Apr 21, 2025: Our weekly Institutional Insights explores the latest market developments — market performance, industry news, exchange-traded fund (ETF) flows, trending topics, upcoming events and token unlocks — to help you supercharge your crypto trading.

 explores the latest market developments — market performance, industry news, exchange-traded fund (ETF) flows, trending topics, upcoming events and token unlocks — to help you supercharge your crypto trading.

Weekly highlight — Trump wants to fire Powell? 

US president Donald Trump is actively considering firing Federal Reserve Chairman Jerome Powell, following Trump's public criticism of Powell for not moving quickly enough to reduce interest rates. National Economic Council Director Kevin Hassett confirmed that the administration is examining this option, suggesting that Powell's actions have politically favored Democrats. Hassett argued that the Federal Reserve's decision to raise interest rates shortly after Trump took office was intended to undermine the economic impact of the tax cuts implemented during his administration, which were deemed inflationary. He further criticized the Fed for not addressing inflation concerns stemming from federal spending under President Biden, implying a lack of accountability.

During a recent press conference, Trump conveyed his dissatisfaction with Powell, asserting that if he wanted to remove him, it could happen "real fast." While he did not explicitly state his intention to dismiss Powell, his remarks highlighted the growing tensions between the White House and the Federal Reserve regarding monetary policy. Hassett defended Trump's frustrations, advocating for a focus on economic policy rather than interpersonal conflicts. This situation underscores the complex dynamics between the executive branch and the central bank, as Trump navigates economic challenges leading up to the next election.

Weekly crypto highlight — XRP ETF coming

HashKey Capital has officially launched the HashKey XRP Tracker Fund, marking the first investment fund in Asia designed specifically to track the performance of XRP, the digital asset integral to Ripple's global payment ecosystem. This fund is aimed at professional investors and offers a unique opportunity to gain exposure to XRP without the complexities of direct asset management. Investors can subscribe through cash and in-kind options, with the fund providing monthly liquidity.

Ripple, as an early backer of the fund, is looking to enhance its strategic partnership with HashKey Capital, which already manages Hong Kong–listed spot ETFs for Bitcoin and Ethereum. This collaboration not only solidifies Ripple's presence in the Asian market, but also opens avenues for future financial products, such as the potential tokenization of a money market fund on the XRP Ledger. Fiona Murray, Ripple's Managing Director for the Asia-Pacific region, highlighted that this partnership is part of a broader strategy to introduce more regulated cryptocurrency products for institutional investors in the region, aiming to foster a more robust crypto landscape in Asia.

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Weekly Institutional Insights: Trump’s desire to fire Powell might induce volatility; XRP ETF coming

Hong Kong's Securities and Futures Commission (SFC) has approved a new Ethereum ETF with staking capabilities, allowing institutional investors to earn staking rewards.

Daily top performer — Pyth Network (PYTH)

The S&P 500 dropped 1.5% to 5,282.70 this week, down 5.9% in April and 10% year-to-date, led by tech losses. Real estate and energy outperformed, while political pressure on Fed Chair Powell and inflation concerns weighed on sentiment. Gold dipped 0.6% to $3,319 after a record high, as Powell’s stagflation warning tempered its rally. Despite the pullback, the uptrend remains intact. The Coindesk Indices, which tracks the broader crypto market, are up by 0.77%, with Bitcoin and Ether rising 0.64% and 0.72%, respectively, over the past 24 hours. Trade these markets and more with up to 500x leverage on Bybit MT5 using this 

Today's top performer is PYTH, up 10.1%, following the launch of Pyth Entropy for secure on-chain random number generation by Soneium.

Pyth Network (PYTH),  is a blockchain oracle system that delivers real-time crypto price data to blockchains, enabling smart contracts to react to market changes. Soneium 

 Pyth Entropy, a tool for securely generating random numbers on-chain. Two apps, HandsNFT AI and 2p2e, are already utilizing Pyth Entropy to create unpredictable and engaging experiences.

Check out the latest prices, charts, and data of 

Hong Kong's Securities and Futures Commission (SFC) has approved a new Ethereum ETF with staking capabilities, allowing institutional investors to earn staking rewards. This approval follows recent changes to local laws, with China Asset Management (ChinaAMC) partnering with OSL Digital Securities to launch the ETF by May 15. The ETF will offer exposure to Ethereum staking, transforming it from a passive investment into an active participant in the Ethereum network. The staking process is powered by Kiln, with OSL providing custody and insurance services. The rewards will contribute to the ETF's net asset value, benefiting shareholders.

