ETH Denver founder John Paller says Web3 has been “epically bad” at building usable consumer products.
Aztec Network Zac Williamson argues crypto must beat Web2 on experience, not ideology.
Both say adoption will stall unless blockchain becomes invisible to users.
Crypto built the plumbing, but it still hasn’t built the products. This was a common theme at the annual Ethereum development conference ETH Denver last week, as attendees attempted to shift the focus away from a continually down market and to building better Web3 products.
Two prominent voices at the event, ETH Denver founder John Paller and Aztec Foundation founder Zachary Williamson, delivered a blunt assessment of why blockchain has yet to win over mainstream users.
“When you look at what we’ve accomplished in 10 years, we have built an amazing amount of technology and architecture and scaffolding and plumbing systems that power this revolution,” Paller told Decrypt. “But what we’ve actually been epically bad at is getting regular people to use regular things.”
Crypto built the infrastructure, but not the products people actually want to use
“When you look at what we’ve accomplished in 10 years, we have built an amazing amount of technology and architecture and scaffolding and plumbing systems that power this revolution,” ETH Denver… pic.twitter.com/57IgmxwuQN
— Decrypt (@DecryptMedia) February 20, 2026
Paller said Web3 has not meaningfully replaced everyday digital tools with better decentralized alternatives. It’s not for a lack of trying, but even Web3 apps that have drawn substantial attention have failed to supplant their established, centralized rivals.
“That was the original vision of Web3—we’re going to decentralize all the things,” he said. “Well, it turns out that coordinating is very difficult when you make things more difficult to coordinate.”
Because of this lack of coordination, Paller said Web3 has failed to meet the most basic expectations consumers have for new technology.
“The rule of thumb is typically cheaper, better, faster in terms of technology, but blockchains are not cheaper, they’re not really faster, and the user experience is not better,” Paller said. “So we’re basically asking people to trade off what is absolute human certainty of cheaper, better, or faster in terms of what they want for an ethos.”
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Zac Williamson, co-founder of the Aztec Foundation, a privacy-focused organization that supports the Ethereum layer-2 blockchain Aztec, offered a similar critique and tied it to crypto’s broader reputation problem.
“Crypto is hated—hated, capital H—by regular people,” Williamson told Decrypt. “People are not in this industry because of the scammers, because of the casino games, and because of the lack of real-world adoption that improves their lives.”
Beyond the continued stigma of crypto’s use in crime, Williamson also pointed out that the industry has yet to produce apps that outperform Web2 alternatives in terms of user experience.
“We need to actually build compelling applications that are better than the Web2 alternatives that offer a better experience,” Williamson said. “Farcaster doesn’t really offer a better experience than Facebook. Web3 crypto payment rails offer a terrible user experience compared to Web2. And until these issues are fixed, we’re not going to see adoption.”
Williamson said a major barrier is technical, with crypto apps requiring users to understand wallets and private keys before they can use them. That’s a barrier for most people.
“You have to know about crypto to use a crypto app, because the UX sucks,” he said. “You need a wallet. You need to fund that wallet, which means you need an on-ramp, and on-ramps are painful.”
He argued that mainstream adoption will not look like users consciously “moving to Web3,” but rather crypto infrastructure operating invisibly beneath familiar applications.
“The success case for blockchain is you don’t have blockchain,” Williamson said. “You just have apps that use the blockchain.”
Paller drew a parallel to the early internet, when conferences focused on protocol layers rather than consumer products.
“We don’t talk about that stuff anymore,” he said. “Now we just talk about which apps you’re using.”
He added that artificial intelligence could speed up that shift by removing much of the complexity users currently face.
Both founders framed the current market downturn as a turning point for Web3 builders. Williamson said the industry must prioritize products that deliver clear value, while reducing the activity that has come to define crypto in the public eye.
“There’s the volume of bullshit, and then there’s the volume of good things,” he said. “Right now, the problem is that the bullshit massively dominates the good things.”
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Nuremberg/Schwaig near Nuremberg, February 22, 2026 – Nakaryu GmbH is expanding its range with two subscription-based solutions for businesses: the Nakaryu Web Design Flat Rate (website & technology at a fixed monthly price) and Nakaryu One, a premium full-service flat rate for marketing, content, and digital scaling. Nakaryu is thus targeting SMEs, medium-sized companies, and growth-oriented brands that want to reliably implement and continuously optimize their digital presence – without large upfront investments and with clearly calculable costs.
Predictable digital implementation instead of project chaos Many companies face the same challenges: website relaunches take too long, budgets are difficult to plan, and after the launch, there is a lack of ongoing support. Nakaryu addresses this with a subscription model that bundles creation, maintenance, performance optimization, and, if desired, SEO, content, and social media in a modular way – tailored to the needs and growth phase of the company.
“Today’s companies don’t need a one-time website, but a system that grows with them: fast, cleanly implemented, and permanently maintained. That’s exactly why we’ve built our flat-rate packages – as an alternative to traditional agency projects,” says Maximilian Wellner, CEO & Founder of Nakaryu.
