 2025' held on the 11th (local time). APEX is an annual event hosted by Ripple in various locations worldwide, and this year it took place at Raffles City, Singapore from the 10th to the 12th. About 800 participants, including developers, gathered to share a variety of information related to the Ripple ecosystem during APEX 2025. On-chain Finance Full-scale with RLUSD and XRP Ledger Although this APEX was developer-centric, many topics related to finance were discussed. Especially, the stablecoin RLUSD (a virtual asset linked to fiat currency) and XRP Ledger, both issued by Ripple since last year, were highlighted throughout the event for their strengths in the financial sector. Furthermore, to evolve into a finance-specialized mainnet, Ripple explained that it has prepared measures such as the $1.25 billion acquisition of Hidden Road and the introduction of the Ethereum Virtual Machine (EVM) Sidechain. CEO Garlinghouse, during the press conference, stated, "Stablecoin RLUSD from Ripple can be used as collateral for all services at Hidden Road," emphasizing, "RLUSD will be the first stablecoin enabling efficient large-scale cross-margin trading between virtual assets and traditional financial markets, with its particular strength being 24/7 year-round availability." Monica Long, President of Ripple, remarked, "Last year we launched RLUSD, and we are providing it as a payment solution to various clients in the Asia region," adding, "Within just a few months, RLUSD's market capitalization has approached $400 million." She continued, "The next stage of stablecoin adoption is usability, and RLUSD is designed for practical use." The introduction of the EVM Sidechain, which could be the key to decentralized finance (DeFi) within the XRP Ledger, is expected soon. David Schwartz, CTO of Ripple, and Reggie Cooper, Director of Product Management, stated, "XRP Ledger is a mainnet for finance," adding, "In particular, in Q2, the EVM Sidechain mainnet will launch to further drive ecosystem growth." High Expectations from Ecosystem Participants Like Ondo and Axelar Meanwhile, this event provided a direct opportunity to witness the much-talked-about XRP Ledger community first-hand. At the venue were Ondo Finance (ONDO), which recently formalized the issuance of tokenized U.S. Treasuries ‘OUSG’ on the XRP Ledger, and Axelar (WAXL), responsible for strengthening interoperability within the XRP Ledger. Other participants filling the community space included Adonos, which operates DeFi businesses on the XRP Ledger; Xaman Wallet, the XRP Ledger wallet; and Tenity, which serves in an accelerator role for the XRP Ledger. These companies shared viewpoints similar to Ripple’s. Ian de Bode, Chief Strategy Officer of Ondo Finance, commented, "In the past, blockchain was seen only as an internal process improvement tool, but now the situation has changed. In the next five years, the globalization of on-chain finance through blockchain technology will be realized." He added, "OUSG is currently issued on only three chains," and, "I believe XRP Ledger is the optimal choice as it already has the most significant track record for institutional use." Panos Adonos, founder of Adonos, said, "Currently, virtual asset finance is confusing and very difficult for the general public to access," emphasizing, "XRP Ledger will reduce such friction and accelerate the realization of a global on-chain economy." He also noted, "In the XRP Ledger, new features like Know Your Customer (KYC), various virtual asset escrow services, and passkey reforms are being proposed, which will significantly improve accessibility for ordinary users." Korean virtual asset figures also participated and shared their views. Byungho Ko, CEO of Catalyze and a speaker at the event, stated, "XRP Ledger is working on institutional integration in Korea. For example, Girin Wallet of Girin Labs, which was selected as a beneficiary of the XRP Ledger Japan-Korea Fund, rose to second place in the ecosystem in just six months." CEO Ko added, "An event for Korean XRP investors is also being conceived, aiming to create opportunities for Korean XRP investors and the XRP Ledger ecosystem to interact." In addition, numerous Korean projects including ZCrypto, Girin Labs, and BDEX were confirmed to have participated in this event. Korea’s Growth Will Accelerate With Regulatory Clarity Ripple also expressed keen interest in changes in Korea's virtual asset regulatory environment. CEO Garlinghouse stated, "I understand that during the recent Korean presidential election, major candidates announced crypto-friendly pledges," noting, "With the new administration, regulatory clarity for Korea’s virtual asset sector is expected to increase." Fiona Murray, Head of Asia-Pacific (APAC) at Ripple, said during a private session, "Korea is still in its early stages with tokenization or the stablecoin (virtual asset linked to fiat currency) business, but as digital assets such as XRP are already hugely popular among Korean individual investors, if these businesses can get started, their growth rate would be tremendous." She continued, "Ripple is closely monitoring Korea’s digital asset regulatory environment," underlining, "There are great expectations, especially regarding the roadmap for institutional adoption." Singapore=Jinwook, Bloomingbit Reporter wook9629@bloomingbit.io

