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STON.fi Weekly Round-Up | TON DeFi Update A strong week across the TON ecosystem driven by infrastructure upgrades, growing liquidity, and accelerating builder activity. Catchain 2.0 Upgrade Real-Time DeFi Era The latest TON consensus upgrade delivers major performance gains across the network. Block time reduced to around 400ms Finality reduced to around 1 second Up to 6x faster swap execution on STON.fi DeFi on TON is now operating closer to real-time settlement speeds. Ecosystem Growth Vibe Coding Hackathon Applications for the STON.fi Vibe Coding Hackathon are now closed. Builders are actively leveraging AI-powered development tools to deploy TON-native applications, integrating STON.fi and Tonstakers infrastructure to accelerate DeFi product innovation. Farming Activity Ongoing Opportunities Liquidity incentives remain active across key pools. STON/USDt v2 with boosted APR up to 2x for eligible stakers JETTON/USDt JETTON/TON STORM/TON Liquidity continues to strengthen capital efficiency across the ecosystem. Weekly Network Metrics Approximately 22.9M dollars swap volume (16.1M TON) Approximately 25.8M dollars TVL (18.2M TON) Approximately 35,288 dollars distributed to liquidity providers Sustained participation across trading and liquidity provisioning reflects steady ecosystem demand. Closing Insight STON.fi continues to solidify its role as a core liquidity layer within TON DeFi, combining performance upgrades, builder tooling, and yield infrastructure into a unified ecosystem experience. STONfi TON DeFi Crypto Web3 DEX Liquidity Blockchain TONBlockchain DeFiGrowth

STON.fi Weekly Round-Up | TON DeFi Update A strong week across the TON ecosystem driven by infrastructure upgrades, growing liquidity, and accelerating builder activity. Catchain 2.0 Upgrade Real-Time DeFi Era The latest TON consensus upgrade delivers major performance gains across the network. Block time reduced to around 400ms Finality reduced to around 1 second Up to 6x faster swap execution on STON.fi DeFi on TON is now operating closer to real-time settlement speeds. Ecosystem Growth Vibe Coding Hackathon Applications for the STON.fi Vibe Coding Hackathon are now closed. Builders are actively leveraging AI-powered development tools to deploy TON-native applications, integrating STON.fi and Tonstakers infrastructure to accelerate DeFi product innovation. Farming Activity Ongoing Opportunities Liquidity incentives remain active across key pools. STON/USDt v2 with boosted APR up to 2x for eligible stakers JETTON/USDt JETTON/TON STORM/TON Liquidity continues to strengthen capital efficiency across the ecosystem. Weekly Network Metrics Approximately 22.9M dollars swap volume (16.1M TON) Approximately 25.8M dollars TVL (18.2M TON) Approximately 35,288 dollars distributed to liquidity providers Sustained participation across trading and liquidity provisioning reflects steady ecosystem demand. Closing Insight STON.fi continues to solidify its role as a core liquidity layer within TON DeFi, combining performance upgrades, builder tooling, and yield infrastructure into a unified ecosystem experience. STONfi TON DeFi Crypto Web3 DEX Liquidity Blockchain TONBlockchain DeFiGrowth

As of April 20, 2026, a fierce intellectual debate has reignited between the leaders of two of the industry's largest ecosystems. In a recent interview on The O Show, Cardano (ADA) founder Charles Hoskinson issued a scathing critique of Ripple’s business model, explicitly comparing XRP to the stablecoin Tether (USDT). Hoskinson argues that Ripple has pivoted into what he calls "Web 2.5" a hybrid system where blockchain technology is used to enrich a centralized corporation rather than its decentralized token holders. According to Hoskinson, while Ripple achieves massive institutional success and acquisitions, none of that value "accrues" to XRP holders, leaving them with an instrument that lacks a direct stake in the company’s burgeoning financial empire. The "Tether" Comparison: Centralized Value Capture Hoskinson’s primary contention is that Ripple’s corporate success and XRP’s market performance have become fundamentally decoupled. Corporate vs. Token Value: Hoskinson likened Ripple to Tether, noting that just as Tether’s massive profits stay in the pockets of its parent company (and CEO Paolo Ardoino), the billions generated by Ripple’s institutional tools and XRP sales remain within the Ripple corporation. The Acquisition Engine: He pointed to Ripple’s recent $1.2 billion acquisition of Hidden Road and the development of the RLUSD stablecoin as "Tether-like" moves. These ventures create revenue for Ripple, but because XRP holders have no legal claim to Ripple’s earnings or assets, they do not benefit from this corporate growth. The "Dump and