24X has completed a spot Bitcoin trade on its institutional-grade multi-asset platform, with Standard Chartered as the liquidity taker and Cumberland DRW as the liquidity provider. The platform becomes one of the few venues offering both crypto spot and FX trading on the same infrastructure, with plans to rapidly expand its crypto spot product offerings.

Fixed-rate lending protocol TermMax has announced a strategic investment from YZi Labs, though the size of the deal was not disclosed. The protocol, developed under parent company Term Structure Labs, was also selected for Season 3 of YZi Labs’ EASY Residency incubation program. TermMax said it has raised more than $8 million to date, with previous backers including Cumberland DRW, which led its 2023 seed round, alongside HashKey Capital, Decima Fund, Longling Capital and MZ Web3 Fund. Since launching its mainnet in April 2025, the protocol has expanded to 10 EVM-compatible chains and now runs 60 fixed-rate markets and 40 strategy vaults. It reports total value locked in the tens of millions of dollars and more than 1.5 million registered wallets. TermMax structures fixed-rate lending by splitting debt into three tradable tokens: FT, described as zero-coupon bonds; XT, representing interest and option value; and GT, representing leveraged position certificates. Liquidation is handled through physical settlement. Its token, TMX, completed its token generation event on Aug. 25 and began trading the same day on Binance Alpha, Kraken, Bitget, MEXC and KuCoin. The team said its next focus areas include on-chain yield curves, rate and options markets for tokenized equities, and an institutional financing platform called TermPrime.

Binance Alpha is set to list TermMax (TMX) on Aug. 25, with the project’s token generation event scheduled for the same day. The airdrop participation threshold has been set at 225 Alpha points, while joining the event consumes 15 points and the score drops by 5 points per minute. Developed by Term Structure Labs, TermMax focuses on fixed-rate, fixed-term lending and leveraged positions that do not require margin top-ups and carry no liquidation price. According to figures disclosed by the project, TermMax has more than $90 million in total value locked, over 1.5 million registered wallets, and around 90,000 daily active users, with peak activity above 170,000. The protocol says it has expanded across 10 EVM chains and integrated with Morpho, Aave, Venus, Pendle, and Keyrock. The article also notes that public on-chain data sources may show different TVL readings at different times, and that tradable liquidity is not the same as total value locked. On the financing side, TermMax completed a seed round of about $4.25 million in November 2023, led by Cumberland DRW, with participation from Decima Fund, HashKey Capital, Longling Capital, and MZ Web3 Fund. Its disclosed cumulative fundraising has ranged from about $4.25 million to $6.8 million. TMX has a fixed total supply of 1 billion tokens, with initial circulation of about 20%.

TermMax, a protocol focused on fixed-rate lending and looping strategies, said its governance and utility token TMX will hold its Token Generation Event on Aug. 25, 2026. According to the project’s official information cited by ChainCatcher, the protocol currently has more than $90 million in total value locked, more than 1.5 million registered wallets, and over 90,000 daily active users. TermMax said it has deployed across 10 EVM-compatible chains, including Ethereum, BNB Chain, Arbitrum, Base, and Berachain, and has integrated with Morpho, Aave, Venus, and Pendle. The project added that TMX has a fixed total supply of 1 billion tokens. Rewards earned through XP, AP, and MP will become claimable after the TGE, while details on allocation, lock-up terms, and staking will be released in advance. TermMax had previously received backing from Cumberland DRW, Decima Fund, HashKey Capital, Longling Capital, and MZ Web3 Fund.

The U.S. Securities and Exchange Commission is set to hold a public meeting on Aug. 14 to consider a proposed "Regulation Crypto" framework that would let some crypto projects raise capital without completing a full securities registration process. If advanced for public comment, it would become the SEC’s first formal, durable rulemaking effort aimed specifically at the crypto sector. The proposal would also outline a route for projects to exit SEC oversight once developers stop actively managing the network and the project becomes decentralized. SEC Chair Paul Atkins has previously said the exemption period could last as long as four years, though no fundraising cap was disclosed. On the litigation front, a federal judge in Connecticut ruled that Kalshi’s sports-event contracts are not swaps under the Commodity Exchange Act, meaning the Commodity Futures Trading Commission did not obtain exclusive jurisdiction on that basis. The decision lands as Kalshi remains under pressure in New York, where the CFTC said it used “emergency powers” to require the prediction-market operator to continue operating after the company sought assistance following a lawsuit from New York Attorney General Letitia James. Elsewhere, the market snapshot showed broad declines among major tokens over the past 24 hours, while project, funding, security and AI headlines spanned Bitwise layoffs, a reported COLDCARD Mk3 wallet flaw, Hyperliquid and Robinhood Chain user metrics, and a string of new financings across crypto, AI and financial infrastructure.

Silicon Data, a data infrastructure company focused on the GPU market, said it has completed the first close of a $30.5 million Series A round led by Valor Atreides AI Fund. The round also included CME Ventures, DRW, Samsung Next, VanEck, Jump Trading and Wintermute, according to Odaily. The company said the new capital will be used to build out GPU benchmark pricing, performance measurement, institutional and alternative data, as well as risk infrastructure for derivatives, insurance and credit markets. Silicon Data currently collects information from about 100 GPU rental platforms across more than 40 countries and processes over 150,000 verified price records each day. The company also disclosed that CME Group plans to use its benchmark as the reference price for proposed cash-settled GPU futures, pending regulatory approval.

Three developments that surfaced on July 28 point to the same structural shift in institutional crypto infrastructure. Ondo Finance, a major tokenized real-world asset issuer, moved away from the idea of using a public blockchain as the core venue for institutional trade execution and instead backed a model that splits execution from settlement. In Europe, 10 founding banks launched RL1, a regulated and permissioned DLT network organized as a cooperative in Luxembourg, with equal governance rights for members. In the US, CME Group challenged the Commodity Futures Trading Commission in court over its decision to allow Kalshi and Coinbase to list crypto perpetual futures. Taken together, the cases suggest that institutions are not rejecting blockchain technology. They are narrowing where and how they want to use it. Execution is moving toward private or permissioned systems built for speed, privacy, and control. Governance remains with regulated entities, cooperatives, or incumbent exchange operators. Public blockchains, in this framework, are increasingly treated as settlement infrastructure rather than full-stack financial rails. According to the article, this has consequences for RWA issuers, trading venues, public L1 and L2 networks, and regional competition in Asia. The report, citing EXIO Research, argues that the long-running narrative that institutions would migrate directly onto public chains now faces a serious challenge.

DRW founder and CEO Don Wilson said markets and regulators have broadly misunderstood perpetual futures, arguing that the instruments are, in substance, futures contracts without an expiration date. In his view, features often associated with crypto perpetuals — including high leverage, auto-deleveraging, 24/7 trading and continuous margin settlement — are not inherent to the contract type itself. Instead, he said, those elements reflect product design choices made by crypto trading platforms operating with digital collateral and real-time margin systems. Wilson also argued that the main innovation of perpetual contracts is that traders do not need to repeatedly roll positions from one maturity to the next. That structure, he said, can lower trading costs while reducing market impact and rollover slippage, allowing positions to track the front end of the futures curve more closely. Addressing the U.S. regulatory debate over whether perpetuals should be treated as futures or swaps, Wilson said classification should rest on economic substance, not solely on the absence of a maturity date. He also called for broader use of perpetual futures across commodities, securities and crypto markets for price discovery and risk management.