​​⚡️How Perp DEX Tokens Performed After TGE

Of 7 perp DEX tokens launched within the past year, only ASTER and EDGE are up in FDV since their TGE.

• ASTER +269% ($1.5B → $5.52B FDV)
• EDGE +114% ($656M → $1.4B)
• BASED −32%
• ROLL −34%
• BP −41%
• LIT −48%
• DIME −55%

👉 https://cryptorank.io/exchanges/dex/derivatives

​​📈 Market Overview

Bitcoin rebounded to $77,356 over the weekend after Donald Trump said a U.S.–Iran agreement had been “largely negotiated,” improving broader market sentiment amid hopes for easing geopolitical tensions.

Bitcoin: $77,356 +0.68%
Ethereum: $2,107 -0.73%

Market Cap: $2.66T
BTC Dominance: 58.3%
Fear & Greed Index: 30 (Fear)
Altcoin Index: 38/100

👉 Latest News

• SEC Approves Nasdaq Bitcoin Index Options on PHLX
• Grayscale Advances Proposed HYPE ETF With Third SEC Amendment
• Two Stablecoins Have Been Hacked and Have Lost Their Pegs to the Dollar and the Euro

👉 Small Cap Gainers

StablR USD +214.2%
Ambire Wallet +64.3%
SEDA Protocol +48.1%
Anoma +39.5%
Asteroid The Space Shiba Inu +39.1%

👉 Recent Funding Rounds

- Popdex $30M Seed round led by Foresight Ventures
- K25.ai $2M Pre-Series A round led by NewGenIVF Group
- Cycles $6.4M Seed round led by Blockchange Ventures

​​📅 Upcoming Token Sales to Watch

• CTR — Launchpool on Gate Launchpad (May 26)
• STRATO — IDO on Uniswap CCA (Jun 3)
• CLIX — IDO on KingdomStarter (Jun 21)
• DIFF — IDO on Up10 (TBA)
• KAI — IDO on GEMS (TBA)
• BYZAN — IDO on GEMS (TBA)

The largest announced raise currently belongs to KAI, targeting $25.2M through GEMS Launchpad.

👉 CryptoRank.io/upcoming-ico

​​🔓 Top 7 Token Unlocks of the Upcoming Week

The following tokens with the largest unlock value will be unlocked next week:

GUA — $27.71M
H — $25.36M
XPL — $7.30M
SAHARA — $4.74M
UDS — $4.72M
OP — $4.18M
HUMA — $3.26M

Optimism (OP) has its final Core Contributors and Investors unlock, with allocations becoming fully vested after this release.

👉 cryptorank.io/token-unlock

​🔷 How Ethereum Upgrades Affected L2s

The original idea was simple:
L2s were supposed to be "branded shards" of Ethereum — external execution layers inheriting L1 security.

But now L1 is already scaling on its own:
1️⃣ Fees are low
2️⃣ GasLimit continues to grow
3️⃣ Many L2s are unable or unwilling to become fully trustless.

"If you're building an EVM at 10,000 TPS where the connection to L1 is mediated by a multisig bridge, you are not scaling Ethereum." © Vitalik Buterin

This is a very important point.
In practice, many rollups are separate networks with a bridge to Ethereum, not an extension of L1.

🛑 A separate issue — liquidity fragmentation.
Instead of a unified ecosystem, we ended up with many different ones that can't always hold their ground under current market conditions:
— Arbitrum
— Optimism
— Base
— zkSync
— Starknet

The more L2s there are, the greater the dependence on bridges — and the recent Kelp incident reinforces another key point:

Bridges have become one of the largest sources of capital loss: total losses from bridge hacks amount to ~$1.83B.

