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Speaking to Andrew Sorkin on CNBC's "Squawk Box" program on Monday, Pantera Capital founder and Managing Partner Dan Morehead revealed that Solana is the venture capital firm's largest crypto position. Responding to a question comparing the outperformance of different blockchains and asking if it's a winner-take-all market, "No, it isn't," Morehead said. "It's not like there's not a winner-take-all on the internet, right? We have lots of different internet companies. There will be lots of blockchains that are important, but our biggest position is Solana. We have $1.1 billion of Solana on our books." That represents around 23% of the firm's total $4.7 billion in assets under management, according to its website. While there are lots of internet companies, there are not a lot of protocols, Sorkin highlighted, pushing the Pantera founder on how many crypto protocols he thought would survive long term. "I think there's a single-digit number of Layer 1s, things like Bitcoin, Ethereum, Solana, not thousands, but definitely not one," Morehead said. In May 2024, Pantera made what it described at the time as its "largest-ever investment" in TON, the native cryptocurrency of the TON blockchain, closely linked to the messaging app giant Telegram. However, the amount was not disclosed, and since the mini-game hype cycle surrounding Telegram and TON blockchain came to an end around the same time, TON is down around 60%, according to The Block's price page. Pressed on whether any better crypto technologies were emerging, "Well, right now it's Solana," Morehead said. "We've had huge positions in Ethereum in the past; we used to be 100% Bitcoin, something could come out tomorrow. [But] Solana can do 9 billion transactions a day, which is more than all capital markets combined. So it's not obvious you need that next thing past Solana." Regarding long-term price action, Morehead said that Bitcoin remains a single-digit percentage of global wealth, anticipating it could reach $750,000 in the next four or five years. However, with Solana just 5% of Bitcoin's market cap, he believes it will outperform over time. Earlier on Monday, Pantera announced that it was leading a private investment in public equity offering alongside Summer Capital for Helius Medical Technologies to raise over $500 million to launch a Solana treasury company. The Nasdaq-listed micro-cap firm jumped 142% by Monday's close following the news. "For 12 years, we've been trying to provide access, but it's normally to very institutional investors," Morehead told Sorkin. "This is the first product we've ever offered that you can just go buy at your brokerage account. So it allows access to cryptocurrencies to kind of normal investors. And so far, Solana doesn't even have an ETF, so it's very, very difficult for a normal investor to get access to Solana." Bitcoin and Ethereum 'monster move' Later in the day, Tom Lee, Managing Partner at Fundstrat and Chair of Ethereum treasury firm BitMine, told CNBC's Dominic Chu on "Closing Bell" that if the Federal Reserve cuts rates as expected, Bitcoin and Ethereum are likely to be the biggest crypto beneficiaries, alongside the Nasdaq 100 and small caps. Describing the current bull market as mid-cycle, Lee said the next leg of the rally is contingent on the Fed cutting, helping the ISM manufacturing index to get back above 50 for the first time in 31 months, and bringing down mortgage rates, especially in an environment where the labor market has slowed. "I'm looking at September 98 and September 2024 as the playbook, because those are both years where the Fed was on an extended pause, and they cut in September," Lee said. "The number one trade is NASDAQ 100. So I think that's why the MAG-7 and the AI trade get a lot of liftoff." "The second is monetary liquidity sensitivity, global central banks' easing. That's Bitcoin and Ethereum. And seasonally strong, I think they could make a monster move in the next three months, like, huge," he added. "And the third, of course, is interest rate sensitives. That's really small caps and financials, but really the first two might be the standout trades." Bitcoin mainly reacts to monetary policy and liquidity, while Ethereum is both liquidity-sensitive and tied to broader innovation — from AI and Wall Street adoption to stablecoins, Lee said. He likened Ethereum to the post-1971 dollar era, calling it a "growth protocol," which is why BitMine is heavily accumulating it. Disclaimer: The Block is an independent media outlet that delivers news, research, and data. As of November 2023, Foresight Ventures is a majority investor of The Block. Foresight Ventures invests in other companies in the crypto space. Crypto exchange Bitget is an anchor LP for Foresight Ventures. The Block continues to operate independently to deliver objective, impactful, and timely information about the crypto industry. Here are our current financial disclosures. © 2025 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

