XYO Network has onboarded more than 10 million nodes to its decentralized physical infrastructure network (DePIN), co-founder Markus Levin told Cointelegraph in an interview.

The nodes mostly comprise human users who provide data in exchange for rewards via the network’s mobile application, COIN. “The vast majority of our 10 million nodes are mobile users, but some are IoT devices like smart speakers,” Levin told Cointelegraph. 

Approximately 80% of XYO’s users are non-crypto natives who are participating in Web3 for the first time, he added.

They include truckers, rideshare drivers, delivery people, and nurses among others, Levin said, adding that “95% convert after onboarding through the COIN app.”

XYO launched a layer-1 blockchain network in January. Source: XYO

Related: DePIN XYO launches on Solana

DePIN Tokenomics

In exchange for data, XYO awards its users points that are redeemable for its native XYO token, as well as “BTC, ETH or even gift cards,” he said. 

In October 2024, XYO bridged its native token to Solana (SOL) in a bid to reach more users. The XYO token has a market capitalization of roughly $180 million as of May 2, according to data from CoinMarketCap.

XYO earns revenue by collecting and validating data in sectors ranging from real-world assets (RWAs) to gaming. It then uses a portion of that income to buy back XYO. 

In January, XYO launched its layer-1 blockchain, which collates real-world data from across XYO’s nodes onto a public ledger. 

The network’s validators stake XYO and earn rewards denominated in XL1, the network’s newly-launched gas token. 

XYO has a market capitalization of around $180 million. Source: CoinMarketCap

DePINs are blockchain protocols aimed at decentralizing real-world infrastructure and systems, including communications networks, data warehouses, energy markets, and more.

They are among Web3’s “next big use case[s],” with the potential to onboard “a significant number of new users to the crypto space,” according to a September 2024 report by MV Global, a Web3 investing firm.

According to MV Global, the DePIN ecosystem comprises upward of 1,000 projects and represents roughly $50 billion in total market capitalization.

Magazine: 10 crypto theories that missed as badly as ‘Peter Todd is Satoshi’

Key points:

Bitcoin trends toward $100,000. Will bears sell at this level?

Altcoins are trading above their respective support levels, suggesting that an altcoin rally is brewing.

Bitcoin’s (BTC) tight consolidation resolved in favor of the bulls with a break above the $95,000 barrier on May 1. The bulls are trying to push the price to the psychologically crucial level at $100,000, which may again witness a tough battle between the bulls and the bears. 

Veteran trader Peter Brandt sounded positive when he said in a post on X that Bitcoin could rally to the $125,000 to $150,000 range by August or September 2025 if it manages to regain its broken parabolic slope. However, Brandt cautioned that the rally could be followed by a sharp correction of more than 50%.

Crypto market data daily view. Source: Coin360

As Bitcoin nears the 100,000 mark, onchain analytics firm Glassnode cautions that the long-term holders (LTHs) may be tempted to book profits. The firm said in its newsletter that the LTHs tend to book profits when their profit margin reaches 350%, and that level will be hit at $99,900. A significant amount of buy-side pressure is needed to overcome the selling to continue the up move.

Could Bitcoin break above $100,000, pulling select altcoins higher? Let’s analyze the charts of the top 10 cryptocurrencies to find out.

Bitcoin price prediction

Bitcoin’s break above $95,000 signals an advantage to buyers, but the bears are unlikely to give up easily.

BTC/USDT daily chart. Source: Cointelegraph/TradingView

Sellers will try to pull the price back below $95,000, trapping the aggressive bulls. If they can pull it off, the BTC/USDT pair could test the 20-day exponential moving average ($91,391). This is a necessary support to watch out for as a solid bounce off the 20-day EMA suggests the bullish sentiment remains intact. That increases the likelihood of a break above $100,000. The pair may then reach $107,000.

This optimistic view will be invalidated in the short term if the price turns down and breaks below the 20-day EMA. The pair may then tumble to the 50-day simple moving average ($86,236).

Ether price prediction

Buyers successfully defended Ether’s (ETH) drop to the 20-day EMA ($1,757) on April 30, signaling demand at lower levels.

