Ethena-Backed “Based” on Hyperliquid Enters Top 10 Protocols by 24-Hour Revenue as Ethereum Foundation Rebrands Security Team

By

-

September 17, 2025

The decentralized trading platform “Based,” built on Hyperliquid and backed by Ethena Labs, surged into the top 10 blockchain protocols by 24-hour revenue, according to data from DeFiLlama. This milestone highlights the rapid growth of Hyperliquid’s ecosystem amid intensifying competition for its native stablecoin USDH issuance.

Based is a trading platform integrated with Hyperliquid, a high-performance Layer-1 blockchain and decentralized perpetuals exchange known for its speed and low latency. It leverages Ethena’s synthetic dollar infrastructure (USDe and USDtb) for enhanced liquidity and stability.

The platform focuses on derivatives trading, spot auctions, and tokenized assets, benefiting from Hyperliquid’s HyperEVM for seamless DeFi operations. Per DeFiLlama’s real-time metrics, “Based” generated significant fees in the last 24 hours, propelled by Hyperliquid’s overall trading volume exceeding $3-5 billion daily.

This placed it among elite protocols like Tether (USDT), Circle (USDC), and Ethena itself, which dominate fee generation through stablecoin yields and transaction volumes. Ethena Labs, the protocol behind the USDe synthetic stablecoin, has deepened its integration with Hyperliquid.

On September 9, Ethena proposed issuing Hyperliquid’s USDH stablecoin, fully backed by its USDtb token collateralized by BlackRock’s BUIDL tokenized fund. The bid includes: Pledging 95% of USDH reserve revenue back to the Hyperliquid community via HYPE token buybacks and ecosystem funds.

Covering all migration costs from USDC to USDH. Committing $75-150 million in incentives to boost adoption. Partnerships with Anchorage Digital for issuance and Securitize for tokenized real-world assets like equities.

This proposal positions Ethena as a frontrunner in a competitive race against bidders like Paxos, Frax Finance, Sky formerly MakerDAO, Agora, and Native Markets. A community vote on the USDH issuer is scheduled for September 14, 2025 (results pending as of September 16).

Hyperliquid has been a revenue powerhouse in DeFi

In August 2025, it hit an all-time high monthly trading volume of $405.8 billion in perpetual contracts, generating an estimated $1.3 billion in annualized revenue. For the week ending September 1, it ranked in the top 5 protocols by fees, behind only Tether, Circle, and Ethena.

With just 11 employees, Hyperliquid achieved $330 billion in monthly volume by August, outpacing many established chains. Its “Assistance Fund” (AF) uses revenue for HYPE token buybacks, reducing supply and aligning incentives. No VC unlocks or heavy sell pressure further bolsters its tokenomics.

Hyperliquid’s revenue often surpasses Ethereum and Solana combined on peak days (e.g., 3.5x Ethereum in February 2025). At a $40-45 billion FDV for HYPE, it’s seen as undervalued relative to peers like Solana’s $200B+ market cap, with projections for top-10 status by year-end.

This development underscores the convergence of stablecoin innovation and high-throughput DeFi. If Ethena wins the USDH bid, it could unlock $220 million in additional annual revenue for Hyperliquid while reducing reliance on USDC/USDT currently $5.7B in liquidity.

For traders, “Based” offers institutional-grade tools with yields from BlackRock-backed assets, potentially attracting more volume amid crypto’s bull cycle. However, risks like oracle dependencies and market volatility remain.

The crypto community on X is buzzing, with maxis calling Hyperliquid “the future of DeFi” due to its fair launch and performance. Watch for USDH vote outcomes and “Based” revenue updates on DeFiLlama for the next moves.

Ethereum Foundation Rebrands Security Team to “Privacy Stewards of Ethereum”

The Ethereum Foundation announced a significant rebranding and strategic shift for its privacy-focused team, formerly known as the “Privacy & Scaling Explorations” (PSE) team.

