Snapchat’s latest performance report shows steady increases in users and revenue.

A more privacy-focused approach to AI on WhatsApp.

The crypto lobby group, the DeFi Education Fund, has petitioned the Trump administration to end what it claimed was the “lawless prosecution” of open-source software developers, including Roman Storm, a creator of the crypto mixing service Tornado Cash.

In an April 28 letter to White House crypto czar David Sacks, the group urged President Donald Trump “to take immediate action to discontinue the Biden-era Department of Justice’s lawless campaign to criminalize open-source software development.” 

The letter specifically mentioned the prosecution of Storm, who was charged in August 2023 with helping launder over $1 billion in crypto through Tornado Cash. His trial is still set for July, and his fellow charged co-founder, Roman Semenov, is at large and believed to be in Russia.

The DeFi Education Fund said that in Storm’s case, the Department of Justice is attempting to hold software developers criminally liable for how others use their code, which is “not only absurd in principle, but it sets a precedent that potentially chills all crypto development in the United States.”

The group also called for the recognition that the prosecution contradicts the Treasury Department’s Financial Crimes Enforcement Network (FinCEN) guidance from Trump’s first term, which established that developers of self-custodial, peer-to-peer protocols are not money transmitters. 

“This kind of legal environment does not just chill innovation — it freezes it,” they argued. The letter added that it also “empowers politically-motivated enforcement and puts every open-source developer at risk, regardless of industry.”

In January, a federal court in Texas ruled that the Treasury overstepped its authority by sanctioning Tornado Cash. 

Stakes could not be higher

The group thanked Trump for his support of the industry and his stated goal to make America the “crypto capital of the planet.” 

They added, however, that his goal can’t be realized if developers are prosecuted for building tools that enable the technology.

“We ask President Trump to protect American software developers, restore legal clarity, and end this unlawful DOJ overreach. The job’s not finished, and the stakes could not be higher.”

Related: Tornado Cash dev wants charges dropped after court said OFAC ‘overstepped’

Variant Fund chief legal officer Jake Chervinsky said the Justice Department’s case against Storm is “an outdated remnant of the Biden administration’s war on crypto.” 

“There is no justification in law or policy for prosecuting software developers for launching non-custodial smart contract protocols,” he added. 

At the time of writing, the petition had attracted 232 signatures from industry executives and developers, including Coinbase co-founder Fred Ehrsam, Paradigm co-founder Matt Huang, and Ethereum core developer Tim Beiko, among others.

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Mastercard says it will allow merchants across its network to be paid with stablecoins in a partnership with payment processor Nuvei and stablecoin issuers Circle and Paxos. 

Through the venture, 150 million merchants across the Mastercard network will now have the option to receive payments in stablecoins, regardless of how a customer pays, Mastercard said on April 28.

The payments giant also partnered with crypto exchange OKX for a crypto-enabled bank card, which Mastercard product chief Jorn Lambert said creates a “360-degree approach” where consumers can spend stablecoins and merchants can receive them.

He added that the “mainstream use cases are clear” for blockchain tech, and the company wanted “to make it as easy for merchants to receive stablecoin payments and for consumers to use them.”

The stablecoin market has continued to make gains, crossing a market value of $230 billion, an increase of 54% since last year, with Tether (USDT) and USDC (USDC) dominating 90% of the market.

Active stablecoin wallets have also increased over 50% in one year, according to a report last month from onchain analysis platforms Artemis and Dune.

Investment banking giant Citigroup predicted in an April 23 report that a combination of growing regulatory support and adoption by financial institutions has set the stage for the stablecoin market to reach as high as $3.7 trillion by 2030.

Mastercard launches another crypto card

Mastercard said its partnership with OKX for the so-called OKX Card aims to give crypto users “easy access to their funds” and integrate stablecoins into daily transactions.

OKX marketing chief Haider Rafique said the exchange’s venture with Mastercard is “a significant step toward integrating stablecoins into daily transactions and creating richer experiences.”

Related: Mastercard tokenized 30% of its transactions in 2024

Crypto wallet maker MetaMask also partnered with Mastercard on April 28 to launch a crypto payments card allowing users to spend self-custodied funds, using smart contracts to execute the IRL (In Real Life) transactions, with a processing speed under five seconds. 

Mastercard has also worked with crypto exchanges like Kraken, Binance, and Crypto.com to allow crypto-enabled debit cards.

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The Ethereum Foundation, which backs the development of the Ethereum blockchain, has overhauled its leadership structure to separate the responsibilities of its management team and board of directors.

The board will act as the “security council to protect the heart and soul” of the foundation and set visions for Ethereum, while the new management will be focused on the strategic and operational execution of those visions, the Foundation said in an April 28 blog post.

It added in an April 28 X post that Hsiao-Wei Wang and Tomasz K. Stańczak were appointed as co-executive directors on March 2 to deliver on those visions — which are centered around championing censorship resistance, open-source innovation, privacy and security

Wang and Stańczak’s roles took effect on April 28 with the foundation setting a two-year term for Stańczak to address some of Ethereum’s biggest challenges. Stańczak’s new role will be balanced with his work as founder of Ethereum infrastructure firm Nethermind and a soon-to-be-announced Ethereum-focused venture capital firm.

