Daily Crypto News Digest: What’s Happening in Crypto Today

In today’s crypto landscape, market enthusiasts are observing an upward trend across various digital assets. Significant developments have also emerged from decentralized finance (DeFi) protocols and NFT ticketing innovations. Here’s a detailed look at today’s crypto news.

Crypto Market Performance

The global cryptocurrency market has shown a positive movement today, with a market capitalization increase of 1.2%, reaching approximately $3.46 trillion. Daily trading volume has been recorded at around $124 billion.

Among the top ten cryptocurrencies by market capitalization, the performance is mixed. TRON (TRX) has emerged as a standout performer, increasing by 2.4% to a trading price of $0.2716. Following close behind is Solana (SOL), which rose by 1.7%, priced at $168. Conversely, Cardano (ADA) saw the largest decrease in this group, with a modest downturn of 0.7%, currently trading at $0.7381. Bitcoin (BTC) experienced a slight increase of 0.6% to $105,498, while Ethereum (ETH) noted an uptick of 1.2% at $2,544. Among the broader spectrum of the top 100 cryptocurrencies, Aave (AAVE) led the performance charts with an impressive surge of 15.5%, now priced at $267.23. Curve DAO (CRV) followed with a 7.2% rise to $0.7346. However, significantly fewer cryptocurrencies are in the green compared to earlier data. Tech-focused tokens such as Story (IP) and Dogwifhat (WIF) recorded declines of 5% and 3.5%, respectively.

Sky Replaces MKR as the Sole Governance Token

In a significant development in the DeFi space, the lending protocol Sky, previously known as Maker, has completed its transition to a new governance token, SKY, replacing the MKR token. This modification enables the SKY token to embody all governance functionalities previously attributed to MKR.

According to their recent press release, users holding MKR are offered the opportunity to upgrade their tokens to SKY at a conversion rate of 1 MKR for 24,000 SKY. Notably, the Sky Ecosystem Governance has introduced a Delayed Upgrade Penalty set to begin on September 18, 2025. This policy will gradually reduce the amount of SKY received for MKR upgrades by 1% every three months.

Furthermore, the migration includes the activation of SKY staking via the Sky.money web app, promising USDS reward payouts to participants in the upcoming weeks. Initially, liquidations on SKY-backed vaults for SKY stakers are temporarily suspended, aiming to foster market stability during this transition.

"This transition demonstrates our commitment to enhancing governance efficiency, increasing voter participation, and ultimately supporting the long-term scalability of our ecosystem," the announcement stated.

Chiliz and Naver Pay Launch NFT Ticketing

Chiliz, a prominent blockchain provider for sports and entertainment, has partnered with Naver Pay to introduce an innovative NFT-based ticketing system at the 2025 NH Investment and Securities Ladies Championship in South Korea. This initiative marks a significant milestone as it is the first major domestic sporting event to adopt NFT ticketing.

Fans attending the championship between May 9 and 11 accessed the event using tickets issued on the Chiliz Chain, conveniently stored in the Naver Pay digital wallet. Each tournament round saw the minting of digital collectibles, granting ticket holders exclusive rewards.

Approximately 30,000 attendees participated in-person, while an additional 20,000 viewers followed the event live via Naver’s streaming platform, Chzzk. Both teams emphasized the implications of this partnership, noting that Naver Pay’s 33 million users greatly enhance the potential for blockchain-based assets to gain mainstream traction in South Korea.

Looking ahead, Chiliz aims to forge further partnerships with local leagues and tech companies to expand its influence in the Korean sports industry, including upcoming projects like fan tokens and decentralized autonomous organizations (DAOs).

Cake Wallet Introduces Bitcoin Privacy Upgrade

Cake Wallet has launched a significant enhancement to its non-custodial crypto wallet, allowing users to conduct private Bitcoin transactions with ease. The new feature enables users to send and receive BTC through a privacy-focused protocol without the need for advanced technical setups.

The recent upgrade, designated as Payjoin v2, allows for asynchronous, serverless transactions, meaning sender and receiver do not need to be simultaneously online. This enhances user privacy by obscuring the relationship between sender and receiver while maintaining transaction amounts.

CEO Vikrant Sharma highlighted the significance of this upgrade, stating, “With this improvement, Bitcoin users are taking strides towards enhanced privacy integrated directly into a mainstream wallet.”

Conclusion

Today’s developments across the crypto landscape reiterate the sector’s dynamic nature, highlighting significant advancements in governance structures, ticketing technologies, and privacy enhancements. As the market evolves, stakeholders continue to adapt, fostering a future that endeavors for more responsive and inclusive digital financial ecosystems.

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