Top 7 Crypto | Analytics & Alpha

Kalshi Raises $1B at a $22B Valuation Prediction market platform Kalshi closed a $1B Series F at a $22B valuation, led by Coatue with participation from Sequoia, a16z, Paradigm, IVP, Morgan Stanley, and ARK Invest. Institutional trading volume jumped 800% in 6 months, and annualised trading volume more than tripled from $52B to $178B. Kalshi now controls 90%+ of US prediction market activity and the majority of global volume. Tarek Mansour, Kalshi co-founder & CEO There are few categories in recent history that have scaled this quickly outside of AI. Event contracts could become a trillion-dollar market, and we're still in the early stages. 🔗news.kalshi.com/p/kalshi-raises-1-billion-22-billion-valuation-institutional-demand-surges Top 7 Ecosystem:Alpha| X | Aggregator

Tria Cards Overview: Self-Custodial Neobank Pushing Crypto Payments Mainstream Tria has quietly become one of the most complete crypto payment stacks on the market. $TRIA sits at a $443M FDV, up +65% over the past 30 days, riding renewed momentum in the crypto cards narrative (Tria currently holds an S-tier spot in our Crypto Cards Landscape). Tria is a self-custodial neobank combining payments, on-chain yield, perpetual futures, and US bank accounts all in one app, with full Apple Pay and Google Pay support. 💳Tria Cards: • Virtual - $20 | 1.5% cashback • Signature - $90 | 4.5% cashback • Premium - $225 | 6% cashback Register your own card with your referral link (QFPX7L4386) Top 7 Ecosystem:Alpha| X | Aggregator

ZachXBT Declares "War Time Mode" Against Manipulation Tokens ZachXBT has entered "War Time Mode" against the wave of manipulated tokens flooding the crypto market crypto market, like $RAVE, $LAB and $SKYAI. According to Zach’s findings, insiders deposit huge token volumes right before coordinated pumps, then dump on retail once the hype peaks - a playbook that keeps repeating and eroding trust in the entire space. To turn up the pressure, ZachXBT dropped a $10,000 bounty for concrete intel on the $LAB team, including any verifiable details on the people behind the wallets. 🔗x.com/zachxbt/status/2052367534608007287 Top 7 Ecosystem:Alpha| X | Aggregator

Top Chains by Net Flows in last 90 Days Over the past 90 days, Hyperliquid pulled in $1.54B in net inflows ($8.2B in, $6.6B out) - nearly 3x more than every other chain on this list combined. For context, Polygon came in second at $543M, Base third at $180M, and the entire long tail (Injective, World, zkSync, Mantle, Sui, Celo) added together still doesn't come close. Arbitrum led all chains with $11.1B in gross bridge inflows over the same period - but with $12.5B flowing back out, putting it on top of the outflows chart too. Source🔗Artemis Top 7 Ecosystem:Alpha| X | Aggregator

Kraken Bought Reap for $600M Payward (Kraken's parent) has agreed to acquire Hong Kong-based Reap Technologies for $600M in cash and stock its biggest push into Asia and stablecoin payments to date. This is Kraken's fifth major move in under a year after $1.5B for NinjaTrader, $550M for Bitnomial (full CFTC-licensed US derivatives stack), the Magna token-ops acquisition, and a $200M strategic investment from Deutsche Börse. With Reap, Payward now covers Asian stablecoin rails, US-regulated derivatives, TradFi distribution, and token operations, quietly building an end-to-end financial infrastructure layer ahead of its expected IPO. 🔗bloomberg.com/news/articles/2026-05-07/kraken-parent-to-buy-reap-for-600-million-in-asian-expansion Top 7 Ecosystem:Alpha| X | Aggregator

Tokenless Perp DEXs: What Changed in 30 Days A month ago we compared the four biggest tokenless perp DEXs farming ahead of TGE. Since then, volumes cooled across the board - Variational dropped to $15.5B, Grvt to $38.7B, Extended to $9.33B, and Nado to $6.6B. TVL contracted across the board, with all four protocols losing between 4–17% over the month. But Open Interest tells a different story - it actually grew on three of the four. Variational OI jumped to $771M (+12%), Grvt to $517M (+13%), and Nadо to $124M (+13%). Get 12% Points boost with our limited Variational link🔗omni.variational.io/?ref=OMNITOP7ICO Get 10% discount on fees with our Extended link🔗app.extended.exchange/join/TOP7 Use our Grvt referral code to boost deposit yield from 5% to 11%🔗grvt.io/?ref=top7ico Invite-only access to Nado 🔗app.nado.xyz?join=2UwKgxs Top 7 Ecosystem:Alpha| X | Aggregator