Two offers, one approach: scalable & modular 1) Nakaryu Web Design Flat Rate A monthly model for one-pagers, business websites, e-commerce solutions, and individual platforms. Depending on the package, setup, technical support, updates, and ongoing optimization are included. 2) Nakaryu One (Premium Full-Service Flat Rate)
For companies that want “everything from a single source”: strategy, content production, social media management, SEO support, performance & further development – as an interdisciplinary team on a monthly model.
Focus: modern technologies & efficient implementation Nakaryu combines web development and marketing with new technologies such as AI-supported content creation, automation, and – depending on the project – innovative digital experiences. The goal is a digital presence that not only looks good, but also has a measurable impact: greater visibility, better performance, and higher conversion rates.
Availability The new packages are available to book now. Companies can start with a basic package and add modules for marketing, SEO, or content at any time, depending on their needs.
Nakaryu GmbHFranz-Liszt Str 390571 schwaigGermany
https://nakaryu.de
Herr Max Wellner0152 58119266
hey@nakaryu.de
Nakaryu GmbH is a digital agency based in the Nuremberg region (founded in 2017). Nakaryu supports companies across all industries with web design, web development, e-commerce, performance optimization, and digital marketing–with a focus on modular, transparent, and scalable subscription models.
This release was published on openPR.
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Press ReleaseVELIZY-VILLACOUBLAY, France — February 21, 2026
Dassault Systèmes’ CEO Pascal Daloz becomes also Chairman of the Board of Directors of Dassault Systèmes
Bernard Charlès announces stepping down from his Executive Chairman and Member of the Board positions, for personal reasonsBernard Charlès intends to put his 43 years of industry experience, and his vision to transform, with AI, industrial creation and production processes, at the service of the Generative EconomyPascal Daloz is appointed Chairman and Chief Executive Officer by Dassault Systèmes’ Board, pursuing the 3D UNIV+RSES ambition to position Dassault Systèmes as leader in Industrial AI
Dassault Systèmes (Euronext Paris: FR0014003TT8, DSY.PA) announces that Bernard Charlès has informed the Board of Directors, today and with immediate effect, that he is stepping down as Executive Chairman and member of the Board, for personal reasons.
The Board has unanimously decided that Pascal Daloz, Chief Executive Officer of Dassault Systèmes, becomes Chairman and Chief Executive Officer, in line with the recommendation of the Compensation and Nomination Committee, as of February 21, 2026.
Pascal Daloz, Dassault Systèmes’ Chairman of the Board and Chief Executive Officer commented :
“I am honored to succeed Bernard Charlès as Chairman of Dassault Systèmes, in addition to my mission as CEO. I would like to thank Bernard for his trust, his unwavering support and his inspiration. We share the same vision: pushing the boundaries of science and imagination to change the lives of consumers, patients and citizens – bringing “virtual worlds to real life”. We also share a common conviction about the plan required to turn that vision into reality.
As Co-Founder and CEO, Bernard guided our company from a startup to a world leader. The inspiration behind Dassault Systèmes’ leading technologies, he has instilled a culture of ongoing innovation within our organization. He has helped transform industries for a more sustainable world. I thank Bernard for his offer to remain available to help us accelerate the adoption of 3D UNIV+RSES powered by AI.
Our ambition is clear: to lead the transformation powered by Industrial AI through 3D UNIV+RSES. This is a long-term commitment to further redefine how industries innovate, operate and compete in the Generative Economy. I am committed to ensuring that Dassault Systèmes retains the freedom needed to remain a game-changer and to accelerating growth.”
Bernard Charlès commented :
“I have requested to be released, for personal reasons, from my duties as Executive Chairman of the Board of Dassault Systèmes. As Co-Founder of our company, alongside Charles Edelstenne, I am truly pleased that Pascal Daloz succeeds me in this role. Pascal and I have worked side by side for 25 years, and he has my full confidence to both lead the company and organize the Board’s work.
This decision reflects the enduring continuity of the company’s governance, which is a major source of trust for our large clients around the world. I am firmly convinced that this new configuration creates the strongest conditions for the continued and successful development of Dassault Systèmes.
I love and am deeply proud of Dassault Systèmes – its people, its teams, its customers, its purpose and values and what we build together. I am, at heart, a product and technology leader; this is my passion. I will remain fully available to the company to accelerate the adoption of 3D UNIV+RSES. Over the past 40 years, I have driven six generations of industry transformations, leading cutting-edge product innovation. “Gen7” is now well defined and architected. Pascal and his remarkable team will drive further this tremendous heritage for the success of our clients, partners and shareholders.”
“On behalf of the Board, I want to thank Bernard Charlès for his relentless leadership to position Dassault Systèmes as a world leader in PLM, which is recognized by all industries. His unique vision, endorsed by so many leading companies, has always been a competitive advantage. In the past 3 years, he has carefully prepared his succession: ensuring the 7th generation of our AI-based industry solutions is well engaged and transmitting his career legacy, constantly aiming for the highest quality standards. With Pascal Daloz, the company is in good hands for the future”, added Charles Edelstenne, Founder and Honorary Chairman.
