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Kaito launched the Katalyst reward layer, introducing a pay-for-performance mechanism for creator activities

According to official news, Kaito announced the launch of Kaito Katalyst, a new reward layer aimed at creator activities, where project parties can pay based on the actual results brought by creators. This mechanism is based on Kaito's latest intelligence infrastructure and supports the distribution of rewards through various flexible criteria such as mind share, clicks, registrations, deposits, and platform activities. The underlying support comes from Kaito's data protocol with X, Brevis_zk's verification architecture, and its self-built attribution infrastructure.In the past two months, Kaito has conducted pilot tests in multiple companies across AI laboratories, consumer-grade AI applications, smart hardware companies, as well as in the cryptocurrency and financial sectors, with some projects set to launch soon. For TGE projects, Kaito has also introduced a dedicated format with no service fees: project parties must provide both a refundable deposit and a reward pool to ensure that creators are aware that funds are in place before the release. Each activity will announce the token distribution pool and attribution terms in advance, allowing creators to clearly understand the content and timing of their earnings.Under this mechanism, 80% of the token pool is allocated to creators who deliver actual results, while the remaining 20% is distributed to KAITO stakers and holders of YT-sKAITO on Pendle. Long-term holders and Yapybara holders can receive additional multiplier rewards. Kaito stated that this structure continues the Stakedrop mechanism that has been in operation since 2025, bringing approximately 136% annualized returns to the entire Kaito ecosystem. This model is also applicable to tokenized equity projects willing to use tokens or equity to accelerate growth.

Ondo abandons the independent blockchain route and launches a new execution network: creating an architecture with "exchange-level performance on-chain."

Ondo Finance announced the launch of the new Ondo Network, positioned as a high-performance execution layer, aimed at combining the trading speed of centralized exchanges (CEX) with the non-custodial and secure settlement capabilities of blockchain. Ondo CEO Ian De Bode stated that the Ondo Network is an "evolutionary version" of the previous Ondo Chain plan, and the company will not operate two networks simultaneously, but will adjust its original plan of building a complete blockchain to focus on the execution layer architecture.According to reports, Ondo initially planned to fully bring real-world assets on-chain through Ondo Chain, but after developing the Ondo Perps perpetual contract trading platform and communicating with users, it was found that the current market's core bottleneck is not asset settlement, but trading execution efficiency. The Ondo Network adopts a separated architecture for execution, validation, and settlement, using secure hardware to isolate the execution environment, which enhances trading speed while maintaining user asset self-custody, verifiable transactions, and permissionless blockchain characteristics.Currently, Ondo Perps has become the first application built on this network, supporting 24-hour trading of stock and commodity perpetual contracts, and allowing the use of tokenized real assets as collateral. Ondo stated that in the future, the network will also support applications requiring high performance, privacy protection, and verifiable execution, such as spot trading, lending, and structured products. In addition, the launch of the Ondo Network will not change the positioning of the ONDO token. The CEO stated that ONDO will still serve as the governance and incentive token for the Ondo RWA ecosystem and market infrastructure, and as the network gradually decentralizes, ONDO will be used to coordinate the incentive mechanisms for validation nodes, observers, and ecosystem participants.

Benchmark lowers Coinbase's performance expectations, the "CLARITY Act" may be an important catalyst for stock prices

Benchmark has lowered its second-quarter performance expectations for Coinbase ahead of the earnings report next week, citing weak trading activity in the cryptocurrency market, but still maintains a "Buy" rating and a target price of $270. Based on Coinbase's stock price of about $172 on Wednesday, this target price corresponds to an upside potential of approximately 57%.Benchmark analyst Mark Palmer has revised Coinbase's second-quarter revenue expectation from $1.51 billion to $1.38 billion and has lowered the full-year revenue expectation for 2026 from $6.33 billion to $6 billion. The trading volume on centralized exchanges in the second quarter has decreased by about 28%, and the total market capitalization of the cryptocurrency market has dropped by about 13%. The firm expects Coinbase's trading revenue to decline by more than 5%.However, the market showed initial signs of stabilization in June, with spot trading volume exceeding $1 trillion for the first time since March, which may somewhat alleviate the weak performance in the second quarter.Benchmark believes that if the CLARITY Act is ultimately passed, it could become a more significant catalyst for the stock price than quarterly performance, with Coinbase potentially being one of the main beneficiaries of the act. Trump has previously agreed to the relevant ethical provisions, removing a key obstacle to the advancement of the bill.
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