Tokenization remained the dominant theme in crypto on July 21 as Backpack-backed Sunrise expanded tokenized equities with an on-chain Intel stock listing on Solana. DeFi lending also took a step forward with Morpho’s launch of its fixed-rate credit protocol, while Movement Labs entered Chapter 11 bankruptcy after months of governance and operational challenges.
Elsewhere, Pump.fun introduced a new liquidity mechanism for token launches, Bitget unveiled two infrastructure partnerships, and Kalshi sought regulatory approval to expand its perpetual contracts beyond crypto.
Tokenized Intel shares launch on Solana ahead of earnings
Sunrise announced the listing of $INTC, a tokenized representation of Intel shares issued by Backpack Securities, on Solana. The token enables users to trade Intel exposure around the clock through Solana wallets and decentralized applications instead of being restricted to traditional stock market hours. The launch comes just days before Intel’s quarterly earnings report, one of the most closely watched events in the technology sector.
The listing is another step in bringing publicly traded equities on-chain. Tokenized stocks continue to gain traction as blockchain platforms extend access to traditional assets with 24/7 trading, faster settlement, and integration with decentralized finance.
Morpho launches Midnight fixed-rate credit protocol
Morpho launched Midnight, a non-custodial lending protocol designed for fixed-rate, fixed-term borrowing and lending. Alongside the protocol, Morpho introduced a dedicated Markets App that allows users to lend directly into fixed-term markets. Unlike traditional DeFi lending protocols that rely on floating interest rates, Midnight is built around fixed-rate markets intended to provide greater predictability for both borrowers and lenders.
Fixed-rate credit has long been viewed as one of the missing pieces in decentralized finance, particularly for institutional users seeking predictable financing costs. Morpho believes its new architecture can support more sophisticated lending products while building on the liquidity already established through Morpho Blue.
Movement Labs files for Chapter 11 protection
Movement Labs, the developer behind the Movement blockchain, filed for Chapter 11 bankruptcy protection in the United States. Court filings show the company has fewer than 1,000 creditors, assets between $100,000 and $500,000, and liabilities exceeding $1 million. The filing follows months of governance disputes, market-making controversy, and strategic restructuring efforts surrounding the Movement ecosystem.
The bankruptcy represents one of the most significant setbacks for a high-profile Move-based blockchain project. While bankruptcy proceedings affect the company rather than the network itself, the development raises questions about future ecosystem funding, governance, and ongoing development.
Pump.fun introduces BOOST liquidity mechanism
Pump.fun unveiled BOOST, a new launch mechanism that reinjects liquidity into every bonded token after migration. The platform said more than $100 million in liquidity had historically become stranded during token migrations, and BOOST is designed to recycle part of that liquidity through buybacks and burns for a limited period after launch.
The update addresses one of the biggest inefficiencies in Pump.fun’s launch model. By improving post-launch liquidity, the platform aims to create healthier trading conditions while strengthening newly launched tokens.
Bitget expands developer and wallet ecosystem
Bitget announced two infrastructure initiatives. The exchange partnered with Siebly.io to simplify API integration for algorithmic traders and developers, while Bitget Wallet formalized its partnership with crypto payments network Mesh, allowing users to connect wallets and spend digital assets more seamlessly across supported platforms.
Rather than focusing on retail trading features, Bitget is investing in backend infrastructure for developers and payments. The initiatives strengthen the exchange’s ecosystem by improving connectivity for trading applications and expanding real-world utility for self-custodied assets.
Kalshi seeks approval for precious metals perpetual contracts
According to a Bloomberg report, prediction market operator Kalshi filed with the U.S. Commodity Futures Trading Commission (CFTC) to launch perpetual futures tied to gold, silver, and platinum. The products would extend the perpetual contract model beyond crypto into traditional commodity markets.
If approved, the filing would mark another expansion of perpetual derivatives into regulated financial markets. The move also reflects growing interest in adapting crypto-native market structures for traditional asset classes.
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