x402 Protocol Token PING Market Cap Surpasses $32 Million, 24h Price Change +802%

Quantitative analyst Beni posted a critique questioning prediction market platform Kalshi of artificially inflating its crypto trading volume, citing multiple data points as evidence. Beni noted that Kalshi’s ETH-PERP has an open interest of roughly $3.1 million, yet its 24-hour trading volume reaches $538.6 million — meaning all open positions turn over approximately 174 times daily, or an average of once every 8 minutes and 18 seconds. He also pointed out that Kalshi’s position leaderboard shows the largest single ETH-PERP position is only around $17,600, a clear discrepancy with the stated volume scale. Additionally, Kalshi’s prior filing with the U.S. Commodity Futures Trading Commission (CFTC) reveals that eligible Self-Clearing Member (SCM) market makers receive a 0.3 basis point rebate, while takers pay 0.3 basis points, resulting in a total trading cost of 0 basis points. Beni further mentioned that Kalshi had a liquidity-for-equity partnership with Jump Trading, leading him to question whether there is motivation to boost the platform’s volume metrics. He also challenged Kalshi’s volume calculation methodology, stating that the platform counts “number of traded contracts” as volume and displays it with a dollar sign, which may mislead users about actual transaction amounts. All claims originate from Beni’s personal posts; they represent his doubts about Kalshi’s trading data and business model, and do not equate to proven volume manipulation or wash trading on Kalshi’s part.

According to Lookonchain’s monitoring, a mysterious whale sold 1,107 BTC on Hyperliquid over the past five days, worth roughly $86.76 million, then purchased 34,422 ETH valued at around $86.50 million and staked all of the acquired ETH.

According to GMGN market data, the market capitalization of STONK on Solana briefly exceeded $300 million, setting a new all-time high, and is currently at $29.9 billion, with a 24-hour gain of 33.78%.

This mysterious whale keeps rotating from $BTC into $ETH! Over the past 5 days, the whale sold 1,107 $BTC ($86.76M) on Hyperliquid, then bought 34,422 $ETH ($86.5M) and staked it all.

According to Defillama data, Pons — a platform for issuing crypto assets, equities, and meme coins linked to Robinhood — generated $24.33 million in revenue over the past 30 days, ranking 10th on the monthly cryptocurrency revenue leaderboard. The top three spots on the list belong to Tether ($488 million), Circle ($198 million), and Hyperliquid ($62.5 million).

From Beating AI Express, an engineer who recently joined a large company posted on X that his team now relies on Claude Code for nearly all engineering tasks, including specification documents, code, testing, PRDs, work orders, and issue resolutions. He said management views "pushing code as not the bottleneck", so it has repeatedly demanded the team speed up deliveries. Employees work 12 to 13 hours daily, only repeatedly "hitting enter". The engineer added that almost no team members have time to review the generated code or actually fix bugs; from junior to senior engineers, everyone is stuck in a cycle of interacting with AI and submitting code, "no one is thinking anymore". He clarified he does not oppose using AI for programming, but at minimum, time should be allocated to reviewing code and understanding the system. Currently, the team’s sole goal is to launch as quickly as possible, "no matter what". The post was widely shared and sparked heated debate, garnering over 2.42 million views and 22,000 likes on X.