hodler

13 May 2026, 09:00

Ronin Completes Migration to Ethereum Layer 2, Slashes Token Issuance by 89%

BitcoinWorld Ronin Completes Migration to Ethereum Layer 2, Slashes Token Issuance by 89% Ronin (RON), the blockchain network originally built for the Axie Infinity ecosystem, has officially completed its migration to an Ethereum Layer 2 network, according to an announcement in the project’s official newsletter. The transition marks a significant technical shift for the gaming-focused chain, which previously operated as a sidechain to Ethereum. Token Issuance Cut by Nearly 90% As part of the migration, Ronin has drastically reduced the annual issuance of its native RON token from 45 million to just 5 million — an 89% reduction. The move is designed to address long-standing concerns about inflation and token supply management. Under the new model, future token issuance will be distributed directly to builders and developers through a mechanism called ‘Proof of Distribution,’ a reward system that ties token allocation to active development contributions rather than passive staking or validator rewards. Strategic Shift Toward Profitability Beyond the technical migration, Ronin’s team outlined plans to improve the network’s profitability. Key measures include increasing marketplace fees and optimizing transaction costs. The goal is to establish Ronin as a dedicated gaming chain within the broader Ethereum ecosystem, leveraging Layer 2 scalability to support high-throughput gaming applications without the high fees associated with the Ethereum mainnet. What This Means for the Gaming Blockchain Sector The migration positions Ronin alongside other gaming-focused Layer 2 solutions such as Immutable X and Polygon’s gaming subnet. By reducing token inflation and introducing a developer-centric reward model, Ronin aims to attract more game developers to build on its platform. The Proof of Distribution system is intended to ensure that token rewards flow to those actively building and maintaining the ecosystem, rather than to passive holders. Conclusion Ronin’s transition to an Ethereum Layer 2 network represents a major structural change for the blockchain, addressing both technical scalability and token economics. With a significantly reduced issuance rate and a new developer reward system, the project is betting on long-term sustainability over short-term incentives. For the broader crypto gaming industry, this move reinforces the trend toward specialized Layer 2 solutions designed to meet the unique demands of blockchain-based games. FAQs Q1: What is Ronin’s Proof of Distribution system? A: Proof of Distribution is a new reward mechanism that allocates newly issued RON tokens directly to builders and developers based on their contributions to the ecosystem, rather than through traditional staking or validator rewards. Q2: Why did Ronin reduce its token issuance so significantly? A: The reduction from 45 million to 5 million RON per year is intended to lower inflation, improve token scarcity, and align incentives with long-term ecosystem growth rather than short-term speculation. Q3: How does this migration affect existing Ronin users? A: Existing users should experience lower transaction fees and faster confirmation times due to the Layer 2 architecture. Token holders may also benefit from reduced dilution as a result of the lower issuance rate. This post Ronin Completes Migration to Ethereum Layer 2, Slashes Token Issuance by 89% first appeared on BitcoinWorld .