Yesterday, Bitcoin spot ETFs saw $25.9M in inflows, all from non-GBTC funds, while GBTC recorded no flow.

" and a points campaign called Drops, where users can earn points—potentially leading to an airdrop—by engaging with Linera content on X. To join, sign up on 

, complete tasks like joining Discord and interacting on X, then enter the campaign. Keep engaging to earn more points, but avoid spamming.

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Hong Kong approves Ethereum ETF with staking rewards, boosting institutional participation

Our weekly crypto derivatives analytics report delves into macro events; the current state of crypto and trading signals from spot trading volume; and futures, options and perpetual contracts.

US president Donald Trump’s tariff policies are influencing both crypto and US equities. Last week, BTC and the S&P 500 rallied due to a 90-day pause in reciprocal tariffs (excluding China). Equities are slightly below their April 9 highs, while BTC is holding above $83K. Its implied volatility term structure has normalized, and the volatility skew has improved from last week’s bias toward out-of-the-money puts, though it hasn't fully shifted toward calls.

Please check out the report’s highlights.

Tariff pause briefly brings back trading volume

Since our last report, open interest surged on Apr 9, 2025, as crypto spot prices rose after President Trump’s temporary tariff pause, accompanied by a nearly $10B increase in trade volumes. However, trade volumes have since returned to mid-March levels, and open interest has declined from the April 9 highs. The initial price spike indicates the tariff pause surprised the markets, but the subsequent pullback reflects concerns over remaining tariffs.

After being inverted for much of April due to trade policy shocks and macro headwinds, BTC’s term structure has disinverted, with front-end volatility dropping significantly this week. Call and put volumes have been balanced, with calls slightly exceeding puts most days. Apr 9, 2025, reflected mixed market sentiment, as both call and put volumes rose, but puts were higher overall. Open interest remains greater in calls, and has increased slightly since last week, reaching its highest level for the month (more than double from the beginning of April).

Despite a rally on Apr 9, 2025 that brought ETH close to $1.7K, traders sought downside protection, leading to higher volumes in put contracts as compared to calls. Since then, ETHUSDT options volumes have declined, but open interest remains strongly weighted toward calls with later expirations, which have increased since last week. After being inverted for much of April, ETH’s term structure of volatility has flattened, with volatility compressing around the 70% mark across tenors.

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Bybit X Block Scholes crypto derivatives analytics report (Apr 16, 2025): Bitcoin put bias has moderated, but not yet shifted to calls

KiloEx (KILO) is a user-friendly DEX for perpetuals trading, offering high leverage, rewards, LSTfi integration and a robust multi-chain ecosystem.

 trading is one of the most lucrative areas for cryptocurrency enthusiasts if you know how to navigate the sometimes complex world of these contracts. Unlike standard futures, perpetual futures contracts have no expiration date, allowing traders to hold onto their positions as long as they prefer. You only exit a crypto perpetual (or “perp”) contract when you feel it’s the best time to execute your long or short trade. The lack of an expiration period makes these contracts attractive for traders.

Unfortunately, many crypto perpetual contract trading platforms are far from user-friendly. It seems like many perpetual crypto exchanges assume that only professional traders dabble in these contracts, and along with that assumption goes a second one — that these pros can navigate even the most complex user interfaces. As a result, finding a user-friendly perps platform is a challenge in the world of crypto trading.

 (DEX) that aims to change the status quo by providing a user-friendly environment for traders. Its platform also offers high leverage ratios, integration into the wider liquid staking token finance (LSTfi) ecosystem and generous reward programs for referrers and affiliates.

Thanks to its numerous benefits, this DEX caters to the needs of traders at all levels of expertise who are interested in crypto perpetuals. Operational since mid-2023, KiloEx launched its native token, KILO, in March 2025 to further enhance its platform's reward, staking and governance mechanisms.

 (BNB) that specializes in crypto perpetual futures trading.

 The platform prides itself on offering a user-friendly interface, high 

 ratios of up to 100x, multi-token vaults with generous APYs and a number of reward programs for referrers and affiliates.

Co-founded by Joey Ni (CEO) and Charles Gong (COO), KiloEx was originally launched on BNB Chain's mainnet in June 2023. As of mid-April 2025, the platform has additionally expanded its service coverage to five 

 (B2). This coverage allows KiloEx to access the ecosystems of three leading blockchain platforms — 

Manta, Base and Taiko are Ethereum-focused Layer 2 solutions, while opBNB is an efficient and low-cost optimistic rollup for the BNB Chain, while B

 is a platform linked to Bitcoin that acts as a major Bitcoin DeFi (BTCFi) enabler.