💎 An updated TVL snapshot across major L2 ecosystems shows a synchronized decline in sector liquidity:

Base: $5.38B → $4.31B (−19.9%)
Arbitrum: $4.07B → $1.51B (−62.9%)
Optimism: $415M → $342M (−17.6%)
Linea: $1.53B → $35M (−97.7%)
Starknet: $219M → $200M (−8.7%)
zkSync: $50M → $18M (−64.0%)

Overall, there is an uneven but sustained TVL decline across virtually all major L2 segments, with the depth of the drop varying significantly by ecosystem. The sharpest corrections are seen in Arbitrum, zkSync, and Linea, pointing to high liquidity sensitivity to incentive programs and short-term reward mechanics.

Taken together, the data supports a structural thesis: the L2 segment does not demonstrate sustainable capital accumulation between cycles, but is instead characterized by high liquidity rotation across networks and dependence on short-term incentives. This reinforces the broader picture of capital fragmentation in Ethereum's rollup ecosystem and undermines the "unified liquidity pool" effect that early L2 development models envisioned.

👉 https://cryptorank.io/tags/layer-2

​​📉 Market Overview

Bitcoin continues trading below the $77K level while holding most of its weekend recovery, as crypto markets moved higher alongside improving geopolitical sentiment around a potential U.S.–Iran peace deal, with Polymarket odds for such an agreement rising to 37% this month.

Bitcoin: $76,790 -0.73%
Ethereum: $2,098 -0.44%

Market Cap: $2.64T
BTC Dominance: 58.2%
Fear & Greed Index: 34 (Fear)
Altcoin Index: 36/100

👉 Latest News

• SUI Gains Institutional Visibility Through Grayscale’s Latest ETF Offering
• Hyperliquid takes a swing at Polymarket with macro outcome bets
• Kelp DAO says rsETH restored 5 weeks after $293M protocol hack

👉 Small Cap Gainers

Marlin +91.6%
wojak (wojakcto.com) +54.8%
PlaysOut +44.8%
Drift Protocol +32.5%
Nockchain +32.1%

👉 Recent Funding Rounds

- Aiw3 Strategic round backed by LD Capital
- Squid $6M Strategic round led by North Island Ventures
- Jpyc $19.5M Extended Series B round backed by Meiji Yasuda Life Insurance

📉 DEX to CEX Spot Trade Volume Ratio has fallen by 7% from ATH of 21.71%

This suggests centralized exchanges are regaining dominance in spot liquidity.

⚡️ Main reasons:

— weaker DeFi speculation;
— lower retail onchain activity;
— large-scale hacks of DeFi protocols.

The data indicates a concentration of trading activity on centralized platforms.

👉 https://cryptorank.io/exchanges/cex/spot

​​🏛 Bitget Launches Reality, an RWA Issuance Platform

Reality will offer tokenized US stocks and ETFs, with each rToken backed 1:1 by real shares.

Reality RWAs will also integrate with Bitget’s ecosystem, including unified margin accounts, Grid and Copy Trading, as well as staking and lending products.

👉https://cryptorank.io/exchanges/bitget

​​🚀 NEAR surged 112.3% in May, reaching $2.89 following the announcement of the upcoming Dynamic Resharding upgrade.

Top-5 NEAR Ecosystem Gainers in May (MTD):

• SWEAT +538.2%
• RHEA +141.6%
• NEAR +112.3%
• AURORA +16.6%
• RBC +9.09%

The upgrade is expected to launch in June 2026, introducing automatic network scaling and supporting the growth of NEAR Intents and the AI agent economy.

👉https://cryptorank.io/ecosystems/near

​​📉 Market Overview

Bitcoin fell to $75,724 despite global equities reaching new record highs, extending the recent divergence between crypto and traditional markets as spot BTC ETF outflows continued to accelerate.

