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  • RWA perps will outpace tokenization

    RWA perps will outpace tokenization

    Traders have no way to react to events after markets close on TradFi venues. Perps on the other hand run 24/7. The Iran conflict was reflected in oil perps on Hyperliquid before CME reopened. Perps offer a continuously running, efficient market in a simple interface. Futures and options come with expiry dates, complicated greeks and interfaces. Perps remove all of that while keeping the speculative upside potential intact.

    Martin Lee is Market Insights Lead of DWF Labs, one of the most active market makers and investors in digital assets.

    Derivatives always outgrow spot

    Derivatives volumes always outgrow their underlying spot market. It’s what we see in equities, commodities and crypto. RWAs are following the same trend. Equity perp volume on Hyperliquid ran 13-20x tokenized equity spot volume between March and May 2026.

    You could argue that the number of traders matter more, a metric that spot usually wins out across most markets (except commodities). Looking into the numbers, tokenized equities have the bigger base: 180,845 wallets against 24,378 for equity perps. But perp holders are compounding at roughly 33% a month against spot’s 17%. Even in the domain where spot dominates, perps are rapidly closing the gap.

    Perps innovate faster

    The biggest factor driving the acceleration is the rapid rate of experimentation that RWA perps are able to have. Launching tokenized assets takes much longer and is more legally complex than launching a new perp market. The ease of launching perp markets creates opportunities for novel synthetic markets to be spun up. Markets that unlock fresh opportunities that didn’t exist before. A true 0 to 1 moment.

  • Irish Indie Film ‘Lemonade,’ Starring Barry Keoghan, Reveals First Images and Plot Details (EXCLUSIVE)

    Irish Indie Film ‘Lemonade,’ Starring Barry Keoghan, Reveals First Images and Plot Details (EXCLUSIVE)

    Full details of an under-the-radar and low-budget Irish feature starring Barry Keoghan have been revealed alongside a couple of first look images from the film.

    “Lemonade,” written and directed by documentary filmmaker Kim Bartley in her narrative feature debut, was shot earlier this year in Dublin. Set amid Ireland’s care system, the film is described as a story about “first loves, second chances and the power of human connection.”

    The film follows teenager Danny, who after making a mistake that could derail his future, unexpectedly reconnects with Josh, a social worker who once tried to help him but whose own mistakes drove them apart. When their paths cross again, Josh becomes both mentor and mirror, guiding Danny on his journey to manhood- through first love and loves lost. Along the way Danny discovers that family is not always the one you are born into, but the one that believes in you when no one else will.

    Playing the lead role of Danny is rising Irish star Lewis Brophy, recently seen in acclaimed local feature and Berlinale prizewinner “Christy.” Keoghan, meanwhile, stars as Josh. The principal cast also includes Carla Tous, Eileen Walsh and Imelda May.

    Barry Keoghan as Josh in “Lemonade”

    Colm Hogan

    Producers on “Lemonade” are Rachel Lysaght and Farah Abushwesha, while exec producers include Bartley, Geraldine East, Niamh Fagan, Desmond Byrne, Lorcan Kavanagh, Peg Cafferty, Deepak Sikka, Mark Foligno and Sire Ramos. Keoghan also exec produces for his new producton company Wolfcub, which at this year’s Cannes saw its debut feature “Butterfly Jam” (starring Keoghan) open the Directors’ Fortnight competition.

    Speaking to Variety ahead of Cannes, Keoghan discussed “Lemonade,” describing it as having considerable parallels with his own upbringing as a foster child in Dublin. “There are moments in ‘Lemonade’ when I was like, this is too to-the-bone,” he said. “Honestly, it makes me emotional just chatting about it, but it’s beautiful.”

    Behind the camera on the feature, Colm Hogan served as cinematographer, Paul Mullen as editor, Tamara Conboy as production designer and Louise Stanton as costume designer. John Brennan, Daniel Bodsworth, Rob Hughes and Mark Langlay-Smith oversaw sound, while the original score was written by Siôn Trefor, Ioana Șelaru and Galia Arad.

    “Lemonade” is an Underground Films and Rocliffe Productions co-production, in association with Play House Studios and with the participation of Coimisiún na Meán. It was supported by Screen Ireland.

  • Coinbase’s weak quarter leaves Wall Street split on timing of a recovery

    Coinbase’s weak quarter leaves Wall Street split on timing of a recovery

    Coinbase said it captured a record 10.3% share of global crypto trading volume during the quarter, its third consecutive quarterly gain. Analysts at Benchmark, Oppenheimer, Clear Street and Cantor all highlighted the figure as evidence that trading activity is consolidating onto larger regulated exchanges during periods of market stress.