The group has been renamed Privacy Stewards of Ethereum (PSE), emphasizing a “problem-first” approach to address Ethereum’s surveillance vulnerabilities rather than purely speculative cryptography research.

This rebranding coincides with the release of a comprehensive roadmap aimed at embedding end-to-end on-chain privacy across Ethereum’s technical stack, making privacy the default experience rather than an optional add-on. The initiative underscores growing concerns about blockchain transparency enabling global surveillance, especially with advancing AI tools for data analysis.

Without these enhancements, Ethereum risks becoming “the backbone of global surveillance rather than global freedom,” potentially driving users and institutions to alternative networks.

The roadmap draws inspiration from Ethereum co-founder Vitalik Buterin’s April 2025 privacy advocacy, which highlighted needs for anonymous payments, application-level privacy, secure data access, and network obfuscation.

Key Components of the Roadmap

The PSE roadmap is structured around three core pillars to achieve seamless, cost-effective, and compliant privacy solutions for use cases like finance, identity, governance, and decentralized applications (dApps). These include protocol-level changes, infrastructure improvements, networking protections, and wallet integrations.

Private Writes: Enables private on-chain actions (e.g., transfers, governance votes) to be as cheap and seamless as public ones, reducing reliance on transparent ledgers.

Development of PlasmaFold, a new Layer 2 (L2) design using zero-knowledge (ZK) proofs for private transfers without “exit games” (fraud-proof delays).- Proof-of-concept (PoC) targeted for debut at Devconnect conference in Buenos Aires, Argentina). Integration with tools like Railgun and Privacy Pools for “shielded balances” in wallets.

Private Reads; Protects user identities and intents when querying blockchain data or interacting with apps, preventing metadata leaks via surveillance tools. Privacy-preserving Remote Procedure Call (RPC) service to shield queries. Experiments with Oblivious RAM (ORAM) and Private Information Retrieval (PIR) for network-level protections.

Upcoming “State of Private Voting 2025” report summarizing progress on anonymous, verifiable voting protocols (e.g., using homomorphic encryption or ZK-SNARKs). Private Proving; Makes ZK proof generation and verification faster, cheaper, and accessible on everyday devices, enabling “prove anywhere” without high computational demands.

Optimizations for ZK proofs on mobile/smart devices. Collaborations for confidential DeFi (e.g., shielded lending pools) and institutional privacy frameworks. Potential Layer 1 (L1) opcodes or privacy-focused virtual machines for censorship-resistant privacy.

The PSE team plans to collaborate with Ethereum’s core protocol developers to implement necessary L1 changes, such as new opcodes for ZK verification. They are also forming an Institutional Privacy Task Force to align with global regulations and explore wallet enhancements (e.g., sphinx protocol for mixing).

This holistic approach aims for widespread adoption, where privacy is performant, user-friendly, and integrated into ecosystems like DeFi (handling over $100 billion in TVL as of mid-2025).

This move positions Ethereum as a leader in privacy-preserving blockchain technology, countering criticisms of public ledgers’ limitations for real-world commerce (e.g., supply chains or financial operations).

By prioritizing intermediary-free, censorship-resistant privacy, PSE seeks to unlock institutional adoption while maintaining Ethereum’s permissionless ethos.

Early reactions on platforms like X highlight excitement around PlasmaFold and ZK advancements, with users noting its potential to make Ethereum “privacy-first” for everyday use.

Amazon Unveils AI Agent to Help Third-Party Merchants Run Their Businesses

By

Samuel Nwite

-

September 17, 2025

0

Amazon is taking another leap into artificial intelligence, this time with an upgrade designed to transform how third-party merchants manage their online operations.

At its annual Accelerate conference for sellers in Seattle on Wednesday, the company introduced an AI agent built into its Seller Assistant platform. Unlike earlier versions, which primarily responded to queries, the new tool comes with agentic capabilities—meaning it can now take action on a merchant’s behalf with their permission.