The Kaia DLT Foundation announced on the 11th that it is pursuing a strategic collaboration with blockchain-based fintech company DaWinKS for Kaia deposit, withdrawal, payment, and remittance services. The two companies will cooperate to connect digital assets, including stablecoins, directly with fiat currencies, enabling the expansion of services such as cross-border remittance, direct foreign currency exchange, prepaid cards, and tax refunds in both the domestic and global markets. Going forward, holders of Kaia USDT and KAIA will be able to conveniently use hybrid fintech services by utilizing barcode and QR code readers after completing remote identity verification (KYC) at DaWinKS DTM kiosks. DaWinKS currently provides 'foreigner-only prepaid (transportation) card' issuance and recharge services by exchanging 85 types of fiat currencies from 16 countries, including the US dollar. Since the end of last year, the company has also supported withdrawal (exchange) of three digital assets: Bitcoin, Ethereum, and USDT. Withdrawn digital assets are converted to fiat currency using the current day’s dollar exchange rate. DaWinKS services are currently offered at seven locations including Namsan Tower, Homeplus, major Newcore Outlet stores, Myeong-dong Dokkaebi Mart, and Namdaemun Shopping Center Currency Exchange Café. Jongmyung Lee, CEO of DaWinKS, said, “Kaia USDT, which boasts the fastest transaction finality and confirmation among Ethereum-based blockchains, delivers the fastest, easiest, and most stable user experience on platforms such as LINE Messenger, various DeFi (Decentralized Finance) services, and cryptocurrency exchanges. Through partnerships with key players like Tether and LINE NEXT, we expect that this collaboration with the Kaia DLT Foundation, which is expanding the use of stablecoins and hybrid payment solutions across Asia, will help digital ATMs (DTMs) expand beyond the domestic market to the global stage.” Sangmin Seo, Chairperson of the Kaia DLT Foundation, added, "This partnership is expected to provide an effective off-ramp channel for Kaia-based digital assets, enhancing the utility of USDT and KAIA currently issued by Kaia. By increasing the transaction volume and liquidity of the Kaia ecosystem assets and expanding use cases, this move is expected to strengthen Web3 fintech competitiveness through infrastructure expansion and payment solution innovation."

1. Market Overview The major domestic exchanges remained active last week. Upbit revealed its strategy by listing Ravencoin (RVN), while Bithumb made its moves with the listings of Sophon (SOPH) and Lagrange (LA). Notably, Bithumb continued its aggressive support for narrative-based tokens. Backed by strong VC support, Sophon gained market attention thanks to its simultaneous listing on Binance and Upbit, as well as pre-launch campaigns. However, the real highlight was undoubtedly Lagrange. A high-end meetup in Seoul, complete with premium meals, iPhones, and LA airdrops, triggered an explosive response from the domestic crypto community. This went beyond simply gathering people, setting a new standard for pre-listing marketing approaches. On the trading side, XRP and Bitcoin showed strong performance on Upbit, while mid-cap tokens such as ANIME, SOPH, and MASK saw high trading volumes. On Bithumb, there was a significant influx of USDT, and retail investors continued active trading in speculative tokens like FLOCK and MOODENG. Top weekly gainers included ANIME, ICX, RVN, and PCI, with both exchanges consistently showing interest in local narratives and high-volatility tokens. On the social front, regulatory issues were the biggest topic. The appointment of Kim Yong-beom, head of Hashed Open Research, as Presidential Policy Chief, raised expectations for a friendlier stance on digital asset policy. Additionally, NGO World Vision sold cryptocurrency through Upbit, marking the first case of a nonprofit liquidating crypto assets since the institutional reform. 2. Exchanges 2-1. Newly Listed Tokens Last week, several new tokens were listed on major Korean crypto exchanges: Upbit listed Ravencoin (RVN). Bithumb listed Sophon (SOPH) and Lagrange (LA), among others. Core Marketing Strategy – Lagrange (LA) Lagrange did not follow the typical crypto project marketing formula in the Korean market. Nevertheless, it delivered a strong impression and left its mark in a short period. Initially, it started with passive promotion to a small group of KOLs, but its strategy changed completely afterward. Since BUIDL Asia in April, offline activity within the Korean community increased noticeably, and Lagrange directly targeted this trend. While most projects hold events at average venues with simple refreshments through local Korean agencies, Lagrange put 'premium' at the forefront. It announced premium meals beforehand and prepared for anyone to attend. On-site, bold prizes such as iPhones, hotel dining vouchers, and airdrops were offered, and so many attempted entry that there was a shortage of space. Pizza was ordered for the overflow, but it disappeared instantly as well. To compensate for the crowding, additional prize draws and $LA token airdrops were provided. While airdrops at meetups are not new, Lagrange took the scale to another level. After listing, $LA surged past $1, and some attendees who received 500–2000 tokens at the event just by filling out a Google Form made 'Korean monthly wage' sized profits. This experience quickly went viral on social networks, and other projects began planning similar airdrop events. The short-term result is clear: In Korea, where attention can decide a project’s fate, Lagrange's approach was undoubtedly successful. 