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22 May 2026, 05:45

Three blockchain infrastructure projects shut down on the same day as Layer 2 consolidation accelerates

Three blockchain infrastructure projects closed their operations on May 21, suggesting rising concern about the sustainability of venture-backed solutions. Syndicate Labs, Everclear (formerly Connext), and ZERO Network each shut down within hours of each other. The shutdowns involve three separate industries that have had substantial venture investments within the period from 2021 to 2022. Syndicate Labs closes after rollup demand dries up Syndicate Labs constructed infrastructure for Ethereum appchains and smart sequencing. The company secured $20 million in Series A fundraising, backed by Andreessen Horowitz, in 2021. Five years went into creating developer tools tailored toward rollups. “Unfortunately, the rollup market has shrunk dramatically,” Syndicate Labs announced on X on May 21. “For every new rollup spinning up, more are quietly shutting down.” Will Papper, co-founder of the company, said the team thought about pivoting into rollup-as-a-service consulting, but found that the market was moving away from this and towards custom execution environments made specifically for certain applications. “I wish we had a better path to customer and market traction. Unfortunately, we did not in this rollup market,” Papper said . EVM rollups are no longer the default route for scaling, according to the firm. Teams are choosing to construct their own chains rather than use shared infrastructure. The Syndicate Network Collective remains independent from Syndicate Labs. “SYND governance is not immediately affected,” the company wrote. The shutdown is unrelated to the April bridge exploit, in which attackers stole roughly 18.5 million SYND tokens and about $50,000 in user assets. Syndicate said affected holders received full reimbursement from treasury reserves. Everclear ran out of revenue, ZERO Network ran out of users Everclear made an announcement that they will cease operations of their foundation and development departments on May 21. Established in 2017 by Arjun Bhuptani and initially sponsored by Ethereum Foundation, the cross-chain settlement protocol had already handled over $1.5 billion across 23 networks and was clearing more than $500 million every month. None of this led to any sustainable source of income. The CLEAR token plummeted by 48% in just a few hours after the announcement to stand at $0.0002332. It is now confirmed that the protocol has been sunsetted and there are no funds locked up. ZERO Network, a gasless Ethereum L2 built by wallet company Zerion using ZK Stack technology, confirmed it is also winding down. Users have until July 31 to withdraw their funds. Zerion, which has raised $22.5 million in total funding, said it will refocus on its wallet and API products. The network had already stopped producing blocks for three weeks in January before a brief relaunch, suggesting the operational challenges were not new. Rollup TVL dropped 36% from October The closures happened amid a broader contraction in the Layer 2 ecosystem. Rollup TVL has fallen about 36% from the October 2025 peak above $50 billion, per L2Beat data. Arbitrum One, Base, and OP Mainnet now control roughly three-quarters of rollup activity. Smaller networks have been described by analysts as “zombie chains” due to minimal transaction volume. As Cryptopolitan predicted in December 2025, the L2 ecosystem was expected to consolidate around a few dominant players, with Base, Arbitrum, and Optimism absorbing most activity. That prediction is now playing out through closures rather than gradual decline. Lattice, Balancer, Tally, and four others also shut down The shutdown trend extends well beyond May 21. Lattice, the blockchain gaming infrastructure team behind the Redstone Layer 2 network, announced a phased shutdown in April. Redstone ceased service on May 16, per PANews . Lattice said it “failed to achieve a sustainable business model” after five years. Before that, Solana DeFi aggregator Step Finance, derivatives protocol Polynomial, Balancer Labs (following a major hack), and Base-based lending protocol Seamless Protocol all closed. Tally, a DAO governance platform used by over 500 protocols including Uniswap and Arbitrum, wound down in March citing unsustainable costs. The common thread is shrinking room for mid-tier infrastructure. Even well-funded teams with working products cannot build sustainable revenue as on-chain activity consolidates into a few dominant platforms. Syndicate stated it could not afford to “wait out these market conditions.” For users on the affected networks, the consequences are immediate. Everclear token holders took heavy losses on the day. ZERO Network set a hard deadline for asset withdrawal. The market is moving from fragmented scaling solutions toward a handful of ecosystems. The projects caught in between are closing. If you're reading this, you’re already ahead. Stay there with our newsletter .

22 May 2026, 05:35

Why is Near protocol price going up?

