Jupiter has welcomed the DRiP team, known for their expertise in growing Solana's leading NFT platform, DRiP.

The S&P 500 futures fell 3% as Trump’s tariffs sparked trade war fears, hitting tech and retail stocks. Gold stays above $3,130, up 23% since November, as tariffs fuel safe-haven demand despite rising US yields. The Coindesk Indices, which tracks the broader crypto market, are down by 1.88%, with Bitcoin up 2.34% and Ether down 1.86% in the past 24 hours. Trade these markets and more with up to 500x leverage on Bybit MT5 using this 

Today's top performer is EOS, up 4.1%, as Vaulta bridges CeFi and DeFi for secure wealth management, payments, and investments.

Vaulta (EOS), launched in June 2018, formerly EOS Network, is a decentralized blockchain network for building and running commercial-scale dApps, offering security, authentication, data hosting, and app communication—similar to Google Play or the App Store. Vaulta 

 CeFi and DeFi for wealth management, crypto payments, and portfolio investments, offering secure, real-time transactions and fractional RWA ownership, while ensuring digital asset security through crypto-native insurance and custody solutions.

Check out the latest prices, charts, and data of 

, known for their expertise in growing Solana's leading NFT platform, DRiP. As part of their vision to build a comprehensive crypto superapp, Jupiter aims to integrate NFTs into its Swaps, Mobile, and Portfolio features. This partnership will leverage DRiP’s strengths in NFT marketing, token launches, and creator-driven growth. The collaboration is funded by Jupiter's treasury without selling JUP tokens, and DRiP will continue to operate with added resources, contributing to community-driven growth.

Yesterday, Bitcoin spot ETFs saw $334M in total inflows, all from non-GBTC funds, while GBTC recorded no flows.

, reaching nearly $33M TVL in 21 hours. Users can deposit in featured vaults to earn rewards like TURTLE and TAC. More partner vaults launch on April 12. TAC is a Layer 1 blockchain bridging Ethereum dApps to Telegram's 950M users.

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Jupiter partners with DRiP to integrate NFTs into crypto superapp

The PENGU Spot ETF is the first NFT-based crypto ETF application, as Canary Capital aims to merge NFTs and DeFi—will the SEC approve this groundbreaking move

January 2024 marked a pivotal point in the crypto industry: the US Securities and Exchange Commission (SEC) approved a bunch of 

 (ETFs) after a decade of resisting it. Later that year, several Ethereum (ETH) Spot ETFs were also approved. These early successes encouraged investment funds focused on digital assets to seek approvals for other 

 (AVAX) and other high-cap cryptos have ended up on the SEC's desk in recent months.

Until Mar 20, 2025, one thing had never occurred: an 

-based crypto ETF application. Such a move was thought to border on impossibility, given how stringently and at length the SEC evaluated ETF applications even for established fungible cryptos. And yet, the Canary Capital investment manager submitted an application to the SEC for approval of the first NFT-focused crypto ETF product, the PENGU Spot ETF, triggering a mini-revolution in the emerging space at the junction of crypto and traditional finance.

If approved, this ETF will be the first of its kind in the industry, based on a mix of 

. Many observers expect Canary Capital to struggle mightily for SEC endorsement of its revolutionary product. Nevertheless, the SEC now has a track record of approving crypto ETFs — which raises hopes for both the altcoin ETFs mentioned above and the PENGU Spot ETF application.

The PENGU Spot ETF is a proposed exchange-traded fund (ETF) product introduced by the Canary Capital investment management firm, and is currently awaiting approval by the SEC. 

 on Mar 20, 2025, making this the first crypto ETF product with an NFT component that’s vying for the approval of America's primary financial regulator. The ETF has been registered in the US state of Delaware.

The Pengu Spot ETF's portfolio is envisioned as consisting primarily of PENGU tokens that will make up anywhere between 80% and 95% of total assets held, with the rest allocated to Pudgy Penguins NFTs. Small portions of Solana's SOL coins and Ethereum's ETH tokens will also be included in order to facilitate transactions and liquidity support, as PENGU tokens are mainly issued on the Solana blockchain, and Pudgy Penguins NFTs are an Ethereum-based collection. 