Amazon said the move is intended to free up merchants’ time so they can “spend more time focusing on product innovation and customer relationships,” while AI handles the more repetitive but critical operational tasks.

The enhanced Seller Assistant can now coordinate inventory orders, plan for business growth, and implement fixes for account issues—functions that could help merchants avoid costly suspensions and delays. Over time, Amazon expects to add more of these automated abilities based on seller feedback.

The rollout builds on Amazon’s expanding suite of AI tools for sellers, who account for more than half of all goods sold on its marketplace. These include product listing generators and tools that can create marketing images and videos. Dharmesh Mehta, Amazon’s vice president of worldwide selling partner services, told CNBC that 1.3 million third-party sellers have already used its generative AI listing tools, which can automatically produce about 70% of a product listing.

“It really gives the seller, in some sense, a team of experts,” Mehta said. “An expert in listing and in pricing and promotions and supply chain, all the things that a small business normally has to either try and learn on their own, hire someone to be an expert, pay someone to be an expert, or sometimes just accept not being that good at, which is not ideal.”

Amazon said it is not currently planning to charge merchants for the new AI features. Instead, sellers continue to pay for the company’s in-house services like fulfillment and account management, which have become a cornerstone of Amazon’s business, generating $40.3 billion in revenue in the second quarter alone.

The move also underscores a shift in the broader AI industry. After early hype around image and text generators, companies are now pivoting toward agentic AI—tools capable of executing multi-step tasks with minimal supervision. Amazon itself previewed an experimental browser-based AI agent from its San Francisco lab earlier this year.

Seller Assistant is built on Amazon Bedrock, a platform that lets users access large language models not only from Amazon but also from AI startups like Anthropic and OpenAI.

The latest update represents a continuation of Amazon’s efforts that began last year with the launch of Project Amelia, the first iteration of its seller-focused AI assistant. That version provided basic troubleshooting and inventory advice. The new version goes further by actively managing parts of the seller’s business.

For Amazon, the rollout signals both a defensive and offensive play. On one hand, it strengthens its ties with the millions of small businesses that fuel its marketplace. On the other, it puts pressure on rivals such as Shopify, which has also integrated AI tools to help merchants streamline product listings and ad campaigns.

With AI tools quickly becoming table stakes in e-commerce, the battle is now over who can offer the most powerful—and most useful—AI assistants to sellers. Amazon, with its deep infrastructure, access to large-scale seller data, and cloud-powered AI backbone, appears determined to stay ahead.

How Amazon’s AI Push Stacks Up

Amazon’s latest AI rollout comes as part of a broader race among global e-commerce giants to embed AI directly into their seller ecosystems. Each company is developing AI agents for specific merchant tasks, reducing their dependence on external AI providers like OpenAI, Perplexity, and others.

Shopify has integrated generative AI through its Shopify Magic suite, which helps merchants automatically draft product descriptions, generate ad copy, and even predict customer behavior. Shopify’s approach leans heavily on streamlining marketing and customer engagement, but it lacks Amazon’s scale in fulfillment and logistics support.

Alibaba, through its sprawling Taobao and Tmall platforms, has rolled out its own AI-driven merchant tools that assist sellers in demand forecasting, inventory planning, and customer service. Leveraging its homegrown Tongyi Qianwen LLM, Alibaba is positioning its AI as deeply localized for Chinese markets, while also reducing reliance on U.S. AI models at a time of geopolitical tensions.

Walmart has taken a more measured approach, embedding AI features into Walmart Connect for advertising optimization and supply chain management. The retail giant recently announced experiments with AI chatbots that help merchants adjust pricing and promotions in real-time.

What unites these efforts is a recognition that AI is no longer just a consumer-facing tool—it is becoming the backbone of merchant operations.

