PA Daily on Sept. 6 compiled a broad set of crypto market, regulatory and on-chain developments. Arbitrum’s ARB rose 44.1% in 24 hours to $0.1901, while PONS briefly pushed its market capitalization above $990 million earlier in the day before trading at $873 million, up 29.23% over 24 hours with about $109.5 million in volume.
Regulation and macro
Binance founder Changpeng Zhao said on X that he personally attended the third formal meeting of Kyrgyzstan’s National Crypto Committee, chaired by President Sadyr Japarov. Topics included the country’s crypto regulatory framework, compliance, anti-money laundering and anti-fraud measures, stablecoins, and a specific tokenization pilot project.
Zhao said Kyrgyzstan has moved from concept discussions a year ago to an operating crypto regulatory framework, local bank crypto payment rails, and the circulating stablecoin KGST.
El Salvador President Nayib Bukele rejected a report from Spain’s El País that claimed the country had transferred “majority ownership and control” of more than 7,763 BTC to a private operator. Bukele called the story “fake news” and said the claim was “completely false.” He said the IMF statement referred to an equity transfer involving the Chivo wallet, not El Salvador’s strategic bitcoin reserve, adding: “Read it carefully, it says the exact opposite.” Earlier reports said the IMF stated El Salvador had committed not to buy more bitcoin with public funds and that the Chivo wallet had largely exited public participation.
Project updates
Binance Alpha said it will list Canopy (CNPY) on Sept. 7. Eligible users will be able to claim an airdrop through the Alpha event page using Binance Alpha points after trading opens. More details have yet to be announced.
Binance Futures said it will launch the PONSUSDT perpetual contract at 14:45 Beijing time on Sept. 6 with up to 20x leverage, followed by the Hakimi USDT perpetual contract at 15:15 Beijing time with up to 3x leverage.
Official Solana data showed the network processed 5 billion transactions in August, more than the combined total of all other blockchain networks, equal to more than 100,000 transactions per minute, while maintaining fees far below those of other public chains. Solana also said the Alpenglow upgrade, aimed at sharply improving confirmation speed, is expected to start in October this year and could cut transaction confirmation time from about 12 seconds to 400 milliseconds.
Base co-founder Jesse Pollak said attackers used a third-party app linked to his account to post a scam token. He said the posts and all app connections have been removed and that he has fully regained control of the account. A screenshot of the deleted post showed the token was called BASEMEME.
An analyst said TradeXYZ has deployed its HIP-4 DEX on Hyperliquid. On-chain records showed the deployment was completed at 21:15 Beijing time on Sept. 5.
Justin Sun? No. The report said Huang Licheng posted on X that he believes his acquisition offer for Friend.tech was blocked by Paradigm, and that he has withdrawn the proposal. He also said he would support Racer, the Friend.tech co-founder, if the platform is relaunched on Robinhood Chain.
Binance co-founder He Yi followed crypto KOL Qwerty on X. Qwerty posted that “Niulai is so special. This is the first meme on BSC to truly spread globally through organic community momentum.” The token’s market cap briefly rebounded to $133 million and later stood around $120 million, with a 24-hour price gain of 38.42%.
Views and analysis
Arbitrum founder Steven Goldfeder and Solana co-founder Toly publicly argued over Robinhood Chain’s fee model and base-layer choice. Toly said the 10% revenue share Robinhood Chain pays to Arbitrum would be enough to cover four times the transaction fees on Solana, implying that users could face much lower gas costs if the chain were built on Solana.
Goldfeder replied that under the Arbitrum setup, Robinhood can keep about 90% of gas revenue, which is why it chose Arbitrum: to “be the landlord, not the tenant.” Toly answered that Robinhood could charge fees at the application front end while using a cheaper settlement layer underneath. Goldfeder said a large share of on-chain activity does not pass through Robinhood’s front end, and that as only a “tenant” on a lower-cost base chain, Robinhood would not capture revenue from that surrounding activity. Market sources cited in the roundup said Robinhood had evaluated both Solana and Arbitrum during product planning and ultimately chose Arbitrum because it allowed the company to deploy an independent chain.
Zhao also said recently that YZi Labs’ investments over the past few months may become its best-performing trades because they were made near the bottom of the crypto bear market. The report listed seven disclosed YZi Labs investments in 2026: January investments in on-chain trading terminal Genius and digital asset custodian BitGo; a $52 million lead investment in RoboForce in March plus a $1 million investment in venture project Atlas Scout; an additional investment in prediction market Predict.fun in April; an $8 million seed round led for AI agent payments and settlement layer AEON in May; and an August investment in cross-chain fixed-rate lending platform TermMax. Zhao said capital flowing into AI is pushing out short-term crypto teams and that money is already beginning to rotate back from AI into digital assets.