NEAR Protocol’s native token has surged more than 22% over the past 24 hours, extending a multi-week rally. According to CoinGecko data, NEAR climbed from roughly $1.25 earlier this month to around $2.15 on May 22, lifting its gains to more than 70% from the monthly low. The token has rallied over 45% during the past two weeks alone, making it one of the best-performing assets among the 100 largest cryptocurrencies by market capitalisation. Behind the sudden acceleration, derivatives data points to a large-scale short squeeze that caught bearish traders offside just as NEAR broke above a key resistance trendline near $1.72. According to liquidation charts on Coinglass, nearly $5.8 million out of $6.1 million in wiped-out positions over the past 24 hours came from shorts. Within four hours alone, more than $2.4 million in short positions were liquidated after the token pushed through resistance connecting the March and mid-May highs. Forced buybacks from liquidated short sellers added immediate demand pressure to the market, while available sell-side liquidity thinned rapidly during the move higher. The fresh momentum across artificial intelligence-linked crypto assets followed NVIDIA’s first-quarter FY2027 earnings report released on May 20. The chipmaker reported $81.6 billion in quarterly revenue alongside $58.3 billion in profits, representing an 85% year-over-year increase in revenue. During the earnings call, NVIDIA CEO Jensen Huang said, “Agentic AI has arrived” as competition among AI model developers intensified around compute efficiency and token generation. Following the report, trading activity rotated aggressively toward AI-related crypto projects, with NEAR emerging as one of the strongest beneficiaries due to its positioning around decentralised AI infrastructure. Market activity around the token strengthened further after Near Protocol expanded its enterprise-focused AI tooling. The protocol recently introduced automatic personally identifiable information anonymisation for AI prompts, allowing developers to remove passwords, API keys, and sensitive user information before requests are routed to external large language models such as ChatGPT or Claude. According to the project, the system processes confidential inference tasks through Trusted Execution Environments powered by NVIDIA H200 and B200 GPUs. The upgrade addresses concerns around AI privacy and data security, areas that have become increasingly important as businesses integrate generative AI products into customer-facing systems. AI narrative is supporting demand Beyond the recent AI-driven market rotation, Near Protocol has spent the past year positioning itself around what the project describes as the “Agentic Web,” a framework where autonomous AI agents manage payments, coordination, identities, and cross-chain interactions without constant human oversight. Interest around that thesis has intensified as decentralised applications move toward infrastructure-heavy AI workflows. Because NEAR’s founders come from artificial intelligence research backgrounds, traders have increasingly grouped the token alongside AI-linked digital assets during periods of strong sector performance. Meanwhile, ecosystem adoption around NEAR Intents has continued gaining traction through integrations tied to the protocol’s chain abstraction infrastructure. One notable example came from decentralised trading platform CoW Swap, which recently expanded to Solana using NEAR Intents as a backend settlement layer for cross-chain execution. The integration allows users to complete multi-step transactions across different blockchains without manually bridging assets or managing separate gas tokens. Increased usage around these services has reportedly pushed protocol transactions to new highs while lifting the number of unique holders across the network. Additional tokenomics changes have also contributed to bullish sentiment around the asset. A governance proposal approved in late 2025 reduced NEAR’s maximum annual inflation rate from 5% to 2.5%, lowering the amount of new tokens entering circulation each year. Since February 2026, fees generated through the NEAR Intents cross-chain settlement system have also been converted programmatically into NEAR tokens, creating a direct source of open-market buying tied to ecosystem activity. Network usage metrics have moved higher alongside the price rally. According to ecosystem data shared by the project, total value locked across Near Protocol has increased more than 120% year over year, while developer activity climbed over 40% during the same period. NEAR price analysis The 4-hour NEAR/USD chart shows an extremely aggressive breakout phase, with momentum indicators now stretched deep into overheated territory after the latest vertical move higher. NEAR/USD 4-hour price chart. Source: TradingView. Price action has broken cleanly above the previous multi-month resistance zone near $1.72, which was acting as a ceiling since the March highs. Once that level gave way, the rally accelerated sharply into the $2.10 to $2.20 area with almost no visible consolidation in between. Volume also expanded heavily during the breakout candle, which lines up with the liquidation-driven squeeze described in your context. The RSI on the 4-hour timeframe has now climbed to around 88, placing NEAR firmly in overbought territory. Historically, RSI readings above 80 on this timeframe often signal that momentum is becoming crowded in the short term, especially after near-vertical rallies. At the same time, the RSI moving average continues trending upward, which still confirms strong bullish momentum rather than immediate exhaustion. Meanwhile, the Chaikin Money Flow indicator remains positive near 0.23, showing that capital inflows are still entering the asset instead of fading after the breakout. Sustained positive CMF readings during a sharp rally usually indicate that buyers are still supporting price advances rather than the move being driven only by thin liquidity spikes. Another important detail comes from the structure of the candles themselves. Recent breakout candles have closed near their highs with very limited upper wicks, which usually points to sustained buying pressure rather than aggressive profit-taking. The sharp increase in volume near the latest breakout also strengthens the argument that the move is being supported by real participation instead of isolated low-volume volatility. Still, the vertical nature of the rally leaves NEAR vulnerable to short-term cooling if momentum slows. Because the price moved rapidly from roughly $1.70 to above $2.10 without building strong support zones in between, any pullback could become volatile as traders look for fresh support formation. For now, though, the structure remains strongly bullish. The post Why is Near protocol price going up? appeared first on Invezz