Information on Conference Call scheduled February 23, 2026
Dassault Systèmes will host a conference call on February 23, 2026, at 7.00 am London time / 8.00 am Paris time. The conference call will be webcast live and available as replay on http://www.3ds.com/investors/. Please connect to the website at least 15 minutes prior to the conference call to register, download and install any necessary audio software.
###
FOR MORE INFORMATIONDassault Systèmes’ 3DEXPERIENCE platform, 3D design software, 3D Digital Mock Up and Product Lifecycle Management (PLM) solutions: http://www.3ds.com
ABOUT DASSAULT SYSTÈMES
Dassault Systèmes is a catalyst for human progress. Since 1981, the company has pioneered virtual worlds to improve real life for consumers, patients and citizens. With Dassault Systèmes’ 3DEXPERIENCE platform, 370,000 customers of all sizes, in all industries, can collaborate, imagine and create sustainable innovations that drive meaningful impact. For more information, visit: http://www.3ds.com
Dassault Systèmes Investor Relations Team Marie Dumas : +33 1 61 62 70 92 investors@3ds.com
Dassault Systèmes’ CEO Pascal Daloz becomes also Chairman of the Board of Directors of Dassault Systèmes
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FOCIL will headline Ethereum’s Hegota upgrade set for later in 2026.
The proposal forces the inclusion of valid transactions to limit censorship.
Critics warn it could expose validators to unforeseen risk, particularly when it comes to sanctioned addresses.
Ethereum is doubling down on its cypherpunk roots. Developers have scheduled Fork-Choice Enforced Inclusion Lists, or FOCIL, as the consensus-layer headliner for the network’s upcoming Hegota upgrade.
The Hegota upgrade is a coordinated change to the network’s core rules that developers expect to roll out in the second half of 2026. The proposal, entered as EIP-7805, is designed to ensure that Ethereum remains censorship-resistant at the protocol level by forcing validators to include all transactions.
With FOCIL, if a proposed block ignores valid transactions from inclusion lists, then the chain can fork away from it, guaranteeing that any valid public-mempool transaction gets included within a bounded number of slots.
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While some validators in the past have ignored certain transactions, including those tied to sanctioned addresses or protocols—such as the once-sanctioned Tornado Cash—this network change would ensure they’re included.
In an X post on Thursday, Ethereum co-founder Vitalik Buterin said FOCIL works in combination with EIP-8141, which he said makes smart accounts—including multisig, quantum-resistant signatures, key changes, and gas sponsorship—“first-class citizens.”
“FOCIL enables censorship-resistant rapid inclusion of any transaction,” Buterin wrote. “Hence, with FOCIL and 8141 together, anything, including smart wallet txs, gas sponsored txs, and even privacy protocol txs, can be included on-chain through one of 17 different actors (the proposer or the includers) that are all chosen randomly in each slot.”
There is also an important synergy between FOCIL and AA (EIP-8141, which is based on 7701):
8141 makes not just smart accounts (including multisig, quantum-resistant signatures, key changes, gas sponsorship) first-class citizens, it also can do the same for privacy protocols… https://t.co/wLCEuq66eI
— vitalik.eth (@VitalikButerin) February 19, 2026
According to Buterin, the move “gives guaranteed rapid inclusion,” meaning that almost any valid transaction would be included within one to two slots, even in an “adversarial environment.”
“Ethereum is going hard,” Buterin wrote.
Critics, including Ethereum developer Ameen Soleimani, argue FOCIL could have unforeseen ramifications for network validators.
“ETH devs, I love you. You mean well. But when you create an EIP to solve the problem of ‘filtering out transactions with sanctioned addresses’ and your solution is ‘to allow validators to impose constraints on builders by force-including transactions in their blocks’… we have a problem, a big problem,” he wrote on X in August. “And if you don’t see it, you’re either being naive or reckless.”
Still, many Ethereum developers argue that FOCIL brings more benefits than downsides.
In a separate post on X on Friday, Buterin described a broader ambition to create a “cypherpunk” ethos in Ethereum.
“I’m actually trying to do something even more ambitious: Create ‘cypherpunk principled non-ugly Ethereum’ as a bolt-on to the present-day system, in a way that’s as tightly integrated and interoperable as possible, and then grow it over time,” Buterin wrote.
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AdGazer is a model that predicts human ad attention using eye-tracking–trained AI.
Page context drives up to one-third of ad attention outcomes.
An academic demo could quickly evolve into real ad-tech deployment.
Somewhere between the article you’re reading and the ad next to it, a quiet war is being waged for your eyeballs. Most display ads lose it because people just hate ads—so much that big tech companies like Perplexity or Anthropic are trying to steer away from those invasive burdens, looking for better monetization models.
But a new AI tool from researchers at the University of Maryland and Tilburg University wants to change that—by predicting, with unsettling accuracy, whether you’ll actually look at an ad before anyone bothers placing it there.
The tool is called AdGazer, and it works by analyzing both the advertisement itself and the webpage content surrounding it—then forecasting how long a typical viewer will stare at the ad and its brand logo based on extensive historical data of advertisement research.