Since Canary Capital will hold these assets and periodically rebalance the portfolio, gas fee payments on Solana and Ethereum will apply, with fees paid in SOL and ETH, respectively.

Launched in 2021 on Solana, the Pudgy Penguins NFT collection consists of 8,888 items, each depicting a cute penguin with a distinct combination of five different traits. In December 2024, the project introduced a related fungible cryptocurrency, the Ethereum-based PENGU token. As of Apr 2, 2025, PENGU is a smaller-cap asset, ranked 191st in the crypto market, with a total 

 of $319 million. In contrast, Pudgy Penguins are among the leading projects in the NFT space, ranked second among all NFT collections, with a market cap of $155 million.

Canary Capital's application to the SEC is unique in two ways: it’s the first ETF with an NFT component, and it marks the first time ETF approval has been sought for a relatively smaller-cap cryptocurrency, PENGU, which isn’t even among the top 100 crypto assets by market cap. All of the other crypto ETF applications approved by the SEC (or currently vying for approval) are based on high-cap, leading assets that are typically ranked within the top 30.

As of Apr 2, 2025, the SEC has had the application for the PENGU Spot ETF application for just two weeks. The regulator has up to 240 days to review such applications, although historically, the SEC has pondered over crypto ETF applications for years. Now, however, the string of Bitcoin and Ethereum Spot ETF approvals in 2024 raises hopes that newer submissions may be subject to an already established evaluation framework — and thus greenlighted much faster.

At the moment, the SEC is also considering spot ETF applications for several high-cap cryptocurrencies, including Dogecoin, Solana, Polkadot, 

 (XRP). If the regulator decides to approve the applications in batch mode — all or several at once — Canary Capital will have reason to hope that its ETF is included.

However, there's been skepticism regarding the PENGU Spot ETF application, with some analysts believing that its chances might differ from those of the larger, more established altcoin ETFs. This isn't surprising, as a PENGU Spot ETF would be a distinct product, being the first NFT-focused ETF. In addition, NFTs have more limited liquidity than fungible cryptocurrencies. 

NFTs may also be harder to valuate objectively. The prices of fungible cryptos are easily sourced from the crypto market, where supply and demand establish their value. In contrast, the limited liquidity and uniqueness of NFTs makes it much harder to price them efficiently.

Moreover, the PENGU token — which will make up most of the proposed ETF — isn't among the most traded assets in the crypto market. Because PENGU has a modest position in the crypto space (along with its origins as a 

), the SEC could view it with more skepticism than it does the leading altcoins.

Naturally, all these factors are just speculation at this point, and we’ll need to wait on the SEC’s initial comments regarding the first NFT-based ETF under their consideration in order to form a more defined view of the product's prospects for approval.

Current impact of the PENGU Spot ETF application on the crypto market

The news of the PENGU Spot ETF application has so far had no appreciable impact on the price of the PENGU token itself. On the day of the application (Mar 20, 2025), the token was trading at around $0.007. Two weeks later, it's still hovering around the same price. 

On the other hand, there's been a modest increase in the average price of Pudgy Penguins NFTs traded on the market: between March 20 and 28, the average price rose by 16% from around $16,450 to $19,120, though it has since retraced slightly to $17,490 as of Apr 2.

Given the modest price effect, investors are likely still cautious about the chances for the PENGU Spot ETF's approval.

However, if it is approved, the broader impact on the crypto market could be far-reaching, as such a step would signify the SEC's openness to both NFT-based ETFs, and ETFs made up of smaller-cap cryptocurrencies, including meme coins. The number of tokenized asset funds that offer NFT-based products would then be likely to increase significantly, facilitating mainstream NFT adoption within traditional financial markets.

