SK Hynix's US-listed ADR premium over its Korean shares narrowed to 30.7%.

Changxin Technology held an online investor exchange meeting for its IPO and listing on the STAR Market. Yuan Yuan, Vice President and Secretary of the Board of Directors of Changxin Technology, stated that the company’s fifth-generation process technology platform and related products are currently in the R&D phase. The platform adopts further optimized multi-exposure technology to enhance storage density and array performance, with the company’s R&D team actively advancing the development of relevant processes and product technologies. Changxin Technology will open online share subscription tomorrow, with the subscription code being "787825". The stock is scheduled to list on July 27. The company set its STAR Market IPO price at RMB 8.66 per share. Based on the initial issuance scale, it is expected to raise RMB 57.919 billion, nearly double the original plan of RMB 29.5 billion. If the overallotment option is fully exercised, the fundraising amount will further increase to RMB 66.607 billion. This will be the largest IPO in Asia this year, as well as the largest semiconductor IPO in the history of China’s A-share market.

Uniswap has submitted a governance proposal to extend its protocol fee collection and UNI token burn mechanism to Robinhood Chain, covering versions v2, v3, and v4. Per the proposal, protocol fees generated on Robinhood Chain will be deposited into the chain’s on-chain TokenJar contract, and Searchers can convert these fees by bridging UNI back to the Ethereum mainnet and sending it to the burn address.

U.S. June PPI monthly rate came in at -0.3%, against the expected 0%, with the prior figure revised from 1.10% to 0.6%.

U.S. June PPI year-over-year rate came in at 5.5%, against the consensus estimate of 6.2%, with the prior figure revised from 6.50% to 6%.

The Depository Trust & Clearing Corporation (DTCC) will tokenize Microsoft (MSFT) stocks, the S&P 500 ETF (SPY), Nasdaq 100 ETF (QQQ), and U.S. Treasury securities for Wall Street institutions. DTCC today launched its first limited live test of tokenized real assets, with the formal service expected to go live in October.

Multicoin Capital managing partner Tushar Jain detailed his valuation logic and investment framework for HYPE during an appearance on the "When Shift Happens" podcast. He noted that HYPE is currently severely undervalued, with a baseline valuation of $319, and recommended a pragmatic position-building strategy to navigate volatility. For bottom-fishing, Jain advised abandoning "perfect timing" in favor of the "one-third split entry method": the first third of the position is bought immediately; the second third is accumulated via dollar-cost averaging over a fixed schedule (e.g., in batches over 1-2 months); the final third is added opportunistically during dips. This approach significantly reduces psychological burden while locking in a favorable average cost for long-term bullish positions. Jain’s $319 baseline valuation is built on four conservative assumptions: 1) Crypto derivatives trading volume maintains a 35% compound annual growth rate over the next two years; 2) DeFi derivatives’ market share rises to 32%; 3) USDC collateral balances grow in line with trading volume; 4) The "fake boom" driven by subsidies from some project teams will vanish as subsidies are phased out, allowing Hyperliquid’s actual market share to rise further. Even under these conservative scenarios, HYPE’s current price has substantial upside, with some optimistic projections putting it above $600. On Hyperliquid’s broader outlook, Jain argued that the protocol is far more than a fast-growing perpetual contract platform, and has the potential to become a core pillar of crypto financial infrastructure.