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The team trained the system on eye-tracking data from 3,531 digital display ads. Real people wore eye-tracking equipment, browsed pages, and their gaze patterns were recorded. AdGazer learned from all of it.
When tested on ads it had never seen before, it predicted attention with a correlation of 0.83—meaning its forecasts lined up with actual human gaze patterns about 83% of the time.
Unlike other tools that focus on the ad itself, AdGazer reads the whole page around it. A financial news article next to a luxury watch ad performs differently than that same watch ad next to a sports score ticker.
The surrounding context, according to the study published in the Journal of Marketing, accounts for at least 33% of how much attention an ad gets—and about 20% of how long viewers look at the brand specifically. That’s a big deal for marketers who’ve long assumed the creative itself was doing all the heavy lifting.
The system uses a multimodal large language model to extract high-level topics from both the ad and the surrounding page content, then figures out how well they match semantically—basically the ad per se vs the context it is placed on. These topic embeddings feed into an XGBoost model, which combines them with lower-level visual features to produce a final attention score.
The researchers also built an interface, Gazer 1.0, where you can upload your own ad, draw bounding boxes around the brand and visual elements, and get a predicted gaze time back in seconds—along with a heatmap showing which parts of the image the model thinks will draw the most attention. It runs without needing specialized hardware, though the full LLM-powered topic matching still requires a GPU environment not yet integrated into the public demo.
For now it’s an academic tool. But the architecture is already there. The gap between a research demo and a production ad-tech product is measured in months—not years.
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CliqTechno, a leading Kuwait-based mobile app development company, has integrated Artificial Intelligence into its existing services. The update allows businesses to manage customer communication, service activity, and performance tracking directly inside their mobile applications.
Many companies in Kuwait use apps for customer access, but still rely on manual coordination and separate tools for operations. This slows response time and limits operational visibility.
CliqTechno identified this gap while providing top-notch mobile app development services in Kuwait across industries and introduced AI-powered features to address it. Applications can now analyze user activity, provide relevant recommendations, and support everyday business decisions from a single platform.
● Moving from Traditional Mobile Apps to Intelligent Platforms
Traditionally, mobile applications have focused on usability and features. CliqTechno’s latest approach transforms them into adaptive business tools. The newly integrated AI capabilities include predictive analytics, recommendation engines, conversational chatbots, and automated workflows.
For more information, visit : https://www.cliqtechno.com/mobile-app-development/
By combining mobile development expertise with AI technologies, businesses can now: –
Provide personalized customer experiencesAutomate customer support interactionsAnalyze behavioral data in real timeForecast demand and optimize operationsImprove retention and conversion rates
The company states that AI-enabled applications continuously learn from user behavior and refine performance over time.
● Supporting Kuwait’s Digital Transformation
The update aligns with increasing digital adoption across sectors such as retail, healthcare, fintech, logistics, and on-demand services. Organizations require applications that assist in decision-making instead of only delivering services.
CliqTechno stated that businesses using AI-powered applications can reduce manual work and improve operational performance. They also gain actionable insights from customer data, helping leadership teams make faster and more accurate strategic decisions.
● Built for Startups and Enterprises
The upgraded services are designed for both startups and established enterprises. Startups benefit from scalable automation and lower operational costs, while enterprises can modernize legacy workflows and introduce intelligent customer engagement.
The company’s development approach focuses on understanding business objectives first and then embedding AI features into mobile ecosystems without disrupting existing infrastructure. This ensures smooth adoption while maintaining security and compliance.
● Looking Ahead
With wider adoption of intelligent automation expected in 2026, CliqTechno positions mobile applications as active business tools. The company expects next-generation apps to support planning, operations, interactions, and revenue growth.
By integrating AI into mobile development, organizations can move from basic digital access to data-driven operations that improve performance and service quality.
● About CliqTechno
CliqTechno is a Kuwait-based mobile development company providing mobile apps, AI and ML solutions, and custom digital platforms for startups and enterprises. The company develops AI-driven applications that support operational management and customer engagement across retail, healthcare, fintech, logistics, and service industries.
For more information, visit : https://www.cliqtechno.com/ai-ml-development/
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Not long ago, launching a business meant building a product and finding customers. Today, it often means something else entirely.
Modern founders and creators are expected to be marketers, sales teams, community managers, brand strategists and distribution experts – sometimes all at once.
For millions of small business owners and independent entrepreneurs, the challenge is not just growing their companies. It is doing so without the staff, budget or connections traditionally required to scale.
A newly launched artificial intelligence platform called onSpark is entering that landscape with a different idea about how businesses grow. Instead of helping entrepreneurs manage more tasks, it attempts to help them find the people and companies who can share those responsibilities.
The platform, created by entrepreneur Kyle Kane in collaboration with Martell Ventures, uses AI to match businesses, creators and brands with strategic partners and guide them through collaboration and deal execution.
Its founders believe that for many modern entrepreneurs, growth is no longer about building bigger teams internally. It is about building networks externally.