Buy" Theory: Hoskinson argued that Ripple’s model involves building media attention to drive price appreciation, selling XRP to fund operations, and then using those proceeds to acquire other assets none of which are owned by the XRP community. Ripple’s "Web 2.5" and the Compliance Pivot The Cardano founder believes Ripple is leading a move toward a more "permissioned" and institutional version of the blockchain industry. Institutional Stealth: By focusing on automated compliance and privacy tools for banks, Hoskinson suggests Ripple is moving away from the "cypherpunk" roots of crypto toward a system that mirrors traditional finance. The "Moat" Strategy: He accused Ripple CEO Brad Garlinghouse of lobbying for regulatory policies that would treat established assets (BTC, ETH, ADA, XRP) as the only "safe" assets, while labeling all new entrants as securities. Hoskinson views this as an attempt to create a "regulatory moat" that kills competition from innovative new projects. The EOS Parallel: Hoskinson further compared Ripple to Block.one and EOS, noting that the company raised billions in Bitcoin and Ether while the native network (EOS) failed to achieve proportional success or deliver value back to its original investors. The Counter-Argument: 20,000% Returns and Utility Predictably, the XRP community and Ripple proponents have pushed back against Hoskinson’s "Web 2.5" label. Historical Performance: Proponents point out that XRP has appreciated significantly over the last decade, including a 20,000% spike at its peak. They argue that market demand for a fast, low-cost bridge asset naturally drives value to the token, regardless of corporate equity structures. Network Utility: Unlike Tether, which is a static dollar peg, XRP is the native fuel for the XRP Ledger (XRPL). As utility on the ledger grows including the recent explosion in tokenized Real-World Assets (RWAs) demand for XRP for transaction fees and liquidity increases. Decentralization Reality: Ripple supporters emphasize that Hoskinson’s "80% pre-mine" critique ignores the fact that a large portion of Ripple’s XRP is locked in escrow and that the XRPL functions independently of the company’s corporate survival. Essential Financial Disclaimer This analysis is for informational and educational purposes only and does not constitute financial, investment, or legal advice. Reports of Charles Hoskinson’s comments regarding XRP and Ripple are based on public interviews and market reporting as of April 20, 2026. Criticisms of business models and regulatory strategies are the personal opinions of the individuals cited and do not guarantee future market outcomes. XRP and Cardano remain high-risk assets subject to extreme volatility. Always conduct your own exhaustive research (DYOR) and consult with a licensed financial professional. Is XRP becoming "The Tether of Utility," enriching a central company while holders wait for a "Repricing" that may never come?

Bitget IPO Prime: A New Gateway to Pre-IPO Investments Bitget IPO Prime is an innovative feature designed to give everyday investors early exposure to high-profile companies before they go public. Traditionally, pre-IPO investments were limited to large institutions and wealthy individuals, but this platform aims to make such opportunities more accessible through the crypto ecosystem. What is IPO Prime? IPO Prime allows users to gain tokenized exposure to private companies that may launch an Initial Public Offering (IPO) in the future. Instead of owning actual shares, investors hold digital tokens that track the potential performance of those companies. How Does It Work? The system operates on a subscription model: Users commit funds using stablecoins like USDT Allocation depends on the amount committed Tokens are distributed after the subscription phase These tokens can often be traded in secondary markets For example, one early project tracked a company like SpaceX, allowing users to speculate on its potential IPO performance. Key Features Early access to pre-IPO opportunities Tokenized (not direct) ownership exposure Potential for early profits Secondary market trading Easy participation using crypto assets Advantages IPO Prime bridges the gap between traditional finance and crypto, opening new doors for retail investors. It allows users to participate in the growth journey of major companies at an early stage. Risks to Consider Tokens do not represent actual company shares IPOs may be delayed or canceled Market volatility can impact token value No guaranteed returns Conclusion Bitget IPO Prime is a forward-thinking concept that democratizes access to pre-IPO investments. While it offers exciting opportunities, it also comes with risks. Investors should always conduct thorough research and understand the product before committing funds.