An SEC approval of the PENGU Spot ETF may lead to a flurry of further ETF applications based on NFTs in some form. This could even include the first ETFs composed entirely of NFTs. Other crypto asset types — e.g., 

 (RWAs) — may also become candidates for the SEC’s consideration. Furthermore, in the unlikely event that Canary Capital’s PENGU Spot ETF were to be approved ahead of the altcoin spot ETFs currently in the SEC’s pipeline, it would send a very strong signal that those ETF applications are also a sure bet.

The current PENGU Spot ETF application is a pioneering event that may open up opportunities for NFT ETFs and other crypto ETFs based on partial NFT holdings. Although the SEC approved multiple Bitcoin Spot ETFs in early 2024, few people expected an NFT-based ETF to emerge so soon afterward. Probably even fewer expected a meme coin–based ETF to be taken seriously by the SEC. Unique in so many ways, the PENGU ETF flips the entire concept of traditional ETFs on its head.

Canary Capital's attempt to get approval for an NFT-backed ETF is truly a bold undertaking, though observers said the same thing about 

 just a few years ago. Someone needed to become a trailblazer in this area — and Canary Capital has taken up the noble role without hesitation. Now, all eyes are on the SEC as it prepares to weigh in on a product it has never before encountered.

Intermediate

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PENGU Spot ETF: A bold move for NFT investing — or just hype?

In this article, we break down what to expect from Liberation Day and how it could shape the outlook for equities, the US economy and crypto markets.

 April 2, 2025 as "Liberation Day" — a moment he claims will restore America's trade fairness through sweeping reciprocal tariffs. With few concrete details confirmed, global markets remain on edge. Investors are bracing for the economic fallout of a potential trade war, and crypto traders are watching closely to assess the impact on digital assets. In this article, we break down what to expect from “Liberation Day” and how it could shape the outlook for equities, the US economy and crypto markets.

Since returning to the White House in January 2025, President Trump has prioritized reshaping US trade policy with a renewed focus on tariffs. His administration has already announced 

 on all steel and aluminum imports. Many of these actions take effect this week, coinciding with his so-called Liberation Day.

Trump argues that tariffs are a necessary tool to reduce the US trade deficit and force foreign nations to stop what he calls "economic warfare" against the American worker. Treasury secretary Scott Bessent 

 countries with persistent trade surpluses — dubbed the 

 — as primary targets for reciprocal tariffs. These include China, the EU, Canada and Mexico.

However, critics point to the growing risk of a global trade war, with multiple partners already threatening or initiating retaliatory measures. Goldman Sachs recently 

, citing declining business confidence and mounting economic uncertainty. The tariffs, designed to protect US industries, could instead raise prices and weigh on consumer spending.

What to expect from Trump's ‘Liberation Day’ announcement

Trump is expected to reveal his tariff plans in a Rose Garden press conference on April 2. White House press secretary Karoline Leavitt 

 that the president would impose tariffs on "any country that has treated the American people unfairly" — though no nation-specific exemptions have been confirmed. Trump has promised these reciprocal tariffs will be 

While final details remain under wraps, proposals have included both country-wide and sector-specific tariffs. These could range from uniform, percentage-based levies to targeted charges on industries like pharmaceuticals, semiconductors and autos. Trump's advisers, including Trump trade adviser Peter Navarro and commerce secretary Howard Lutnick, claim the new tariffs could generate over $600 billion annually — though many economists dispute this figure.

Delayed tariffs on Canadian and Mexican imports, 

 in early March, are also set to take effect this week. These include taxes on agricultural products, energy goods and automotive components. Trump has also 

 a 25% tariff on imports from countries that purchase oil or gas from Venezuela.

Given the administration's conflicting signals in recent weeks, there's a wide range of potential outcomes. Whether “Liberation Day” ushers in immediate enforcement, additional delays or future negotiation rounds remains to be seen. For now, uncertainty reigns.

Potential impact on the US economy and global markets

Economists warn that broad-based tariffs could lead to slower US growth, higher consumer prices and widening inequality. Goldman Sachs now 

 Trump's trade policies to reduce annual GDP growth to 1.5% from 2%, while the odds of a recession are being raised from 20% to 35%.