The Rise of the “Solo Enterprise”
According to data from the U.S. Census Bureau, the number of non-employer businesses – companies run by individuals without full-time employees – has grown steadily for more than a decade and now accounts for over 80 percent of all U.S. businesses.
At the same time, Deloitte estimates that roughly 50 million people worldwide now identify as content creators, entrepreneurs or independent digital professionals working outside traditional corporate structures. (Deloitte [https://www.deloitte.com/us/en/services/consulting/articles/content-creator-economy-growth-and-future-challenges.html?utm_source=chatgpt.com])
But independence comes with challenges.
Many founders operate with limited staffing while competing against companies with dedicated sales teams, marketing departments and distribution networks. That imbalance often forces entrepreneurs to rely on dozens of disconnected software tools and marketing strategies just to stay competitive.
“This is the era of the solo enterprise,” said business strategist Natalie Ford, who advises early-stage startups. “People can launch faster than ever before, but scaling remains incredibly difficult without access to distribution and partnerships.”
onSpark is designed around that problem.
Turning Connections Into Business Infrastructure
Rather than functioning as a marketing platform or customer management tool, onSpark attempts to act as what its creators describe as a partnership operating system.
The platform uses artificial intelligence to help users discover potential collaborators, evaluate alignment and structure partnership agreements designed to generate revenue or expand distribution.
Users are guided through four stages of partnership development – Discover, Verify, Launch and Amplify – with tools intended to help businesses identify collaborators, evaluate compatibility and scale successful joint initiatives.
The concept reflects a growing shift toward ecosystem-based business building, in which companies expand through alliances rather than relying solely on internal resources.
Research suggests this strategy is gaining traction. Industry data indicates that 76 percent of business leaders now view ecosystem partnerships as one of the most disruptive forces shaping their industries. (LinkedIn [https://www.linkedin.com/pulse/2026-partnership-economy-how-build-ecosystem-wins-trackier-dboec?utm_source=chatgpt.com])
Why Collaboration Is Becoming a Competitive Advantage
Economists and business researchers have long studied the impact of collaboration on innovation and growth. A recent academic study analyzing decades of corporate collaboration networks found that each additional direct partnership between organizations was associated with measurable increases in innovation output across industries. (arXiv [https://arxiv.org/abs/2602.05112?utm_source=chatgpt.com])
Meanwhile, retail and market research firm Coresight has reported that strategic partnerships can increase revenue by up to 20 percent while reducing customer acquisition costs through shared marketing and distribution efforts. (Westmoreland County Chamber [https://westmorelandchamber.com/building-business-partnerships-that-pay-off-in-2026/?utm_source=chatgpt.com])
These findings help explain why many companies are investing more heavily in partnership strategies – and why software designed to manage those relationships is becoming a fast-growing category.
How onSpark Attempts to Predict Successful Partnerships
One of the platform’s most distinctive features is its attempt to analyze the human side of business relationships.
The system evaluates partnership compatibility using a combination of behavioral data, personality assessment frameworks and communication style analysis. The goal is to generate trust and fit scores that help users identify potential collaborators with aligned working styles, values and execution approaches.
The platform incorporates multiple assessment models, including DISC, Myers-Briggs and Enneagram, alongside other behavioral insights designed to predict partnership effectiveness beyond traditional metrics like audience size or brand recognition.
Supporters say this approach reflects the reality that many partnerships fail because of misaligned expectations rather than flawed business strategy.
Critics caution that personality analytics can oversimplify complex professional relationships. Still, the growing use of behavioral data in hiring, leadership development and team management suggests the concept is gaining broader acceptance.
Early Users See Partnerships as a Shortcut to Scale
The company reports early success among both enterprise and startup users. According to its launch announcement, HubSpot partnership leaders observed measurable increases in qualified lead generation while working with onSpark’s methodology.
The platform also cites an example involving startup founder Chris Seidman, who reportedly generated $160,000 in partnership-driven revenue within a single month after using the system to connect with a creator network.
Such examples represent early adoption rather than long-term validation. However, they highlight the potential appeal of partnership-driven growth for entrepreneurs with limited resources.
The Changing Definition of a Business Team
onSpark’s development with Martell Ventures reflects growing investor interest in collaboration-based growth strategies. Venture-backed startups are increasingly building partner ecosystems alongside traditional sales and marketing operations.
Dan Martell, founder of Martell Ventures, describes partnerships as a way to help companies grow faster without expanding overhead.
“Most founders don’t have a distribution problem,” Martell said in the company’s announcement. “They have a leverage problem.”
For small businesses, that concept can be particularly relevant. Instead of hiring full departments, entrepreneurs may rely on networks of creators, agencies, brands and collaborators to expand reach and capabilities.
A Broader Shift in How Businesses Grow
Industry analysts suggest that the rise of partnership platforms reflects a larger transformation in the structure of business itself.
A recent report examining future collaboration models concluded that partnerships are moving from occasional marketing tactics to core operational strategies embedded across research, product development, distribution and brand building. (Business Fights Poverty [https://businessfightspoverty.org/wp-content/uploads/2024/09/Building-Business-Partnerships-That-Are-Fit-for-the-Future.pdf?utm_source=chatgpt.com])
That shift mirrors broader workforce trends, including the growth of freelance economies, remote collaboration and project-based business structures.