ETH/USDT daily chart. Source: Cointelegraph/TradingView

The gradually upsloping 20-day EMA and the RSI in the positive territory indicate a slight edge to the bulls. If the price maintains above $1,857, the ETH/USDT pair could climb to the breakdown level of $2,111. There is minor resistance at $1,957, but that is likely to be crossed.

This positive view will be invalidated in the near term if the price turns down and plunges below the moving averages. That could pull the pair down to $1,537, which is expected to attract buyers.

XRP price prediction

The bulls have managed to keep XRP (XRP) above the moving averages, but the bounce lacks strength.

XRP/USDT daily chart. Source: Cointelegraph/TradingView

The flattening 20-day EMA ($2.17) and the RSI just above the midpoint do not give a clear advantage either to the bulls or the bears. Buyers will seize control on a break and close above the resistance line. That clears the path for a rally to $3.

On the contrary, a break and close below the moving averages could sink the XRP/USDT pair to the solid support at $2. This is a critical level to keep an eye on because a break below $2 could pull the pair to $1.61.

BNB price prediction

BNB (BNB) is witnessing a seesaw battle between the bulls and the bears at the moving averages.

BNB/USDT daily chart. Source: Cointelegraph/TradingView

If the price maintains below the moving averages, the BNB/USDT pair could slump to $576 and later to $566. Buyers are expected to vigorously defend the $566 level because a break below it may sink the pair to $520.

The bulls will have to push the price above $620 to signal strength. The pair could then rise to $644, which is likely to act as a strong resistance. If buyers bulldoze their way through, the pair could surge to $680.

Solana price prediction

Solana (SOL) continues to face selling at the $153 level, but a positive sign is that the bulls have not ceded much ground to the bears.

SOL/USDT daily chart. Source: Cointelegraph/TradingView

The upsloping 20-day EMA ($142) and the RSI in the positive zone suggest that the path of least resistance is to the upside. If buyers push and maintain the price above $153, the SOL/USDT pair could rally to $180.

Contrary to this assumption, if the price turns down sharply and breaks below the 20-day EMA, it suggests profit booking by the short-term bulls. The pair could then slump to the 50-day SMA ($132).

Dogecoin price prediction

Dogecoin (DOGE) rebounded off the moving averages on May 1, indicating that the bulls are trying to keep the price inside the upper half of the range.

DOGE/USDT daily chart. Source: Cointelegraph/TradingView

The bulls will attempt to push the price to the top of the range at $0.21, which is a critical near-term resistance level to watch out for. If buyers pierce the $0.21 level, the DOGE/USDT pair will complete a double-bottom pattern. That could start a move to $0.25 and then to the pattern target of $0.28.

Contrarily, a break and close below the moving averages opens the doors for a fall to the support of the range at $0.14. Buyers are expected to defend the $0.14 level with all their might because a break below it may sink the pair to $0.10.

Cardano price prediction

Buyers bought the dip to the moving averages in Cardano (ADA), but the failure to build upon the rebound suggests a lack of demand at higher levels.

ADA/USDT daily chart. Source: Cointelegraph/TradingView

Buyers will have to drive the price above the $0.75 resistance to gain the upper hand. If they do that, the ADA/USDT pair could rally to $0.83. Sellers will try to halt the up move at $0.83, but if the bulls prevail, the pair could reach $1.

On the downside, a break and close below the moving averages tilts the short-term advantage in favor of the bears. The pair could slide to $0.58, where the buyers are expected to step in. 

Related: Moon soon? XRP’s strongest spot premium aligns with 70% rally setup

Sui price prediction

Buyers pushed Sui (SUI) toward the $3.90 overhead resistance on May 1, but the long wick on the candlestick shows that bears are aggressively defending the level.

SUI/USDT daily chart. Source: Cointelegraph/TradingView

The first support on the downside is $3.27, and then the 20-day EMA ($3.01). If the price rebounds off the 20-day EMA with strength, the bulls will again try to drive the SUI/USDT pair above $3.90. If they manage to do that, the pair could rally to $4.25 and subsequently to $5.

