Does "On-Chain Ethics" Exist? Vitalik's Idealism and the Conflict of L1 Free Economy

By: blockbeats|2025/04/23 04:00:03

Source: Unchained
Translated by: WuShuoBlockchain

This edition of "The Chopping Block" focuses on Vitalik's public criticism of projects such as Pump.fun on Farcaster, sparking controversy within the Ethereum community and causing value conflicts and public opinion turmoil in external ecosystems such as Solana and Base. Four guests — Haseeb (Dragonfly Managing Partner), Tom (DeFi Expert), Robert (Superstate Founder), Tarun (Gauntlet Founder and CEO) — debated "Product-Market Fit (PMF) vs. Ethical Judgment," discussing whether Vitalik has the right to pass "moral judgments" on Web3 applications and how the community understands the tension between a founder's role and industry thought leadership. In criticism and resonance, the show also redefined Vitalik's unique position in the crypto industry: ideals are not swayed by the wind, and his stance does not cater to others.

Vitalik's Post Criticizing the Ethical Debate Sparked by Pump.fun

Haseeb: Let's talk about what has recently happened in the Ethereum community. Once again, the Ethereum community has been embroiled in controversy. During this time, the Ethereum Foundation has experienced many personnel changes.

The cause of this event was a post from Vitalik on Farcaster (also known as a "Cast" published on the Farcaster platform). In this cast, Vitalik criticized some L1 blockchains for lacking an ethical stance, that is, "lacking a philosophical foundation." They are not clear on why they are building an L1 chain, do not have a clear vision to guide which applications they should build, and what role they hope the blockchain will play in the world.

He gave an example, saying: Imagine if C++ were a programming language designed by an authoritarian, racist, fascist. Would it become worse as a result? Probably not, because C++ is a general-purpose language that is not easily polluted by ideology. However, Ethereum L1 is different. If you don't believe in decentralization at all, then you won't be promoting light clients, data availability layers, account abstraction, or spending ten years advancing the PoS transition.

He then points out that 80% of the applications on Ethereum are special purpose, and what applications you build largely depends on what role you think Ethereum should play in the world. So, having the right vision in this regard is very important.

Haseeb: He then provided examples of what he considers "good" and "bad" — the good being Railgun, Farcaster, Polymarket, and Signald; the bad being Pump.fun, Terra, and FTX. This segment sparked intense controversy within the Ethereum community and the "non-Ethereum camp." People began to question: Is Vitalik now setting "moral standards" for the entire industry? Tarun, what are your thoughts?

Tarun: First, I want to point out that this controversy is not solely an "Ethereum vs. non-Ethereum" standoff. More accurately, it's three camps speaking out: Ethereum, Solana, and Base. Surprisingly, Base and Solana found themselves on the same side in this matter, opposing Vitalik's labeling of Pump.fun as "negative."

For example, Jesse Pollak (a key figure in Base) believes that Pump.fun is essentially a prediction market that combines internet content with the attention economy, a gameplay widely accepted in their ecosystem. Products like Zora follow the same logic.

In the Solana community, a more prevailing value is "liberalism": Play as you wish, even if it's a casino game, as long as you are willing to take risks, it's your choice. In the Ethereum community, there is usually more emphasis on the application's "ethical positioning" — such as building privacy tools (like Railgun) or decentralized prediction markets (like Polymarket).

Haseeb: The good examples Vitalik mentioned are Polymarket and Farcaster, right?

Tarun: Yes. But what I particularly want to mention is Railgun, which Vitalik referenced. Upon checking on-chain data, the user base is actually very small. I can't help but ask, why can an application like this be considered an "ethical benchmark"? Could this evaluation standard be biased?

Tom: Railgun has few users, there may also be some "external reasons."

Value Conflict Between Ethereum and Solana Communities on "Acceptable Apps"

Tarun: Indeed, there are external factors behind this, but I want to point out that the current situation is somewhat like a "divine decree" — what Vitalik says seems like a proclamation of the right path. The issue is, this time even Layer 2 app developers and DeFi practitioners within the Ethereum ecosystem are openly criticizing him, indicating that his words are actually unwelcome even within Ethereum.