2-2. Trading Volume Last week's trading volume showed clear differences between Upbit and Bithumb. On Upbit, XRP led the way with close to $900 million in trading volume, while Bitcoin, ANIME, SOPH, and MASK also surpassed $500 million each. NXPC and POKT ranked in the top 12, showing continual domestic demand for narrative-based altcoins. In contrast, on Bithumb, USDT stood out with over $550 million in volume, highlighting trading for liquidity management. Alongside XRP and BTC, FLOCK and MOODENG ranked high, and SOPH, LA, and MASK appeared at the top on both exchanges, reflecting shared retail investor interest. Monthly data from CoinGecko also showed an overall increase in Upbit trading volume in early June—evidence of a 'risk-on' trend, driven more by meme and altcoins than fundamentals. 2-3. Top Gainers of the Week Both speculative and traditionally strong altcoins stood out as weekly surging tokens. On Upbit, ANIME took first place with a 30.32% increase, followed by ICX with 27.87%. COMP, IOST, and BORA saw gains in the 5–10% range, while mid-caps such as INJ, JTO, and KAVA also rose, creating a positive market for altcoins overall. On Bithumb, RVN and PCI surged by 47.95% and 46.91%, respectively, underscoring extreme speculative trading. ICX and ANIME also ranked near the top, mirroring the pattern seen on Upbit. LWA, UMA, and BMT posted double-digit gains, and COMP, BFC rose slightly. Tokens like ANIME, ICX, and COMP rallied on both exchanges, signaling simultaneous interest in narrative-focused and DeFi-based tokens domestically. Overall, this indicates a strong risk appetite among individual investors. 3. Domestic Community Issues 3-1. Kim Yong-beom, Head of Hashed Open Research, Appointed as Presidential Policy Chief Following the presidential election, there were major changes to the Blue House policy lineup. The most notable figure is Kim Yong-beom, appointed as Policy Chief, who served as CEO of Hashed Open Research and former Vice Minister of Economy and Finance. Well-versed in both traditional finance and digital assets, his appointment suggests that the regulatory framework may shift toward industry promotion. Simultaneously, the new administration launched the Digital Asset Committee composed of 20 members, with more than half drawn from the private sector, signaling a shift from an ex-post enforcement-focused policy to one fostering industry growth. 3-2. World Vision Sells Donated ETH on Upbit…First Nonprofit Crypto Liquidation From June 1, domestic nonprofit organizations have been permitted to sell their crypto assets. The first official example was international NGO World Vision selling 0.55 ETH it had previously received as a donation through Upbit. This is the first officially-recognized liquidation of cryptocurrency by a domestic nonprofit since the legal change, opening new possibilities for the use of virtual assets in donation and nonprofit sectors. All content is provided solely for informational purposes and does not constitute investment advice, recommendations, or grounds for any investment decisions. The contents of this report do not provide legal, tax, investment, or any other advice, and no liability is assumed. INF Crypto Lab (INFCL) is a consulting firm specializing in blockchain and Web3, offering one-stop services for corporate Web3 market entry strategy, tokenomics design, global expansion, and more. With accumulated know-how and references from major domestic and foreign securities, game, and platform companies, as well as global Web3 firms, INFCL supports sustainable growth of the digital asset ecosystem through both strategy and execution. This report is unrelated to any editorial direction of media outlets, and all responsibility is assumed by the information provider.

The decentralized finance (DeFi) protocol SKY (formerly MakerDAO) announced on the 10th that it has started distributing Sky Dollar (USDS) staking rewards for the governance token SKY staking. Previously, the SKY community approved SKY as the sole governance token. SKY has inherited all governance functions previously performed by MKR, and existing MKR holders can upgrade their tokens at a rate of 24,000 SKY per 1 MKR. This reward is part of a protocol upgrade that started on the 2nd, and in just the first week, approximately 1.6 million USDS were distributed to users. Currently, SKY tokens worth about $567 million (₩770 billion) are being staked, and the annual reward rate reaches 16%. Stakers can continuously participate in governance directly or via delegation, and can also receive USDS rewards based on protocol revenue.

The Korean virtual asset exchange Coinone announced on the 10th that it is holding a new membership event in collaboration with the restaurant reservation platform Catch Table. The event is open to Catch Table users. It runs from the previous day (the 9th) until the 30th of this month. Participants can join the event on a dedicated page accessed via the Coinone event banner within the Catch Table application (app). After registering the event code on that page and signing up for Coinone, participation is completed. Coinone will provide all participants with Bitcoin (BTC) worth ₩2,000. In addition, five winners will be drawn to receive a ₩100,000 Shinsegae gift certificate each. All event benefits will be distributed on the 4th of next month. To receive the benefits, participants must agree to receive related notifications and maintain this status. Further details are available on the event page. A Coinone representative said, "This collaborative event was planned to increase Coinone brand awareness and synergy across different sectors," adding, "We will continue to provide opportunities for virtual asset investment experiences through various forms and channels."