22 May 2026, 05:29

Ethereum Community Pushes for New Group to “Save” ETH

His comments came due to the growing frustration surrounding the Ethereum Foundation after the departures of several high-profile contributors, including Feist himself, Danny Ryan, Carl Beek, and Julian Ma. Feist also criticized the foundation’s limited ETH holdings and lack of direct exposure to staking and fee revenues, arguing that this weakens its connection to Ethereum’s long-term success. Ethereum Foundation Under Fire Frustration within the Ethereum community intensified this week after former Ethereum Foundation developer Dankrad Feist proposed the creation of a new organization to help “save” Ethereum and restore confidence in the network’s long-term direction. Feist argued that the Ethereum ecosystem now needs an institution that is directly aligned with Ethereum’s economic success and more accountable to the community. In a post that was shared on X, Feist suggested forming a new ETH-focused organization backed by at least $1 billion in funding and led by what he described as competent leadership. According to him, the current structure of the Ethereum Foundation no longer provides the level of alignment or accountability needed to support Ethereum’s growth and value appreciation. He proposed that the new entity should actively work toward increasing Ethereum’s value while funding itself partially through staking rewards and blockchain fee revenue. The Ethereum Foundation currently serves as the non-profit organization overseeing development and stewardship of the Ethereum ecosystem. However, dissatisfaction with the foundation has been building for years as several respected contributors and researchers left the organization. Feist himself departed the Ethereum Foundation last year to join Tempo, an alternative Layer 1 blockchain project. Former Ethereum researcher Danny Ryan, who many community members once saw as a potential future leader of the foundation, also left and later co-founded Etherealize. The latest concerns escalated after Ethereum Foundation researchers Carl Beek and Julian Ma reportedly resigned this week. Feist also criticized the Ethereum Foundation’s financial positioning, and pointed out that the organization now controls less than 0.1% of the total ETH supply and does not meaningfully benefit from Ethereum staking rewards or transaction fee revenues. He suggested this weakens the foundation’s ability to stay economically connected to the success of the network it helps maintain. Despite his criticism, Feist is still one of Ethereum’s most influential contributors. During his time in the ecosystem, he helped create the Danksharding design that improved Layer 2 scalability efforts. He was also involved in ambitious proposals like EIP-9698, which aimed to dramatically increase Ethereum’s gas limits and improve network capacity.