I believe that many Ethereum application developers also acknowledge that Pump.fun may have a certain level of "exploitative" nature, but at the same time, it has indeed brought about a new interactive pattern that people just want to use. There is actually a deep divide within Ethereum — some people believe that if an application could bring negative externalities to L1, then it should be dismissed. However, in the Solana world, this viewpoint is not valid at all, and people are more inclined to "let the market choose."

Haseeb: Do you think he would use the same standard to judge Satoshi Dice back in the day?

Tarun: Good question. Satoshi Dice was an early Bitcoin gambling application where users could directly gamble with BTC. I think Vitalik's perspective has changed. Based on my observation of him over the past decade, I think he may not have been as negative about these things in the past, but his stance has clearly become stricter now.

However, I think the most interesting point this time is that many developers in the Ethereum ecosystem who would never openly criticize Vitalik have collectively spoken out against this, indicating that this "moral critique" line has indeed struck a chord with many people.

Haseeb: Tom, what are your thoughts?

Tom: My opinion is that Vitalik has never been good at "picking apps." The apps he likes usually aren't very user-friendly. Although I understand his support for Polymarket's position, he also liked Augur before. I think fundamentally, he is obsessed with prediction markets rather than having judgment on specific products.

For me, this feels a bit like a "who cares" situation. Even if Vitalik has long publicly expressed this view, it will not change the technical roadmap of Ethereum or Solana. Solana was not designed to support Pump.fun, and Ethereum was not born to stop it. These things are more like the result of "ecosystem evolution" rather than products driven by subjective designers.

Different chains have different atmospheres fundamentally because people with different values are attracted to different ecosystems, rather than due to differences in underlying functionality. In the end, this is more of a cultural clustering effect rather than a result of technological features.

Is Vitalik Qualified to Pass "Ethical Judgments" on On-chain Applications?

Haseeb: Anatoly (Co-founder of Solana) responded to this controversy by saying, "When you don't have Product-Market Fit (PMF), you start playing politics." This was his comment on the whole event.

Tarun: However, I think the reverse is also true: sometimes, when you have too strong of a Product-Market Fit, you also see "politics." You can look at Bridgewater Associates, Facebook, and those extremely successful places, all eventually inevitably move towards infighting, policy-making, and power struggles. So I think Anatoly's statement sounds a bit one-sided. In reality, both situations can lead to "politicization."

Tom: I also find this quite ironic. Solana initially shouted, "Let's put NASDAQ on the chain," but now it has become "You are the chain of meme coins." Then the community started saying, "Your current positioning is to create meme coins, so don't change, ever, until you die." If you are not willing to play this role anymore, others will say you are no longer relevant. This reminds me of the robot in "Rick and Morty" that was born just to pass the butter - "This is your purpose."

Haseeb: Robert, what's your take on this?

Robert: As an app developer, I really don't care about the "philosophy" of Ethereum, Solana, Arbitrum, or any chain for that matter. I care about: What can I do on this chain? What DeFi apps are available? What is the throughput like? Are transaction costs high? Is the ecosystem well integrated?

As for moral judgment, it's completely irrelevant to me, and I don't really care what Vitalik said. I think the issue itself is not that relevant, it's even safe to say it's irrelevant.

Haseeb: So you think everyone's "overreaction" to Vitalik's remarks is actually a kind of performance?

Robert: To some extent, yes. Especially for those who are not building projects, they don't have much real work to do, so they can only create discussions around these controversial topics. We've seen this kind of situation before, and it's no surprise.

Haseeb: Indeed, those who are truly dedicated to entrepreneurship have many more things to worry about. Vitalik made a slightly controversial post about Farcaster, which is hardly a big deal. If you let yourself be troubled by such trivial matters every day, it means you have many more important things to attend to.

Evaluation and Understanding of Vitalik's "Fidelity to Ideals, Not Market Appeal"

Haseeb: Personally, I have a great deal of respect for Vitalik's consistency. This is not a recent change in his stance; he has always been a "missionary" figure. From the inception of Ethereum, it has been an ideologically driven project for him, and it remains so to this day.