Bithumb, a domestic virtual asset exchange, announced on the 10th that it is collaborating with the café franchise A Twosome Place for a summer partnership event. There are a total of two events, held sequentially from today until the 30th. The first event, 'Summer Lucky Week', runs for one week from today until the 16th. New Bithumb members can receive coupons according to their membership rank on the 'Twosome Heart' event page within the A Twosome Place mobile application (app) and then join Bithumb. New members can receive benefits worth up to ₩80,000, including up to ₩30,000 worth of A Twosome Place gift certificates, ₩30,000 in Bithumb won, and a ₩20,000 Bithumb Welcome Mission Reward, depending on their Twosome membership tier. Existing Bithumb members can receive a ₩2,000 discount coupon for a regular-size beverage at A Twosome Place. All benefits will be distributed collectively on the 20th of this month. The second event, 'Summer Double Week', will be held from the 17th to the 30th of this month. Participants can join the event by registering the coupon, which is issued after completing a stamp by purchasing Twosome drinks, on Bithumb. New Bithumb members can receive benefits worth up to ₩78,000, including a whole cake from A Twosome Place worth ₩38,000, ₩20,000 in Bithumb won, and a ₩20,000 Welcome Mission Reward. Existing members receive the same ₩2,000 beverage discount coupon for a regular-size drink as in the first event. These benefits will be distributed collectively on the 4th of next month. Meanwhile, new members may only participate in the event that corresponds to the period in which they joined. A Bithumb representative stated, "Thanks to the favorable response from customers last year, we are continuing our collaboration with A Twosome Place this year as well," and added, "We will continue to pursue new attempts that allow people to experience virtual assets naturally in daily life."

Seojoon Kim, CEO of Hashed Companies following MicroStrategy's Bitcoin model are now diversifying beyond Bitcoin into Solana, Ethereum, and Dogecoin. As of 2025, the total Bitcoin holdings of listed companies have exceeded 1 million BTC, and new guidelines from the U.S. Financial Accounting Standards Board took effect in January 2025, mandating fair value reporting of cryptocurrencies by corporations. In January 2025, President Trump announced the official establishment of a dedicated crypto organization and a diversified crypto reserve strategy—including XRP, SOL, and ADA. With the appointments of the new SEC chair Paul Atkins and Crypto Czar David Sacks, the regulatory environment is rapidly improving, and the U.S. is solidifying its status as a "global cryptocurrency hub." Key Company Classification 1) Bitcoin Custody Firms 2) Altcoin Custody Firms 3) Major New Entrants Business Model Analysis Capital Raising Methods Companies are sourcing funds for accumulating cryptocurrencies in various ways. Issuing convertible bonds and equity is standard, while innovative approaches like ATM (At-The-Market) issuance or Metaplanet's moving-strike warrant program have emerged. Revenue Generation Strategies Ecosystem-specialized revenue models are evolving beyond simple holding. BTC Yield is used as a new indicator to measure the increase rate of Bitcoin holdings per share, and SOL Strategies generates staking income by operating validators. Metaplanet achieved a return of 88% with its Bitcoin option premium strategy. Current NAV Premium Premium Rankings By Region Japan: Extreme premium (500%) due to a fiscal crisis—debt-to-GDP ratio of 235%—and fears of yen depreciation Canada: High premium (466%) from scarcity effect, due to absence of SOL ETF and a crypto-friendly CSE environment U.S.: Relatively stable (150–200%) amid a mature capital market and ETF competition, with high NASDAQ liquidity Causes of Premiums Structural Factors Scarcity premium is the central factor. A lack of vehicles for public company exposure to each cryptocurrency creates leverage effects, resulting in stronger share price volatility relative to underlying asset price movements. Accessibility premium, arising from investors seeking to avoid the complexity of direct crypto investments, also plays a significant role. Differentiating Factors The ability to generate ecosystem-based income is key to a sustainable premium. Validator operations and staking rewards, expectations of NASDAQ 100 inclusion, and insider networks formed by the participation of core Ethereum ecosystem figures all differentiate these companies. Dynamics of Premiums With Crypto Price Changes Bull Market: Premium Expansion Mechanism - When the underlying asset (BTC) rises by 10%, Treasury companies' stock prices increase by 15–30%, demonstrating a beta amplification effect - MSTR example: In 2024, BTC rose 140%, while MSTR rose 257% (1.8x leverage) - Premium expansion sequence: Small caps (KULR, Semler) → Mid caps (SOL Strategies) → Large caps (MSTR) - Inflow of traditional investors seeking to avoid the complexity of direct crypto investing - Surging demand from institutional investors for "indirect exposure" - Retail investors drawn to a "leverage play" mindset Bear Market: Rapid Premium Contraction - When BTC falls 