22 May 2026, 05:10

Solana Meme Coin WORLDCUP Surges 90% as World Cup Token Frenzy Heats Up

BitcoinWorld Solana Meme Coin WORLDCUP Surges 90% as World Cup Token Frenzy Heats Up The Solana ecosystem’s latest meme coin sensation, WORLDCUP, has surged approximately 90% over the past 24 hours, recording $8.2 million in on-chain trading volume, according to data from blockchain analytics platform GMGN. The token is part of a broader wave of national team-themed meme coins that have captured trader attention amid the current World Cup cycle. World Cup-Themed Tokens Gain Traction WORLDCUP is one of at least 48 national team-themed meme coins currently trading on Solana, a blockchain known for its low transaction fees and high throughput, making it a popular venue for speculative token launches. While WORLDCUP posted the largest daily percentage gain among the group, the token with the highest overall market capitalization is FRANCE, which was up 11% on the day. The thematic cluster reflects a pattern seen in previous major sporting events, where traders flock to novelty tokens tied to real-world competitions. Market Context and Risks The rapid price movement and elevated trading volume underscore the speculative nature of the meme coin market. WORLDCUP’s 90% gain occurred within a 24-hour window, a volatility profile that carries significant risk for retail participants. Unlike utility tokens or established cryptocurrencies, meme coins often lack fundamental value drivers and can experience sharp reversals. The Solana ecosystem has been a hotbed for such tokens, partly due to its active developer community and the ease of launching new projects. What This Means for Traders For those monitoring the Solana meme coin space, WORLDCUP’s performance highlights the potential for rapid gains, but also the importance of caution. The $8.2 million in volume indicates active liquidity, but it remains concentrated among a relatively small number of wallets. Traders should be aware that price manipulation and ‘rug pull’ risks are elevated in this segment. The FRANCE token’s leading market cap position suggests that thematic leadership can shift quickly, making it difficult to predict which tokens will sustain interest. Conclusion WORLDCUP’s surge is a reminder of the volatile and trend-driven nature of meme coins on Solana. While the World Cup theme has generated a flurry of activity, the sustainability of these tokens remains uncertain. Investors are advised to conduct thorough research and exercise caution when engaging with highly speculative assets. FAQs Q1: What is WORLDCUP? WORLDCUP is a Solana-based meme coin themed around the World Cup. It is one of many national team-themed tokens launched on the Solana blockchain. Q2: How much did WORLDCUP gain? According to GMGN data, WORLDCUP rose approximately 90% over the past 24 hours, with $8.2 million in on-chain trading volume. Q3: Which World Cup-themed token has the highest market cap? Among the 48 national team-themed meme coins, FRANCE currently holds the highest market capitalization and was up 11% on the day. Q4: Are these tokens safe to invest in? Meme coins are highly speculative and carry significant risks, including price volatility, low liquidity, and potential for scams. Investors should exercise caution and do their own research. This post Solana Meme Coin WORLDCUP Surges 90% as World Cup Token Frenzy Heats Up first appeared on BitcoinWorld .

22 May 2026, 04:10

Polymarket Lobbies for Japan Entry, Sets Sights on 2030 Approval

BitcoinWorld Polymarket Lobbies for Japan Entry, Sets Sights on 2030 Approval Decentralized prediction market Polymarket has initiated lobbying efforts to enter the Japanese market, targeting official government approval by 2030, according to a report by Bloomberg. The platform currently blocks users in Japan from placing bets on its website and app due to unresolved regulatory issues. Why Japan Matters for Polymarket The move into Japan comes as Polymarket faces increasing regulatory scrutiny in the United States, its primary market. The company has been under pressure from U.S. regulators over concerns related to gambling and market manipulation. Expanding into Japan, a country with a well-defined but strict regulatory framework for online betting and financial services, could provide a more stable operating environment and access to a large, tech-savvy user base. Competitive Landscape and Strategic Timing Polymarket’s push for Japan is also driven by the rise of competing platforms, notably Kalshi, which has gained traction in the U.S. prediction market space. Kalshi, which is regulated by the Commodity Futures Trading Commission (CFTC), offers a more traditional, regulated alternative to Polymarket’s decentralized model. The Japanese market, with its sophisticated regulatory system, could offer Polymarket a first-mover advantage if it secures approval before competitors. Regulatory Hurdles and Lobbying Strategy Japan’s regulatory environment for online betting and cryptocurrency-based services is stringent. The country’s Financial Services Agency (FSA) and the Japan Consumer Affairs Agency have historically taken a cautious approach to new financial products, particularly those involving gambling-like mechanics. Polymarket’s lobbying efforts are likely to focus on framing its platform as a tool for information aggregation and market forecasting rather than gambling, a distinction that has been central to its legal arguments in other jurisdictions. What This Means for Users and the Market If successful, Polymarket’s entry into Japan could set a precedent for how decentralized prediction markets are regulated in Asia. For Japanese users, it could provide access to a global platform for betting on events ranging from election outcomes to sports results, but under strict local oversight. For the broader crypto industry, Polymarket’s move signals a shift toward regulatory compliance as a growth strategy, moving away from the more adversarial stance many crypto platforms have taken in the past. Conclusion Polymarket’s bid for Japan approval by 2030 is a strategic response to mounting regulatory pressure in the U.S. and intensifying competition from regulated rivals like Kalshi. The outcome of this lobbying effort will be closely watched by the crypto and prediction market industries as an indicator of how decentralized platforms can navigate strict regulatory environments. For now, Japanese users remain restricted from the platform, but the company’s long-term ambitions suggest a significant shift toward compliance-focused expansion. FAQs Q1: Why is Polymarket targeting Japan specifically? Polymarket is targeting Japan because of its large, tech-savvy population and well-defined regulatory framework. The company sees Japan as a stable market for expansion amid increasing regulatory pressure in the United States. Q2: How does Polymarket differ from Kalshi? Polymarket is a decentralized prediction market built on blockchain technology, while Kalshi is a regulated U.S. exchange overseen by the CFTC. Kalshi operates under traditional financial regulations, whereas Polymarket has faced legal challenges over its unregulated status. Q3: What are the main regulatory challenges Polymarket faces in Japan? Japan has strict laws against online gambling and requires financial services providers to register with the Financial Services Agency. Polymarket will need to convince regulators that its platform is a forecasting tool, not a gambling service, to secure approval. This post Polymarket Lobbies for Japan Entry, Sets Sights on 2030 Approval first appeared on BitcoinWorld .