What It Means for Entrepreneurs and Small Businesses
For everyday business owners, the appeal of platforms like onSpark is straightforward. Instead of trying to master every growth function internally, entrepreneurs can potentially scale by aligning with organizations that already possess complementary audiences, expertise or infrastructure.
The platform is currently offering limited early access, allowing founders, creators, investors and business operators to explore its partnership network at onspark.com.
Whether onSpark becomes a central tool for business growth or one of many collaboration platforms competing for adoption will depend on how effectively it can translate relationships into measurable outcomes.
But for entrepreneurs navigating a rapidly changing economy, the platform represents a growing realization that modern business success may depend less on building bigger teams – and more on building better alliances.
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Bitcoin deposits on exchanges have dropped from their daily peak of around 60,000 BTC on February 6.
Yet while sell pressure is easing, the biggest overall depositors are the largest holders, or whales.
The price of Bitcoin is down 46% since peaking above $126,000 last October.
A major influx of Bitcoin deposits to centralized exchanges has slowed, reducing sell pressure on crypto’s top asset by market cap. But the largest investors, or whales, have kept their foot on the gas, according to a new report from CryptoQuant.
The Bitcoin deposited on exchanges had reached around 60,000 BTC on February 6 as the price of the coin slipped near $60,000. That number has since fallen to around 23,000 BTC on average over the last seven days, the blockchain analytics firm indicated.
“This moderation suggests that the acute sell-off phase has eased, even as exchange flows remain elevated relative to prior months,” the report reads. “Lower exchange inflows put less selling pressure on prices.”
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While the inflows are declining from their early-month levels, their makeup has shifted to favor large depositors. CryptoQuant’s “Exchange Whale Ratio,” which compares the top 10 inflows to the entire influx of deposits, has reached 0.64—its highest mark since 2015.
“This indicates that 64% of all Bitcoin exchange inflows were made by the top 10 by volume, suggesting that large investors are selling,” the firm wrote.
Whales lining up to sell the top asset was a key theme of 2025, in which an “unprecedented amount” of coins changed hands, CryptoQuant analyst J.A. Maartun told Decrypt in December.
“I call this the ‘great redistribution,’ during which Bitcoin held by long-term holders has been transferred to new owners in several waves,” Maartun said at the time.
BTC climbed to $126,080 in October, creating a new all-time high mark. But since that time, it’s fallen 46% to recently change hands at $67,582.
A near-term jump might not be in the cards either. Previous analysis from CryptoQuant indicates the asset’s “ultimate bear market bottom” is around $55,000, and its exchange analysis points to diminishing “dry powder” or USDT available to buy crypto assets.
“Crypto price rallies are often accompanied by increasing stablecoin exchange deposits,” the firm wrote.
Users on Myriad—a prediction market platform operated by Decrypt’s parent company, Dastan—agree that Bitcoin’s next big move is down, currently penciling in a 57% chance that the price of BTC falls to $55,000 sooner than it can rebound to $84,000.
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The Netherlands Gambling Authority has ordered Polymarket to cease operations in the country, on penalty of fines of €420,000 ($462,000) per week.
The regulator said that prediction markets constitute “illegal gambling” under Dutch law.
The move adds to mounting global legal scrutiny of the fast-growing prediction market sector.
The Netherlands Gambling Authority (Ksa) has imposed a penalty order on Adventure One QSS Inc., the operator of prediction market platform Polymarket, for offering what it called illegal gambling services in the country without a license. It marks the latest legal setback for the company as regulators worldwide intensify scrutiny of the sector.
In a statement published Tuesday, the Ksa said it had ordered Polymarket to immediately cease offering services to Dutch users. If the company fails to comply, it will be fined €420,000 ($462,000) per week, up to a maximum of €840,000 ($924,000).
“Prediction markets are on the rise, including in the Netherlands,” said Ella Seijsener, director of licensing and supervision at the Ksa. “These types of companies offer bets that are not permitted in our market under any circumstances, not even by license holders.”
Citing the “social risks” of prediction market offerings, “for example, the potential influence on elections,” Seijsener said that the platform “constitutes illegal gambling.” She added that, “Anyone without a Ksa license has no business in our market. This also applies to these new gambling platforms.”
Prediction markets around the world
The enforcement action comes amid a sharp rise in the popularity of prediction markets globally. Platforms such as Polymarket and its main competitor Kalshi have seen explosive growth over the past two years, particularly around major political events such as the 2024 U.S. presidential election. Combined monthly trading volumes on leading platforms exceed $13.5 billion, with more than 43 million transactions processed, according to a November 2025 report by Dune and Keyrock.
The controversy surrounding the sector centers on a core dispute where prediction market operators insist they are not gambling platforms, while regulators in multiple jurisdictions argue that allowing users to stake money on uncertain real-world outcomes amounts to betting. As these markets expand into politics, sports and macroeconomic events, authorities are increasingly questioning whether they fall within existing gambling laws.