10%, Treasury companies' stock prices can plummet 20–40% in a "leverage trap" - 2022 bear market example: BTC fell 77%, while MSTR plunged 86% - Premium collapse sequence: Small caps first → then large caps in a domino effect - Concentration of short selling pressure: In 2025, Metaplanet became Japan's most heavily shorted stock - Vicious cycle of margin calls and forced liquidations - Plunging trading volume as institutions flee risk 2025: Current Extreme Situation - Unprecedented premium levels: 500% (Metaplanet), 466% (SOL Strategies)—all-time highs - "Premium bubble" warnings: 10x Research highlights "dangerous NAV distortions" - Volatility indicators: MSTR volatility at 220% vs. BTC at 80% - Structural market instability: Premiums highly concentrated in a few firms, increasing systemic risk - "Premium Cliff" risk as ETF approvals near - Chain collapse possible from regulatory change or hacking incidents Asymmetry of Premium Volatility (Gradual Up, Sudden Down) - Bull market: Premiums gradually expand over 2–3 months - Bear market: Premiums contract sharply within 1–2 weeks, an asymmetric pattern - "Leverage death spiral": Decline → margin calls → forced selling → further decline Premium as a Sentiment Indicator - Below 150%: Healthy level - 150–300%: Signs of speculative overheating - Above 300%: Extreme risk, due for correction Sustainability of Premiums and Investment Risks Current Risk Level As of 2025, market risk is surging. MSTR volatility is at an extreme 220%, while Metaplanet is Japan's top short target. 10x Research warns of "dangerous NAV distortions," stating "retail investors are paying high markups for Bitcoin exposure." Accelerating Premium Erosion Structural changes in 2025 are speeding the erosion of premiums. As ETFs proliferate, Bitcoin and Ethereum ETFs are followed by SOL ETF (expected in H2 2025) and XRP ETF (expected in 2026). More competitors are emerging as successful models are proven, and the Trump administration's comprehensive crypto law has completely improved the environment for institutional direct investment. The only sustainable component of any premium is ecosystem-specialized profits. Validator operations by SOL Strategies (annual 5–8% staking yield), Metaplanet's options strategy, and additional yield via DeFi participation are key. If supplementary returns reach 5–10% annually, a 50–100% premium is justifiable. Investment Strategy and Conclusion 2025 Investor Dilemma - Ultra-short term (H2 2025): Temporary premium may persist due to Trump policies, but volatility will be severe - Short term (2025–2026): Premiums begin collapsing amidst an ETF approval rush; "value trap" risk increases sharply - Mid-to-long term (2027 onward): Premiums mostly vanish, leaving only ecosystem-driven firms with limited survivability Exchange-Specific Considerations - NASDAQ listings: High liquidity and institutional accessibility, options trading possible, but regulatory risk and tax complexity are drawbacks; suitable for large institutions and safety-seeking investors - CSE listings: Crypto-friendly regulation and relative undervaluation are strengths, but low liquidity and limited institutional participation are negatives; suited for small-scale and high-growth-seeking investors - TSE listings: Access to the Asian market and yen-hedge benefits, but extreme premiums and high volatility are negatives; suitable for Japanese residents and yen-hedge investors 2025 Tailored Strategies Early Differentiation Models: In 2025, transition from mere holding to ecosystem-specialized profit models is essential Recalibrate Entry Timing: 400–500% premiums are extremely risky; wait for entry below 100% Phased Exit Preparation: Take profits in phases before the H2 2025–2026 ETF rush Hedging Strategies a Must: Prepare for premium collapse by using short selling or put options Core Warnings and Reassessment of Investment Risks 2025 marks an inflection point in cryptocurrency Treasury Strategy. Scarcity and accessibility premiums are vanishing rapidly, and even leverage effects are becoming limited. The current 150–500% premium is expected to rapidly converge to 20–50% in 2025–2026 as the ETF rush unfolds. In particular, extreme premiums of 400–500% are considered uninvestable, and investors should treat the "premium collapse" risk as a core factor. Post-2025 Survival Conditions The simple holding model will quickly become obsolete after 2025. Only a handful of companies generating ecosystem-specialized revenue are expected to maintain a limited premium of 50–100%. Only companies creating continuous added value within each blockchain ecosystem may remain competitive in the ETF era, and even these players are likely to enjoy only modest premiums after 2027. ■ Profile of Seojoon Kim, CEO of Hashed △Early graduation from Seoul Science High School △Graduated from POSTECH, Computer Science Department △Nori Chief Product Officer (CPO) and co-founder △CEO of Hashed △Venture Partner at SoftBank Ventures △Advisor, National Assembly Special Committee on the Fourth Industrial Revolution △Member, Ministry of Education's Future Education Committee The views expressed by outside contributors do not necessarily reflect the editorial stance of this publication.