Many people are disappointed in him because they hoped he would transform into a more "entrepreneurial" or "political" figure. But Vitalik did not follow a trajectory like Obama, evolving from a Chicago community organizer to a Democratic Party leader and eventually the President of the United States. Many would say, "Look, he's completely different from what he used to be." Vitalik, on the contrary, has never become the "President of Ethereum," never abandoned his early beliefs because of the project's success. He has not deleted his early blog posts, morphed into Ethereum's cheerleader-in-chief, or filled his mind with thoughts solely on how to make the price rise.

Many other individuals in the Ethereum ecosystem did change after the project's success, but Vitalik did not. I respect his consistency. What he would have said five years ago, he says now, and he may still say the same in five years. He insists that Ethereum should serve a specific idea, rather than being "anything that can make money."

I see this as similar to a country's president saying, "I believe that casinos have a negative impact on society, and we should reduce their number." You might argue that lotteries and casinos bring in significant revenue for the government. But he would say, "I understand, but I still believe it's not good." He has the right to think this way and express it. I respect that.

Haseeb: In conclusion, I understand why some people are dissatisfied with Vitalik's statements, but I believe that this largely stems from a "misunderstanding." They see Vitalik as Ethereum's CEO rather than an idea-centric thinker.

In my view, he is more like the Geoffrey Hinton of the crypto industry (the "Godfather" of artificial intelligence). He is the source of ideas, but you don't have to treat his words as law, nor do you need his endorsement.

When you look at the projects publicly endorsed by Vitalik, many have not achieved significant success. Just because he said it doesn't mean he can determine the market direction. Vitalik is Vitalik; he can say whatever he wants, and I will always respect him—but that doesn't mean I have to hand over my product direction to him, and it doesn't mean you should either.

Tom: I really liked Bingie's tweet response, where he said: "I'm sure Tim Berners-Lee (the father of the World Wide Web) is not a big fan of Pornhub. It's okay, Vitalik doesn't like Pump.fun either, and that's okay."

Haseeb: Yes, that perfectly sums it up. Vitalik is the "elder" of the crypto industry. He doesn't need to like your project, and just because he doesn't like it doesn't mean you can't survive.

Original Tweet

On May 13, S&P Dow Jones Indices announced that Coinbase would officially replace Discover Financial Services in the S&P 500 on May 19. While other companies like Block and MicroStrategy, closely tied to Bitcoin, were already part of the S&P 500, Coinbase became the first cryptocurrency exchange whose primary business is in the index. This also signifies that cryptocurrency is gradually moving from the fringes to the mainstream in the U.S.

On the day of the announcement, Coinbase's stock price surged by 23%, surpassing the $250 mark. However, just 3 days later, Coinbase was hit by two consecutive events: a hack where employees were bribed to steal customer data and a demand for a $20 million ransom, and an investigation by the U.S. Securities and Exchange Commission (SEC) into the authenticity of its claim of having over 100 million "verified users" in its securities filings and marketing materials. These two events acted as mini-bombs, and at the time of writing, Coinbase's stock had already dropped by over 7.3%.

Coincidentally, Discover Financial Services, being replaced by Coinbase, can also be considered the "Coinbase" of the previous payment era. Discover is a U.S.-based digital banking and payment services company headquartered in Illinois, founded in 1960. Its payment network, Discover Network, is the fourth largest payment network apart from Visa, Mastercard, and American Express.

In April, after the approval of the acquisition of Discover by the sixth-largest U.S. bank, Capital One, this well-established digital banking company of over 60 years smoothly handed over its S&P 500 "seat" to this emerging cryptocurrency "bank." This unexpected coincidence also portrayed the handover between the new and old eras in Coinbase's entry into the S&P 500, resembling a relay race scene. However, this relay baton also brought Coinbase's accumulated "external troubles and internal strife" to a tipping point.

Side Effects of ETFs

Over the past decade, cryptocurrency exchanges have been the most stable "profit machines." They play a role in providing liquidity to the entire industry and rely on trading fees to sustain their operations. However, with the comprehensive rollout of ETF products in the U.S. market, this profit model is facing unprecedented challenges. As the leader in the "American stack," with over 80% of its business coming from the U.S., Coinbase is most affected by this.