Bitcoin: $75,724 -1.49%
Ethereum: $2,077 -1.04%

Market Cap: $2.63T
BTC Dominance: 57.7%
Fear & Greed Index: 25 (Extreme Fear)
Altcoin Index: 37/100

👉 Latest News

• Chainlink Whales Are Accumulating: Wallets Hit New All-Time High
• StablR freezes USDR and EURR after attacker mints $13.5 million in unbacked tokens
• Hyperliquid launches prediction markets for real-world events

👉 Small Cap Gainers

MAP Protocol +72.3%
Request +41%
Quickswap +28.3%
Solstice +23%
PlaysOut +21.9%

👉 Recent Funding Rounds

- Bnb plus $4.1M PIPE round led by Silvermine
- Luffa $39.8M Strategic round backed by Guofu Quantum Innovation Limited
- Otomato $2M Strategic round led by Improbable

​​Bitcoin Has Died 472 Times Since 2011

During this time, BTC has grown 701,300-fold (70.13M %), despite 472 claims over that period that “Bitcoin is dead” or it's “going to zero"

👉 https://cryptorank.io/price/bitcoin

​​🏦 How CEX Tokens Performed in 2026

CEX tokens continue to struggle in 2026, with only $LEO remaining in positive territory YTD.

• LEO +4.59%
• WBT -0.82%
• MX -12.8%
• BMX -17.3%
• OKB -18.9%
• BNB -24.5%
• KCS -24.9%
• GT -32.6%
• BTSE -35.9%
• BGB -41.4%

👉 CryptoRank.io/tags/cex

​​Top 10 Perps DEX by Monthly Trading Volume

The Perps DEX market structure continues to consolidate around a small number of highly liquid venues.

Hyperliquid remains the dominant player with $188.54 billion in monthly trading volume—nearly four times larger than the second-largest platform. This gap highlights how deeply liquidity and trader attention are concentrated around established infrastructure.

A second-tier group is beginning to emerge, but volumes still remain significantly below those of the market leader:

• Aster — $47.27B
• GRVT — $40.93B
• Lighter — $38.11B
• EdgeX — $33.01B

Interestingly, Variational’s weekly trading volume has reached $4.70B, representing approximately 85.6% of its total monthly volume of $5.49B. The main driver behind the sharp increase in trading activity appears to be the $50M funding round led by DragonFly, Coinbase Ventures, and Bain Capital Crypto.

The newly raised capital, combined with incentivized points programs, is attracting strong interest from retail traders due to expectations surrounding a potential TGE.

👉 https://cryptorank.io/exchanges/dex/derivatives?sort=volume_30d&direction=desc

​​📉 Market Overview

Crypto markets returned to extreme fear territory as Bitcoin fell below $73,000 following U.S. airstrikes on Iran, triggering a broad sell-off across digital assets and other risk markets. Nearly $1B in leveraged crypto positions were liquidated over the past 24 hours.

Bitcoin: $72,744 -3.84%
Ethereum: $1,973 -4.97%

Market Cap: $2.55T
BTC Dominance: 57.3%
Fear & Greed Index: 22 (Extreme Fear)
Altcoin Index: 34/100

👉 Latest News

• BlackRock's bitcoin ETF sheds $528 million, the second-largest daily outflow on record
• Mastercard secures New York BitLicense for crypto operations
• Tesla and SpaceX merger would make fifth-largest BTC holder

👉 Small Cap Gainers

RollX +86.7%
NEXST +30.3%
Perle (Prev. Kiva Ai) +19.9%
BOB +18.6%
Fight.ID +18%

👉 Recent Funding Rounds

- Fold $150M Debt Financing round backed by Encina Lender Finance
- Gamee $11M M&A round backed by Alpha Compute
- Openrouter $113M Series B round led by CapitalG

​​💰Testnet Airdrops Watchlist (early-stage projects)

Interact with early-stage testnets, complete tasks, and position yourself for potential future airdrops before broader market attention arrives.

We’ve prepared full activity guides:👇

• Arc
• Fhenix
• BULK
• Ambient
• Byzanlink
• LitVM

👉 CryptoRank.io/drophunting/

​​⚡️Recent Funding Rounds for Projects With Live Tokens

While most crypto funding rounds happen before TGE, several already-trading tokens have continued attracting fresh capital in recent months.

• GMEE — $11M
• JPYC — $19.5M
• CFG — N/A
• BLOCK — $43M
• REPPO — $20M
• PUMPCADE — $5M
• BKN — $3.46M

Most of these projects remain relatively low-cap despite securing new funding, and several tokens have shown limited price movement since their round announcements.