Last month, for the first time in history, the price of Bitcoin surpassed $110,000, but has since dropped to the low $100,000s. The market is paying close attention to whether Bitcoin's price can rebound in earnest next month, when the outline of trade negotiations between the United States and major countries is expected to emerge. According to CoinMarketCap, a cryptocurrency market tracker, the price of Bitcoin has been declining after reaching a new all-time high late last month. On the 6th, it temporarily fell to around $100,300, even threatening to fall below the $100,000 mark. As a result, the Crypto Fear & Greed Index, which gauges investor sentiment, moved from the 'Greed' stage last month to the 'Neutral' stage this month. Analysis suggests that Bitcoin will find it difficult to secure strong upward momentum this month. In particular, tariff risks originating from the United States are cited as the biggest obstacle. This is due to recent U.S. court rulings on reciprocal tariffs, setbacks in U.S.-China trade talks, and rising uncertainty on tariff policy during Trump's second administration. The conflict between Donald Trump, President of the United States, and Elon Musk, CEO of Tesla, which erupted via social networking services (SNS), also had a negative impact on Bitcoin. The key variable is next month. The United States has set the 4th of next month as the deadline for trade negotiations with major economies. Hope is also rising that the Federal Reserve (Fed) may soon begin cutting interest rates. Global cryptocurrency exchange Bitfinex predicted that if institutional buying and weak employment indicators align, the price of Bitcoin could surpass $115,000 in early next month. Experts believe the Bitcoin bull market is not over yet. Global investment bank Standard Chartered (SC) recently issued a report stating that Bitcoin’s price could reach $200,000 by the end of the year. Singapore-based digital asset investment firm QCP Capital commented, "Despite recent risk-aversion sentiment, companies are actually buying Bitcoin," adding, "(Despite tariff uncertainties and others,) Bitcoin's short-term volatility is expected to remain low." By Junhyung Lee, BloomingBit reporter

1. Market Overview Last week in the domestic virtual asset (cryptocurrency) market, Upbit and Bithumb’s contrasting growth strategies once again attracted attention. Sophon (SOPH) held its Token Generation Event (TGE) after drawing expectations with its Upbit listing and a $60 million node sale. Despite initial delays, consistent KOL (Key Opinion Leader) communications encouraged retail participation and helped the project successfully establish itself in the market. Initia (INIT) also demonstrated the impact of a ‘participatory narrative’ through its gamified testnet and community-driven branding. On the listing strategies side, Upbit continued its selective approach with listings such as Livepeer (LPT) and POKT Network (POKT), while Bithumb pursued higher turnover rates by listing mid-cap tokens like B3 (B3) and Xterio (XTER). Although Bithumb showed heavy trading volume, the overall market sentiment there remained relatively subdued. In trading dynamics, WCT’s volatility after surging and crashing on Upbit drew interest. Some speculated that a particular group’s intervention may have played a role, though no clear evidence was found. In contrast, large IP-based projects such as MapleStory Universe produced underwhelming results due to gameplay and security controversies. This week clearly highlighted the unique characteristics of the Korean market. Narrative timing, KOL trust, and UX design were reconfirmed as the core elements dividing success and failure. Subtle differences in listing policies and project response strategies at each exchange are expected to continue influencing market trends. 2. Exchanges 2-1. Newly Listed Tokens Last week, leading Korean crypto exchanges listed several new tokens: Upbit listed Sophon (SOPH), Livepeer (LPT), and POKT Network (POKT). Bithumb listed B3 (B3), Xterio (XTER), and Flock (FLOCK). 2-2. Key Marketing Strategies and Insights SOPH SOPH started drawing attention in the Korean market in early 2024, launching its own node sale following Aethir, which had previously conducted a successful node sale. Node sales generally involve a long wait for token distribution and returns, so Korean investors react more sensitively to VC involvement and the project’s narrative. SOPH secured $10 million in investments from firms like OKX Ventures and Spartan Group, and drew attention through a partnership with Aethir and an official mention from zkSync. Though SOPH’s node sale did not sell out, it raised about $60 million, and its early conclusion benefited initial participants with greater rewards. The launch of the mainnet is scheduled for over seven months after the node sale, prompting some complaints in the community. However, the SOPH team continued to communicate regularly with the community, mainly via key influencers (KOLs). At the time of the TGE (Token Generation Event), SOPH was listed on both Binance’s spot market and Upbit’s KRW market. Promotional campaigns such as quizzes and airdrops captured retail investors’ attention. Even after launch, the team has actively communicated about the technical foundations and vision for the project. SOPH’s successful debut highlights the importance of ‘narrative timing’ in Korea. When message delivery, market sentiment, and community participation align precisely, a project’s chance of success increases dramatically. This serves as a valuable lesson for future projects. INIT In April 2024, Initia ran a closed chatroom open only to a select group of users, with invite-only events linked to KOLs (influencers). This strategy, emphasizing exclusivity and