    Several also pointed to derivatives, where Coinbase reported flat trading volumes despite management saying the broader derivatives market declined by double digits.

    Diversification shows progress, but isn’t enough

    Analysts viewed Coinbase’s push beyond spot trading as encouraging, even though the newer businesses remain too small to offset weakness in core trading revenue.

    The company is trying to diversify through prediction markets, derivatives, subscriptions, stablecoins and its Base blockchain. Prediction markets surpassed a $100 million annualized revenue run rate, while Coinbase One topped one million paid subscribers. Its Circle partnership for USDC also renewed on existing terms, removing a key concern for investors.

    Still, there was broad agreement that diversification has not yet become large enough to replace lost trading revenue.

    Clear Street noted new businesses continue gaining traction but remain “optionality” rather than meaningful earnings contributors. Barclays was more critical, arguing prediction markets and retail derivatives “did not” provide the boost they offered last quarter. Compass Point similarly said emerging businesses “barely moved the needle.”

  • Apple’s New AI Tools May Require an iCloud+ Upgrade for Extended Usage

    Apple’s New AI Tools May Require an iCloud+ Upgrade for Extended Usage

    Apple’s revamped Siri and new Apple Intelligence features may be free to start, but power users will likely have to pay to get more out of them. The news came during the company’s latest earnings call, when Apple CEO Tim Cook was asked about how Apple plans to recover its AI compute costs.

    “In terms of what it means for compute cost, it’s obviously early going for us. And so I don’t want to say that we have a complete plan for that,” Cook said, before adding: “We do believe there will be people that want to use it a lot. And so we will have some kind of upgrade possibilities on iCloud Plus where people can buy up the stack on iCloud Plus. And we’ll see how the pickup for that is.”

    This isn’t the first time Apple has spoken about usage limits for AI features. As MacRumors reports, Apple dropped a hint during WWDC, saying that certain AI features, including Image Playground, could come with usage caps.

    iCloud+ is currently best known for offering additional cloud storage, with plans starting at just $0.99 per month for 50GB and going up to $60 per month for 12TB. The subscription includes additional privacy features, such as Hide My Email and iCloud Private Relay, but cloud storage remains its biggest draw.

    Whether the addition of extended AI usage could revamp the plans remains to be seen. Cook’s statement arrives just weeks after Apple raised iCloud+ prices in eight countries, including Egypt, Japan, Indonesia, New Zealand, Nigeria, the Philippines, Turkey, and Vietnam.

    Recommended by Our Editors

    Apple’s updated Siri, meanwhile, is already available via iOS 27’s public beta. The general release is expected in September with the latest iPhones. Some of the standout Siri AI updates include a new chatbot-like interface, the ability to explain what you see on the screen, take action across apps, and create Shortcuts using natural-language prompts.

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  • New York AG Seeks $36B From Kalshi Over ‘Illegal Gambling’

    New York AG Seeks $36B From Kalshi Over ‘Illegal Gambling’

    In brief

    • New York State wants Kalshi shut down and stripped of three times its gains, with damages put at a minimum of $36 billion.
    • The Commodity Futures Trading Commission sought a restraining order against New York’s enforcement a day earlier.
    • Kalshi has been restrained in Michigan and Washington and refused relief in New York, with Minnesota the lone exception.

    New York State is seeking at least $36 billion from Kalshi, asking a state court to shut its prediction market down and strip it of three times whatever it has earned. Attorney General Letitia James filed the petition on Friday alongside a motion for a temporary restraining order, treating the platform as an unlicensed gambling business across eight counts. Filings put the damages figure at a minimum, pending a full accounting.

    The counts run from the New York Constitution’s gambling ban to bookmaking, possession of gambling records, unlicensed mobile sports wagering and the federal Wire Act. The state also wants $100,000 for every offer of sports wagering, restitution and disgorgement.

    “Kalshi has chosen to ignore New York’s gaming laws, which exist to protect consumers, prevent problematic gambling, deliver funding for critical public services, and ensure that every company plays by the same rules,” said New York Governor Kathy Hochul in a statement, adding that the state was taking action to stop its “illegal behaviour” and bring the firm into compliance.

    Investigators placed test bets, including four contracts on Connecticut to beat Michigan in April for $1.14 including fees. The petition says Kalshi lets 18-year-olds open accounts where New York sets the floor at 21, and offers markets on games involving New York college teams, which even licensed operators are barred from touching.