Because it’s a BNB-native platform, KiloEx's industry footprint is most notable within this blockchain's broader ecosystem. In fact, as Apr 17, 2025, KiloEx is the top DEX on the opBNB network by 

Using Layer 2 chains allows KiloEx to offer its users fast and low-cost transactions, which isn't always possible on a typical Layer 1 network. It's true that BNB Chain, the primary Layer 1 used by KiloEx, generally has much lower gas fees than Ethereum, the industry's leading 

 chain that’s notorious for its exorbitant costs. However, KiloEx's partner Layer 2 networks help drive costs and transaction times even lower. BNB Chain's current average gas fee is slightly over $0.10, while the opBNB Layer 2 rollup's comparable fee is only about $0.005.

In 2024, the platform introduced one of its most innovative features — the 

, which allows liquidity providers to stake multiple assets to earn high yields. That same year, KiloEx significantly expanded its partnership network, becoming an active player in the LSTFi ecosystem. LSTFi is a new stream within the DeFi industry that allows you to use 

 (LSTs) on various protocols for additional yield.

Having solidified its market presence in 2024, the project launched its native token, KILO, in March 2025. However, in mid-April 2025, KiloEx 

 and halted trading on April 15 as a risk management measure, pending investigation of the damage.

The Hybrid Vault is among the most innovative features offered by KiloEx. Essentially, it acts similarly to liquidity pools on other exchanges. Liquidity providers can contribute their crypto funds to the vault to support trading activity on the DEX and earn interest on their contributions, based on the fees earned by the protocol.

You can contribute a mix of coins to a KiloEx vault. Supported assets include 

Depending upon trading activity and the mix of coins contributed, you can earn APYs as high as 30%, making KiloEx one of the most lucrative choices for liquidity providers in this niche.

KiloEx uses a health factor calculation for this type of vault to keep your funds and the entire ecosystem safe. Based on the health factor score of your contribution to the vault, your funds could be liquidated if their value drops dangerously low.

Discounts are also offered for fixed-term deposits for established assets, such as USDT and USDC. Withdrawals for the fixed deposits are processed upon maturity, while all other withdrawals are processed within one to three "epochs," with each epoch on the platform lasting about three days. Thus, depending upon your contributed funds, you’ll wait anywhere from three to nine days to receive your crypto back.

The KiloEx platform also runs a generous referral program under which you can earn rewards for referring your friends to the platform. The amount you earn depends upon the trading volumes generated by the people whom you’ve referred. Additionally, your referees to the DEX can also benefit from fee rebates, again depending upon the volume of trade they generate.

There’s a tiered system, comprising nine levels, based on which you and your friends earn commissions and rebates. Under this system, even those referred traders whose monthly volume is at the lowest level (below $5,000) can still benefit from 5% rebates, while you also earn a 10% commission.

The table below shows the structure of this referral system with percentages for commission and rebates based on monthly trading volumes.

KiloEx offers an affiliate program for key opinion leaders (KOLs) with a certain level of social media following and influence in the crypto market. KOLs may apply to join the program by filling out an application, which is then considered by the project team within 48 hours.

To qualify for affiliate status, a KOL must have: 

Approved affiliates are provided a link to the platform, and are encouraged to invite their followers to trade on the KiloEx. If they invite at least five followers who trade at sufficient levels, the affiliates can start earning their commission. KOLs can earn up to 55% commission, depending upon the referred followers' trading activity.

KiloEx’s native utility token, KILO, is a 

 asset launched on BNB Chain. It’s used on the platform for governance, fee discounts on trades, rewards via 

, liquidity provision incentives and staking.

KILO is a supply-capped asset, with a maximum and total supply of 1 billion. The token’s supply allocation shares are shown in the chart below.

xKILO is an escrowed version of the KILO token. You can convert KILO to xKILO at a fixed rate of 1:1. The primary utility of xKILO is to provide boosted liquidity provision, which makes it possible to receive staking rewards. By locking xKILO on the platform, you can access special discounts and other benefits reserved for VIP-level users. Holding xKILO also grants you governance power to vote and influence the platform's future direction.

Unlike KILO, xKILO is nontransferable and isn’t tradable on the secondary market. The only ways to obtain xKILO are either to buy it with KILO or receive it via airdrops.