scarcity, proved effective for brand impression, and similar exclusive initiatives by Monad and Elixir sparked a “fear of missing out” among users. At the height of interest, Initia opened its public testnet. The strong interest from Korean users, joined by investments from YZi Labs, led to broad participation. The testnet was designed not as a simple check-in but as a game where users periodically fed a mascot dog named “Jenny.” The gamified element made it easy for KOLs to create content and helped sustain lasting interest in the testnet. Initia subsequently held regular AMAs, ecosystem updates, and communication with testnet participants, leading up to the TGE without major setbacks—a contrast to other projects that fade after initial hype due to lack of communication. Initia also built a “trendy project” image through Twitter content, offline events, and merchandise. Such branding strategy was key not just for tech development but also for shaping project identity and user perception. 2-2. Trading Volume Last week, Upbit’s trading volume surged again, attracting investor attention. The sharp rise and fall of the WCT token was the main driver. Some in the community questioned if a certain entity was artificially controlling liquidity; however, there was no solid evidence. In contrast, Bithumb showed a more stable flow. Major assets such as USDT, BTC, and XRP consistently held high trading volume rankings. An interesting point is that even with tokens listed on both Upbit and Bithumb’s KRW markets, trading patterns differed. This suggests Upbit’s more active user base and liquidity make it a preferred platform for projects and market makers looking to lock in initial volume. In fact, newly listed LPT and POKT saw high trading activity on Upbit immediately after listing, and NXPC entered the weekly top 10 by trading volume. Still, a core project of the NXPC ecosystem, ‘MapleStory N,’ has recently drawn criticism from Korean users for lack of gameplay, diminishing reward structures, and suspected bot activity from Southeast Asia and China accounts. With no clear response or communication from the project, early hype is quickly fading. 2-3. Top Weekly Gainers While Bithumb continued its aggressive listing of new tokens, Upbit maintained a more conservative and selective policy. Notably, just after Upbit listed LPT, its trading volume and price spiked on Bithumb as well, making it a weekly top performer. A similar pattern was seen with LWA. After Bithumb temporarily suspended deposits and withdrawals of Sui (SUI) Network in response to the recent Cetus protocol hack, interest shifted to LWA, pushing it to fourth place in weekly gains. Among tokens listed on both exchanges, MASK showed the strongest upward trend, while TOKAMAK posted relatively stable returns. This week’s overall price movement, however, aligned more with general market trends than with issues at specific exchanges. 3. Korean Community Buzz 3-1. Upbit CEO Resignation, and the Community’s Hidden Readings Big news broke in Korea’s virtual asset industry: Lee Seok-woo, CEO of Dunamu (operator of Upbit), announced he would step down in July. The official reason was “health and personal matters,” but the timing has sparked many interpretations. The successor is Oh Kyung-seok, formerly a judge, with no prior background in Web3 but a wealth of experience in legal, tax, and compliance areas. Within the community, most view this personnel change as Dunamu entering a new phase of regulatory response. Some expect this shift to bring greater stability, while others worry that Upbit may lose its innovative drive. 3-2. Korean Presidential Election The South Korean presidential election concluded with Lee Jae-myung’s victory. As he had campaigned on various promises, including a KRW stablecoin, crypto ETF, and improved investment access through lower trading fees, institutional support is anticipated. A KOL joked, “Isn’t this basically a Korean mainnet AMA?” and Crypto Twitter was flooded with hopeful memes and satires. There is consensus that the new government will strongly impact local Web3—from tax policies to mainstream adoption. 3-3. Kaito’s LOUD Campaign Dominates Korean Crypto Twitter Last Friday, Kaito’s LOUD leaderboard campaign caught the Korean crypto community’s attention. KOLs, degen traders, and regular users alike filled Twitter with @stayloudio and $LOUD tags, fiercely competing for top airdrop spots. A well-known KOL publicly pledged to share half of their airdrop with followers, and with this strategy, successfully landed in the top 1,000. Not everything was smooth, though. Delays in the token sale frustrated participants waiting overnight, leading to mixed reactions. Some called it a “fun and profitable event,” while others had a more cynical take, saying it was “just a short-term show benefiting only snipers.” Ultimately, the event sparked lively debate about the attention economy, community loyalty, and the efficacy of viral airdrops. All information is provided for informational purposes only and is not intended as a basis for investment decisions or as a recommendation or advice. The author is not responsible for any investment, legal, or tax consequences arising from the use of this material. INF Crypto Lab (INFCL) is a consulting firm specializing in blockchain and Web3, providing one-stop services for Web3 expansion strategy, tokenomics design, global market entry, and more. With an extensive track record and references, INFCL supports sustainable growth in the digital asset ecosystem through strategic services for domestic and global brokerages, game companies, platforms, and leading global Web3 firms. This report is independent of any editorial direction by media outlets, and all responsibility lies with the information provider.