Starting from the approval of Bitcoin and Ethereum spot ETFs, traditional financial capital has significantly onboarded users and funds that originally belonged to exchanges in a more cost-effective, compliant, and transparent manner. The transaction fee revenue of cryptocurrency exchanges has started to decline, and this trend may further intensify in the coming months.

According to Coinbase's 2024 Q4 financial report, the platform's total trading revenue was $417 million, a 45% year-on-year decrease. The contribution of BTC and ETH's trading revenue dropped from 65% in the same period last year to less than 50%.

This decline is not a result of a decrease in market enthusiasm. In fact, since the approval of the Bitcoin ETF in January 2024, the inflow of BTC into the U.S. market has continued to reach new highs, with asset management giants like BlackRock and Fidelity rapidly expanding their management scale. Data shows that BlackRock's iShares Bitcoin ETF (IBIT) alone has surpassed $17 billion in assets under management. As of mid-May 2025, the cumulative net inflow of 11 major institutional Bitcoin spot ETFs on the market has exceeded $41.5 billion, with a total net asset value of $1214.69 billion, accounting for approximately 5.91% of the total Bitcoin market capitalization.

Chart showing the trend of net outflows for Grayscale among the 11 institutions

Institutional investors and some retail investors are shifting towards ETF products, partly due to compliance and tax considerations. On one hand, ETFs have much lower trading costs compared to cryptocurrency exchanges. While Coinbase's spot trading fee rate varies annually in a tiered manner but averages around 1.49%, for example, the management fee for IBIT ETF is only 0.25%, and the majority of ETF institution fees fluctuate around 0.15% to 0.25%.

In other words, the more rational users are, the more likely they are to move from exchanges to ETF products, especially for investors aiming for long-term holdings.

According to multiple sources, several institutions, including VanEck and Grayscale, have submitted applications to the SEC for a Solana (SOL) ETF, with some institutions also planning to submit an XRP ETF proposal. Once approved, this may trigger a new round of fund migration. According to a report submitted by Coinbase to the SEC, as of April, the platform's trading revenue from XRP and Solana accounted for 18% and 10%, nearly one-third of the platform's fee revenue.

However, the Bitcoin and Ethereum ETFs passed in 2024 also reduced the fees for these two tokens on Coinbase from 30% and 15% to 26% and 10%, respectively. If the SOL and XRP ETFs are approved, it will further undermine the core fee revenue of exchanges like Coinbase.

The expansion of ETF products is gradually weakening the financial intermediary status of cryptocurrency exchanges. From their original roles as matchmakers and clearers to now gradually becoming mere "on-ramps and off-ramps" for funds, exchanges are seeing their marginal value squeezed by ETFs.

Robinhood Takes a Stand, Traditional Brokerages Join the Fray

On May 12, 2025, SEC Chairman Paul S. Atkins gave a keynote speech at the Tokenization and Cryptocurrency Working Group roundtable. The theme of his speech revolved around "It is a new day at the SEC," where he indicated that the SEC would not approach enforcement and regulation the same way as before but would instead pave the way for cryptocurrency assets in the U.S. market.

With signs of cryptocurrency compliance such as the SEC's "NEW DAY" declaration, an increasing number of traditional brokerages are attempting to enter the cryptocurrency industry. One of the most representative cases is the well-known U.S. brokerage Robinhood, which began expanding its crypto business in 2018. By the time of its IPO in 2021, Robinhood's crypto business revenue accounted for over 50% of the company, with a significant boost from the Dogecoin "moonshot" promoted by Musk.

In Q1 2025 earnings report, Robinhood showcased strong growth, especially in revenue from cryptocurrency and options trading. Fueled by Trump's Memecoin, cryptocurrency-related revenue reached $250 million, nearly doubling year-over-year. Consequently, Robinhood Gold subscription users reached 3.5 million, a 90% increase from the previous year, with the rapid growth of Robinhood Gold providing the company with a stable source of income.

