Weekly Project Updates: Injective Mainnet Onchains SharpLink Stocks, Kraken to Integrate INK Token, Sei TVL Hits All-Time High, etc

Jul 26, 2025

1. Injective Onchains SharpLink Stocks, Launches First Ethereum Vault Tokenized Asset link

Injective announced that it will tokenize SharpLink (SBET) shares on the blockchain, making it the first “Digital Asset Treasury” (DAT) type tokenized product. Injective stated that SBET DAT is developed based on its iAssets framework, featuring native programmability, mechanism interfaces accessible to on-chain governance, and cross-protocol composability, and can be used in scenarios such as lending, collateral, and derivative design.

2. Kraken to Integrate INK Token & Ink Layer 2 Network into Core Product Suite link

Kraken announced that it will integrate the INK token and its Ink Layer 2 network into its core product system, make them available to global users, and simultaneously include them in the Kraken Drops airdrop reward program. The official stated that this move aims to promote the integration between on-chain infrastructure and centralized platforms, and expand scenarios such as liquidity aggregation, on-chain lending and trading. Ink Network is a member of the Optimism “Superchain” ecosystem, and belongs to the same scaling system as Base, Uniswap L2, Sony Chain, etc.

3. Celestia Repurchases Over 43M TIA from Polychain, to Transfer to New Investors with Phased Unlocking link

Celestia Foundation announced that it has reached an agreement with Polychain Capital to purchase 43,451,616.09 TIA from the latter, with the transaction amount being $62.5 million. To complete this transaction, Polychain will unlock all its staked TIA. The Foundation will allocate these TIA to new investors and adopt a phased unlocking method, with the unlocking period starting from August 16 and ending on November 14. As previously disclosed, Polychain invested approximately $20 million in the Celestia project.

4. Ethena Partners with Anchorage to Convert USDtb from Offshore to Federally Regulated Stablecoin link

Ethena announced that it will convert USDtb from an offshore model to a payment stablecoin under federal regulation through cooperation with Anchorage, a U.S. federally chartered crypto bank. Ethena claims that its USDtb is expected to be the first stablecoin with a clear path to fully comply with the U.S. GENIUS Act.

In addition, a wallet address suspected to belong to Arthur Hayes, co-founder of BitMEX (0x6c…7e21), accumulated 2.16 million ENA through Galaxy Digital, Flowdesk and Binance between 2:18–8:39 UTC+8, worth approximately $1.033 million. Currently, this address holds a total of 7.764 million ENA, worth about $3.73 million.

As the APY of sUSDe reached 10%, the supply of Ethereum-based stablecoin USDe returned to 6 billion after early February. Among them, the net minting volume of USDe on July 17 reached $267 million, setting the third-highest single-day record, and the net minting volume exceeded $160 million in the following two days.

5. Zircuit Launches AI-Powered Trading Engine “Hyperliquid for AI Trading” link

Zircuit announced the launch of “Hyperliquid for AI Trading”, an AI-driven real-time cross-chain trading engine that supports one-click execution and enterprise-level security. Combined with the platform’s existing passive income function, it forms a product system with parallel active and passive strategies. This function will be launched in phases starting from July 2025, with public testing in August, and an ecological incentive plan is scheduled to be launched in Q4. Currently, the total amount of Zircuit’s platform staking vault has exceeded $950 million.

6. Azuki Collaborates with OpenSea to Release NFT Series “Azuki Mizuki Anime Shorts” link

Azuki announced that it is collaborating with OpenSea to issue ERC-1155 collectibles “Azuki Mizuki Anime Shorts” based on the animated short film “Mizuki”. The relevant proceeds will be used to support the production of the short film and creators’ creations. The first round of Mint will be open for 1 week, followed by the regular version Mint which will last for 6 months, priced at 0.0014 ETH, with no wallet or whitelist restrictions. In the previous cycle, Azuki raised over 20,000 ETH through the Elemental Beans series, but after the reveal, the works were criticized for lacking originality and being similar to old works, triggering strong dissatisfaction from the community.

7. Sei TVL Surges 50% to $680M, Hitting New All-Time High link

In the past month, Sei’s TVL has risen by over 50% to $680 million, hitting a new all-time high. Among them, Yei Finance, the largest native application, has a TVL of $380 million, while the lending protocol Takara Lend ranks second with a TVL of $108 million. In addition, both the number of daily active addresses and new user addresses on Sei have increased significantly recently.

8. Kaito AI to Launch Capital Launchpad This Week link

Kaito AI announced that it will launch Capital Launchpad this week, providing a fundraising platform for community projects. Project parties can make allocations based on social reputation and on-chain holdings. After eligible users subscribe, the remaining quota can enter the FCFS stage. Platform fees will be returned to the community through the gKAITO mechanism. In addition, the official stated that KYC is only a regulatory requirement and will be fully managed by Persona.

9. deBridge Introduces Reserve Fund, to Repurchase DBR Tokens with Full Protocol Revenue link

deBridge Foundation launched a reserve fund, planning to use all protocol revenue for repurchasing its native governance token DBR on the open market. Since its launch in June this year, the fund has repurchased 1.3% of the total supply of 10 billion tokens, worth approximately $3 million. The fund is now merged with deBridge’s total asset pool, and the total holdings include DBR, USDC, SOL and ETH, with a combined market value of about $30.1 million. The fund also implements income strategies, using platforms such as Aave, Lido and Kamino Finance to generate returns for idle assets, and launches a real-time on-chain public dashboard to enhance transparency.

10. Consensys Plans to Lay Off 49 Employees, ~7% of Total Workforce link

ConsenSys, a software company founded by Ethereum co-founder Joseph Lubin, currently plans to lay off 49 employees, accounting for about 7% of the total workforce. A company spokesperson stated that this restructuring is aimed at driving an improvement in overall profitability. Previously, ConsenSys acquired a startup with approximately 30 employees, and these employees will remain with the company. Last year, ConsenSys laid off 162 employees, accounting for 20% of its total workforce, citing regulatory uncertainty and the overall macroeconomic situation.

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