22 May 2026, 03:50

Bithumb to List OPG for KRW Trading, Expanding Altcoin Access in South Korea

BitcoinWorld Bithumb to List OPG for KRW Trading, Expanding Altcoin Access in South Korea South Korean cryptocurrency exchange Bithumb has announced it will list OPG, the native token of the Oasys blockchain project, for trading against the Korean won (KRW). The listing is expected to expand access to the gaming-focused blockchain token for retail traders in one of the world’s most active crypto markets. Listing Details and Timeline According to Bithumb’s official notice, the OPG/KRW trading pair will go live on the exchange at 15:00 KST on a date to be confirmed shortly. Deposits for OPG will open two hours before trading begins. Bithumb has designated OPG with a “Caution” flag, a standard warning for newly listed tokens, indicating that price volatility may be higher than usual during the initial trading period. What Is OPG and Oasys? OPG is the native utility token of Oasys, a blockchain platform specifically designed for gaming and entertainment applications. Oasys aims to solve scalability and user experience issues that have hindered blockchain gaming adoption. The project has secured partnerships with major gaming companies, including Ubisoft, SEGA, and Bandai Namco, lending it credibility within the industry. The token is used for transaction fees, staking, and governance within the Oasys ecosystem. Its listing on Bithumb marks one of the first major South Korean exchange listings for a gaming-focused Layer 1 blockchain token, potentially signaling growing institutional interest in blockchain gaming. Implications for South Korean Traders South Korea remains one of the largest and most liquid cryptocurrency markets globally, with retail traders often driving significant volume for newly listed tokens. Bithumb’s decision to support KRW trading directly eliminates the need for traders to first convert to stablecoins or Bitcoin, reducing friction and potentially increasing demand. The listing also reflects Bithumb’s strategy to diversify its altcoin offerings amid increasing competition from Upbit and Coinone. By listing tokens with strong institutional backing like OPG, Bithumb aims to attract both retail traders and long-term investors interested in the gaming sector. Conclusion Bithumb’s listing of OPG for KRW trading provides South Korean traders with direct access to a token backed by major gaming industry players. While the initial trading period may see elevated volatility, the listing represents a significant step for Oasys in expanding its presence in the Asian market. Traders should conduct their own research before trading newly listed tokens. FAQs Q1: When will OPG trading start on Bithumb? Bithumb has announced the listing will occur at 15:00 KST on a confirmed date. Deposits open two hours prior. Check Bithumb’s official notice for the exact date. Q2: What is the OPG token used for? OPG is the native token of the Oasys blockchain, used for transaction fees, staking, and governance within the gaming-focused ecosystem. Q3: Why is Bithumb listing OPG? Bithumb regularly lists tokens with strong fundamentals and community interest. OPG’s backing by major gaming companies like Ubisoft and SEGA likely influenced the decision. This post Bithumb to List OPG for KRW Trading, Expanding Altcoin Access in South Korea first appeared on BitcoinWorld .