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The regulatory headwinds have not slowed Polymarket’s commercial ambitions. On Wednesday, the company announced a partnership with Substack that will allow authors on the publishing platform to integrate live data from Polymarket into their newsletters, saying that “journalism is better when it’s backed by live markets.” It also scored a partnership with Major League Soccer at the end of January, while rival Kalshi has struck deals with both CNBC and CNN.
Polymarket did not respond to a request to comment.
Polymarket and Kalshi have repeatedly argued that their products are structured as financial instruments rather than wagers. Kalshi CEO Tarek Mansour said last April that the company offers “event contracts,” not bets, describing the platform as “an open financial marketplace” where users trade against each other rather than against a bookmaker.
“If we are gambling, then I think you’re basically calling the entire financial market gambling,” he said at the time.
Regulatory headwinds
Despite those claims, prediction market companies are facing mounting legal pressure. Kalshi is currently defending a class action lawsuit in the Southern District of New York alleging it operates as an “illegal and unlicensed sports book.” Polymarket and other platforms have encountered legal or regulatory challenges in U.S. states, the UK, France, Germany, Italy, Australia, Singapore, Portugal, Hungary, Thailand and now the Netherlands, among others.
Dozens of lawsuits are ongoing against prediction markets in the U.S. alone from federal authorities, Native American tribes, investors who have lost money and gambling regulators.
Jan Scheele, board member at the Blockchain Netherlands Foundation, said the Dutch action is consistent with the country’s traditionally strict regulatory posture. “This would not be considered unusual in the Dutch context,” he said, adding that the Netherlands has “a reputation for applying relatively strict standards when it comes to licensing requirements and regulatory compliance, including in emerging sectors such as crypto and digital assets.”
Authorities generally expect companies to secure the appropriate permissions before offering services to Dutch users and to demonstrate ongoing compliance with consumer protection and anti-money laundering rules, he added.
Dutch regulators tend to adopt a proactive enforcement stance where they believe companies are operating without authorization or in breach of legal obligations, Scheele said. “It reflects a regulatory culture that prioritises consumer protection and systemic integrity over a more permissive, innovation-first approach.”
From a regulatory standpoint, he added, authorities typically focus on what a product enables users to do rather than how it is labeled. If users can stake value on uncertain real-world events and receive a financial return if they are correct, that can resemble a bet in economic and behavioral terms, even if the interface resembles a trading platform and transactions are settled via crypto-assets.
At the same time, Scheele noted that some prediction markets may serve informational purposes by aggregating dispersed knowledge and signaling expectations about future developments. In theory, such markets could support decision-making or risk management beyond entertainment wagering. However, under current Dutch law, the potential informational benefits do not override licensing requirements if the activity qualifies as gambling.
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Two spot Sui ETFs began trading in US markets on Feb. 18. Canary’s SUIS is listed on Nasdaq, while Grayscale’s GSUI appeared on NYSE Arca.
Both products offer staking-enabled exposure to Sui, the layer-1 blockchain positioned as a high-throughput alternative to Ethereum.
By the end of the first trading session, GSUI had moved roughly 8,000 shares. SUIS traded around 1,468. Combined notional volume came in under $150,000, a figure so low it barely registered on the tape.
While Solana’s BSOL debuted with $55.4 million in day-one trading volume in October 2025 and XRP’s XRPC opened with roughly $58 million a month later, Sui’s twin launches struggled to generate liquidity equivalent to a single large institutional block trade.
The contrast reveals a structural reality: the further an asset sits from the top of the market cap rankings, the harder it becomes to summon secondary-market activity. This happens even when the regulatory wrapper, exchange listing, and issuer pedigree are identical.
Liquidity ladder
Debut-day trading volume creates a clean snapshot of investor readiness.
It captures how many desks are willing to make markets, how many advisors are comfortable recommending exposure, how many retail platforms prominently feature the ticker, and how much natural two-way flow exists from the open.
The altcoin ETF class has now generated enough launches to reveal clear tiering.
At the top, Solana and XRP command tens of millions in opening-day volume. Bitwise’s BSOL moved $55.4 million on Oct. 28. Canary’s XRPC hit roughly $58 million on Nov. 13.
Those numbers reflect institutional-grade liquidity: tight spreads, active market making, and enough flow to absorb size without moving the market.
The mid-tier shows more variance. Grayscale’s Chainlink ETF (GLNK) reportedly generated around $13 million in first-day trading volume on Dec. 2.
Bitwise’s competing Chainlink product (CLNK) moved approximately $3.2 million in notional value on Jan. 14.
Then the cliff arrives. Canary’s Litecoin fund (LTCC) managed roughly $1 million, while its Hedera ETF (HBR) was the exception, posting about $8 million on its October debut.
Grayscale’s Dogecoin ETF (GDOG) traded around $1.4 million on Nov. 24. VanEck’s Avalanche product (VAVX) printed approximately $334,000 on Jan. 26.
Sui’s combined launch sits well below that baseline.
Market cap rank maps closely to debut-day liquidity. XRP sits at #4, Solana at #7, and Dogecoin at #9. Hedera ranks #25, Litecoin #27, and Sui #31.