Meanwhile, RobinHood is actively pursuing acquisitions in the cryptocurrency space. In 2024, it announced a $2 billion acquisition of the long-standing European cryptocurrency exchange Bitstamp. Additionally, Canada's largest cryptocurrency CEX, WonderFi, which recently went public on the Toronto Stock Exchange, also announced its integration with RobinHood Crypto. After obtaining virtual asset licenses in the UK, Canada, Singapore, and other markets, RobinHood has taken a proactive approach in the compliant cryptocurrency trading market.

Furthermore, an increasing number of brokerage firms are exploring the same path. Futu Securities, Tiger Brokers, and others are also dipping their toes into cryptocurrency trading, with some having applied for or obtained the VA license from the Hong Kong SFC. Although their user bases are currently small, traditional brokerages have a natural advantage in user trust, regulatory licenses, and low fee structures. This could pose a threat to native cryptocurrency platforms in the future.

User Data Breach: Is Coinbase Still Secure?

In April 2025, security researchers discovered that some Coinbase user data was leaked on the dark web. While the platform initially responded by attributing it to a "technical misinformation," it still raised concerns among users regarding its security and privacy protection. Just two days before Dow Jones Indexes announced Coinbase's addition to the S&P 500 Index, on May 11, 2025, Coinbase received an email from an unknown threat actor claiming to have obtained customer account information and internal documents, demanding a $20 million ransom to keep the data private. Subsequent investigations confirmed the data breach.

Cybercriminals obtained the data by bribing overseas customer service agents and support staff, mainly in "non-U.S. regions such as India." These agents abused their access to Coinbase's internal customer support system and stole customer data. As early as February this year, blockchain detective ZachXBT revealed on X platform that between December 2024 and January 2025, Coinbase users lost over $65 million to social engineering scams, with the actual amount potentially higher.

Among the victims was a well-known figure, 67-year-old Ed Suman, an established artist in the art world for nearly two decades, having been involved in the creation of artworks such as Jeff Koons' "Balloon Dog" sculpture. Earlier this year, he fell victim to an impersonation scam involving fake Coinbase customer support, resulting in a loss of over $2 million in cryptocurrency. ZachXBT critiqued Coinbase for its inadequate handling of such scams, noting that other major exchanges have not faced similar issues and recommending Coinbase to enhance its security measures.

Amidst a series of ongoing social engineering incidents, although there has not been any impact on user assets at the technical level so far, it has raised concerns among many retail and institutional investors. Especially institutions holding massive assets on Coinbase. Just considering the U.S. BTC ETF institutions, as of mid-May 2025, they collectively hold nearly 840,000 BTC, and 75% of these are custodied by Coinbase. If we price BTC at $100,000, this amount reaches a staggering $63 billion, which is equivalent to the nominal GDP of two Iceland in the year 2024.

Visualization: ChatGPT, Source: Farside

In addition, Coinbase Custody also serves over 300 institutional clients, including hedge funds, family offices, pension funds, and endowments. As of the Q1 2025 financial report, Coinbase's total assets under management (including institutional and retail clients) reached $404 billion. The specific amount of institutional custodied assets was not explicitly disclosed in the latest report, but it should still be over 50% based on the Q4 2024 report.

Visualization: ChatGPT

Once this security barrier is breached, not only could the rate of user attrition far exceed expectations, but more importantly, institutional trust in it would undermine the foundation of its business. Therefore, after a hacking event, Coinbase's stock price plummeted significantly.

CEXs are All in Self-Rescue Mode

Facing a decline in spot trading fee revenue, Coinbase is also accelerating its transformation, attempting to find growth opportunities in derivatives and emerging assets. Coinbase acquired a stake in the options platform Deribit at the end of 2024 and announced the official launch of perpetual contract products in 2025. This acquisition fills in Coinbase's gap in options trading and its relatively small global market share.

Deribit has a strong presence in non-U.S. markets, especially in Asia and Europe. The acquisition has enabled Coinbase to gain a dominant position in bitcoin and ethereum options trading on Deribit, accounting for approximately 80% of the global options trading volume, with daily trading volume remaining above $2 billion.

Meanwhile, 80-90% of Deribit's customer base consists of institutional investors, with their professionalism and liquidity in the Bitcoin and Ethereum options market highly favored by institutions. Coinbase's compliance advantage, coupled with its already robust institutional ecosystem, makes it even more suitable. By using institutions as an entry point, it can face the squeeze from giants like Binance and OKX in the derivatives market.