13 May 2026, 08:00

BASIS.pro Is Live: Base58Labs Officially Launches Crypto Arbitrage Platform

London, United Kingdom, May 13th, 2026, Chainwire Following the successful completion of its private testing phase, BASIS is now officially live, with the platform publicly accessible at basis.pro as the company moves to address what industry participants increasingly describe as a structural gap in digital asset infrastructure. The platform, developed with engineering support from Base58 Labs, has been tested under live market conditions with a select group of institutional participants. While reported metrics included sub-50 microsecond p99 execution latency, throughput exceeding 100,000 operations per second, and 100% uptime, the evaluation extended beyond peak performance benchmarks. Testing was designed to observe how the system behaved when execution conditions became unstable. Scenarios included exchange-side latency spikes, API rate limits, liquidity fragmentation across venues, and partial execution failures. These conditions, while not constant, are representative of real trading environments where system behavior under stress determines outcome consistency. According to BASIS CEO Helge Stadelmann, these scenarios reflect a broader limitation in current market infrastructure. “Strategies exist. The constraint has been the infrastructure required to execute them with precision and defined risk,” Stadelmann said. The platform operates as an arbitrage staking system powered by the Base58 Hyper-Latency Engine (BHLE), a proprietary high-frequency execution engine developed by Base58 Labs. BASIS identifies and captures pricing discrepancies across exchanges and distributes net arbitrage profits to platform participants through a staking structure designed around market-neutral execution. In traditional markets, execution-layer infrastructure is typically embedded within institutional systems. In digital asset markets, that layer is still evolving, resulting in a dependency on external exchanges, APIs, and liquidity routing frameworks that introduce variability into execution outcomes. Unlike conventional yield products that rely on token emissions or external reward incentives, BASIS derives user rewards exclusively from arbitrage execution profits generated across fragmented digital asset markets. Structurally, losses are absorbed by the company while users participate only in profit distributions generated through execution activity. During testing, BASIS evaluated system behavior across a range of operational conditions. When execution parameters exceeded predefined thresholds, including projected slippage or incomplete fill conditions, the system halted execution and initiated deterministic rollback procedures. These mechanisms were designed to preserve capital and prevent forced completion under degraded conditions. In scenarios where exchange-side instability occurred, the system adjusted outbound routing behavior and maintained allocation states without internal inconsistency. Pending executions were paused or reallocated without loss of state integrity, allowing the system to resume normal operation once conditions stabilized. The Base58 Hyper-Latency Engine (BHLE), which underpins the platform, was developed to support these behaviors. While latency performance remains a core component, the design emphasis extends to sequencing logic, allocation tracking, and state preservation under varying execution conditions. This approach reflects a shift in how execution performance is evaluated. “Execution quality is determined by control under unpredictable conditions,” Stadelmann said. The testing phase focused on verifying that the system could maintain deterministic behavior when external variables introduced uncertainty. Rather than prioritizing forced execution completion, the system was designed to priorities outcome consistency and capital preservation. BASIS operates within a structured governance framework that includes ISO/IEC 27001:2022, ISO/IEC 20000-1:2018, AICPA SOC, and GDPR compliance standards. These certifications align the platform with established requirements for information security, service management, and operational oversight. BASIS functions as execution-layer infrastructure supporting arbitrage deployment across exchanges rather than a conventional yield-generation platform. The underlying system is designed to maintain execution control, sequencing integrity, and deterministic risk behavior while operating across fragmented liquidity venues in real time. With validation complete, BASIS is now officially live and publicly available through basis.pro . The platform currently supports BTC, ETH, SOL, and PAXG, each convertible into corresponding stTokens through a 1:1 structure, with reward accrual derived from arbitrage profits generated through the platform’s execution engine. “We validated the system thoroughly before opening it to the market. BASIS is now officially live at basis.pro , and access is open,” Stadelmann said. The launch reflects a broader shift in how infrastructure platforms are brought to market, with live validation and operational discipline completed prior to public availability. As digital asset markets continue to mature, the role of execution-layer infrastructure is becoming more defined. While liquidity, custody, and compliance have seen rapid development, execution systems remain an area of ongoing evolution, particularly for institutional participants requiring consistent deployment frameworks. The development of infrastructure capable of bridging the gap between proprietary trading systems and broader institutional access introduces new considerations for market structure. These include how execution control is standardized, how risk is managed across fragmented venues, and how infrastructure scales without introducing instability. BASIS enters this stage of market development with execution discipline as a primary design principle. The platform’s architecture, testing methodology, and launch sequencing reflect an approach centered on system behavior rather than surface-level performance metrics. As digital asset markets continue maturing, execution-layer systems capable of supporting scalable arbitrage deployment are becoming increasingly important. BASIS enters the market with a structure centered on market-neutral execution, deterministic risk management, and operational consistency across fragmented trading environments. About BASIS BASIS is a professional crypto arbitrage platform developed with engineering support from Base58 Labs. The platform operates through the Base58 Hyper-Latency Engine (BHLE), a proprietary high-frequency execution engine designed for sub-50 microsecond execution latency and deterministic risk management across fragmented digital asset markets. About Base58 Labs Base58 Labs is the engineering team behind the Base58 Hyper-Latency Engine (BHLE) and the technical infrastructure powering BASIS. The team specializes in execution-layer development for digital asset markets, with a focus on latency optimization, sequencing integrity, and deterministic system behavior under variable market conditions. Contact Maud Gerritsen BASIS [email protected]