    A federal-state collision

    The Commodity Futures Trading Commission had moved first. It sued New York in April to establish that federal law gives it sole authority over event contracts, and on Thursday asked the court in that case for a restraining order barring the state from bringing criminal or civil enforcement against Kalshi or any other CFTC-registered platform. New York filed the next day regardless.

    Kalshi has mostly been losing. It sued the New York State Gaming Commission in the Southern District last October, was denied a preliminary injunction on July 7 and refused protection pending appeal on July 27. A Michigan judge restrained it in June, and King County Superior Court granted Washington a preliminary injunction on July 20. Its two real wins are the Third Circuit, which upheld an injunction against New Jersey in April, and Minnesota, where a federal judge blocked the state’s ban on July 27.

    The Minnesota ruling turned on whether event contracts count as swaps under the Commodity Exchange Act. Judge Katherine Menendez found many do, and singled out sports and pop-culture markets as the doubtful cases. New York’s petition is aimed almost entirely at sports.

    Washington versus the states

    New York is the latest front in a campaign the Trump administration has run for months. The CFTC has sued Illinois, Arizona and Connecticut over their attempts to police event contracts, added Wisconsin, and moved against Minnesota within hours of its ban becoming law. The president has backed the agency directly, calling state officials who oppose prediction markets “SCUM.”

    Kalshi’s own figures, quoted back at it in the petition, put its valuation at $22 billion and annualized trading volume at $178 billion. James sued Coinbase and Gemini in April on a similar theory.

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  • New York sues Kalshi, alleges it offers a gambling platform ‘plain and simple’

    New York sues Kalshi, alleges it offers a gambling platform ‘plain and simple’

    James’ office described Kalshi’s event contracts as bets and said the platform takes wagers on professional and college sports, elections and culture. The lawsuit alleges Kalshi allows users aged 18 to 20 to wager and lists markets involving New York college teams, both prohibited for licensed sportsbooks in the state.

    “New York’s gambling ⁠laws protect children from underage betting and help combat gambling addiction,” James said in the statement. “No matter what they call themselves, prediction markets like ​Kalshi are gambling platforms, plain and simple.”

    The World Cup helped boost Kalshi’s numbers, adding 3 million during the course of the tournament, according to CNBC. That’s more than double the 2 million the firm said it had at the start of May.

    According to the attorney general’s statement, the lawsuit follows an October cease-and-desist order from the New York State Gaming Commission.

    A federal judge denied Kalshi’s bid to block state regulators on July 7 and rejected an injunction pending appeal on July 27.

    CoinDesk approached Kalshi for comment outside of regular U.S. office hours, and had not heard back by publication time.

  • Critical Day in the Crypto Market: A $10.5 Billion Option Surge in Bitcoin and Ethereum! What Are Investors Expecting?

    Critical Day in the Crypto Market: A $10.5 Billion Option Surge in Bitcoin and Ethereum! What Are Investors Expecting?

    The leading cryptocurrency, Bitcoin, is struggling to find direction around the $64,000 level amid ongoing uncertainty surrounding US monetary policy and geopolitical risks in the Middle East.

    As $BTC continues to move within a narrow range, attention in the cryptocurrency markets has turned to the high-volume option contracts expiring today.

    These options are particularly significant because they fall on the last Friday of both the week and the month.

    According to weekly data, approximately $9.7 billion worth of crypto options will expire on the Deribit derivatives exchange on July 31.

    According to Deribit data, $9.69 billion worth of Bitcoin and $830 million worth of Ethereum options will expire.

    Accordingly, the Put/Call ratio for $BTC options is 0.28, while the maximum loss point is $64,000 and the intrinsic value is $9.69 billion.

    Looking at Ethereum, $ETH options have a Put/Call ratio of 0.63, a maximum stop-loss point of $1,850, and a nominal value of $830 million.

    What Do Options Mean for Bitcoin and Ethereum?

    The put/call ratio is 0.28 for Bitcoin and 0.63 for Ethereum, indicating that investors are generally betting on higher returns and expecting an upward trend.

    For $BTC, this indicates that the majority of investors are positioned for prices to rise, or that bullish expectations are more dominant. A low ratio like 0.28 points to an optimistic (bullish) market outlook.

    In contrast, while call options still dominate for $ETH, this indicates that investors are more cautious compared to Bitcoin. However, according to experts, the put/call ratio and the expiration of options are not considered the sole determining factors of price direction. Macroeconomic developments and investor sentiment also continue to be decisive in pricing.