Platform users can earn points to qualify for KILO airdrops. Typically, you accumulate points by trading, depositing funds, referring others to the DEX, checking in to the platform and completing other specified eligible activities.

The project’s initial airdrop, Genesis Season, had an eligibility snapshot taken back in July 2024. Under the currently running airdrop campaign, Pioneer Season, users can earn points to receive KILO tokens for 180 days past the token generation event (TGE) in late March 2025 (i.e., until late September 2025).

Additionally, you can earn KILO tokens on Bybit simply by participating in the 

 event and holding BNB in your account. Every day at various random times, Bybit will take snapshots of your BNB holdings in your Funding and Unified Trading Accounts to calculate the number of KILO tokens you’re eligible for. The campaign will run through Apr 25, 2025, 11:59PM UTC, and you’ll have your share of KILO airdropped seven days after this date.

 market as a swap pair with USDT. If you don't have a Bybit account, you can easily 

, and access opportunities across hundreds of trading pairs and crypto products on the exchange's Spot and Derivatives markets.

As of Apr 17, 2025, the KILO token is trading at $0.039, which is 76.2% lower than its ATH of $0.1648 on Mar 27, 2025, and 17.3% higher than its ATL of $0.03344 on Apr 12, 2025.

Long-term price forecasts for KILO are mostly bullish. CoinCodex 

 at $0.0387 in 2027 and then rise to $0.135 in 2030 while PricePredictions 

When it comes to perpetuals trading, both traditional 

 (CEXs) and DEXs have often struggled to offer an intuitive trading experience. In contrast, KiloEx has made user-friendliness a cornerstone of its operations. With KiloEx, you can enjoy a streamlined trading process, access market trends info for thorough research, get an overview of the cryptocurrency market and conduct other activities via an interface that’s designed for anyone, irrespective of their familiarity with decentralized trading.

The platform also boasts a diverse range of other benefits not easily found in the world of perpetuals-based cryptocurrency trading — generous leveraged trading options, trading fee discounts, lightning-fast trades, low trading fees and an innovative Hybrid Vault system. Many of these benefits are thanks to KiloEx's collaboration with several Layer 2 decentralized platforms, which provide the technical infrastructure to enable low costs and fast order processing.

If you’re a crypto perpetuals enthusiast, KiloEx is definitely a platform to peruse.

Intermediate

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KiloEx (KILO): More than a DEX — a rewarding ecosystem

Bybit Learn

Blockchain

A bridge between protocol and end-user, developers will love Tendermint for its interoperability and ease-of-use. Bybit takes a closer look.

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Tendermint Core and ABCI make up Tendermint, an open-source blockchain protocol engine which developers can build upon with any programming language. Tendermint shifts developers’ focus from the technical and tedious cryptographical component toward the application layer.

While coins such as Bitcoin and Ether get most of the hype, the fact is that the crypto ecosystem cannot run without networks like Ethereum and Tendermint. In this article, we’ll talk about Tendermint and the Cosmos network. Let’s learn how Tendermint is related to Cosmos, delve into the workings of the Cosmos coin (ATOM), and more.

Created in 2014, Tendermint is a blockchain protocol used to replicate and launch blockchain applications across machines in a secure and consistent manner. It is the brainchild of blockchain software architect Jae Kwon and internet biophysicist Ethan Buchman.

Tendermint is also referred to as the “Tendermint Core,” a protocol that can communicate with blockchains within a network and with external blockchains. With Tendermint, you can create any blockchain system seamlessly. It helps to overcome the time-consuming technical setup phase so you can focus on the application itself.

To understand what the Tendermint-blockchain relationship is like, picture a pizza. Tendermint is like a pizza’s crust or base: it forms the foundation that allows developers to invent endless blockchain applications. Once the base has been established, you can then add a variety of different toppings to it. In the case of pizza, the toppings could be pepperoni or pineapple. The equivalent for Tendermint would be blockchains such as Cosmos.

Tendermint consists of two key building blocks: a blockchain consensus engine and a generic application interface.

Tendermint Core, the blockchain consensus engine, ensures that transactions are recorded on every machine in the same order. It facilitates the peer-to-peer network and provides a proof of stake (PoS) consensus.

With Tendermint’s Application Blockchain Interface (ABCI), transactions can be processed in any programming language. Thus, ABCI is a tool for blockchains to link onto the Tendermint Core protocol.