13 May 2026, 07:17

XRP & RLUSD Utility Grows as AI Healthcare Platform Expands Community Access

XRP Healthcare Unlocks XRP and RLUSD Swaps for XRPHAI XRP Healthcare has broadened access to its XRPHAI ecosystem by enabling direct swaps in XRP and RLUSD through the XRPH Wallet, strengthening its push to connect blockchain infrastructure with practical healthcare use cases. This new activation enables eligible users across the global XRP community to seamlessly swap XRP or RLUSD for XRPHAI directly within the XRPH Wallet, unlocking access to XRP Healthcare’s expanding AI-driven healthcare ecosystem on the XRP Ledger. Unlike many crypto reward models that rely on passive token holding, XRP Healthcare positions XRPHAI around active participation and verified wellness behavior. Through its Proof of Health framework, users earn XRPHAI by engaging with healthcare and wellness tools inside the XRPH AI app rather than simply holding tokens for speculation. The XRPH Wallet and XRPH AI App are designed to work together as a unified ecosystem, connecting wallet functionality, AI-powered healthcare services, accessibility tools, and reward mechanisms into a single integrated infrastructure. Ripple Ecosystem Shifts Toward Real-World Utility as XRP Healthcare Expands Infrastructure Adoption The development strengthens XRP Healthcare’s long-term push to build XRP-powered healthcare infrastructure on the XRP Ledger. Since launching the XRPH Wallet in 2023, the company has positioned itself among the early adopters focused on enabling XRP-based healthcare payments and real-world utility within the sector. Laban Roomes framed the rollout as a key step in scaling this vision: “We’ve spent years building XRP-powered healthcare infrastructure for long-term global use. Opening XRP and RLUSD access to XRPHAI through the XRPH Wallet is another step toward connecting blockchain utility, healthcare engagement, and rewards at scale.” This expansion reflects accelerating utility across the XRP ecosystem, with XRP Ledger transaction activity rising 65% year-over-year. Growth has been driven by increased institutional usage, RLUSD activity, and exchange integrations including platforms such as Bitstamp. Beyond finance, Ripple’s ecosystem efforts are also gaining traction. Earlier this year, the company advanced its $25 million education initiative focused on improving learning environments across the United States. Therefore, these developments are the icing on the cake because they point to a broader shift within the XRP ecosystem, one increasingly centered on real-world utility, infrastructure growth, and practical adoption rather than speculation.

12 May 2026, 22:20

Marathon Posts $1.3B Loss as Bitcoin’s 18% Slide Cuts Q1 Revenue by $35M

Marathon Holdings reported a challenging first quarter for 2026, characterized by a significant net loss despite strategic efforts to reduce debt and pivot toward artificial intelligence (AI). Surge in Operating Costs Digital infrastructure company Marathon Holdings attributed a decline in revenue in the first quarter of 2026 to a decrease in the U.S. dollar value