Notably, Centrifuge (CFG) secured backing from Coinbase Ventures, while most other rounds came from Tier 2–Tier 4 funds and other investors.

👉 CryptoRank.io/funding-rounds

💳 The popularity of crypto cards continues to grow steadily

If we look at the Monthly USD Volume dynamics, the sector has evolved from a niche product in 2023 into an infrastructure handling hundreds of millions of dollars in monthly volume by 2026.

📈 By April 2026, total volume approached ~$660M/month.

And the most interesting part is who actually controls this market.

🔴 TRON remains the largest network in the segment, processing $213M in volume in April. However, its market share declined from ~45% in 2023 to ~32% in 2026.

🟡 BSC is also losing its share. BNB Chain’s share fell by ~8%, from ~23% in 2023 to ~15% in 2026.

BSC still maintains a strong position largely thanks to:

— the Binance ecosystem;
— cheap on-chain transactions;
— integrations with card providers.

🔷 Ethereum and Solana are gradually increasing their share not only through DeFi speculation, but through real-world usage.

For years, the market discussed mass adoption as an abstract concept:
— NFTs;
— metaverses;
— Web3 social;
— GameFi.

But crypto cards have become one of the first truly working bridges between:
crypto ↔️ everyday payments.

Solana’s share grew from 0% in 2024 to ~11.6% in 2026.

Meanwhile, Ethereum’s share declined from ~55% in 2023 to ~11% in 2026, gradually losing liquidity to its L2 ecosystem, where the leaders by volume in April 2026 were:

— Optimism ($63M);
— Base ($39M);
— Arbitrum ($26M).

💎 What’s also interesting is that this growth is happening despite:
— a weak altseason;
— declining DeFi activity;
— falling NFT volumes.

⚠️ At the same time, the data highlights an important structural trend:

The Payments sector currently accounts for 33% of total investment focus, and since the beginning of 2026 ~$3.6B has already raised into this segment. This suggests that part of the market is gradually shifting from speculative use cases → to utilitarian finance.

👉 https://cryptorank.io/funds

Part 2: Large Tokens That Completed Full VC Vesting⚡️

ICP, ETHFI, LDO, GRT, SAND, and AXL have already gone through their full VC vesting cycles.

📅 OP is also nearing final VC unlock completion: Optimism’s final unlock for the Investors allocation is scheduled for May 31, 2026.

👉CryptoRank.io/token-unlock

​​📊 Which Perp DEX Allocated the Most to Its Community?

Among Perp DEX tokens launched over the past year, ASTER allocated the largest share of supply to community rewards and airdrops, with over two-thirds of total supply reserved for these distributions.

Top community-focused allocations:

• ASTER — 67.8%
• BASED — 59.6%
• ROLL — 54.0%
• DIME — 46.6%
• EDGE — 35.0%
• LIT — 25.0%

👉 CryptoRank.io/exchanges/dex/derivatives

​​🔮 Prediction Markets Rivalry in May

Prediction markets are increasingly emerging as a standalone category within digital financial markets.

Kalshi currently leads the sector in volume, fees, and transactional activity.

Polymarket maintains strong onchain engagement, while smaller platforms such as Predict.fun remain highly niche.

The broader trend is clear: markets are increasingly pricing information, and public sentiment as tradable assets.

👉 https://cryptorank.io/prediction-markets

​​🔓 Top 7 Token Unlocks in June

• RAIN — largest unlock of the month, with $713.6M set to be unlocked from the Strategic Sale allocation.

• SPK — first post-cliff unlock covering Team, Ecosystem, and Sky Farming allocations. A total of 25.3% of supply will be unlocked, equivalent to 139.7% of current market cap.

• SAHARA — first post-cliff unlock covering Early Backers, Team & Contributors, and Binance HODLer Airdrops. A total of 10.5% of supply will be unlocked, equivalent to 30.9% of current market cap.

• H, STABLE, ZRO, and ADI will see monthly unlocks in June.

👉 cryptorank.io/token-unlock