edgeX Sets March 31 TGE; SK Hynix Eyes U.S. ADR Listing

Yesterday's market brief Media: U.S. targets April 9 to end Iran war; Tehran denies talks as strikes continue Israeli outlet Ynetglobal reported that following remarks by President Trump, an Israeli official said Washington has set April 9 as the target date for ending the war with Iran. The official said Iran-U.S. talks are expected later this week in Pakistan, adding the U.S. has not updated Israel on any contacts with Iranian Parliament Speaker Mohammad Bagher Ghalibaf. The official also said meeting the deadline would allow Trump to visit Israel on Independence Day and receive the "Israel Award." The official said Iran at times fires 12–15 missiles per day and on other days around seven, while struggling to mount large-scale barrages, partly due to damage to its command-and-control systems. Iran has publicly denied negotiations are underway. U.S. "Clarity Act" draft on stablecoin yield draws crypto industry pushback CoinDesk reported that updated language in the U.S. Senate's Digital Asset Market Clarity Act has sparked criticism over how it addresses stablecoin yields. Sources said the text is overly narrow and ambiguous. In revisions released last Friday by Senators Angela Alsobrooks and Thom Tillis, the draft explicitly bans users from earning returns solely for holding stablecoin balances and limits yield structures that resemble bank-deposit interest. It permits only activity-based yield programs, though eligibility standards remain unclear. Crypto industry representatives reviewed the revised draft in a closed-door Capitol Hill meeting on Monday. The banking sector has argued stablecoin yields should not compete with interest-bearing deposits, warning such products could weaken banks' lending capacity. edgeX to run EDGE token TGE and listing on March 31 Decentralized derivatives platform EdgeX said on X it will conduct the EDGE token TGE and listing on March 31. Aave V4 Ethereum mainnet activation proposal passes Snapshot vote Aave Governance Forum said a proposal initiated by Aave Labs to activate Aave V4 on Ethereum mainnet passed via Snapshot. V4 introduces a modular Hub-and-Spoke design: a Liquidity Hub manages shared liquidity, while Spokes define separate lending environments, enabling finer risk pricing and credit expansion. The initial rollout will set up three liquidity hubs—Core Hub, Prime Hub, and Plus Hub—covering assets including wETH, wBTC, USDC, USDT, and GHO. Deployment starts with conservative parameters focused on security; future changes to limits, asset coverage, and new Spoke setups will be phased in through the DAO. Aave said the V4 security review ran about 345 days and included audits by Trail of Bits, Blackthorn, ChainSecurity, plus public security competitions, supported by a $1.5 million security budget. After launch, V4 will go live on pro.aave.com, followed by an AIP submission with full risk parameters for formal activation. Balancer cofounder: Balancer Labs to shut; protocol shifts further toward DAO structure Balancer cofounder Fernando Martinelli said Balancer Labs (BLabs) will be wound down. He said the corporate entity has become a drag on protocol development, carries ongoing legal risks related to the v2 vulnerability incident on November 3, 2025, and lacks a sustainable revenue model. Core BLabs team members are expected to transition into Balancer OpCo via governance votes, with proposals submitted by Marcus and Danko. Martinelli said the protocol will continue operating and backed a proposed tokenomics overhaul that includes cutting BAL emissions to zero, ending veBAL, routing 100% of protocol fees to the DAO treasury, lowering the v3 protocol fee split to 25% to attract organic liquidity, and offering a buyback-based exit option for BAL holders. SK Hynix plans new share issuance and U.S. ADR listing; aims to raise KRW 10–15 trillion The Korea Economic Daily reported that SK Hynix is planning to issue new shares and list American Depositary Receipts (ADRs) in the U.S., with the offering sized at roughly 2.4% of total shares. Proceeds are expected to fund expansion in high-bandwidth memory (HBM) capacity and support development of the Incheon semiconductor cluster, reinforcing its position in the global AI semiconductor market. SK Group Chairman Chey Tae-won previously said at NVIDIA's GTC 2026 developer conference that the company is actively advancing its ADR listing plan. Strategy launches two ATM programs totaling $42 billion Strategy announced two at-the-market (ATM) offerings: a $21 billion STRC ATM program and a $21 billion MSTR ATM program, for a combined $42 billion. Strategy adds 1,031 BTC; holdings reach 762,099 BTC Strategy said it bought 1,031 Bitcoin last week for about $766 million, at an average price of roughly $74,326 per BTC. As of March 22, 2026, the company holds 762,099 BTC with a total cost basis of about $57.69 billion, implying an average purchase price of about $75,694 per BTC. Bitmine adds 65,341 ETH; total holdings about 4.66 million ETH PRNewswire reported that Ethereum treasury company Bitmine Immersion Technologies increased its holdings by 65,341 ETH last week. Its crypto asset portfolio includes 4,660,903 ETH, 196 BTC, $95 million in equity stakes in Eightco Holdings, and $200 million in shares of Beast Industries. The company has also staked 3,142,643 ETH, valued at $2,072 per ETH for a total of about $6.5 billion. Prediction-market VC fund launched by early Kalshi employees; backed by Kalshi and Polymarket CEOs Fortune reported that early Kalshi employees Adhi Rajaprabhakaran and Noah Zingler-Sternig are raising up to $35 million for 5c (c) Capital, a new venture fund focused on prediction-market startups. Kalshi CEO Tarek Mansour and Polymarket CEO Shayne Coplan have invested. Other early backers include a16z cofounder Marc Andreessen, Ribbit Capital founder Micky Malka, and former Multicoin Capital managing partner Kyle Samani. The fund plans to invest in around 20 companies over the next two years, with a first close expected within one month. ParaFi raises $125 million for new venture fund; AUM about $2 billion Bloomberg reported that New York-based digital asset manager ParaFi raised $125 million for a new venture fund this month, with KKR & Co. cofounder Henry Kravis among the investors. ParaFi also said it has raised an additional $325 million for existing digital-asset investment strategies since the start of 2025. Combined, the firm now manages roughly $2 billion. Market trends: recommended reading - "Tokens may not need a Chinese name, but the business behind them does." An analysis of how translating "token" has become a high-stakes debate as tokens become units for cloud billing, a key revenue lever for large models, and a metric in national AI statistics. - "Gold betrayed everyone." A look at gold's sharp drop during the Middle East conflict and the argument that gold is behaving more like a risk asset under liquidity stress and leveraged liquidations. - "What explains the divergence between gold and oil?" A discussion of why gold has slipped while oil surged, and why the path forward hinges on developments in the U.S.-Iran conflict, including whether the Strait of Hormuz can reopen. - "Iran war, four-phase scenario: Week 6 is the turning point; July is the real buying window." A framework for how the conflict could affect energy prices, inflation, and Fed policy, alongside implications from accelerating AI adoption. - "AI agent outputs are garbage? You're unwilling to burn tokens." A piece linking agent output quality to token usage, offering methods to improve results while noting token limits in generating novelty.