The $100 Ticket to SpaceX: How Bitget Just Democratized the World’s Biggest IPO A story about mirrored economics, tokenized unicorns, and the quiet revolution happening on Bitget’s IPO Prime. Prologue: The Invitation No One Expected It was 2:47 AM in Lagos, 8:14 PM in Buenos Aires, and 9:47 AM in Singapore. On April 18, 2026, a notification popped up on millions of phones: “IPO Prime is live. First project: preSPAX – mirroring SpaceX’s economic upside.” For most people, SpaceX had always been a distant star – something you watched, not something you invested in. To buy into a pre‑IPO unicorn, you needed three things: a family office, a seven‑figure check, and a phone number that doesn’t appear on Google. But Bitget just threw that rulebook out the window. Over the next 72 hours, 4,812 people – from retail traders in Vietnam to VIP7 whales in Dubai – poured over $70 million** into a token called preSPAX. The average ticket size? **$15,300. The minimum? $100. This is the story of how a crypto exchange turned the most exclusive asset class in the world into something you could buy with a few clicks and a stablecoin. Chapter 1: The Wall – And the Sledgehammer Let me paint you a picture of the old world. Imagine you’re a teacher in Jakarta. You’ve followed Musk for years. You know Starlink now has over 10,000 satellites in orbit. You know SpaceX just filed secret IPO paperwork with the SEC on April 1, 2026. You’ve heard whispers of a $1.75 trillion valuation – larger than Saudi Aramco’s record debut. You want in. But the door is locked. Behind it sit Goldman Sachs, Morgan Stanley, and a handful of sovereign wealth funds. The sign says: “Qualified Investors Only – Minimum $10 Million.” That’s the old wall. Now, enter Bitget’s IPO Prime – a sledgehammer wrapped in a smart contract. On April 18, Bitget opened a simple interface. Choose USDT or USDGO. Pick your amount. Click “Subscribe.” The underlying product? preSPAX – a digital token issued by Republic, a fully licensed FINRA and SEC‑registered platform. One preSPAX = a mirrored economic interest in SpaceX’s post‑IPO performance. Not a share. Not a voting right. But something arguably more useful for a retail investor: direct exposure to the price movement when SpaceX finally lists. And here’s the kicker – the implied valuation at launch was $1.5 trillion**. Meanwhile, market chatter placed SpaceX’s IPO target between **$1.75 trillion and $2 trillion. That spread? That’s the gap where dreams are made (and risks are taken). Chapter 2: Three Hours That Changed Everything The subscription window ran from April 18 to April 21, 2026. But the story was written in the first three hours. Within 180 minutes, preSPAX raised **over $70 million**. By the time the window closed, **4,812 unique wallets** had participated. Bitget’s tiered system – from VIP0 (max $1,000) to VIP6/7 (max $300,000) – meant that both the kid with a summer job and the institutional player could sit at the same table. Let me give you a sense of the mechanics: · Total preSPAX supply: 94,000 tokens · Price per token: $650 · Total capped pool: $1 billion (oversubscribed within hours) · Post‑sale trading: OTC market on Bitget, 24/7 liquidity Why OTC? Because SpaceX hasn’t IPO’d yet. Until that “qualifying event” (IPO or acquisition), preSPAX trades as a synthetic forward contract. Once SpaceX goes public – potentially as early as June 2026, according to market source – the Republic‑issued notes convert into a 1:1 economic mirror of the stock. Settlement happens in USDT after a lock‑up period of roughly six months. For the first time in history, a global unicorn’s pre‑IPO economics were tokenized, fractionalized, and handed to the crowd. Chapter 3: The Market Logic – Why preSPAX Isn’t Just Hype You might be thinking: “If it sounds too good to be true ” Fair. Let’s talk logic, not hype. First, the SpaceX fundamentals are staggering. · 2025 revenue: ~$15–16 billion, with ~$8 billion in profit · 2026 projected revenue: $22–24 billion · Launch cadence: 170+ launches in 2025; in 2026, a Falcon 9 flies every 2–3 days · Starlink: Over 10,000 satellites active, subscriber growth exponential · IPO rumor: Secret filing on April 1, 2026; five lead underwriters (Bank of America, Citi, Goldman, JPMorgan, Morgan Stanley); potential June–September 2026 listing Second, the valuation gap is