Global equity markets have already shown signs of stress. European and Asian indices dipped ahead of “Liberation Day,” while the S&P 500 and Nasdaq-100 

 in March (respectively). Auto manufacturers, tech firms and retailers could be especially vulnerable if tariffs disrupt global supply chains.

There's also the question of the Federal Reserve's response. With inflation risks rising, policymakers may hold off on anticipated rate cuts, further complicating the economic outlook heading into Q2.

How will ‘Liberation Day’ affect the crypto industry?

Crypto markets have mirrored broader risk sentiment over the past quarter, with investors reducing exposure amid macroeconomic turbulence. As of April 1, the 

 is down 16.9% year-to-date. Bitcoin has fallen 10.48%, Ethereum 44.2% and Solana 33% — despite reaching new highs in January on hopes for pro-crypto policies from the Trump administration.

Investor optimism has since cooled as recession risks, inflation concerns and policy unpredictability drive a risk-off mood. Bitcoin dipped to $81,656 over the weekend, marking its weakest Q1 since 2018. Traders remain cautious ahead of “Liberation Day,” awaiting clarity before opening new positions.

“Liberation Day” could further weigh on crypto prices if market volatility increases and capital rotates out of risk assets. However, some analysts believe any resulting sell-off may offer an opportunity to 

 — especially if Trump follows through on crypto-friendly regulation later this year. For now, though, many eyes are on April 2.

With details still unknown, the crypto market remains in a "wait-and-see" phase. “Liberation Day” could mark a turning point — for better or worse — depending upon the scope and execution of Trump's tariff agenda.

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Trump's 'Liberation Day': What it means for crypto markets

Grayscale has filed to convert its private Digital Large Cap Fund, which includes Bitcoin, Ethereum, XRP, Solana, and Cardano, into a publicly available exchange-traded fund (ETF). 

Daily top performer — Compound Finance (COMP)

The S&P 500 rose 0.38% as investors awaited new tariffs amid weak factory data and declining job openings. Gold eased to $3,113 after hitting a record high, driven by profit-taking ahead of Trump's tariff announcement, but remains strong due to safe-haven demand and economic uncertainties. The Coindesk Indices, which tracks the broader crypto market, are up by 1.30%, with Bitcoin and Ether are up 3.10% and 5.19%, respectively, in the past 24 hours. Trade these markets and more with up to 500x leverage on Bybit MT5 using this 

Today's top performer is COMP, up 14.3%, following the proposal for the creation of a foundation to ensure consistent leadership and coordination by Compound.

Compound Finance (COMP), launched in September 2018, is a DeFi lending platform that allows users to earn interest on crypto assets. Built on smart contracts, it adjusts interest rates based on supply and demand, connecting lenders and borrowers without intermediaries. In June 2020, Compound decentralized with the launch of COMP and full governance transfer. However, it lacks a core operational pillar. With Compound v4 development and increased community engagement, the need for consistent leadership has grown. To address this, Compound Labs 

 creating a Compound Foundation for structure, clarity, and coordination, similar to other ecosystems like Uniswap.

 to convert its private Digital Large Cap Fund, which includes Bitcoin, Ethereum, XRP, Solana, and Cardano, into a publicly available exchange-traded fund (ETF). The fund, which currently holds 79.4% Bitcoin and 10.69% Ethereum, has grown by 478.83% since its launch in 2018. The conversion would allow everyday investors to access the crypto market, covering about 75% of the digital asset market cap. If successful, it would eliminate the current barrier that restricts access to accredited investors. The filing is still in progress, with management fees and other details pending.

Yesterday, BTC spot ETF had a total outflow of $157.8 million, with GBTC seeing a loss of $10.1 million and non-GBTC products losing $147.7 million.

 that its airdrop might be approaching, with a claim page now live. Registration for the airdrop runs from April 2 to April 17, and claims are expected to open on April 22. However, nothing has been officially confirmed yet. Stay tuned for updates.