Bitcoin Price Retraces as Fed Delivers 25bps Rate Cut Amid Sluggish Market Reaction

By

Ojukwu Emmanuel

-

September 17, 2025

0

CREATOR: gd-jpeg v1.0 (using IJG JPEG v80), quality = 82

Bitcoin’s price pulled back following the U.S. Federal Reserve’s announcement of a 25-basis-point interest rate cut, as markets reacted tepidly to the widely anticipated move.

The cryptocurrency, often viewed as a hedge against monetary policy shifts, faced volatility amid broader economic uncertainty, with investors weighing the implications of the Fed’s cautious approach to easing.

BTC’s price briefly dipped to a session low of $114,940 before rebounding slightly to trade near $116,198 at the time of writing.

The immediate reaction across the cryptocurrency market was muted, with the total crypto market cap slipping 1% to hover around $4.1 trillion during the mid-North American session.

Bitcoin’s Price Action and Market Sentiment

Bitcoin had fueled a bullish run across the broader crypto market over the past few weeks, but momentum has started to fade. Traders remain cautious, balancing optimism from the Fed’s dovish stance with lingering uncertainty in global macroeconomic conditions.

Market analyst Nic Puckrin previously warned that the rate cut may have already been priced in, raising the possibility of a short-term “sell-the-news” reaction. While lower borrowing costs typically favor risk assets such as cryptocurrencies, the initial excitement could wane quickly, potentially leading to near-term volatility.

The Federal Open Market Committee (FOMC) statement on Wednesday revealed signs of a cooling U.S. economy, noting: Job gains have slowed, Unemployment has edged higher and Inflation remains elevated, though gradually declining.

The Fed acknowledged that downside risks to employment are increasing, signaling a shift toward a more dovish policy stance. New projections also point to an additional 50 basis points in rate cuts expected through 2025, reflecting the central bank’s growing focus on supporting growth and employment over aggressive inflation control.

Despite this, Bitcoin’s response has been sluggish. BTC is currently consolidating rather than showing strong directional momentum, with traders waiting for clearer market signals.

Market Reactions and Investor Behavior

According to CryptoQuant, investor sentiment remains cautiously optimistic. Large holders, or “whales,” are holding onto Bitcoin and Ethereum, suggesting they expect prices to rise following the rate cut. “In general, a Fed cut is a positive catalyst for risk assets such as cryptocurrencies,”said Julio Moreno, Head of Research at CryptoQuant.

This trend indicates that the recent drop in prices may represent accumulation opportunities, as traders position for potential upside once market uncertainty clears.

Former Ark Invest crypto lead Chris Burniske believes a major structural shift is coming to the crypto market.

Historically, narratives have been the driving force behind price movements — for instance, September is traditionally viewed as a weak month for crypto. However, research from Coinbase now suggests these seasonality trends may no longer reliably predict market performance, especially for Bitcoin.

Burniske predicts that in the years ahead, “price (via flows) will drive narratives” rather than the other way around, signaling a maturing market dynamic.

Looking Ahead

While the Fed’s rate cut could ultimately act as a tailwind for cryptocurrencies, the short-term outlook for Bitcoin remains uncertain.

With BTC consolidating near the $115,000 mark, traders will be watching closely for a decisive breakout above $117,000, which could signal renewed bullish momentum.

For now, Bitcoin’s fate remains tied to global macroeconomic trends, Fed policy shifts, and investor sentiment — factors that will continue to shape the trajectory of the crypto market in the weeks ahead.

WTO Warns AI Could Boost Global Trade by 40% by 2040 — But Risks Widening Economic Divides

By

Samuel Nwite

-

September 17, 2025

0

Artificial intelligence could transform the global trading system, boosting the value of goods and services trade by nearly 40% by 2040, but without adequate safeguards, it also risks deepening inequality, the World Trade Organization (WTO) warned on Wednesday.

In its latest World Trade Report, the WTO projected that global trade could rise between 34% and 37% under various scenarios as AI reduces costs and enhances productivity. Global GDP, the report added, could expand by 12-13% in the same period, underlining AI’s disruptive potential for the world economy.

