#Market Overview

This week's crypto markets have shown selective strength amidst an otherwise subdued environment. Since mid-July, we've been navigating largely sideways price action, with momentum concentrated in specific narratives rather than broad-based rallies.

Key Market Movers

#Apex Token

The ongoing "perp wars" continue to reshape decentralized trading, with Apex emerging as the latest beneficiary. Following strong performances from Hyperliquid and Binance's Aster project, Bybit's Apex has surged over 300% in the past week and nearly 6x over the past month, reaching a $750 million fully diluted valuation.

This trend reflects a fundamental shift in crypto infrastructure—centralized exchanges are aggressively moving on-chain. Post-FTX, the "not your keys, not your crypto" principle has driven liquidity toward decentralized exchanges. Major players from Coinbase (pushing Base wallet) to Binance (with Aster) are responding to Hyperliquid's market share dominance over the past year.

#Atom One

A community-driven fork of Cosmos has gained significant traction, rising over 400% in 24 hours to reach a $640 million FDV. This comes as the original Cosmos network has fallen from its December 2024 high of $10.55, now sitting at approximately $2 billion FDV. The fork appears aimed at addressing structural issues with Cosmos's interchange hub model that led to a developer exodus in recent years.

#Zcash

The privacy-focused token has doubled from $43 to $90, though the specific catalyst remains unclear beyond general large-cap rotation.

The Stablecoin Infrastructure Wave
A significant development is emerging in stablecoin infrastructure. Stripe's acquisition of Bridge for $1.1 billion is already bearing fruit through their new "open issuance" product, enabling developers to create custom stablecoins while retaining most fees (Stripe takes 50 basis points).

This has immediate implications for the ecosystem. Phantom Wallet launched "Phantom Cash" using this infrastructure, and we're seeing wallet providers across the board developing proprietary stablecoins. The logic is compelling: why would platforms with billions in stablecoin volume surrender yield to Circle or Tether when they can retain it for their communities?

This shift fundamentally challenges existing stablecoin issuers to innovate beyond simple treasury-backed models.