Instead, if the price breaks below the 20-day EMA, it suggests that the bulls have given up. The pair may slump to the solid support at $2.86. If the price rebounds off the $2.86 support, the pair may form a range.

Chainlink price prediction

Chainlink (LINK) turned up from the moving averages on May 1, indicating that the sentiment remains positive.

LINK/USDT daily chart. Source: Cointelegraph/TradingView

Buyers will try to push the price above the $16 overhead resistance and challenge the resistance line of the descending channel pattern. Sellers are expected to fiercely defend the resistance line because a break and close above it signals a potential trend change.

If the price turns down from the overhead resistance and breaks below the moving averages, it suggests selling on rallies. The LINK/USDT pair may drop to $11.68, extending its stay inside the channel for some more time.

Avalanche price prediction

Avalanche (AVAX) bounced off the 20-day EMA ($20.89) on May 1, indicating that the bulls are buying on dips.  

AVAX/USDT daily chart. Source: Cointelegraph/TradingView

Buyers will try to propel the price above the $23.50 overhead resistance. If they manage to do that, the AVAX/USDT pair will complete a double-bottom pattern. That may start an up move to $28.78 and later to the pattern target of $31.73.

The moving averages are the crucial support to watch out for. If the price turns down from the current level or the overhead resistance and breaks below the 50-day SMA ($19.79), it suggests that the range-bound action may continue for a few more days.

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.

The cryptocurrency market continued its recovery in the past week as the total crypto market capitalization breached the $3 trillion mark for the first time since the beginning of March.

Bitcoin (BTC) rose to an over two-month high of $97,300 last seen at the end of February, before the “Liberation Day” tariffs announcement in the US, bolstering analyst predictions for a rally driven by “structural” institutional and exchange-traded fund (ETF) inflows into the world’s first cryptocurrency.

Risk appetite continued rising among crypto investors, as Chinese state-linked news outlets indicated that the Trump administration has quietly contacted Beijing to discuss tariff reductions.

Total crypto market cap, 1-year chart. Source: CoinMarketCap

In the wider crypto space, Ethereum developers proposed a new token standard to improve the interoperability of the world’s second-largest blockchain network.

Bitcoin to $1 million by 2029 fueled by ETF and gov’t demand — Bitwise exec

Bitcoin’s expanding institutional adoption may provide the “structural” inflows necessary to surpass gold’s market capitalization and push its price beyond $1 million by 2029, according to Bitwise’s head of European research, André Dragosch.

“Our in-house prediction is $1 million by 2029. So that Bitcoin will match gold’s market cap and total addressable market by 2029,” he told Cointelegraph during the Chain Reaction daily X spaces show on April 30.

Gold is currently the world’s largest asset, valued at over $21.7 trillion. In comparison, Bitcoin’s market capitalization sits at $1.9 trillion, making it the seventh-largest asset globally, according to CompaniesMarketCap data.

Top 10 global assets by market capitalization. Source: CompaniesMarketCap

For the 2025 market cycle, Bitcoin may surpass $200,000 in the “base case” and $500,000 with more governmental adoption, Dragosch said.

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Eric Trump: USD1 will be used for $2 billion MGX investment in Binance

Abu Dhabi-based investment firm MGX will use a stablecoin linked to US President Donald Trump’s family to settle a $2 billion investment in Binance, the world’s largest cryptocurrency exchange.

The World Liberty Financial USD (USD1) US dollar-pegged stablecoin was launched by the Trump-associated crypto platform World Liberty Financial (WLFI) in March 2025.

MGX will use the USD1 stablecoin for its $2 billion investment in the Binance exchange, according to an announcement by Eric Trump during a panel discussion at Token2049 in Dubai. Trump, the son of the president, serves as executive vice president of the Trump Organization.

Source: Cointelegraph

MGX announced its investment in Binance on March 12, marking the first institutional investment in the exchange and one of the biggest funding deals in the entire Web3 industry.

At the time, Binance declined Cointelegraph’s request to disclose what stablecoin was used in the transaction.  

This marks the Abu Dhabi-based investment firm’s first venture into the cryptocurrency space.