“AI could be a bright spot for trade in an increasingly complex trading environment,” said WTO Deputy Director General Johanna Hill, presenting the findings.

She acknowledged the turbulence facing the multilateral trading system, including this year’s wave of tariffs imposed by U.S. President Donald Trump’s administration, but noted that AI was fundamentally reshaping how economies connect.

According to the report, businesses could achieve significant savings in logistics, regulatory compliance, and communications, while AI-driven translation tools would lower barriers for small producers and retailers seeking entry into international markets. The WTO estimated that such technologies could help raise export growth in low-income countries by as much as 11% — provided these nations invest in strengthening their digital infrastructure.

However, the organization cautioned that the gains from AI will not be automatic. Without targeted investments and inclusive policies, the report said, AI could exacerbate the divides between advanced and developing economies.

“The effects of the development and deployment of AI are raising concerns that many workers, and even entire economies, could be left behind,” the WTO warned.

Director General Ngozi Okonjo-Iweala, speaking at the launch event in Geneva, stressed the importance of proactive policymaking to mitigate the risks.

“AI could upend labor markets, transforming some jobs whilst displacing others. Managing these shifts demands investment in domestic policies to enhance education, skills, retraining and social safety nets,” she said.

To ensure the benefits of AI are distributed more equitably, the WTO recommended predictable trade policies under its rules framework, as well as lowering tariffs on raw materials critical to AI technologies, such as semiconductors.

Divergent Futures

The WTO report also opens the door to several possible futures for global trade as AI adoption accelerates.

In the first possible outcome, advanced economies integrate AI rapidly, streamlining supply chains and cutting costs while boosting exports. This could reinforce existing trade imbalances if developing nations cannot match the same pace, widening the gap between wealthy and poorer regions. Under this pathway, low-income countries risk losing competitiveness in sectors like textiles, agriculture, and light manufacturing, where AI-enabled logistics and compliance systems will favor countries with robust digital infrastructure.

In a more inclusive future, however, international cooperation and targeted investments help bridge the gap. If low-income nations succeed in building out digital infrastructure and skills training, AI-driven translation and communication tools could enable even micro and small businesses to plug into global supply chains. The WTO estimates that such a trajectory could lift exports in low-income economies by up to 11%, giving them a foothold in higher-value global markets.

There is also a risk scenario where fragmented AI policies and trade restrictions — such as tariffs on semiconductors or competing governance frameworks in the U.S., Europe, and China — slow the adoption of AI across borders. This would blunt the projected gains in global trade and GDP, while reinforcing geopolitical divides.

The findings place the WTO at the heart of an emerging debate on how artificial intelligence could reshape globalization itself. Proponents see the potential for AI to make cross-border commerce cheaper and faster, improving supply chain efficiency and enabling even small firms to compete globally. But labor groups and development economists warn that countries lacking strong digital infrastructure or retraining systems risk being left behind as AI accelerates change.

The WTO’s analysis makes clear that AI’s impact on trade and growth will be profound but uneven, leaving policy choices in the next decade as the deciding factor between shared prosperity and deepening global divides.

What Crypto to Buy Now? Why BlockDAG, XRP, Pi Network & PEPE Are Surging in September

By

TI Partners

-

September 17, 2025

0

The search for what crypto to buy now is no longer about who can shout the loudest. It is about who can deliver real progress you can see and measure. Traders are turning away from lofty promises and looking for projects that already have traction, live systems, and meaningful communities.

From robust testnets to reliable payment use cases and viral popularity, four projects stand out in September 2025: BlockDAG (BDAG), XRP, Pi Network, and PEPE. Each one tells a different story, but one project is clearly rewriting the rules before launch.

1. BlockDAG (BDAG): Awakening Testnet Proves More Than Hype

Most projects delay infrastructure until after launch. BlockDAG is taking the opposite approach. Its Awakening Testnet, set for September 25, is not a simulation. It is a functioning system designed to operate under real-world pressure. Account abstraction, UTXO removal, EIP-4337 groundwork, and a full explorer stack are not in the planning phase; they are already live.

