The digital asset market starts the new week with a cautious decline. Key events of the past 24 hours include a strategic pivot in the development of one L1 blockchain, the emergence of an innovative credit product, and a major legal victory for one of the oldest exchanges. Let's break down the details.
Market Dynamics: A Slight Correction After Growth
As of 07:35 Moscow time, Bitcoin (BTC) is trading at $62,838, equivalent to approximately 4,899,076 rubles. Over the past 24 hours, the asset has fluctuated in a range from $62,505 to $64,189. Ethereum (ETH) is also showing a downward trend, sitting at $1,754 (about 136,762 rubles).
Among the top ten by market cap, the best daily performer is TRON (+0.22%), and the weekly leader is Ethereum (+10.39%). The largest losses over 24 hours are recorded by Dogecoin (-3.05%). Notably, all coins in the top ten are in the green zone for the week.
Among the top 100, Zcash stands out with a daily gain of +7.50%, while the weekly leader remains MemeCore (+71.61%). The worst daily performance is shown by Bonk (-8.42%), and the weekly laggard is Audiera (-32.12%).
Secret Network Leaves the Cosmos Ecosystem
One of the pioneers in private smart contracts, the Layer 1 blockchain Secret Network, has announced its intention to migrate from the Cosmos network to a Layer 2 solution for Ethereum — Arbitrum. This is not just a technical update, but a fundamental strategic pivot.
The main reason is the growing security risks associated with the development of artificial intelligence. Developers note that old code is becoming increasingly vulnerable to analysis by advanced AI models, which sharply reduces the cost of attacks on outdated protocols. The final decision was prompted by a June bridge hack that resulted in the theft of $4.7 million. The team also points to an outflow of liquidity and developers from the Cosmos ecosystem.
A snapshot of native token SCRT balances is scheduled for September 1, after which a new ERC-20 standard token will be issued on Arbitrum. The market reaction was immediate: SCRT crashed by 24% in a day, indicating an extremely negative perception of the news by holders.
Strike Offers Loans Without Liquidations
Financial services platform Strike has launched a new product — a so-called "volatility-proof" loan backed by Bitcoin. The main innovation is the absence of margin calls and forced liquidations. CEO Jack Mallers stated that regardless of how deep BTC falls, the client's collateral remains untouched.
Terms: the maximum loan-to-collateral ratio is 45% (against BTC worth $100,000, you can get up to $45,000). The rate is 2.95 percentage points higher than Strike's standard product, reaching 14.2% APR. The loan term is six months. The additional premium goes towards hedging risks. In case of late payment, the client has 10 days to resolve the situation, after which Strike may begin selling the collateral.
This product is a direct response to criticism of Strike's first credit service, which triggered a wave of liquidations in May 2025.
Kraken Wins $22 Million from Former Auditor
The parent company of crypto exchange Kraken — Payward — won a $22 million arbitration against its former auditor, Mazars USA. The reason for the lawsuit: in 2022, during the height of Operation "Choke Point 2.0," the auditor abruptly terminated a nearly completed audit of Kraken, causing reputational damage to the exchange. Mazars confirmed in writing that they had no complaints against the exchange's management, citing uncertainty due to an SEC lawsuit. This lawsuit, like almost all other regulatory cases against crypto companies, was later dismissed after Gary Gensler stepped down as SEC Chairman.
Analyst Comment: The Secret Network migration is a worrying signal for the entire Cosmos ecosystem, demonstrating that even niche L1 projects are not immune to a "brain drain" and capital flight to more liquid ecosystems. At the same time, Strike's launch of "liquidation-free" lending could be a game-changer in DeFi, if the hedging mechanism proves truly resilient during extreme market movements. The Kraken case ruling is further confirmation that the regulatory pressure of previous years is gradually fading away.