Variational will add 100+ Liquid RWA Markets in 90 Days Variational announced a 3-phase rollout that turns the protocol from a crypto-only perps DEX into a universal trading venue for crypto, equities, commodities, indices, and currencies Phase 1: Existing Perps Liquidity - May 24/7 perps on WTI Crude Oil, Gold, and Silver. Aggregates existing RWA perps liquidity, traded alongside 450+ crypto markets with zero fees. Phase 2: TradFi On-Chain - June 23/5 CFDs on 100+ markets international indices (Singapore 30, Netherlands 25, China A50), commodities (Wheat, Soybeans, Natural Gas), and single-name equities (Nvidia, Coinbase, Alibaba, MicroStrategy, Rivian). Phase 3: Universal Coverage - Q3 Thousands of indices, commodities, stocks, and currencies all 24/7. Plus expansion into perps on prediction markets, pre-IPO names, and exotic instruments. Get 12% Points boost with our limited Variational link 🔗omni.variational.io/?ref=OMNITOP7ICO 🔗x.com/variational_io/status/2052029747295625359 Top 7 Ecosystem:Alpha| X | Aggregator

Zcash institutional setup: $9.5B market cap, 30% of supply off-market, first privacy ETF decision pending in Q2 $ZEC has quietly become the only privacy thesis institutions can legally own and the cap table over the last 90 days makes that the entire trade. Zcash is up 70% this week and ~1000% from 2024 lows. Market cap sits at $9.5B, price touched $600, and the November ATH of $748 feels like the next target. Public institutional positioning since February: • Multicoin Capital: accumulating since February • Cypherpunk Technologies: 1.78% of total supply (~$99M), Winklevoss-backed, targeting 5% • Zcash Open Development Lab: raised $25M for private finance tools • Arthur Hayes' Maelstrom Fund: expanded position • Foundry Services: launched institutional ZEC mining pool in April • Grayscale Zcash Trust: daily volume doubled in April to ~$1.7M, highest since January • Barry Silbert (DCG founder): called for a "Bitcoin-like" multi-year ZEC cycle on May 1 30% of $ZEC is now locked in shielded pools, up from 8% in 2024. November's halving cut inflation from 4% to 2%. And Grayscale's spot ETF decision lands in Q2, the first privacy coin ETF filing in history. Monero got delisted from major exchanges. $ZEC didn't. The CLARITY Act explicitly distinguishes compliance-passable privacy (ZEC's viewing keys) from anonymous mixers. Top 7 Ecosystem:Alpha| X | Aggregator

Variational TGE is approaching: What are points actually worth? Variational, a peer-to-peer Perp DEX built on Arbitrum, uses an RFQ model instead of a traditional orderbook - sourcing liquidity from a professional Omni Liquidity Provider that offers zero trading fees. 25% of $VAR tokens can be allocated to the airdrop: distributed across multiple community programs based on cumulative trading volume, OLP deposits, and engagement. Total points pool is projected to reach 9.15M (including retroactive points + completed weeks + 21 simulated future weekly drops). Points are distributed every Friday based on trading activity. Get 12% Points boost with our limited Variational link 🔗omni.variational.io/?ref=OMNITOP7ICO Check the complete Variational airdrop calculator 🔗variationalpoints.xyz How many points are you sitting on, and what FDV do you expect? Top 7 Ecosystem:Alpha| X | Aggregator

Top Weekly Gainers This week was quiet for BTC and ETH, but a few small- and mid-caps printed serious returns. AI infrastructure tokens led the move, with the top gainer up nearly 4x. The clear theme of the week: AI agents + multi-chain infrastructure plays. $LAB - 390% $SKYAI - 231% $UB - 124% $BILL - 120% $CARDS - 82.4% $DOGS - 70.5% $ZEC - 69.3% $TON - 65.9% $LUNC - 60.9% $GWEI - 59.2% Top 7 Ecosystem:Alpha| X | Aggregator

Crypto Cards Landscape (Tier List): Updated We've mapped out the entire crypto card ecosystem in 2026 - ranking 35+ products from S to C tier so you can see who's leading the space and who's catching up. • Use our referral link to get up to 6% cashback for Tria card🔗app.tria.so/?accessCode=QFPX7L4386 • Get $20 in KAST points and 20% off on paid cards with our KAST link🔗 go.kast.xyz/VqVO/36DE1DNE Save the list before your feed buries it. If we missed someone notable - share it in comments 👇 Top 7 Ecosystem:Alpha| X | Aggregator

a16z Crypto, Haun and Founders Fund announced almost $10B fresh capital in new funds Over the past week, three prominent VCs have unveiled new funds totalling more than $9.2B in committed capital. • a16z Crypto: $2.2B (Crypto Fund 5) This is 16z's fifth dedicated crypto vehicle, bringing total committed crypto capital to $9.8B across all five funds. Fund 5 is 100% dedicated to crypto, targeting stablecoins, payments, prediction markets, perpetual futures, lending, and tokenized assets. • Haun Ventures: $1B (Second Fund) Fund is split evenly between $500M early-stage and $500M later-stage capital, to be deployed globally over the next 2–3 years. The strategy targets three pillars: crypto financial infrastructure, tokenization, and AI agents - what Katie Haun calls the "new economy." • Founders Fund: $6B (Largest Fund in Firm's History) Founders Fund's largest haul in its 20-year history and the fastest succession ever - raised less than a year after its prior $4.6B fund. $4.5B came from LPs (including sovereign wealth funds), with another $1.5B from Peter Thiel and senior staff themselves. The fund will deploy across ~12 mature companies over 2–3 years, focused on AI, defense tech, and fintech infrastructure. Top 7 Ecosystem:Alpha| X | Aggregator