Bastian Aue and Josh Stark are also a part of the management team, with Aue to focus on organizational strategy, hiring and training, and Stark to primarily be tasked with project execution, communications and marketing.

The board consists of Ethereum co-founder Vitalik Buterin, the Ethereum Foundation’s President Aya Miyaguchi, Swiss counsel Patrick Storchenegger, and Wang, who will bridge between the board and management team.

Related: ‘Vitalik: An Ethereum Story’ is less about crypto and more about being human

Buterin will continue providing technical and intellectual guidance on the Ethereum ecosystem, Miyaguchi will oversee the foundation’s vision while managing external relationships, and Storchenegger will keep handling legal and compliance matters.

The board was responsible for selecting Wang and Stańczak as executive directors — a decision they acknowledged was unconventional — and they also have the power to terminate those positions.

The Ethereum Foundation has adopted a more active role in the Ethereum ecosystem in recent months, following criticism from Synthetix founder Kain Warwick that the foundation “doesn’t care” about decentralized finance innovation.

Others in the Ethereum community previously attributed the foundation’s lack of engagement and leadership to Ether’s (ETH) poor price performance relative to Bitcoin (BTC) and Solana (SOL).

Ethereum Foundation’s main focus is scaling

The Foundation said its three main focus areas over the next 12 months would be to scale the Ethereum layer 1, scale blobs at the layer 2 level, and improve user experience.

Ethereum Foundation researcher Dankrad Feist and protocol support Sophia Gold have already pitched proposals to to address Ethereum’s scaling woes at the base layer under Ethereum Improvement Proposals-9678 and 9698. 

Both EIPs look to raise the gas limit, which should theoretically raise Ethereum’s transaction throughput by the same magnitude.

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Key takeaways:

• BONK price is up 73% since April 22, hitting a five-month high of $0.00002167.

• BONK’s open interest surged 290% to $43.2 million. 

Bonk (BONK), the second-largest Solana-based memecoin by market capitalization, is on track to continue the recovery it began on April 22. BONK has climbed approximately 73% from its April 22 low of around $0.00001247, bringing its price up to an intraday high of $0.00002167 on April 28.

Data from Cointelegraph Markets Pro and TradingView shows BONK trading at $0.00001923, up 3% over the 24 hours and 60% over the last seven days.

BONK’s trading volume has jumped 98% over the last 24 hours to $478 million, and its market capitalization also jumped, briefly touching $1.7 billion on April 28, before retracing to the current level of $1.5 billion.

Let’s examine the factors that have fueled BONK’s price momentum over the last week.

Memecoins recover across the board

BONK’s rally over the last seven days mirrors the bullish price movements across the broader crypto market, including the memecoin sector. Most memecoins have posted double-digit gains over the last week. DOGE and Shiba Inu (SHIB), the leading memecoins, have jumped 3% and 5% over the last seven days. 

Official Trump (TRUMP), the memecoin associated with US President Donald Trump, has recorded 73% weekly gains, while Base’s Brett (BRETT) has rallied 83% over the same period. 

This widespread rally has pushed the total memecoin market value to $55.51 billion, a 17.5% leap in the past week, as per CoinMarketCap data.

Over $7.96 billion in memecoin trading volume was recorded in the past seven days alone, representing an 85% weekly change. The resurgence is driven by investors once again embracing risk-on assets like memecoins.

Increasing open interest backs BONK’s rally

The surge in the price of Bonk over the last seven days comes after a significant jump in its open interest (OI). 

BONK’s total OI on all exchanges rose 290% from $11 million on April 22 to $43.2 million on April 26. Although this metric has since dropped to $28 million at the time of writing, it remains significantly higher than the OI seen since December 2024.

Rising open interest reflects growing trader participation in BONK futures, indicating heightened speculative activity.

Data from CoinGlass shows increasing demand for leveraged long positions in BONK over the last few days, as indicated by the OI-weighted futures funding rate.

Increasing funding rates usually suggest that futures traders are bullish, expecting future price increases, which may indicate a continuation of the uptrend.

BONK’s social dominance remains high, suggesting high social activity. Santiment data shows BONK’s social dominance spiking from 0.091% to 0.572% between April 20 and April 26, driven by BONK’s ecosystem buzz. 

This surge in chatter on social media platforms reflects rising retail and institutional interest, amplifying FOMO and driving demand.

BONK breaks out of a multimonth downtrend

On April 13, BONK price broke out of a descending parallel channel, igniting strength that saw it flip the 50-day and 100-day exponential moving averages (EMAs) to support. 

The bulls will likely continue the rebound toward the significant resistance level at $0.00002410 (200-day SMA) in the short term. A daily candlestick close above this level, accompanied by high volume, could see BONK rise toward the Jan. 19 range high near $0.000040. This would represent a 104% increase from the current price.

The sharp rise in the relative strength index and its position at 71 in the overbought region reinforces the buyers’ dominance in the market. 

However, the overbought conditions could facilitate profit-taking, occasioning a slight correction before BONK continues its uptrend. 

“$BONK’s descending trendline got cleared,” declared popular analyst World of Charts in an April 28 post on X, “expecting 2x in the coming days.”

Meanwhile, Crypto Joe spotted BONK breaking out of a bullish pennant in the 30-minute timeframe targeting $0.00002690.

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.