12 May 2026, 19:06

CleanSpark: Unconvincing Pivot To AI Infrastructure

Summary CleanSpark, Inc. is attempting a partial pivot from Bitcoin mining to AI infrastructure amid the 2026 AI arms race. I remain unconvinced by CLSK’s fundamentals despite a recent share price rally and reiterate my sell rating. CLSK’s profitability is pressured by higher expenses and volatile revenues tied to weak bitcoin prices. The company’s financials remain unpredictable, with earnings heavily influenced by bitcoin price swings and production yields. Rivals like CoreWeave have access to tremendous amounts of capital at favorable rates, while CleanSpark's volatile business and existing debt load may limit its access to fresh financing. In 2026, the biggest trend driving the stock market is the AI arms race, which has fueled a sharp share price boom in every company supplying the datacenter buildout. Even companies in industries completely uncorrelated to technology, like Allbirds ( BIRD ), have announced their intent to get in on the new gold rush and provide AI infrastructure. In relation to Allbirds, CleanSpark, Inc.'s ( CLSK ) planned partial pivot from bitcoin mining to AI infrastructure is far more realistic and convincing. The question is, can it really save this unprofitable business, especially as crypto prices remain weak? Hopes for the planned AI pivot have already boosted shares of CleanSpark, now up ~10% since the start of the year (though the stock's post-Q2 decline has dented this rally considerably). Data by YCharts I last wrote a Sell article on CleanSpark in February, when the stock was trading at $8 per share. Since then, CleanSpark has rallied sharply alongside the broader stock market as the "risk-on" attitude in the markets resumed. I fully admit that my Sell call was ill-timed, but when I take a fresh look at CleanSpark's prospects after its recent Q2 earnings results, I remain wholly unconvinced that this company has the fundamental chops to succeed. I reiterate my Sell rating here. Higher Expenses Are Burdening CleanSpark's Profitability Amid Bitcoin Price Slide Before we laser in on CleanSpark's future AI infrastructure plans, let's run through the company's latest quarterly results , which caused a sharp drop in sentiment for the name. The fiscal Q2 (March quarter) earnings summary is shown below: CleanSpark Q2 results (CleanSpark Q2 earnings release) Now, we caution investors who are new to CleanSpark that its financials are hardly clean. It cannot be assessed like a regular company, which has a steady earnings cadence. CleanSpark's revenue fluctuates wildly according to Bitcoin prices (BTC-USD) and production yield, and it books mark-to-market losses and gains on its Bitcoin holdings as well. So in the wake of very jumpy financials, we focus on two main things in CleanSpark's results: the economics of its mining activities and its expense profile and resulting losses. CleanSpark used to directly state, from time to time, the actual cost of mining a single Bitcoin. It no longer provides this number, but it did note that lower power costs/higher electrical efficiency helped to offset the rising difficulty of mining (as all crypto investors are aware, mining difficulty will continue to increase exponentially until all 21 million Bitcoin are mined, expected to be reached in the year 2140). For Q1, the company merely notes that its gross margin was around 40%, which implies a cost per coin of ~$30k based on average Q2 Bitcoin prices of $76k. Per CFO Gary Vecchiarelli's remarks on the Q2 earnings call: The average bitcoin price in Q2 was approximately $76,000, which was a 24% difference from the prior quarter where the average bitcoin price was $100,000. For the quarter, our revenue decrease compared to the immediately preceding first quarter by approximately $45 million or 25%, directly attributable to the decrease in Bitcoin price. During the quarter, we mined 1,799 Bitcoin, which was only 22 Bitcoin less than the prior quarter, indicating network hashrate growth has flattened, while our operations team has maintained its industry-leading uptime. Despite the lower revenues, we maintained a healthy gross margin of over 40% for the quarter compared to 47% for the previous quarter. Power prices were more favorable this quarter at $0.052 per kilowatt hour compared to $0.056. Best-in-class team continues to execute and deliver regardless of the market climate." The good news is that mining remains a marginally profitable activity for CleanSpark. But whether the overall business can actually turn a profit is another question. In Q2, the company reported a -$241.2 million adjusted EBITDA. Of course, the quarter also included $262.9 million of mark-to-market losses on Bitcoin, so when adjusting for these non-cash "expenses," the company eked out a ~$22 million profit. CleanSpark adjusted EBITDA (CleanSpark Q2 earnings release) We are wary here about the slimness of CleanSpark's profitability, which exposes it to variability in Bitcoin prices. We note that GAAP payroll expenses rose 63% y/y to $24.9 million in the quarter, reflecting a heavier overhead burden, while depreciation/amortization also jumped 47% y/y to $115.9 million, reflecting the company's larger capital base as it acquires more compute capacity. On top of this, we think that risks skew upward for CleanSpark's cost profile: increased Bitcoin mining difficulty is a known fact that will hamper gross margins, and electricity prices are rising amid insatiable demand for AI compute. The company faces upward pressure on costs/downward pressure on gross margins, which effectively means that it relies on a rise in Bitcoin prices to keep up with these headwinds. For the month of April, we note that CleanSpark produced 640 Bitcoin, which is a sequential drop of 3% relative to 658 Bitcoin produced in the month of March. As a reminder, CleanSpark is no longer emphasizing its hold-for-investment strategy and plans to sell BTC at roughly the same pace as its mining inflows, with net sale activity of 108 BTC leading to a slight sequential drop in CleanSpark's Bitcoin treasury holdings as well. CleanSpark April results (CleanSpark April metrics release) Average sale prices in April were ~$75k, but with Bitcoin prices recently hovering around $80k (as of the time of writing in May), we think there is likely upside in CleanSpark's Q3 relative to ~$76k average sale prices in Q2. AI Expansion Issues: Insufficient Mining Profitability, Debt-Laden Balance Sheet Now we turn our attention to CleanSpark's ambitions to pivot a portion of its portfolio to AI infrastructure. As shown in the April metrics release, the company has utilized 808MW of its capacity but has contracted an expansion of up to 1.8GW (more than twice its current capacity). The company's vision is that its bitcoin mining activities become the foundation of the business that finances the buildout of AI infrastructure. Again, per CFO Vecchiarelli's comments on the Q2 earnings call: As we expand into AI and HPC, we are building on mining, not moving away from it. Both businesses share the same foundation, power, land and operations. Mining funds the platform, AI monetizes it. Together, they create a more balanced, durable business. And as we evolve, mining is the engine that funds our future growth." Our skepticism here: can mining really "fund the platform" when adjusted EBITDA in Q2 was -$241.2 million (or ~$22 million after adding back mark-to-market losses on Bitcoin?). The gap, of course, will have to be solved via financing. But we note that CleanSpark is already shouldering a considerable amount of debt. Its March balance sheet showcases $1.79 billion of long-term debt, offset against $260.3 million of cash. Its current holdings of 13,453 BTC as of the end of April are worth $1.08 billion at current prices near ~$80k, adding an additional buffer to cash. CleanSpark balance sheet (CleanSpark Q1 earnings release) We think it will be difficult for CleanSpark to attract additional financing beyond its current leverage. Credit markets are tightening, especially for volatile businesses, especially with the meltdown in private credit funds . As is evident from the amount of capex required for the datacenter buildout, the AI infrastructure game is really all about capital. CoreWeave ( CRWV ), one of the leading neocloud infrastructure providers, has kicked off a new financing structure with its lenders that allows it to use the underlying credit profile of its hyperscale customers, rather than its own (allowing it access to cheap financing). Meanwhile, CleanSpark hasn't even landed its first hyperscale customer, with its April metrics release noting that it is "(making) significant headway toward securing our first hyperscale customer in AI and high-performance computing." If the company is able to secure financing at all, it likely will be at terms that are quite unfavorable relative to leaders like CoreWeave. Key Takeaways CleanSpark's share price rebound this year is essentially predicated on the company's planned expansion into AI infrastructure, which is the hottest industry of 2026. And yet the company enters into the industry with the baggage of a mining operation that has very thin/volatile profitability, while CleanSpark has yet to prove that it can access the capital markets to finance its expansion at comparably favorable terms as rivals like CoreWeave. All in all, there are few fundamentals to justify CleanSpark's rebound, and its post-Q1 earnings drop is a reflection of that poorer reality. Steer clear here and invest elsewhere.