Cosmos coin (symbol: ATOM) is a cryptocurrency that runs on the Cosmos network. It powers an ecosystem of blockchains designed to scale and interoperate with each other.

 As a reward for maintaining the network, ATOM token holders can stake their tokens to receive more ATOM. Cosmos aims to turn competition into community with this unique approach. 

Cosmos was the first system to leverage the classic Byzantine fault tolerant (BFT) consensus protocol, with actual economic value at stake, on the public internet. The main goal of Cosmos is to overcome the lack of interoperability in the market. Thus, the Cosmos network serves as a decentralized ecosystem of independent blockchains that can scale and connect. 

This network includes blockchains built on Cosmos, and external blockchains like Bitcoin and Ethereum through a peg zone. A peg zone is an account-based blockchain that bridges zones within Cosmos to external chains like Bitcoin or Ethereum. The process of connecting blockchains is called the “Internet of Blockchains” (IoB).

Altogether, the blockchain sector encompasses a huge variety of services and functionalities. Using Cosmos, different blockchains can coexist with their specialized use cases. This allows developers to focus on developing their applications instead of the protocols that make the networks run. Cosmos also allows different blockchains to leverage the capabilities of other platforms for an improved user experience.

Throughout its network, Cosmos engages various proprietary, open-source tools made available via its platform to allow the interoperability of blockchains.

How Does the Tendermint Blockchain (Cosmos) Work?

The Cosmos network consists of three layers:

Combining all three layers simplifies the development process. However, one can achieve it only through outsourcing tools like Tendermint’s BFT. Thus, the Tendermint algorithm forms the backbone of the Cosmos network. It enables distributed networks to work in sync with the Cosmos Hub by means of a PoS governance mechanism.

ATOM is the native Comos coin and can be staked. Cosmos uses a PoS protocol called 

In addition to the block reward, validators and delegators are also entitled to a portion of fees from transactions which occur on the Cosmos network.

Tendermint serves as a blockchain engine enabling developers to bypass the laborious and technical cryptography required to set up a blockchain.

Gone are the days when people regarded cryptocurrencies as a form of funding used only by certain individuals. Today, cryptocurrencies provide efficient alternatives to traditional options, such as cash and gold. By fostering convergence among industry stakeholders, Cosmos ensures that progress is shared across the board. As a result of its efforts, Cosmos has cemented its place as one of the world’s most popular cryptocurrencies. (Editor’s note: At the time of writing, it’s ranked #19 by CoinMarketCap.) 

At the time of writing, the price of one ATOM is 

 with a 24-hour trading volume of just under $3 billion.

 of approximately 280 million ATOM, with a total 

Tendermint utilizes modular architecture (unlike 

) with software components that are independent. Thus, you can update a section of the application without causing significant changes to the system.

Tendermint is basically the software for the Cosmos blockchain. It solves consensus under partially synchronous communication. A partially 

 alternates between periods of synchrony and asynchrony. This model is referred to as “weakly synchronous.” In a nutshell, Tendermint aims to implement a more centralized model that refuses timing limitations on its nodes that operate asynchronously.

Tendermint relies on timing assumptions to make progress. In contrast to synchronous systems, however, the speed of progress is determined by network speed, not system parameters.

The protocol follows a simple state machine that’s depicted in the chart below:

The protocol is run by validators, who propose blocks of transactions and vote on them. Each block is placed at the top. If a block isn’t committed, the protocol will move to the next round, and a new validator will propose the height. The vote needs to be conducted twice to commit a block. The steps are referred to as prevote and precommit. If more than two-thirds of validators precommit for the same block in the same round, the block is considered committed.

Though the Tendermint protocol shares commonality with Bitcoin, as both protocols record transactions on a blockchain, each provides a unique solution to the Byzantine Generals Problem, also referred to as the consensus or “agreement” problem.

What are Byzantine Fault Tolerance and ABCI?

A blockchain needs to be decentralized, acting as a digital ledger maintained by a distributed network of computers. Blockchain technology allows for a system where transactions can occur without intermediates, yet it retains a high degree of transparency and reliability.

Like most distributed computing systems, cryptocurrency networks require regular agreement on the current state of the blockchain. These agreements are also called “consensus.” Unfortunately, it isn’t easy to reach consensus over distributed networks in a safe and efficient manner.

How can a distributed network of computer nodes decide if some of them are likely to act dishonestly or fail? The Byzantine fault tolerance was born from this fundamental question, also referred to as the “Byzantine Generals Problem.” It was conceived in 1982  as a logic problem that illustrates how a group of Byzantine generals may have difficulty communicating when trying to agree on their next move during a warlike situation.

