DeFi & L1L2 Weekly — 🤝 Crypto.com and Canary Capital launched the Canary CRO Trust; JPMorgan settled a tokenised US Treasury fund on-chain with Ondo Finance and Chainlink 

Crypto.com and Canary Capital launched a US-regulated Cronos fund. JPMorgan settled a tokenised US Treasury fund on-chain. Vitalik proposed a stateless model to reduce the RPC load on Ethereum.

Quick Take

• Crypto.com and Canary Capital launched the Canary CRO Trust for US investors.
• JPMorgan settled a tokenised US Treasury security trade on-chain via Ondo and Chainlink, marking a milestone for institutional real-world asset adoption.
• Vitalik Buterin proposed a stateless node model to reduce remote procedural call dependency and support decentralised access as Ethereum grows. 

Weekly DeFi Index

This week, the market capitalisation and volume indices dropped by -6.97% and -15.81%, respectively, while the volatility index grew +9.61%.

Chart of the Week

Ondo Finance partnered with JPMorgan and Chainlink to execute a cross-chain settlement of OUSG, a tokenised US Treasury security issued by Ondo Finance. The settlement was conducted between the test network of Ondo’s Ondo Chain, a public blockchain for tokenising real-world assets (RWAs), and JPMorgan’s permissioned Kinexys network — and powered by Chainlink’s CCIP for cross-chain interoperability. This test cross-chain settlement is seen as a milestone marking the adoption of RWAs on public blockchains at institutional level.

The value of tokenised US Treasuries on public blockchains has rapidly increased from less than US$1 billion in early 2023 to over $7 billion at the time of writing, with Ondo contributing over $1 billion alone through Ondo Short-Term US Government Bond Fund (OUSG) and Ondo US Dollar Yield (USDY).

News Highlights

• Crypto.com and asset manager Canary Capital launched the Canary CRO Trust, the first private investment vehicle providing US investors with exposure to Cronos (CRO), the native token of the Cronos network.
• Vitalik Buterin proposed a partially stateless node design to reduce reliance on centralised remote procedural call (RPC) providers and preserve trustless access to Ethereum. The design allows users to verify blocks while storing only a subset of blockchain data, improving decentralisation. 
• Blockchain development platform Alchemy acquired Solana-focused development firm DexterLab to accelerate Solana Web3 development and expand its multi-chain capabilities.

Recent Research Reports

• Research Roundup Newsletter [April 2025]: We present to you our latest issue of Research Roundup, featuring our deep dives into ‘The Rise of Crypto Treasury’ and ‘Wall Street On-Chain Part 3: Trading & Liquidity’.
• The Rise of Crypto Treasury: This report examines the conceptual framework, global adoption trends, and stock performance of companies embracing crypto treasuries.
• Wall Street On-Chain Part 3: Trading & Liquidity: This report compares liquidity between popular TradFi assets and major crypto assets, and delves into the development of crypto exchanges.

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