Facing a similar dilemma is Kraken, which is attempting to replicate Binance Futures' model in non-U.S. markets. Since the derivatives market relies more on professional users, fee rates are relatively higher and stickiness is stronger, making it a significant source of revenue for exchanges. In the first half of 2025, Kraken completed the acquisition of TradeStation Crypto and a futures exchange, aiming to build a complete derivatives trading ecosystem to hedge the risk of declining spot transaction fee income.

With the surge of Memecoin in 2024, Binance, OKX, and various CEX platforms began massively listing small-market-cap, highly volatile tokens to activate active trading users. Due to the wealth effect and trading activity of Memecoins, Coinbase was also forced to join the battle, successively listing popular tokens from the Solana ecosystem such as BOOK OF MEME and Dogwifhat. Although these coins are controversial, they are frequently traded, with fee rates several times higher than mainstream coins, serving as a "blood-boosting" method for spot trading.

However, due to its status as a publicly traded company, this practice is a riskier endeavor for Coinbase. Even in the current crypto-friendly environment, the SEC is still investigating whether tokens like SOL, ADA, and SAND constitute securities.

In addition to the forced transformation strategies carried out by the aforementioned CEXs, they are also starting to lay out RWAs and the most talked-about stablecoin payment fields, such as the PYUSD launched through a collaboration between Coinbase and Paypal, Coinbase's support for the Euro stablecoin EURC by Circle that complies with EU MiCA regulatory requirements, or the USD1 launched through a collaboration between Binance and WIFL. In the increasingly crowded trading field, many CEXs have shifted their focus from just the trading market to the application field.

The golden age of transaction fees has quietly ended, and the second half of the crypto exchange platform game has silently begun.

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Ika Receives Strategic Investment from Sui Foundation, Total Funding Exceeds $21 Million

Switzerland Zug, April 28, 2025, Chainwire

The world's fastest parallel MPC network, Ika, is set to launch on the Sui blockchain, announces a strategic investment from the Sui Foundation. Previously, Ika successfully completed a record-breaking 1.4 million SUI NFT art event on Sui. Ika is the world's first sub-second MPC network, capable of achieving zero-trust interoperability among hundreds of signing nodes, unprecedented in scale and rock-solid security.

Ika's core values of performance, speed, and high decentralization align perfectly with Sui. With its upcoming launch on the Sui blockchain, Ika will bring its unparalleled MPC technology into the Sui ecosystem, providing Sui Move smart contract developers with secure cross-Web3 interoperability. This further solidifies Sui's position as the preferred solution in cross-chain DeFi, decentralized custody, chain abstraction, AI-agent defense, native Bitcoin programmability, leveraging the first truly scalable and secure MPC signature scheme.

Ika: Setting a New Benchmark in MPC Technology

Ika addresses key bottlenecks of existing MPC networks and delivers unparalleled performance through innovative 2PC-MPC encryption scheme and Sui's Mysticeti consensus protocol:

1. Record Throughput: Ika's transaction processing capability is up to 10,000 times higher than current MPC networks, supporting unprecedented transaction volumes.

2. Ultra-Low Latency: While traditional network signatures may experience delays of 30 seconds or more, Ika can generate signatures in sub-seconds, supporting cross-chain real-time applications.

3. Tremendous Scalability: Ika breaks the conventional limit of 4-8 nodes, and the 2PC-MPC can scale to hundreds or even thousands of signers, enhancing decentralization without sacrificing performance.

4. Zero-Trust Security: Ika's architecture ensures that even in the most extreme scenarios, user assets remain secure, setting a new standard for decentralized security.

Ika Use Cases: Catalyst for Web3 Transformation

Ika's ultra-fast MPC network supports various applications on the Sui blockchain, and several Sui developers have utilized Ika to build tech, including:

· DeFi Interoperability: Ika's sub-second speed and scalability enable instant secure operations within the Web3 ecosystem, bringing liquidity from chains like Bitcoin and Ethereum into Sui. Sui developers Full Sail and Rhei have announced upcoming tech launches based on Ika.