real. PitchBook values SpaceX at $1.1–1.7 trillion. Pre‑IPO secondary markets have traded at $1.5–1.6 trillion. The IPO target of $1.75 trillion leaves a ~15% upside from the preSPAX subscription price – before any post‑listing pop. Third, tokenization solves three historic pain points: Problem Traditional Pre‑IPO preSPAX on Bitget Minimum investment $100,000+ $100 Liquidity Locked for years 24/7 OTC trading Access Accredited only Anyone with a Bitget account This isn’t just a product launch. It’s financial inclusion via smart contracts. Bitget CEO Gracy Chen put it bluntly: “Pre‑IPO exposure used to be limited to small circles. Tokenization changes that.” Chapter 4: The UEX Vision – From Crypto to Global Unicorns preSPAX isn’t a one‑off stunt. It’s the opening move in Bitget’s Universal Exchange (UEX) strategy. Think of UEX as a bridge. On one side: 1.25 billion crypto users trading over 200 cryptocurrencies, tokenized stocks, ETFs, commodities, forex, and gold. On the other side: the world’s most coveted private companies – SpaceX, OpenAI, Stripe, Revolut, and others. Bitget’s IPO Prime is the toll booth on that bridge. The timing is perfect. According to 2026 RWA reports, tokenized real‑world assets have grown 5x since 2023, with on‑chain value exceeding $25 billion. The next wave? Private equity and pre‑IPO stocks. Republic – Bitget’s partner on preSPAX – has already tokenized exposure. Bitget chose the regulated issuer + fixed supply + OTC liquidity path – a hybrid model that balances compliance with accessibility. Chapter 5: The Fine Print – Because Every Star Has a Shadow Let me be honest with you. preSPAX is not a free lunch. Risk #1: It’s not an actual SpaceX share. You own a structured note from RepublicX LLC. Risk #2: Counterparty and regulatory risk. Republic is regulated, but preSPAX’s legal classification is still novel. The SEC has said most crypto assets aren’t securities – but what about a token backed by a note tied to a pre‑IPO company? Uncharted water. Risk #3: SpaceX has not endorsed this. Bitget’s own disclaimer says: “preSPAX does not establish any legal relationship with SpaceX, nor has SpaceX endorsed or recognized the product.” Risk #4: OTC liquidity can be thin. While you can trade preSPAX before the IPO, the OTC market might see wide spreads. Volatility could be brutal if IPO rumors shift. As Bitget COO Vugar Usi Zade warned: “Buyers do not obtain SpaceX shares, and no official SpaceX endorsement accompanies the product.” But here’s the thing – every great financial innovation comes with risk. The first person to buy a stock on an app was laughed at. The first person to trade Bitcoin on an exchange was called crazy. preSPAX is no different. Chapter 6: A Retail Investor’s Diary – Meet Linh from Hanoi Let me end with a story that didn’t make the press release. Linh is a 29‑year‑old graphic designer in Hanoi. She’s been trading crypto on Bitget for two years – small amounts, mostly spot. She’d never touched a stock in her life. On April 18, she saw the preSPAX announcement. She had $450 in USDT. She read the Bitget Insights post (the one you’re reading now), then she read it again. She didn’t understand “structural notes” or “qualifying events.” But she understood one thing: for $100, she could own a piece – a tiny, mirrored piece – of the company launching astronauts and beaming internet from space. She subscribed for $300. Three days later, the subscription closed. Linh now holds 0.46 preSPAX tokens in her Bitget wallet. She’s not a billionaire. She’s not a VC partner. She’s just a woman in Hanoi who decided that the future shouldn’t be gated. That’s the quiet revolution of IPO Prime. Epilogue: The First Step of a Thousand Miles preSPAX is not perfect. It’s a bet on SpaceX, on Republic’s legal engineering, on Bitget’s execution, and on regulators’ patience. But it is also the most serious attempt yet to answer a question that has haunted crypto since 2017: “What real‑world value does this actually bring?” The answer, for the first time, is clear: access to the world’s most valuable private companies, tokenized, fractionalized, and put in the hands of anyone with $100 and a smartphone. SpaceX may or may not become the largest IPO in history. preSPAX may soar or stumble. But the door that was once sealed shut? It’s now open. And Bitget just walked through it first.