The infrastructure layer for an intelligent, programmable on-chain economy — naming, indexing, and the rails everything else runs on.

The current tokenization dialogue and pattern resemble ETFs’ early days, which ultimately transformed into a $10+ trillion market, Lie argues.

In this week's edition of The Protocol Newsletter, we're looking at the state of the Ethereum layer-2 ecosystem.

Apex Group is providing fund services for a tokenized real estate fund using Goldman Sachs’ GS DAP platform.

FG Nexus offloads another 10,000 ETH, pushing realized and paper losses above $100 million as the Ethereum treasury firm continues cutting exposure.

Strategy’s Bitcoin paper loss tops $11 billion as Saylor pointed to ETF outflows and AI infrastructure spending as factors pressuring BTC.

XRP fell another 7% after losing key support levels, with traders weighing growing institutional demand against one of the token's weakest technical setups in months.

NEAR Protocol (NEAR) declined 15.2% and Internet Computer (ICP) dropped 13.1%, leading the index lower.

Bitcoin's drop reflects capital rotation into AI, Saylor argues, but the bears have a darker reason.

US-listed spot Bitcoin ETFs saw $397 million in outflows on Wednesday, extending a 13-day red streak to $4.4 billion as Bitcoin has fallen about 21% since May 15.

BTC crashed to $61,300 before recovering to $62,500 with $3 billion in liquidations over two days. Traders loaded up on $60,000 puts in anticipation of further declines.

A Polymarket contract on whether Strategy sold Bitcoin by May 31 resolved to no after traders disputed how the sale should count.

More than half of the bitcoin in circulation is sitting on unrealized losses as the BTC price tests historically significant bear-market support levels.

Many traders expect Bitcoin to stage a short-term relief bounce toward $70,000, but the broader technical setup remains bearish for BTC.

The fund combines blockchain native issuance with established fund structures.

UMA voters ruled that Strategy's June 1 disclosure counted for the June contract, even though the company said it sold bitcoin during the final week of May.

Maelstrom predicts the WLD token will reach $5 by August, a gain of around 900% from current levels.

The lawmakers are also asking the FTC for information on whether it has plans to take investigative or enforcement action against prediction markets for possible deceptive practices.

Apyx’s apxUSD stablecoin briefly slipped to 93 cents Wednesday.

BlackRock's IBIT shed another $342 million on Wednesday as ether, solana and XRP funds joined the redemption wave, leaving Hyperliquid's HYPE products as the only major crypto ETF category still pulling in net new money.

The move comes as Ether prices slumped to a 14-month low below $1,750 on Thursday.

Authorities around the world have been heavily targeting scam infrastructure this year, with joint actions involving the US, UAE, China, Austria and Albania.