That makes BlockDAG unusual in a market full of paper promises. It is offering a working chain with training wheels, where early users are treated as pioneers rather than just test subjects. The results are clear: nearly $410 million raised, more than 26.2 billion BDAG sold, and early buyers sitting on a 2,900% Gain since Batch 1.

While Batch 30 has priced BlockDAG (BDAG) at $0.03, the presale still allows purchases at $0.0013 until October 1. With nearly 20K miners shipped and millions using its X1 mobile mining app daily, the infrastructure is not a dream. It is operating right now. For anyone asking what crypto to buy now, BlockDAG leads by showing proof before its mainnet even arrives.

2. XRP: Stability in the Middle of Uncertainty

XRP continues to hold steady despite the long legal saga surrounding Ripple’s regulatory battles. As of September 2025, XRP trades around $0.51, moving within a tight range between $0.47 and $0.54. That resilience has made it attractive for those who value consistency over wild speculation.

Ripple’s continued partnerships with institutions and pilots for cross-border CBDCs reinforce XRP’s role as a practical payment coin. Market watchers follow XRP price prediction after lawsuit outcomes closely, but the coin has already shown it can endure uncertainty and remain useful.

For buyers searching for what crypto to buy now with established credibility and strong use cases, XRP offers security in a space that often swings wildly. It may not deliver quick spikes, but its balance between regulation and adoption keeps it firmly in play.

3. Pi Network: Could the Waiting Finally Pay Off?

Pi Network has grown into one of the most downloaded crypto apps in the world, and anticipation around its mainnet launch is still building. By September 2025, it has yet to release a fully tradable coin, leaving early miners and community participants waiting.

Still, internal updates and an expanding developer base hint that Q4 2025 may finally bring the long-promised mainnet. OTC activity and community estimates place Pi’s value anywhere from $5 to $25, though the lack of listings makes these figures speculative.

For those who can tolerate risk and uncertainty, Pi Network could turn into a powerful early-mover story. It remains unproven, but with an enormous base of users ready to transition. If you are considering what crypto to buy now for high potential entry, Pi sits as a gamble that could pay out big if the team delivers.

4. Pepe (PEPE): Meme Energy Still Holding On

Pepe has cooled from its explosive early rallies, but as of September 2025, it trades near $0.00000092, holding after a rocky August. While other meme coins have appeared, Pepe remains among the top in market cap thanks to early traction and strong brand awareness.

Volume has shown signs of recovery, with larger wallets accumulating again. That suggests confidence that PEPE could bounce if another meme-driven cycle takes hold. It is no longer an early-entry play, but for those seeking speculative bets tied to social sentiment, it remains compelling.

Meme coins carry risk, but they can deliver sudden and oversized gains. Pepe may not be the safest choice, but it is still one of the coins people track when looking at what crypto to buy now for short-term, high-volatility plays.

Final Thoughts: Why BlockDAG Stands Out

Choosing what crypto to buy now in September 2025 requires more than chasing noise. XRP offers credibility and payment utility. Pi Network is building toward a mainnet that could unlock value for millions. Pepe taps into the cultural energy of meme trading.

But BlockDAG is the one rewriting expectations. With nearly $410 million raised, over 26.2 billion coins sold, and a full-featured testnet already proving its claims, it is showing real execution. Add in the $0.0013 price lock until October 1 against the $0.03 batch price, and the urgency becomes obvious.

For anyone searching for real delivery matched with undervalued entry, BlockDAG is the clear answer to the question of what crypto to buy now.

Ethena-Backed “Based” on Hyperliquid Enters Top 10 Protocols by 24-Hour Revenue as Ethereum Foundation Rebrands Security Team

Ethereum Foundation Rebrands Security Team to “Privacy Stewards of Ethereum”

Like this: