Ongoing US-China trade tensions are contributing to significant fluctuations in the cryptocurrency market.

On Apr 13, 2025, the cryptocurrency market faced a shock with the sudden collapse of MANTRA's OM token, plummeting from $6.35 to $0.37 — a drop of over 90% in just hours. This drastic decline reduced its market cap from $6.11 billion to approximately $683 million, prompting comparisons to past crypto disasters, such as the Terra LUNA collapse and the FTX scandal.

MANTRA CEO John Patrick Mullin attributed the crash to reckless forced liquidations initiated by 

 (CEXs) during low-liquidity hours that exacerbated the price drop. He insisted that neither the MANTRA team nor its investors were at fault, noting that the project’s core tokenomics remained sound. However, suspicions of insider trading emerged as on-chain analytics revealed significant deposits of OM tokens into exchanges just before the crash, raising concerns among investors.

The immediate aftermath saw a crisis of confidence, with MANTRA's Telegram group disappearing shortly after the crash, fueling speculation of a rug pull. Critics accused the MANTRA team of attempting to avoid backlash by removing communication channels. Major exchanges like Binance and OKX also faced scrutiny for their roles in the situation, with OKX launching an investigation into suspicious activities dating back to March 2025.

Despite a modest recovery to around $0.73 by April 15, down over 85% from pre-crash levels, confidence in MANTRA has been severely shaken. Mullin announced plans for a recovery strategy, including a token buyback and enhanced community engagement through the $109 million MANTRA Ecosystem Fund (MEF). However, investor skepticism remains high, with critics questioning the project's management and its reliance on CEXs.

In contrast to the turmoil surrounding MANTRA, XRP has emerged as a strong contender for the next US crypto spot ETF approval. Teucrium launched the first US-based XRP exchange-traded fund (ETF), a 2x leveraged product under the ticker XXRP, which saw over $5 million in volume on its launch day. XRP currently leads the ETF filing race with ten active applications, surpassing competitors like Solana and Litecoin.

XRP's market liquidity has significantly improved, as highlighted by Kaiko Indices, making it an attractive candidate for ETFs due to stable pricing and lower trade slippage. Analysts are particularly optimistic about an upcoming SEC decision on Grayscale’s XRP Spot ETF application on May 22, which could have substantial implications for XRP’s future.

With XRP trading at around $2.09, analysts are monitoring key resistance levels at $2.24 and $2.38. This momentum suggests that XRP may soon reclaim its market share, particularly as it has shown resilience against a backdrop of bearish sentiment in options markets. The structure of Teucrium’s ETF, which utilizes swap agreements and European benchmarks, may pave the way for more crypto ETFs, signaling a shift toward broader institutional acceptance of digital assets.

As the crypto market grapples with the fallout from the OM token collapse, the developments surrounding XRP provide a glimmer of optimism. With potential regulatory breakthroughs on the horizon, XRP’s position as a foundational asset in tokenized finance could accelerate its mainstream adoption, marking a pivotal moment for the cryptocurrency landscape.

Advanced

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Bybit x Santiment social sentiment report: OM collapse and hopes of XRP ETF approval

Bybit Launchpool is an asset issuance platform that allows users to stake various cryptocurrencies to earn new project tokens without any fees. Learn more here.

Cryptocurrency enthusiasts are always on the lookout for innovative ways to grow their investments, and Bybit Launchpool offers just that. Imagine 

 your favorite tokens to earn new, promising project tokens with no fees involved! With its user-friendly platform, competitive yields and enhanced liquidity, Bybit Launchpool is transforming the way investors engage with emerging cryptocurrencies. This comprehensive guide will provide you with everything you need to know about maximizing your earnings through Bybit Launchpool. 

 is an innovative asset issuance platform that enables users to discover quality crypto assets. By staking your cryptocurrency, you gain direct access to new tokens from vetted, emerging projects, providing a unique opportunity to engage with new projects. 

To begin using Bybit Launchpool, you must first create an account on Bybit and select from the available pools to stake. Once you’ve staked your funds, your daily Launchpool yield will automatically be calculated based on the proportion of your average staked amount relative to the total staked amount of all users. After the system calculates the daily average staked amount for all participants, rewards will be distributed to your Funding Account within a few hours after midnight (12AM UTC) each day.

To calculate your daily yield, use the following formula (where β refers to the Launchpool reward): 

Daily β yield = (Your average daily staked amount in the pool / total staked amount of all participants in the pool) × daily β reward pool

Note that you'll only receive a payout if your yield equals or exceeds 0.01 USDT equivalent.

Bybit Launchpool has introduced several enhancements that improve user experience and increase earning potential.

The new Bybit Launchpool allows you to stake an increased variety of tokens, providing multiple opportunities to earn rewards. Participants can select from different projects and pools, enabling them to diversify their staking strategies and maximize their potential returns. This flexibility encourages broader participation and engagement with emerging cryptocurrency projects.

Another key upgrade is the chance to earn higher yields. By staking tokens in the Launchpool, users can acquire new tokens before they officially hit the market. This early access provides the potential to profit from price gains as demand for these tokens usually grows after listing, offering an edge over traditional trading.

The updated mechanism for reward distribution allows users to more quickly receive their earnings. Instead of waiting for days to receive their yields, users now receive their rewards within just a few hours after the daily calculation period. This faster payout system enhances liquidity and makes it easier for participants to reinvest or use their earnings sooner, adding convenience to the overall experience.

Bybit Launchpool offers a range of benefits for users looking to grow their crypto investments. By staking tokens, you can earn additional coins — including exposure to new cryptocurrencies — while 

 through daily rewards. The platform’s flexibility allows you to unstake tokens at any time, maintaining liquidity without any fees. 

VIP users on Bybit enjoy higher staking caps and/or estimated APRs as compared to regular users, allowing them to earn more from their staked assets — an appealing benefit for those with larger investments. They also gain priority access to new projects and tokens, which gives them a head start on emerging opportunities before they become widely available. 

Bybit Launchpool makes it easy to stake your cryptocurrencies and earn new tokens. Please note that you’ll need to 

 and complete Identity Verification before you can proceed with Bybit Launchpool. If you don’t already have a Bybit account, you can follow our guide 

Once you’ve created your Bybit account, here’s how to get started with Bybit Launchpool. 

: Log in to your Bybit account and hover your cursor over the 

tab on the navigation bar at the top of the page. Then, hover your cursor over 

: Scroll down to view the available Launchpools. Then, click on 

button of the corresponding Launchpool you would like to participate in.

: Input the amount you would like to stake, read and agree to the terms, and click on 

Congratulations! You’ve successfully staked tokens for a Launchpool project!

To view your staked tokens, simply navigate to the 

Once you’ve earned rewards (worth a minimum of 0.01 USDT equivalent), they’ll be automatically credited to your account daily.

Trading Launchpool Tokens on Bybit Pre-Market

Bybit's Spot Pre-Market Trading product allows users to trade Launchpool-listed tokens before they officially debut on the Spot market. To participate, users must create an account and upgrade to a 

. The trading process involves two key roles: Makers, who place orders at set prices, and Takers, who fulfill these orders completely. Both parties incur transaction fees, and sellers must provide collateral based on each token’s risk. If a seller fails to deliver on time, the buyer receives a portion of the collateral as compensation. This feature not only gives traders early access to new tokens but also aids in determining the market value of each token, enhancing the overall trading experience and offering opportunities for potential profits.

Bybit Launchpool provides an excellent opportunity for cryptocurrency enthusiasts to earn new tokens through staking, with no fees involved. The platform offers competitive APRs, a user-friendly interface and the flexibility to unstake your tokens at any time. With diverse token options and transparent daily yield calculations, Bybit Launchpool caters to both casual and serious investors, making it a valuable tool for anyone looking to engage with emerging projects while generating passive income.

Beginner

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Bybit Launchpool: Everything you need to know (updated 2025)

This article explores Hyperlane’s core features, growing ecosystem, the upcoming HYPER token’s airdrop and HYPER’s tokenomics.

Hyperlane is a permissionless, modular interoperability protocol designed to facilitate secure cross-chain messaging and asset transfers without relying on centralized intermediaries. It empowers developers to build custom bridges and interchain applications with unparalleled flexibility.

Hyperlane is a permissionless interoperability protocol for cross-chain communication across blockchain ecosystems. It allows 

 (DApps) to exchange arbitrary messages and transfer assets across chains seamlessly — without centralized relayers or approvals.

 (ISMs) — part of a modular system that lets developers define the way that cross-chain messages are verified, offering unmatched flexibility. It supports cross-VM communication, including EVM, SVM (Solana), and 

, making it ideal for today’s multichain and modular blockchain environments. 

Hyperlane’s architecture eliminates lock-in and promotes composability, laying the groundwork for a truly interconnected 

Hyperlane was co-founded by Jon Kol, Asa Oines and Nam Chu Hoai, all seasoned innovators with experience at corporations such as Morgan Stanley, Galaxy Digital, Celo and Google. In 2022, the protocol secured $18.5 million in seed funding, led by Variant Fund, with notable participation from Galaxy Ventures, CoinFund, Circle and Figment Capital.

The funding underscored growing institutional confidence in permissionless interoperability infrastructure. Hyperlane hasn’t conducted a public 

, but early community contributors and developers are expected to receive token rewards. 

The project’s approach mirrors LayerZero and Wormhole in incentivizing both users and integrators, with a focus on long-term decentralization.

Launched in August 2024, the Hyperlane Foundation governs the protocol as a 

 (DAO). It manages treasury grants and protocol upgrades, and ensures decentralization in the governance process. 

The foundation also introduced the Hyperlane Alliance, a collective aimed at expanding adoption and standards for intent-based messaging and cross-chain interoperability. 

Governance will be powered by the HYPER token, with voting rights extended to developers and users shaping Hyperlane’s future.

Hyperlane combines security, flexibility and scalability in a single messaging layer.

Hyperlane currently supports over 140 blockchain networks, including Ethereum, Arbitrum, Solana, Celestia, Base and Blast. Its messaging framework is used for:

Hyperlane’s integration with ABC Stack allows sovereign rollups to maintain control, while gaining seamless access to the broader blockchain ecosystem.

Hyperlane’s native token, HYPER, will officially launch on Apr 20, 2025, 

. To claim tokens, users must register by April 13 on the official website.

HYPER will play a central role in the Hyperlane ecosystem, as follows:

Based on official documentation, the total HYPER supply will be allocated as follows:

The community will receive 57%, broken down into 25.5% for expansion rewards, 20% for staking rewards and 11.5% for strategic launch provisions. Meanwhile, 25% will be allocated to core contributors, 10.9% to early backers and 7.1% to the Hyperlane Foundation.

Hyperlane’s distribution strategy prioritizes general message passing (GMP) activity over short-term engagement. To prevent airdrop farming, anti-

 mechanisms assign trust scores based on historical interaction, wallet behavior and transaction quality in order to ensure rewards go to real users who contribute meaningful value to the ecosystem.

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Hyperlane (HYPER): Interoperability protocol connecting over 140 blockchains

In this article, Bybit Learn explores how Mind Network is pioneering fully homomorphic encryption (FHE) tech, what makes FHE different and how you can trade FHE on Bybit Spot.

Imagine a digital world where your data stays encrypted — not just during storage and transfer, but even while it's being processed. No leaks, no vulnerabilities — and no trust required. That's the future Mind Network is building with its 

Mind Network is developing the foundational cryptographic layer for a secure and decentralized internet. By enabling computations on encrypted data, it's solving critical privacy and security challenges across 

 and AI. In this article, Bybit Learn explores how Mind Network is pioneering this tech, what makes FHE different and how you can get involved with the FHE token.

 is an infrastructure project pioneering fully homomorphic encryption (FHE) for web3 and AI. Its mission is to create a fully encrypted internet where data remains private at every stage — from storage and transmission to processing.

The project tackles key challenges in decentralized environments, including data privacy, transaction confidentiality and consensus fairness. With its 

, developed by its team in collaboration with industry partners, Mind Network aims to upgrade the web from hypertext transfer protocol secure (HTTPS) to a fully privacy-first framework.

Mind Network is led by CEO Christian Pusateri, a cryptography advocate and the visionary behind CitizenZ, Mind Network's initiative for digital sovereignty in a 

The project is backed by Binance Labs, Cogitent Ventures, HashKey Capital, Animoca Brands, Chainlink and more, and has 

. Its team has also partnered with Zama Capital to 

 — a production-ready Rust-based FHE library — into real 

The project has earned two Ethereum Foundation research grants, specifically for its FHE innovations, marking it as a standout leader in post-quantum cryptographic research.

What is fully homomorphic encryption (FHE)?

FHE is a type of encryption that allows data to be processed without ever decrypting it. This means users and systems can compute directly on encrypted data, thus ensuring full privacy at every stage.

Traditional encryption requires data to be decrypted before use, exposing it to potential threats. With FHE, the data stays encrypted during processing, eliminating those risks and removing the need to trust intermediaries.

FHE is based on lattice cryptography, which was 

 in 2024 as a post-quantum encryption standard. This makes FHE inherently quantum-resistant, future-proofing it against tomorrow's security threats.

Mind Network applies FHE across its ecosystem to support secure AI operations, encrypted consensus and decentralized governance. Resulting benefits include quantum-resistant encryption, zero-trust scalability and crypto-economic integrity.

 of the Mind Network ecosystem. It's used to activate AI agents, pay for secure computation and participate in decentralized governance.

The total supply is capped at 1 billion tokens, with 41.7% allocated to the community and airdrops. As of Apr 14, 2025, its circulating supply stands at 249 million FHE.

 is currently live, with eligibility open to CitizenZ Passport holders, vFHE voters, testnet participants and more. Tokens can be claimed on MindChain or BNB Smart Chain.

, giving users a simple and secure way to buy, sell and hold the token. As a global exchange, Bybit offers a user-friendly interface, low trading fees and fast execution speeds.

Bybit is running an exciting campaign for new and existing users, lasting through Apr 24, 2025, 9AM UTC. Simply deposit and trade FHE for a chance at winning a share of 3,600,000 FHE. Head to the 

Intermediate

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Mind Network (FHE): Pioneering fully homomorphic encryption tech

Bybit Learn

Options

Crypto options are a fairly new financial instrument that require a modest sum for potentially high returns. Explore the hype around them with Bybit.

In every financial market, contracts form the basis of things. Contracts are legally binding agreements designed to serve specific purposes and needs. In financial markets, contracts are crafted to make a profit and are also known as “financial instruments” — abstract tools made to generate profit.

One such instrument that’s been developed to make a profit is options. As with other 

, options contracts track the underlying asset's price, i.e., its value is dependent largely on other instruments' price (cash or derivatives). An option is a contract that empowers a party to buy/sell a financial instrument at a predetermined price, on or before a predetermined date.

In their bid to become mainstream, cryptocurrencies are adopting several financial processes and instruments, with options being one of the latest instruments to be integrated into the crypto ecosystem.

 against existing risk and provide greater market exposure, diversifying one’s portfolio and enabling increased profit margins. 

Apart from this, options also allow traders to use a small amount of money to control a larger position value (leverage). As only a small amount is involved, the ROI on options trading is much higher than that of other types of trading.

Yes, there are options in cryptocurrency, and this sector of the market has experienced tremendous growth in the past few years, with outstanding contracts 

Crypto options gives a person the privilege (not obligation) to buy or sell the underlying 

 at a preset price on or before the expiration date after a premium is purchased. They’re used by options traders for speculation (potential profit if the asset moves in your direction), or by investors for hedging. As we know, volatility is rife in the crypto market, making crypto options a popular choice for investors. Currently, the most popular crypto options are 

. Before we proceed, a couple of definitions are in order.

 The amount a person pays to secure the rights provided by the contract. 

 The price at which a person has the right to buy the underlying asset (for a call option), or the price at which a person has the right to sell the underlying asset (for a put option).

There are two types of options contracts: 

, you can either buy call options or sell call options. 

When you buy a call option, you are essentially buying an underlying asset at a particular predetermined price, regardless of the market price before/at the contract’s expiration. 

When speculating in the financial market, you can purchase a call option when you believe the market price at the contract expiration will be higher than the strike price. In short, you anticipate that the value of the options will increase — the more its value increases, the more you will earn.

For example, Shaw purchases an Ethereum call option that will expire after a week, with a premium of 25 

 and a strike price of $3,000. When the price of ETH moves from $3,000 to $3,200, he may decide to close his position before the validity period elapses, and his gross profit will be $175 [i.e., ($3,200-$3,000-$25)/market price at execution − strike price - premium].

On the other hand, call option selling (naked call) is carried out when a trader expects the price of the underlying wallet to remain flat or move lower. 

Given the example above, as long as the price at expiry does not go to/go below the strike price of $3,000, and the buyer does not exercise the contract, you will collect the full premium of 25 USDT.

A call option entitles you to buy an underlying asset at a particular predetermined price, regardless of the market price before/at the contract's expiration. 

 allows you to sell the underlying asset at a predetermined price before/at the expiration of the contract, regardless of the market price at that time. 

Similar to calls, you can buy put options or sell put options. When you buy a put option, you are essentially selling the underlying asset at a predetermined price before/at the expiration of the contract, regardless of the market price at that time. 

When trying to secure the gains of minting or investing, a person could enter a put option contract to ensure the asset retains substantial value. A speculator could also purchase a put option if they believe the price of the underlying asset class would be lower than the strike price, in order to make a profit, by repurchasing it at a lower price than the one at which they bought it.

 when the price of 1 BTC was $48, 000. As she expected its price to fall, she bought a put option from her crypto exchange that gave her the right to sell her asset at a strike price of $45,000 after 2 weeks. When the price of BTC got to $40,000, Chris exercised her right and profited $5,000 as a result.

On the other hand, put option selling (naked put) is carried out when a trader expects the price of the underlying wallet to go up.

Using the same example above, a trader who sells Chris the option is betting that the price of BTC will go up. If the price of 1 BTC goes up to more than $48, 000 e.g., $50, 000, at the date of expiry, the option will expire worthless and the seller will get to keep the full premium.

As contracts, options usually involve two parties: a trader and an exchange. An options seller places a contract order on the crypto exchange, with the expiration date and the strike price specified. Then, a buyer is matched with the order by the exchange.

To ensure fairness, the cost of the premium is determined by the amount of time remaining on a contract before its expiration, the

 of the underlying asset, the market price of the underlying asset, and 

This is a strategy regularly used in trading options. As its name implies, the bull put strategy is used when a trader or speculator believes that the underlying asset will experience a slight price increase. 

 can also be achieved with OTM i.e., selling a put option at a higher strike price and buying another put option at a lower strike price, with the same date of expiration (DTE).

The key here is that you want to sell the higher strike, and buy the lower strike. However, although the risks are fairly low, this strategy is not immune to risks. The potential loss would be the difference between the two strikes, minus the credit received.

If the asset price is lower than the strike price at the expiration, both put options will expire ITM, and a loss would be recorded.

For example, a crypto investor is bullish on Bitcoin,  whose current price is at $48, 000. The investor sells a put option for a premium of $2,400, at the strike price of $48,000 with a 1-month date to expiry (expiring in one month). Concurrently, he buys another put option for $800 with a strike price of $45,000 expiring in one month. The investor receives a net profit of $1,600 ($2,400-$800 premium paid) for the two options. This is called the “

If things go south and Bitcoin’s price drops to between $45,000 and $48,000 at the date of expiry a month later, the investor would likely make a loss. If Bitcoin’s price goes even more bearish and drops below $45,000, the investor would incur a max loss capped at $45,000 - $48,000 + $1,600 = -$1,400.

This is the inverse of the bull put strategy. When an investor feels moderately 

 is the right way to go, as it reduces cost and risk while simultaneously offering the chance to profit.

To execute this strategy, you buy a “buy put” option and simultaneously purchase a “sell put” option with a lower strike price. Both contracts need to be of the same asset and same expiration date.

For example, if the asset is trading around $65, you can buy a strike put at that price (or around it) for $5 (this equals $500 as premium), while selling another put option that has a strike of $60 at $3 (this equals $300). Note that the two options are to be executed at the same time. 

It’s ideal to place the orders as a spread to do this. The net debt is $2 per spread. The premium of $200 is the maximum loss that can be recorded. If the price drops to $50, you get a gross spread of $5, while the net spread is $3 (this equals $300).

 makes use of four contracts: two puts (a long and a short) and two calls (a long and a short). They’ll all have four strike prices and the same expiration date. It profits from low volatility (small moves in prices). 

The American-style options contract is a method where the execution of the contract can happen before the expiration date stated in the contract. In comparison, the European-style options contract requires that the contract be settled only after the contract's expiration.

A cash-settled options contract is a procedure of settlement in which the contract is settled by the cash equivalent of the underlying asset upon execution if the contract is in their favor. But physically-settled contracts are settlement styles in which the underlying asset is used to execute the contract. 

For example, if Sandra closes her call options position that allows her to buy 10 

 at a strike price of $136, and the market price is $170, instead of receiving a credit of $340 as gross profit ($170 - $136 × 10), she’s credited with the amount of Litecoins the profit can buy, which is 2 LTC ($170 + $170 = $340). 

In stock options trading, 1 contract is equivalent to 100 stocks. Thus, when the price of a stock goes up by $1, the investor profits $1 x 100 stocks = $100. 

However, when it comes to crypto options trading, using BTC as an example, 1 contract = 1 BTC. When BTC’s price goes up by $1, the profit earned is $1 x 1 coin = $1. To get the same $100, an investor will have to buy 100 contracts or 100 BTC. 

These two financial derivatives are remarkably similar, as they both track underlying assets and allow people to speculate on them. They also allow traders to take long (call) and short (put) positions.

However, their features differ slightly in their modes of operation. Let's see how.

An options contract allows you to buy an underlying asset at a price other than the current market price. It also gives you the “option” of buying/selling the underlying asset. However, in a 

, this move is an obligation, a duty that isn't based on the holder's discretion. This means that if the market moves against the direction of a futures contract, the position will be closed at the expiration date. As it’s a type of 

Compared to options contracts, futures contracts are high-risk/high-reward. Unlike options contracts, where the maximum potential loss is limited to the premium paid for the contract, with a futures contract the loss depends on how much the price has moved away from your entry at the expiration date. The stakes are high with futures: While there’s potential to make a lot of money, you could potentially lose a lot of money as well.

) are contracts with no expiration date. They allow traders to close their positions (if they’re gaining) at any time. At times, their 

 if the market moves away from their predictions as a result of the 

This means that all perpetual contracts are settled in cash, as there is no expiration date when they’ll be physically settled. That is, all perpetual contracts are American-style.

The crypto-financial space is relatively new, and complex instruments are just gaining a foothold in 

 technology-backed assets. The dearth of regulation is concrete proof of this assertion. However, we can't deny the potential that cryptocurrencies have in revolutionizing the financial space. 

Options trading is widely gaining popularity in the crypto ecosystem. With potentially high-profit margins and calculated risk, consider adding crypto options to your portfolio for diversification.


Crypto Options: Why They Deserve a Place in Your Portfolio

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Grab Up to 5,000 USDT in Rewards