    *This is not investment advice.

  • British YouTuber and Rapper Yung Filly Found Not Guilty of Raping Woman in Australia

    British YouTuber and Rapper Yung Filly Found Not Guilty of Raping Woman in Australia

    British YouTube star and rapper Yung Filly has been found not guilty of rape in an Australian court.

    The verdict was reached by a Perth jury after an 11-day trial. The 30-year-old, whose real name is Andres Felipe Valencia Barrientos, was found not guilty on three counts of sexual penetration without consent, but he was found guilty on two counts of assault occasioning bodily harm.

    The jury could not come to a decision on three other counts of rape, according to the BBC. Barrientos will remain on bail until August, when the court will decide his sentencing date. Prosecutors will also decide on the next steps for the three hung jury verdicts, including whether to press ahead on the rape charges.

    The internet personality and rapper had been accused of sexually assaulting a woman, then 20 years old, after performing at a Perth nightclub in 2024. He had pleaded not guilty to all six counts of sexual penetration without consent, three counts of assault occasioning bodily harm, and one count of strangulation.

    Barrientos told the court that he “fancied” the woman when they met at his concert. He was in the VIP area while she leaned over the barrier. “I recall putting my hand on her waist,” he told the court, adding that he had not put his hands down her pants or touched her breast.

    The “vibes were good” when they arrived at his hotel later in the evening, he added, explaining that his security guard took her phone away as a “standard practice” to protect their privacy.

    The woman claimed they had consensual sex before the encounter turned violent and she told him to stop. The West Australian reported that Barrientos allegedly bit her neck, cheek and breast, causing bruising and swelling.

    Barrientos is known for his work with the Beta Squad, a group of young YouTubers who make comedic videos. Individually, each of them has gained their own following. Barrientos has accrued over 1.7 million subscribers on the site and 2.4 million on Instagram. He has also presented multiple BBC Three programs.

  • ITV Bullish in First Results Since Confirming Sky Deal, Orders Share Buyback of $135M

    ITV Bullish in First Results Since Confirming Sky Deal, Orders Share Buyback of $135M

    ITV has reported revenue growth of 2 percent in the first half of the year and revealed a £100 million ($135m) sharehold buyback in what CEO Carolyn McCall has described as a show of “commitment to attractive shareholder returns” in the wake of Sky‘s £1.6 billion ($2.13b) acquisition of the broadcaster’s network and streaming businesses.

    In the first results since the industry-rattling mega-deal was announced, ITV said the buyback and interim dividend of 1.7p totaling around £60 million ($80m) represents an “early return of part of the previously announced £950 million net cash return expected on completion of the sale.” McCall said on a call with reporters early Friday: “The announcement of the sale […] was a defining moment to ITV.”

    “And crucially,” she added, “it will also unlock the value of ITV Studios.” (The company’s production arm is not part of the deal, though the report shows Sky will commit to buying £2.1 billion in ITV Studios content between 2028 and 2032.) After news of the deal, the focus for ITV will likely be on its content and big-hitters at ITV Studios (Love Island, Rivals at Disney+), making it a potential takeover target.

    McCall mentioned the Sky-ITV transaction is subject to regulatory approval, with the U.K.’s Competition and Markets Authority having launched its review. Given this is a media merger, ITV is expecting Culture Secretary Lisa Nandy to issue a Public Interest Intervention notice “in due course,” but they still estimate the merger will complete around a year from now. They have not interacted with Nandy since announcing the deal, McCall also said.

    A combined Comcast-owned Sky and ITV would create a formidable British media group. Under the proposed structure, Sky would acquire ITV’s networks and streaming businesses (Media & Entertainment) — including the ITV channel portfolio and ITVX — while ITV Studios, the production outfit behind franchises such as Love IslandBritain’s Got Talent and Netflix hit Fool Me Once, is to be spun off as a standalone listed company, reconfirmed by McCall on Friday.

    The merged operation will sit alongside Comcast’s NBCUniversal assets, bringing together ITV’s mass-reach advertising business, public-service broadcasting obligations and sports rights with Sky’s subscription TV, streaming, broadband and mobile operations.

    Media & Entertainment (M&E) delivered a run-of-the-mill first-half performance, with total revenue up 2 percent. Total advertising revenue increased by 3 percent, with Q2 up 8 percent year-on-year. This was driven by the men’s World Cup, which attracted strong advertising and sponsorship demand from both U.K. and global brands across advertising categories, and “supercharged engagement on [streaming platform] ITVX,” according to the report, which delivered record H1 viewing, up 27 percent, with digital advertising revenue up 13 percent year-on-year.