Byzantine fault tolerance (BFT) is the property of a system that can resist the class of failures derived from the Byzantine Generals Problem. As a result, BFT systems can operate despite some of the nodes failing or acting maliciously.

Just as there are multiple possible solutions to the Byzantine Generals Problem, a BFT system can also be built in different ways.

ABCI allows Byzantine fault tolerant replication of applications written in any programming language. ABCI is primarily a bridge between the Tendermint Core and the Cosmos software development kit (SDK). A developer can build projects for the Cosmos network using the Cosmos SDK.

The Cosmos network is based on interoperating with and connecting to the Cosmos Hub, the main component. In other words, ABCI defines the boundary between the blockchain and the applications running on top of it.

The ABCI comprises three primary message types that get delivered from the core to the application. The application replies with corresponding response messages.

ABCI sockets can be connected to multiple applications. For example, the Tendermint Core connects three ABCI sources to the application: one for validation of the broadcast in the mempool, one for the consensus engine to block proposals and one for querying the application’s state.

Tendermint Core is the consensus engine of Tendermint, which ensures the same transactions are recorded on every machine in identical order. Tendermint Core also provides networking and consensus layers.

In the context of blockchains, scalability refers to the ability of a blockchain to support an ever-increasing load of transactions and nodes within the network. 

Sharding creates smaller databases, or shards, which are shared among the nodes and may operate in parallel. PoW-based systems aren’t able to shard, while sharding capabilities within Tendermint’s PoS-based network help enhance scalability. Overall, Tendermint’s version is more scalable compared to traditional POW consensus algorithms.

Ethereum was the first protocol to simplify blockchain application development by providing a virtual machine blockchain, allowing developers to deploy custom logic through a smart contract. However, one problem remained: the development of the core blockchain. Ethereum 

 the process, but it did so with DApps, not independent blockchains.

Before Tendermint, creating a blockchain required building all three layers: — networking, consensus and application — from the ground up. Tendermint simplifies the process significantly, as developers only need to work with the application layer. Networking and consensus layers are already provided through the Tendermint Core engine. Thus, you only need to adapt the ABCI through a programming language of your choice, develop a unique application, and then start using the features. The 

 (IBC) is crucial for blockchain interoperability. The IBC allows heterogeneous chains to transfer value and data, which helps unlock the interoperability between blockchain platforms that use different validator sets and applications.

Cosmos is a dual-layer blockchain ecosystem: the first layer supports networking and the second supports consensus. The first layer is powered by Tendermint and is called Tendermint BFT. Thus, Tendermint separates the consensus/network layer from the application layer of the blockchain. Anyone can program a blockchain without writing all the crypto and networking-related code, making it seamless for developers to build solutions. 

Simply put, Cosmos is a PoS blockchain built with Tendermint, and ATOM is a 

 that uses delegation to allow anyone, including non-validators, to participate in staking. Tendermint is the software on which Cosmos operates.

The ATOM coin has been surging in popularity, and experts believe that the price still has plenty of room to grow. Thus, it’s worth holding ATOM in your wallet, as the price is expected to reach $50 by the end of 2021.

As crypto trading and internet activity grow in the upcoming years, investors are expected to pool money into various cryptocurrencies. Certain sources believe that the growth of crypto investing could help the ATOM coin reach $80 by 2022.

Tendermint is a core contributor to the Cosmos network, which is a set of multiple interconnected blockchains. It provides blockchain software and development kits, both of which are used by blockchain projects in the Cosmos ecosystem. 

Additionally, Tendermint is developing a crypto app store called 

 to allow access to a range of DApps. Emeris will provide a single platform for users to interact with applications such as lending protocols and DEXs.

In the words of Peng Zhong, CEO of Tendermint, “Emeris is our most ambitious product to date. We will finally offer end users a one-stop portal to navigate the Internet of Blockchains. Our beta starts fulfilling this vision, with a focus on cross-chain 

Tendermint acts as a strong foundation for developers to build different blockchains. It has room for improvement and there’s still a considerable amount of work to be done. For example, the algorithm’s guarantees have yet to be formally verified, its performance could be further optimized and architectural changes could be made to enable an increase in capacity.

While cryptocurrency and blockchain are still in their infancy, they hold significant potential to become the future of money and computing. Technologies like Tendermint and Cosmos provide developers with a platform to create an exciting future. We’re looking forward to seeing what happens.

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