To truly understand how Ston.fi works, you must understand the concept of Automated Market Makers (AMMs). AMMs are the engine behind most decentralized exchanges, including Ston.fi. Unlike centralized exchanges where buyers and sellers place orders in an order book, AMMs use smart contracts and mathematical formulas to determine prices automatically. On Ston.fi, every token pair (for example, TON/USDT) exists inside a liquidity pool. These pools are funded by users called liquidity providers. Instead of matching buyers and sellers, the AMM allows users to trade directly against the pool. When someone buys a token, its quantity in the pool decreases, and its price increases. When someone sells, the opposite happens. The most common pricing formula used by AMMs is: x × y = k Where: x = amount of token A y = amount of token B k = constant This formula ensures that liquidity is always available and prices adjust automatically based on supply and demand. One major advantage of AMMs on Ston.fi is continuous liquidity. Traders never have to wait for another trader to take the opposite side of a trade. As long as liquidity exists in the pool, swaps can happen instantly. Thanks to TON’s high throughput and low fees, these swaps are fast and affordable. However, AMMs also introduce an important concept called impermanent loss. This occurs when the price of tokens in a pool changes significantly compared to when you deposited them. While liquidity providers earn trading fees, price volatility can sometimes reduce overall returns. Impermanent loss is not a permanent loss unless you withdraw at the wrong time, and in many cases, fees and farming rewards can offset it. Understanding AMMs helps you make smarter decisions—whether you’re swapping tokens or providing liquidity. It explains why prices move, how pools work, and what risks exist. Mastering this concept is a big step toward becoming confident in DeFi on Ston.fi.

The year 2025 marked a pivotal period for Toobit, as the exchange repositioned itself not only as a high-performance derivatives hub but also as an entity focused on global regulatory integration, institutional-level security, and international expansion. During the year, Toobit pursued a strategy centered on equipping traders with maximum leverage capabilities while simultaneously establishing a foundation built on trust, proactive compliance, and enterprise-grade safeguards. This approach was aimed at attracting institutional confidence and securing access to regulated regional markets. Operations throughout 2025 focused on delivering advanced trading tools and user-first innovations designed to provide traders with a competitive advantage. These efforts were supported by external security audits, reliable trading infrastructure, and competitive fee structures. Regulatory Alignment and Security Framework A key element of Toobit’s 2025 strategy was regulatory positioning in Europe. The exchange successfully acquired a Virtual Asset Service Provider (VASP) registration in Poland, granted by the Polish Financial Supervision Authority (KNF). The registration process included an assessment of Toobit’s Anti-Money Laundering (AML) and Know-Your-Customer (KYC) procedures, which were confirmed to align with current European Union financial standards. The VASP registration positioned Toobit ahead of the upcoming Markets in Crypto-Assets (MiCA) framework, providing regulatory stability for traders as European crypto regulations continue to develop. Security and compliance efforts were expanded through a multi-layered framework supported by third-party validation. Toobit completed external audits and penetration testing conducted by Hacken on its mobile applications, as well as full-suite security testing with SlowMist. Additional compliance and monitoring capabilities were strengthened through partnerships with Beosin and Elliptic, supporting real-time AML screening and transaction monitoring. Toobit also integrated Fireblocks custody infrastructure, using Multi-Party Computation (MPC) technology to enhance digital asset protection and eliminate single points of failure. Financial Safeguards and Travel Rule Compliance As part of its risk management strategy, Toobit launched a $50 million Shield Fund, fully financed by the exchange. The fund provides protection against losses resulting from internal technical or security failures, with