Grayscale files to convert digital large cap fund into publicly accessible crypto ETF

Bybit Learn

Staking

Solayer is the first native restaking and liquid restaking protocol on Solana’s blockchain.

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 (EIGEN) protocol in mid-2023 ushered in a new era for 

 the birth of native ETH restaking. Using the protocol's restaking service, users can now reuse their staked Ether to secure additional blockchain protocols and services, earning crypto income from more than one source. 

Besides native ETH restaking, EigenLayer also offers liquid restaking, which allows you to secure additional platforms within the wider Ethereum ecosystem via liquid staking tokens (LSTs). Ever since the launch of EigenLayer, Ethereum restaking and liquid restaking services have flourished, attracting 

 (DeFi) users enticed by multiple yield sources and the noble goal of securing a multitude of blockchain services with their funds.

 blockchains beyond Ethereum lacked the kind of native restaking and liquid restaking functionality that EigenLayer provides. That’s when Solayer 

 a native restaking and liquid restaking service for the 

 arrived on the stage. You can lock your SOL or select LSTs on the Solayer platform and be issued sSOL, an asset that lets you earn additional yield by delegating your stake to secure additional services and protocols within the Solana ecosystem.

 protocol on Solana that allows you to use your SOL funds or some Solana-based LSTs to earn yield by securing a variety of AVS and associated solutions on the blockchain. 

Solayer users deposit SOL or LST assets — such as Marinade Staked SOL (mSOL), Jito Staked SOL (JitoSOL) and BlazeStake Staked SOL (bSOL) — on its platform and get issued the sSOL restaking token. Then, sSOL can be delegated to secure consensus on various Solana-based 

 (DApps) that require a validation process beyond what’s provided by the blockchain's underlying 

The functional model adopted by Solayer closely replicates that of EigenLayer, the leading native restaking and liquid restaking provider on Ethereum. Similar to the way EigenLayer allows users to reuse staked ETH or LSTs for additional yield, Solayer provides an opportunity for users to earn yield from reusing their staked SOL or some Solana LSTs.

Established by Solana co-founders Anatoly Yakovenko and Raj Gokal

Solayer was launched on the Solana mainnet in August 2024. As of early December 2024, the protocol has already achieved a 

 (TVL) of $367 million. While this might be a relatively modest amount compared to the largest DeFi protocols on Solana, it should be mentioned that Solayer is the first (and so far, the only) native restaking and liquid restaking solution on the Solana blockchain, a pioneer of this niche of DeFi within the Solana ecosystem.

As of December 2024, Solayer operates without a designated native token, although there are reports of a potential airdrop campaign planned by the platform. However, it's unknown if such an airdrop would be followed by the introduction of a native token. Moreover, the Solayer team hasn’t provided official confirmation of an airdrop.

 have been popularized by Ethereum's EigenLayer protocol. Native restaking allows users who contribute funds to staking on a Layer 1 chain to reuse the same funds to secure the validation mechanism on additional blockchain platforms and services. Liquid restaking is a derivative of native restaking, whereby you can reuse LST assets issued by liquid staking protocols to provide support to the validation process on blockchains and associated services.

Both native restaking and liquid restaking are great ways for DeFi users to earn additional yield while securing the functionality of more than one blockchain. Blockchain services that use AVS protocols to restake and utilize funds normally require validation and network resources beyond those provided by the Layer 1 chain where the original staked funds are locked. These AVS protocols can be external or internal to the core Layer 1 chain. As we detail in a section below, Solayer focuses on internal, or endogenous, AVS.

The Solayer platform is made up of three key components that enable its operations: 

The restaking pool manager is a component that accepts users’ initial deposits in SOL (or LSTs) and converts them to restaked assets, i.e., sSOL.