    Notably, ITV Studios’ revenue in the U.K. was up 17 percent this half-year, but down in the U.S. by 17 percent and internationally by 24 percent, suggesting the company could be hitting a wall when it comes to that much-needed U.S. expansion. 

    Looking ahead, the company has “good visibility” over the full-year outlook and revenue, margin and profit will be weighted to H2 and particularly Q4, when a “really strong delivery schedule” comes into play. This includes The Gentlemen, The Woods and SuburraMaxima for Netflix, Line of Duty season seven and Vigil season three for the BBC.

  • World Cup Boycott Backed by All 55 UEFA Countries as Asian, North and Central American, Caribbean Members Oppose FIFA Stake Sale

    World Cup Boycott Backed by All 55 UEFA Countries as Asian, North and Central American, Caribbean Members Oppose FIFA Stake Sale

    The Asian Football Confederation has joined the North, Central America and Caribbean football association and UEFA in opposition to FIFA president Gianni Infantino’s proposal to sell stakes in its competitions to private investors. On Thursday, all 55 UEFA member associations pledged to boycott FIFA soccer competitions if president Gianni Infantino’s proposal is approved.

    “The FIFA World Cup is the pinnacle of global football and derives its strength from the participation of all Confederations and the world’s leading football nations,” the AFC said in a statement on Friday, according to BBC Sport. “Any proposal that risks undermining the unity and universal character of the competition must be reconsidered.”

    Both the AFC and Concacaf stopped short of a boycott but made clear their disapproval of Infantino’s plan. The UEFA decision to boycott came out of an emergency meeting Thursday, days after FIFA announced the plans Tuesday. The first test of the stance arrives in October, when the Women’s World Cup play-offs are scheduled.

    UEFA said a statement after the meeting: “UEFA and its 55 member associations stand as one. We unanimously and unequivocally reject FIFA’s proposal to transfer ownership interests in the World Cup and other FIFA competitions to private investors.

    The World Cup cannot be treated as an investment product. It is one of football’s greatest sporting legacies. It has been built over generations by players, national teams and supporters across every continent. No part of it should ever be surrendered to private investors. The World Cup is not for sale.”

    The new company, FIFA Forward Enterprise, has been valued at about $20 billion. FIFA would seek to sell a roughly 20% stake in the entity. Among the potential investors is Thrive Eternal, led by Joshua Kushner, brother of Donald Trump’s son-in-law Jared, according to the Financial Times.

    Among the opponents of the plan are the sport’s governing bodies in North America and Europe.

    Concacaf, which runs soccer in North America, Central America and the Caribbean, said it was “deeply concerned by the lack of due process” when the plan was conceived. The federation said it was disappointed that the plan has been revealed “before any discussion with the relevant governance bodies and stakeholders has taken place.”

    UEFA, which runs the sport in Europe, said FIFA’s plan “crosses a line that [soccer’s] governing institutions should never cross.” It added, “The soul and governance of [soccer] are not assets to trade – especially with zero transparency as to who gains financially. None of us are the owners of [soccer]. It is not FIFA’s to sell.”

    UEFA is fast-tracking efforts to hold an emergency meeting of its member associations this week, sources told ESPN, to discuss plans, including a potential World Cup boycott.

    The FIFA plan is subject to ratification by its 211 national member associations. Concacaf represents 41 members, while UEFA has 55.

    Under the plan, funds raised from the sale of a stake in FIFA Forward Enterprise would be used in part to increase annual payments to members from $2 million a year to $5 million. Each would also receive a one-off payment of $20 million.

    FIFA president Gianni Infantino said in a statement, “Every FIFA member association should have an opportunity to seek a fair share of the available funding to shape its own future, deciding for itself rather than relying on others. This is about the democratization of [soccer] worldwide.”

    Among other opponents of the plan are U.K. prime minister Andy Burnham, who said, “The World Cup is not a product. It is the greatest competition in world sport, and it was never anyone’s to sell. Dress the deal up however you like. Once you have sold a piece of it, you have sold out.”

    Much of the opposition to FIFA’s plan is focusing on the role of Infantino, and his relationship with President Trump.

    Football Supporters Europe, which represents fans, said, “The World Cup is not for sale. Enough of this charade. [FIFA] member associations — and everyone who cares about the future of the game — must stand up to the man who wants to sell world [soccer].”