12 May 2026, 18:30

Crypto Founder Shares Critical Warning About Bitcoin, Here’s What He Said

Bitcoin is currently at the center of a debate after Avalanche founder Emin Gün Sirer raised concerns about the network’s long-term security and mining economy . In a recent X post shared on May 10, 2026, the crypto founder argued that BTC could eventually face a serious challenge tied to declining miner incentives . His comments have quickly sparked discussions on what this could mean for Bitcoin’s future stability. Bitcoin Mining Pressure Builds The warning from the crypto founder centered on a growing concern that has followed Bitcoin for years but is now attracting renewed attention as block rewards continue to shrink. Bitcoin miners currently secure the network by verifying transactions and maintaining the blockchain through energy-intensive mining operations . In return, miners receive newly issued BTC alongside transaction fees. However, Bitcoin’s halving system cuts mining rewards in half every four years. While this system helps control BTC’s supply and supports its scarcity, it also reduces the amount miners earn over time. Sirer warned that this could eventually create a difficult situation for BTC where mining rewards are no longer enough to cover the high costs of electricity, equipment, and mining operations. The concern becomes more significant because Bitcoin’s security depends heavily on miner participation. If mining becomes less profitable over time, smaller mining firms could struggle to survive , potentially forcing some operators out of the market. This could reduce competition among miners and increase centralization risks, something critics have warned about for years. The Avalanche founder also pointed toward a future where transaction fees may eventually become the main source of income for miners. However, that could create another challenge if fees become too expensive for everyday users or fail to generate enough revenue to maintain strong network security. Crypto Founder Suggests New Direction For BTC As discussions around the warning grew, attention also turned to the solution proposed by the crypto founder. Sirer suggested that BTC could eventually use an extra transaction layer connected to Avalanche technology before transactions are fully completed on the Bitcoin network. The goal of the idea is to reduce pressure on Bitcoin’s current system while helping transactions move through a faster and more efficient verification process. Even though the technology behind it is complex, supporters believe it could help BTC handle future challenges linked to declining mining rewards and growing network demands. However, the proposal may not easily gain support from the BTC community. Many long-time BTC supporters are known for opposing major changes to the network , especially when outside technologies or different consensus systems are involved. Even so, the warning highlights a broader concern already being discussed across the crypto industry. Some investors believe Bitcoin’s increasing price and future transaction activity could eventually solve the problem naturally. Others believe declining miner rewards could become a serious long-term issue if solutions are not presented early enough.