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Ethereum to simplify crosschain transactions with new token standards

Ethereum developers are working to improve blockchain interoperability with two new token standards: ERC-7930 and ERC-7828.

“There’s no standard way for wallets, apps, or protocols to interpret or display this information,” decentralized finance (DeFi) ecosystem development organization Wonderland wrote in a May 1 X post. Wallets, decentralized applications (DApps), block explorers and smart contracts follow different rules.

“The result? A messy, inconsistent experience that breaks crosschain UX,“ Wonderland stated.

Wonderland is a group of developers, researchers and data scientists focused on improving the Ethereum DeFi ecosystem. The organization partnered with multiple DeFi protocols, including Optimism, Aztec, Connext and Yearn.

Wonderland’s ERC-7828 and ERC-7930 explanation post. Source: Wonderland

In the post, the organization shared what was discussed at a recent Ethereum Foundation interoperability working group call. Teddy from Wonderland explained that the current goal is to finalize both token standards within the next two weeks. He added:

“We badly need feedback on the ETH-Magicians forum.”

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Crypto hackers hit DeFi for $92 million in April as attacks double from March

Cryptocurrency hackers stole more than $90 million in April, dealing another blow to the industry’s mainstream reputation despite ongoing efforts to improve cybersecurity.

Hackers made off with $92 million of digital assets across 15 incidents in April, according to an April 30 research report by blockchain cybersecurity firm Immunefi.

The total marks a 124% month-over-month increase from March, when hackers stole $41 million.

Crypto stole in April 2025. Source: Immunefi

The month’s largest hack on open-source platform UPCX accounted for most of the damage in April, with over $70 million in losses, while KiloEx lost $7.5 million as April’s second-largest hack.

The KiloEx exploiter returned the stolen funds just days after the attack occurred.

All of April’s reported attacks targeted decentralized finance (DeFi) platforms. Centralized exchanges reported no incidents during the month, the report noted.

Top 10 losses in April. Source: Immunefi

Immunefi, which says it helps protect $190 billion in user funds, has paid more than $116 million in bounties to white hat hackers.

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Crypto group asks Trump to end prosecution of crypto devs, Roman Storm

The crypto lobby group, the DeFi Education Fund, has petitioned the Trump administration to end what it claimed was the “lawless prosecution” of open-source software developers, including Roman Storm, a creator of the crypto mixing service Tornado Cash.

In an April 28 letter to White House crypto czar David Sacks, the group urged President Donald Trump “to take immediate action to discontinue the Biden-era Department of Justice’s lawless campaign to criminalize open-source software development.” 

The letter specifically mentioned the prosecution of Storm, who was charged in August 2023 with helping launder over $1 billion in crypto through Tornado Cash. His trial is still set for July, and his fellow charged co-founder, Roman Semenov, is at large and believed to be in Russia.

The DeFi Education Fund said that in Storm’s case, the Department of Justice is attempting to hold software developers criminally liable for how others use their code, which is “not only absurd in principle, but it sets a precedent that potentially chills all crypto development in the United States.”

The group also called for the recognition that the prosecution contradicts the Treasury Department’s Financial Crimes Enforcement Network (FinCEN) guidance from Trump’s first term, which established that developers of self-custodial, peer-to-peer protocols are not money transmitters. 

Source: DeFi Education Fund

“This kind of legal environment does not just chill innovation — it freezes it,” they argued. The letter added that it also “empowers politically-motivated enforcement and puts every open-source developer at risk, regardless of industry.”

In January, a federal court in Texas ruled that the Treasury overstepped its authority by sanctioning Tornado Cash. 

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DeFi market overview

According to data from Cointelegraph Markets Pro and TradingView, most of the 100 largest cryptocurrencies by market capitalization ended the week in the green.

The Virtuals Protocol (VIRTUAL) token rose over 103% as the week’s biggest gainer, followed by the Solayer (LAYER) token, up over 29% during the past week.

Total value locked in DeFi. Source: DefiLlama

Thanks for reading our summary of this week’s most impactful DeFi developments. Join us next Friday for more stories, insights and education regarding this dynamically advancing space.