Users receive their sSOL, which can be further utilized to secure a variety of Solana-based AVS. This is done by delegating sSOL to participating DApps. The job of the delegation manager is to enable this process. Examples of DApps in which sSOL can be restaked include the Sonic (SONIC) Layer 2 chain, HashKey Cloud web3 infrastructure provider and 

 (BONK) meme coin ecosystem. When users delegate to these services, they’re issued 

 SPL tokens that serve as confirmation of their restaking positions. (SPL is Solana's main fungible token standard, analogous to Ethereum's 

 deter the adoption of LSTs (due to the fragmented nature of 

), which contributes to insufficient liquidity. To tackle this issue, Solayer has consolidated liquidity in a single sSOL/SOL pool design. This efficient design allows all AVS LST tokens to be immediately unwrapped back to the underlying representation, sSOL, significantly reducing price impact and fees while boosting the overall user experience.

The third key component, rewards accounting, is an offline module used to calculate rewards for users by accessing data in the restaking pool manager. These rewards will likely be used in the future to run specific loyalty campaigns and airdrops. The image below demonstrates the holistic interaction between the three components and the user.

sSOL is the platform's restaking token issued upon depositing SOL or LSTs. So far, we've explained how sSOL is used for restaking by delegating to participating DApps. However, Solayer's documentation also mentions that sSOL might be used in various 

. This is a reference to various liquidity pools and vaults 

 yield-bearing DeFi opportunities that might not necessarily be focused on securing consensus on an AVS system. This makes sSOL liquid and versatile, with applications beyond just AVS.

Some of the platforms on which sSOL might be used in this capacity include the 

We noted above that the key application of sSOL is that of restaking on various 

. In general, “AVS” in the blockchain industry refers to a diverse range of protocols and services that require validation processes beyond those provided by the underlying Layer 1 chain. These might include oracles and oracle networks, cross-chain bridges and messaging layers, Layer 2 chains, decentralized modular services, data availability (DA) layers and more. Many of these platforms have cross-chain functionality.

However, in the case of Solayer, the AVS involved are all internal to the Solana network. These are called endogenous AVS, as opposed to exogenous AVS, which may have cross-chain functionality and access networks beyond Solana. Examples of these endogenous AVS include decentralized cloud infrastructure on Solana providers, Solana Layer 2 blockchains and native Solana DApps.

Besides its core native restaking and liquid restaking services, Solayer has also ventured into the 

 niche with the introduction of sUSD — a 

 (RWA)–backed synthetic stablecoin. sUSD is a yield-bearing and secure stablecoin backed by U.S. Treasury Bills and pegged to the U.S. dollar. It's the first RWA-backed synthetic stablecoin asset that provides yield-bearing opportunities on Solana.

By simply holding sUSD, you can earn yield tied to U.S. Treasury Bills, currently at a rate of around 4%.

Bybit has partnered with Solayer to offer its LST asset, Bybit Staked SOL (bbSOL), for restaking opportunities on the Solana-based platform. Backed by Bybit, bbSOL provides a way for Bybit users to expand their choice of liquidity provision and yield-earning options.

link in the top right corner and link your 

. After connecting your wallet, you’ll see a list of options for restaking that includes the bbSOL token. Choose the bbSOL token and then click on the

 link next to it. You can then enter the amount of bbSOL you'd like to commit to Solayer restaking.

By offering its innovative restaking and liquid restaking services, Solayer secures Solana and provides unique yield-generation opportunities on the Solana blockchain. Given how unique the platform's service is within the Solana ecosystem, it's likely that a wide range of interested parties — from individual restaking enthusiasts and partnering DeFi protocols to institutions and industry leaders — will take a keen interest in Solayer.

Besides championing restaking services on Solana, the project has also ventured into the stablecoin market by introducing the sUSD yield-bearing token. The first RWA-backed stablecoin of its kind, sUSD will also likely play a key role in supporting Solayer’s early growth.

With the first native restaking and liquid restaking services and the first RWA-backed, yield-bearing liquid stablecoin for Solana, the team at Solayer sure do like being trailblazers!

Solayer: Building Solana’s Native Restaking Network

Grab Up to 5,000 USDT in Rewards

Grab Up to 5,000 USDT in Rewards