a publicly accessible dashboard displaying fund transparency. Toobit also aligned with FATF Travel Rule requirements by joining VerifyVASP and integrating with the CODE Travel Rule Alliance, supporting compliant cross-border transfers and reducing friction for large transactions. Derivatives Expansion and Product Innovation In derivatives trading, Toobit expanded both leverage and contract diversity. The exchange introduced up to 200x leverage on selected perpetual contracts, alongside new products including USDC-M Perpetual Contracts, FX Futures, and Event Contracts. The launch of a Shariah-Compliant Islamic Account further expanded access by offering a Riba-free spot trading environment. Professional trading tools were integrated across the platform, including TradingView, CCXT, and Altrady, supporting algorithmic and high-frequency trading. Toobit also launched Toobit Synapse, an AI-powered market intelligence tool, and introduced multi-model AI Copy Trading combining several AI engines into a unified trading system. Infrastructure upgrades included TON integration for faster and lower-cost USDT transactions, along with the introduction of the Futures Best Bid Offer (BBO) feature for faster execution. Awards and Industry Recognition Toobit’s 2025 strategy received industry recognition through multiple awards. The exchange was named Digital Asset Derivatives Platform of the Year at the Hedgeweek Global Digital Assets Awards 2025. Additional awards included Best CEX User Interface and Best CEX Educational Platform at the Blockchain Life Awards 2025, as well as Best New Cryptocurrency Exchange and Best for Derivatives at the WeMoney Cryptocurrency Awards 2025. Toobit also received Best Crypto Exchange MENA 2025 at the World Business Outlook Awards. Market Presence and Community Engagement The exchange expanded its global presence through regional sponsorships, language support expansion, and high-profile global events. Community engagement was supported through large-scale trading tournaments, including the Toobit International Futures Tournament (TIFT 2025) with a $3 million USDT prize pool, alongside additional trading challenges and reward programs. Toobit also introduced compensation initiatives for traders who experienced losses on other exchanges, offering bonus funds to support a fresh start. Outlook The developments of 2025 reflect Toobit’s focus on combining derivatives innovation with regulatory compliance, institutional-grade security, and global market expansion. The groundwork established during the year positions the exchange for continued growth, with an emphasis on precision trading, security safeguards, and regulated market access.

A lot of people still don’t fully understand one thing: everything in crypto moves in cycles. It goes round and comes back again. From trading, airdrop hunting, Web3 jobs, to the events you see happening in Dubai — BBW, EthCC, Solana Conference, and others — Token2049 is the only major event whose timing is different from most of the rest. If you can’t read these cycles and follow them at the right time, you’ll keep struggling in this space. And when people say “follow the trend,” they don’t mean waiting until the trend is already on fire before you jump in. You need to know how to spot things early, follow them from afar, enter early, and harvest later. That’s the only way to stay comfortable in Web3 in the long run. Whether you’re trading, hunting airdrops, doing Web3 jobs, or anything else. There are small signals and ongoing actions from the TON team that could reignite the TON (Telegram ecosystem). These actions include providing developers with better tools and a friendly blockchain environment to build applications on $TON . Pavel Durov (Telegram’s founder) himself has said he’s considering putting much stronger focus on strengthening TON’s technology. This doesn’t need a long explanation to understand what it means. When signs like this start showing up, you take action early and know what to do — not when it’s already too late and you’re left regretting. That’s why I brought THIN mining to you some days ago, and Tonso just the day before yesterday. I’ve done my part. Whoever is ready should prepare well so we can hustle properly.

The TON Trade Most People Are Missing Right Now Everyone is hunting “the next big thing.” But the real opportunity is usually simpler: Find where liquidity is forming early. On TON, that place is increasingly STON.fi. Fast swaps. Near-zero fees. Non-custodial execution. When traders quietly migrate like this, it’s rarely random — it’s positioning. By the time it’s obvious, the edge is already gone. Follow liquidity. Not noise. #StonFi #TON #BitgetInsights #CryptoTrading