The AI blockchain technology company Lagrange Labs announced on the 4th that it has launched its native token LA. The token launch was carried out under the initiative of the Lagrange Foundation, and starting today, it will be traded on Binance's new trading platform Binance Alpha and Bybit. Trading on Bybit is scheduled to begin at 9 p.m., while the listing time for Binance Alpha has not yet been disclosed. The LA token adjusts the interests of clients, provers, and token holders based on the incentive structure of the Lagrange Prover Network. Clients use LA tokens for proof generation, and provers receive rewards in LA tokens. Ismael Hishon-Rezaizadeh, CEO of Lagrange, explained, "LA is the core asset of Lagrange's Zero-Knowledge technology-based projects and the company as a whole. We plan to use it beyond AI and ZK projects, even in the Web2 sector." He added, "Lagrange's technology is being used across various fields, bridging Web2 and Web3. Over the next year, we expect rapid adoption of DeepProve zkML (Zero-Knowledge Machine learning) in the enterprise AI sector."

South Korean cryptocurrency exchange Bithumb announced on the 2nd that it has launched a new 'Invite Friends' service. 'Invite Friends' is a service where current Bithumb members can share an invite code with friends. If a friend who receives the invite code joins Bithumb for the first time, that friend receives ₩50,000 in Bithumb KRW. The referring member can receive ₩30,000 in Bithumb KRW per friend invited. The referrer can generate a 'personalized invite code' in the Bithumb application (app) and share it with friends who are not yet Bithumb members. Friends who receive the invite code can receive benefits after registering the code within 7 days of signing up by linking their KB Kookmin Bank account and completing customer verification (KYC). A referrer can invite up to 3,333 friends. If the maximum number of people are invited, an additional ₩10,000 is paid, allowing for a total payout of ₩100 million. However, Bithumb KRW received as a benefit will automatically expire if unused within 30 days of coupon registration. A Bithumb representative said, "The Invite Friends service utilizes the MGM (Members Get Members) strategy, allowing our customers to share Bithumb’s convenient services and benefits with others," and added, "We will continue to provide a variety of content that users can participate in and engage with directly."

Artificial intelligence (AI) blockchain technology company Lagrange Labs announced on the 2nd that it has entered into a strategic partnership with the global AI computing company NVIDIA. This collaboration aims to build Verifiable AI, and began with Lagrange’s selection for NVIDIA’s global startup support program, 'NVIDIA Inception.' NVIDIA Inception is a growth acceleration program that supports startups worldwide, offering technical assistance such as engineering consulting, hardware optimization, joint marketing, and ecosystem networking. Through this partnership, Lagrange plans to collaborate with NVIDIA in key technology areas including next-generation AI infrastructure, Zero-Knowledge Proof, decentralized AI, and digital identity, with the goal of leveraging them across various industries. With NVIDIA's support, Lagrange will continue to advance its trustless computing technology, integrating high-performance cryptographic systems with verifiable AI technologies. Ismael Hishon-Rezaizadeh, CEO of Lagrange, stated, "Our partnership with NVIDIA is more than a simple technological collaboration—it is a journey to establishing the trust mechanisms at the core of AI," and added, "This collaboration will become a central pillar for building a safe and transparent digital future through verifiable AI technology."

Artificial Intelligence (AI) blockchain project Lagrange announced on the 30th that it will present its latest research paper, Dynamic zk-SNARKs, at the Science of Blockchain Conference (SBC) 2025. SBC, established in 2016, is one of the most prestigious academic and industry conferences in the blockchain sector, where cryptographers and practitioners from around the world gather in one place. The event aims to foster collaboration in blockchain protocols, cryptography, distributed systems, secure computation, and crypto-economics. Co-hosted by Stanford University and IC3, this year’s conference will be held in August at the University of California, Berkeley (UC Berkeley). This is the second time Lagrange’s paper has been accepted, following last year in 2023. The new paper proposes a framework for efficient AI zero-knowledge proofs that are adaptable to diverse environments and scalable, marking an important leap forward for real-world, decentralized application (dApp) development. Ismael Hishon-Rezaizadeh, CEO of Lagrange, said, "It is an honor to be able to contribute to the SBC community once again. Being recognized by leading experts in the blockchain field further solidifies our mission to advance research in zero-knowledge technology and the practical application of Web3." He added, "Lagrange’s continued recognition is a result of our technical efforts to translate cryptographic systems theory into practice. We will further strengthen our position as a key technology contributor in the zero-knowledge and AI domains."

Korbit, a cryptocurrency exchange in South Korea, announced on the 30th that it has completely revamped the user interface (UI) of the Korbit Web Trading System (WTS). Korbit focused the revamp on providing users with a more intuitive and efficient investment experience. Specifically, the updated web exchange UI enhances visual clarity and immersion through a layout and information arrangement optimized for PC environments, according to Korbit. A Korbit representative said, "By utilizing the wide screen effectively, investors can grasp information more quickly and make strategic decisions swiftly." The improved UI will be officially applied to Korbit WTS on the 4th of next month. Korbit users will be able to trade on the revamped web exchange without a separate update. Lee Jung-woo, CTO and CPO of Korbit, said, "This web exchange UI improvement is the result of maximizing user convenience based on client-centered design," adding, "In particular, we will provide an environment optimized for PC-based users and evolve into a more stable and reliable investment platform."