A rough quantitative read suggests that every 10 rank drops corresponds to a roughly 7-fold decline in opening-day trading volume. By rank 30, implied debut-day volume falls into the low six figures, exactly where Sui landed.
Dogecoin complicates the narrative. Despite its top 10 market cap, GDOG’s $1.4 million debut volume sits closer to the lower-tier cohort.
What matters isn’t just size but familiarity, distribution infrastructure, advisor comfort, and trading culture. Market cap gets attention, distribution gets volume.
Debut-day trading volume for altcoin ETFs ranges from $58 million for XRP to under $150,000 combined for Sui’s two funds.
Why volume fades
Listing an ETF is cheap and administratively simple. Issuers file, exchanges approve, tickers go live.
However, none of that forces advisory platforms, model portfolios, or retail brokerage interfaces to feature the product. Distribution is earned through education, marketing spend, backroom integration, and a liquidity flywheel where early volume attracts market making capital, which tightens spreads, which attracts more flow.
That flywheel never spins up for most launches. Market makers, who handle more than 99% of secondary ETF transactions according to VettaFi research, make money on flow and hedging efficiency.
For a single-token altcoin ETF, the question is: how cleanly can I hedge this exposure intraday? For Solana or XRP, the answer is “very cleanly,” as deep order books on multiple venues, robust futures markets, and institutional lending desks.
For Sui, hedging becomes more costly, spread-capture less reliable, and capital commitment harder to justify.
ETF trading volume does not equal ETF liquidity.
JPMorgan’s research argues that low screen volume doesn’t automatically signal liquidity risk, because creation and redemption mechanisms allow market makers to source liquidity directly from the underlying asset.
But low volume still matters for smaller tactical orders and investor perception.
ETF.com notes that spreads tend to be narrower when trading volume is robust. Poor day-to-day tape signals weak mindshare, limited natural two-way flow, and bad optics.
Even if sophisticated traders can access liquidity through creation units, retail investors see wide spreads and thin volume and walk away.
Chart shows altcoin ETF debut-day trading volume declining sharply with market cap rank, dropping roughly sevenfold every ten ranks.
The distribution wall
What Sui’s debut reveals isn’t a problem with Sui. It’s a ceiling on how far down the market-cap ladder ETF distribution can realistically reach.
The same infrastructure that made Solana ETFs functional exists for Sui. The regulatory approval process was identical. What’s missing is investor demand at a sufficient scale to create sustainable liquidity.
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That demand doesn’t scale linearly with market cap. It clusters around assets that institutional allocators and retail platforms consider “committee-safe.”
Solana and XRP have that status, built through years of venture backing, exchange listings, and regulatory survival. Chainlink carved out a niche as “the infrastructure play.” Hedera benefits from enterprise governance branding. Litecoin trades on nostalgia.
Sui, despite strong technical fundamentals, hasn’t achieved that level of institutional comfort. The ETF wrapper can’t create demand that doesn’t exist upstream.
The forward-looking implication is a barbell market structure.
A small set of altcoin ETFs, likely three to five products, will achieve genuine liquidity and institutional adoption. Everything else becomes tradeable-but-thin: functional for niche allocators, but not competitive with the top tier on spreads, volume, or advisor mindshare.
This dynamic isn’t unique to crypto. Morningstar’s 2025 ETF review highlights a long tail of sub-scale products across the broader fund universe, with persistent closures among funds that fail to attract assets or trading interest.
The crypto ETF market is replicating that pattern faster, compressed by the rapid pace of launches and the narrow distribution infrastructure.
JPMorgan projected that altcoin ETFs could draw $14 billion in assets during their first six months, with a large portion flowing into Solana-focused products. That forecast reflects asset-gathering potential, not guaranteed trading volume, but reinforces the concentration risk.
Even in an optimistic scenario, most capital flows to the top few names.
The Sui debut offers a test case for what happens when regulatory approval meets weak distribution.
The products exist. The infrastructure works. The underlying asset is liquid enough to support creation and redemption.
Yet the volume isn’t there, and volume attracts more volume. Without day-to-day tape, spreads stay wide. Without tight spreads, advisors don’t recommend exposure. The distribution wall becomes self-reinforcing.
In a strong crypto market, the entire volume curve could shift upward.
Rising prices create speculative energy, which pulls capital into riskier names, which generates more flow. However, even in that scenario, the slope is likely to remain. Top-tier products still capture most incremental attention.
The alternative is a culling mechanism. If the next three to six months don’t produce persistent trading activity, expect fewer follow-on launches, wider spreads, reduced marketing budgets, and eventual shutdown risk for the least-trafficked products.
That’s the normal lifecycle of sub-scale ETFs.
Sui’s sub-$150,000 debut shows how far liquidity has to fall before the ETF wrapper stops mattering.
The structure is the same. The regulatory approval is the same. The issuer pedigree is the same. What changed is the asset’s rank in the attention economy, and that difference translated into a 300-to-400-times decline in opening-day volume relative to Solana.
Distribution is the gating factor. Everything else is infrastructure.
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