· Decentralized Custody: Ika provides a secure, decentralized custody solution for digital assets on Sui, delivering unparalleled security for both institutional and individual users. Sui developers Aeon and Human Tech have announced the integration of Ika into their technology.

· Chain Abstraction: Ika helps Sui developers abstract away multi-chain complexity for users, combining with Sui's zkLogin feature to deliver a seamless user experience. Sui developers Covault and Lucky Kat have announced the integration of Ika into their technology.

· Programmable Bitcoin: Ika unlocks new possibilities for native BTC on Sui, enabling programmable and secure DeFi and custody. Sui developers Native and Nativerse have announced the upcoming launch of Ika-based technology.

· AI Agent Protection: Ika enhances AI applications on Sui by providing secure MPC protection, ensuring AI agents do not possess unrestricted power and safeguarding user asset security. Sui developers Atoma and Ekko have announced the upcoming launch of Ika-based technology.

Industry Leader Support, Community Enthusiasm

The strategic investment in Ika by the Sui Foundation underscores Sui's commitment to driving cutting-edge technology for high performance and decentralization. This amplifies the technical synergy within the Sui ecosystem, propelling Sui and Ika to the forefront of the Web3 revolution, jointly advancing the future of secure, scalable, decentralized infrastructure.

Ika has raised over $21 million in funding, with a peak private valuation of $6 billion FDV, backed by support from Sui Foundation, DCG, Big Brain Holdings, Blockchange, Node Capital, Amplify Partners, Liquid2 Ventures, FalconX, Tykhe Block Ventures, Lightshift, Token Bay Capital, Collider, Zero Knowledge Ventures, NoLimit Holdings, Rubik Ventures, Dispersion Capital, Insignius Capital, Impatient Ventures, Cerulean Ventures, Earl Grey Capital, HDI Ventures, Flowdesk, TPC Ventures, Purechain Capital, Solr DAO, Heroic Ventures, Naval Ravikant, NotVCs, G-20 Group, Artifact Capital, DSRV, Encapsulate, and many other key players in the Web3 space.

Ika also demonstrated the strong support of Sui users by launching the "MF Squid Market" NFT art event, which became the largest and most successful NFT event in Sui's history, raising over 1.4 million SUI and establishing an active grassroots community.

The IKA token is set to native launch on the Sui blockchain, unlocking new decentralized security features and utilities. As the native token of the Ika MPC Network, IKA will play a key role in its ultra-fast, scalable infrastructure, used for paying MPC signature services, enabling seamless transactions within the Web3 ecosystem. Leveraging Sui's unparalleled speed and performance, Ika enhances the security and scalability of the entire ecosystem, introducing the most promising MPC technology in blockchain to the fastest-growing L1 of Web3.

About Ika

Ika is the world's fastest parallel MPC network, offering sub-second latency, unprecedented scale and decentralization, and zero-trust security. As the preferred choice for interoperability, decentralized custody, and chain abstraction, Ika will fundamentally transform digital asset security and multi-chain DeFi.

About Sui

Sui is the first Layer 1 blockchain and smart contract platform designed from the ground up to provide fast, private, secure, and inclusive digital assets. Built on the Move programming language, its object-centric model supports parallel execution, sub-second finality, and rich on-chain assets. Through horizontally scalable processing and storage capacity, Sui supports widespread applications at low cost with unparalleled speed. Sui represents a significant advancement in blockchain technology, offering creators and developers a platform to build exceptional user experiences.

Contact:

Ika PR

pr@ika.xyz (mailto:pr@ika.xyz)

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Asian corporate investment in Bitcoin is on the rise. Although currently Asian enterprises have relatively low participation in the Bitcoin market, some companies such as China's Meitu and Japan's Metaplanet have started to consider Bitcoin as a strategic financial asset.

The "Yearn Finance" Effect: Cryptocurrency Funds Experience the Calm Before the Dawn

For a crypto fund established during the pandemic-fueled era of easy money, the present is a painful reckoning from a "bad vintage."

$COIN Joins S&P 500, but Coinbase Isn't Celebrating