ARK Invest Director of Digital Asset Research Lorenzo Valente wrote on X that as more L1s, app-specific chains and rollup-centric roadmaps emerge, messaging and interoperability protocols have become critical infrastructure. He said LayerZero’s interoperability business itself “could soon grow to nine-figure annual recurring revenue.”
Key data and on-chain moves
ZEC overtook HYPE by market capitalization and moved into the No. 9 spot among cryptocurrencies, with a market cap of $19.16 billion.
The BSC meme coin Hakimi crossed a $60 million market cap.
Address GZetT…1J2vq made $1.57 million from buying ZCAT at lower levels after entering the trade with $1,419. Six days ago, the address built a position at an average of $0.00005785 and became the No. 4 holder. After an interaction from Ansem, the token price surged to $0.0951. The address has already taken profit on 36.6% of its holdings and still shows $1.51 million in unrealized profit, a return of 100,870%.
WLFI adviser ogle was reported to hold more PONS than Fomo showed. Rather than 10.96 million PONS, the actual holding was put at 15.28 million tokens worth $13.92 million, with another 4.32 million PONS worth $3.86 million held in a separate address. The report said ogle is in fact the largest PONS holder, having accumulated 15.28 million PONS at an average cost of $0.10 and now sitting on $13.77 million in unrealized profit, or 87x.
Unipcs initially spent $67,700 to buy 10.9 million PONS and is now sitting on $10.15 million in unrealized profit, a 150x return.
ARB rose 44.1% over 24 hours to $0.1901. The move followed public debate between Arbitrum and Solana figures over Robinhood Chain’s fee model and base-layer selection.
A suspected a16z-linked entity that had spent 66.4 million USDC a week ago to buy 816,000 HYPE sent another 13.05 million USDC to Hyperliquid eight hours ago and bought more HYPE through a TWAP strategy. The wallet now holds and stakes 5.201 million HYPE worth about $445 million, with an average cost near $67.2 and unrealized profit of about $95.18 million.
Arthur Hayes bought 244,000 UNI through Flowdesk OTC about half an hour earlier, worth roughly $1.73 million at an average price near $7.06.
PONS briefly topped a $990 million market cap earlier in the day, setting another all-time high. It was later valued at $873 million, up 29.23% over 24 hours, with about $109.5 million in trading volume.
As of June 30, 30 institutions were known to hold three Hyperliquid ETFs, with combined exposure of about $74,882,768, equal to roughly 1,151,386 HYPE. Wealth High Governance Asset Management led with $23,948,236, followed by OLP Capital Management at $10,495,651, UBS at $7,525,757, Bank of Montreal at $6,693,261, and Jane Street at $4,381,110. The top five accounted for $53,044,015, or about 70.84% of all disclosed exposure. Other names in the ranking included Discovery Capital, Brevan Howard, Balyasny, and Boothbay.
Seven miner wallets woke up after 16.5 years of dormancy and moved 350 BTC about six hours earlier, worth around $28 million. The coins were mined in March 2010.
Ethereum closed the third quarter up 56.51%, its third-best Q3 performance on record. Only two prior third quarters posted a bigger gain.
Market maker Wintermute has been buying PONS through a TWAP strategy and now holds more than $3 million worth of the token. Arkham said Wintermute may soon make markets for PONS on-chain.
An analyst said Binance open interest jumped nearly 8% over 24 hours to more than $10 billion, the highest in six months. BTC is retesting the May high near $82,000. Open interest measured in BTC rose to 125,830 BTC, and the trend remained higher even after removing price effects, with Binance’s market share above 37%. The analyst said speculators can create demand in futures and push BTC higher, but such moves tend to be short-lived. A more durable bullish setup would require spot investors to join in, which the analyst said is not yet happening.
Trader Loracle added another 8 million PONS to a short position and is now short 17.4 million PONS worth about $15.6 million, with an unrealized loss of $6.3 million. The report said the trader is still adding, while the CASHCAT position is unchanged.
Pons, a token launch platform on Robinhood Chain, generated $1.84 million in revenue over the past 24 hours, above Pump.fun’s $1.18 million.
A whale spent about $4.5 million over the last 24 hours buying PONS, CASHCAT, AAVE and UNI: 3.23 million PONS for 913 ETH, or about $2.26 million; 1.69 million CASHCAT for 160 ETH, or about $392,000; 7,270 AAVE for 1 million USDC; and 156,450 UNI for 850,000 USDC.
After ZEC broke above $1,000, a whale that had held the token for more than two years at an average cost of $48.44 moved 22,840 ZEC to Binance about half an hour earlier. The transfer was worth $23.11 million, with profit of $21.96 million, or about 20x. The report said the wallet accumulated ZEC on Binance between 2021 and 2024, moved the funds to a privacy address earlier in the day, then unmasked and sent them through a new address before the Binance deposit.