Important events unfolded in the crypto and political landscape over the past week, including the rise of BNB Chain, tariff threats from Trump, and token information from Robinhood.
BNB Chain Leads in Fund Inflows
According to DefiLlama, BNB Chain recorded a net inflow of $1.008 billion over the past week, ranking it first among all public blockchains. Following BNB Chain were Optimism and Mantle with $28.72 million and $13.33 million in inflows, respectively. In contrast, Ethereum, Arbitrum, and Flare saw net outflows of $983 million, $161 million, and $15.96 million, respectively.
Cross-chain bridges are essential in the DeFi ecosystem, enabling seamless asset transfers between different blockchains and enhancing liquidity. As reported by DefiLlama, the total transaction volume for cross-chain bridges may surpass $500 billion by 2025. BNB Chain has become a favored choice for fund inflows due to its low transaction fees (averaging $0.10 per transaction) and high throughput (over 2,000 TPS). Additionally, Binance’s strong ecosystem brand and a diverse range of DeFi applications, including PancakeSwap and Venus, contribute to its appeal.
Trump Threatens Additional Tariffs
On July 7, U.S. President Donald Trump indicated on the Truth Social platform that "any country aligning with BRICS anti-American policies will face an additional 10% tariff. There will be no exceptions." However, he did not elaborate on what constitutes 'anti-American policies.' Trump’s 10% tariff threat appears to be a reaction to the joint statement from the BRICS Summit, which criticized U.S. tariff practices. This action serves to protect U.S. dollar hegemony. The BRICS declaration, made at the Rio Summit, reaffirmed opposition to unilateral tariffs and called for fair trade under WTO rules, signaling collective resistance to Trump’s approach. China's Ministry of Foreign Affairs condemned the use of tariffs as a coercive tool, while Brazil sought to mitigate tensions by clarifying it has no intentions of pushing for a unified BRICS currency.
Robinhood Clarifies OpenAI Token
In response to OpenAI's urgent denial regarding any authorized partnership with Robinhood, a spokesperson from Robinhood stated, "The OpenAI token provides investors with indirect exposure to OpenAI through Robinhood’s stake in an SPV (Special Purpose Vehicle). Robinhood does not directly own shares of OpenAI." This indicates that the OpenAI token is linked to the value of OpenAI equity held by the SPV, rather than to OpenAI itself. Notably, on June 30, Robinhood launched the 'OpenAI Token' and 'SpaceX Token' in the European market using SPV structures to provide retail investors access to established companies. While the SPV holds a small portion of OpenAI shares, OpenAI has reiterated that it has no affiliation with Robinhood.
The past week has been marked by significant news, from the growth of BNB Chain to an escalation in political tensions, highlighting the complexity of the current situation in markets and economic relations.
