Troubled decentralized finance (DeFi) platform Mantra released an official statement addressing the reasons for a 92% flash crash of its OM token on April 13.

An April 16 announcement titled “Statement of Events: 13 April 2025” reiterates that the crash did not involve any token sales by the project itself, and the Mantra team remains fully functional and continues investigating the incident.

Although Mantra CEO John Mullin previously said that the team was preparing a post-mortem, the new statement offered few new details about the reasons behind the rapid movement of OM tokens to exchanges and the subsequent liquidation cascade.

Limited circulation of mainnet OM tokens

The post also reiterated that there are two types of OM tokens, with one being Ethereum-based (ERC-20) and the other running on Mantra’s mainnet.

“The incident almost exclusively involved ERC-20 OM, as ERC-20 OM represents virtually the entire liquid market,” Mantra said in the statement.

Launched in August 2020, the original ERC-20 OM token has a fixed supply of 888.8 million OM, with 99.9% of these tokens being in public circulation as of April 15.

However, Mantra mainnet OM tokens had only 77.5 million in circulation after the Mantra Chain minted an equivalent amount of OM in October 2024.

Mantra’s conclusions

Additionally, the post mentions a divergence in OM spot prices on OKX and Binance. The discrepancy began around 6:00 pm UTC, around an hour before the OM token’s crash, according to CoinGecko.

Among its conclusions, Mantra stated that further information from its exchange partners will “provide more clarity on these events, adding:

“We invite our centralized exchanges partners to collaborate on providing more clarity on trading activities during this time.”

The Mantra team confirmed that it is preparing a support plan for OM that includes both a token buyback and a supply burn. No timeline for the rollout of this plan was provided.

Related: Mantra CEO plans to burn team’s tokens in bid to win community trust

As previously reported by Cointelegraph, OKX CEO Star Xu called Mantra a “big scandal” in a post published hours following the crash. Mantra CEO Mullin also said Binance is the biggest holder of the OM token, citing Etherscan records.

Cointelegraph contacted the Mantra team for further comment on the April 16 statement but did not receive a response by publication time.

Magazine: Memecoins are ded — But Solana ‘100x better’ despite revenue plunge

Real estate-focused financial technology firm Janover has acquired 80,567 Solana tokens for roughly $10.5 million.

According to an April 15 announcement, with its latest purchase, Janover’s Solana (SOL) holdings reached 163,651.7 — worth about $21.2 million, including staking rewards. With this investment, the amount of Solana per each of the 1.5 million shares reached 0.11 SOL, valued at $14.47 — an increase of 120%.

Janover plans to start staking the newly acquired SOL immediately to generate additional revenue. The announcement follows the company raising about $42 million with the expressed intent to enhance its digital asset treasury strategy.

The new capital was raised in a convertible note and warrants sale from Pantera Capital, Kraken, Arrington Capital, Protagonist, The Norstar Group, Third Party Ventures, Trammell Venture Partners and 11 angel investors. At the same time, a team of former Kraken executives has taken control of the company.

Joseph Onorati, former chief strategy officer at Kraken, stepped in as chairman and CEO at Janover following the group’s purchase of over 700,000 common shares and all Series A preferred stock.

Related: Real estate firm Fathom can now add Bitcoin to its balance sheet

Altcoins on the balance sheet?

Janover is one of the latest companies to decide to add digital assets to their corporate treasury. What makes it an outlier is the decision to accumulate an asset that is not Bitcoin (BTC).

The most notable example of a Bitcoin-accumulating firm is Strategy (formerly MicroStrategy). Strategy is a publicly traded business intelligence company founded as MicroStrategy in 1989.

In 2020, the firm pivoted to acquiring as much Bitcoin as possible. Strategy now holds well over 2.5% of all Bitcoin that will ever be produced.

Related: Bitcoin on corporate balance sheets: What’s the risk and reward?

Bitcoin dominates balance sheets

BitcoinTreasuries.NET data shows that Strategy holds 528,185 BTC worth nearly $44.2 billion at the time of writing. The company has leveraged debt to accumulate its Bitcoin.

Another example of a company that is now focused on accumulating Bitcoin is Metaplanet, often referred to as “Japan’s MicroStrategy.” Both companies hold Bitcoin as a hedge against inflation and as part of a broader strategy to diversify and modernize their treasuries.

According to some analysts, this strategy may soon pay off. Bitcoin is showing growing resilience to macroeconomic headwinds compared with traditional financial markets, according to a recent Wintermute report. Still, not everyone is convinced that the trend will hold, with the founder of Obchakevich Research, Alex Obchakevich, saying:

“As the trade war intensifies, Bitcoin may return to the list of risky assets. Because investors will most likely look for salvation in gold.“

Magazine: Bitcoin eyes $100K by June, Shaq to settle NFT lawsuit, and more: Hodler’s Digest, April 6 – 12

Ethereum’s push toward layer-2 (L2) blockchain scalability may be a double-edged sword for Ether, potentially weakening the value accrual of the world’s second-largest cryptocurrency, according to a new report from Binance Research.

The report suggests that Ethereum’s L2 blockchain networks — built to improve mainnet scalability and lower transaction costs — may be cannibalistic of the Ethereum base layer, negatively impacting the price of Ether (ETH).

Ethereum’s dominance in terms of decentralized exchange (DEX) volume and fees generated is “under threat” by Solana and BNB Smart Chain, Binance Research wrote.

The main factors include slow and expensive transactions, fragmented “developer mindshare and liquidity, and reduced value accrual to the L1 due to the rise of L2s,” the report said.

Ethereum’s roadmap already includes future upgrades aimed at creating cheaper transactions, additional security, and more future-proof incentives for the mainnet.

Still, Ether’s value accrual may continue to suffer in the near term since the next two major upgrades don’t immediately address these issues, but are aimed at creating more scalability around data availability and incorporating more L2 networks. 

Related: Google to enforce MiCA rules for crypto ads in Europe starting April 23

Concerns have been reignited around the Ethereum mainnet’s economic incentives since Ether’s price fell to $1,410 on April 7, marking its lowest level since March 2023.

Ether’s price fell over 61% during a four-month downtrend, which started on Dec. 16, 2024, when ETH briefly peaked above $4,100, Cointelegraph Markets Pro data shows.

Ethereum’s Pectra, Fusaka upgrade won’t address Ether’s value accrual

After initial delays, Ethereum’s highly anticipated Pectra upgrade is set to go live on the mainnet on May 7.

The Pectra upgrade aims to improve Ether staking and L2 network scalability, increase blob capacity to enable more data handling on the mainnet and improve overall network capacity.

The Fusaka upgrade, expected in late 2025, will focus on scaling the Ethereum mainnet as a data availability layer by introducing EIP-7594. Fusaka may also bring an update to the Ethereum Virtual Machine (EVM), resulting in a “more structured approach” to smart-contract creation, reducing runtime overhead and improving developer experience.

Ethereum’s commitment to L2 scaling may be a “double-edged sword” due to concerns around the mainnet’s “competitiveness as a data availability layer” and “the sustainability of value accrual to Ethereum the asset,” the report said.

Related: Ethereum shorter gains $1.1M on 50X leverage in 2 days

“One promising path for stronger ETH value accrual is the development of based rollups,” which “contribute significantly more in fees” to Ethereum compared with L2s like Base, Arbitrum and Optimism, according to a Binance Research spokesperson.

“Another avenue is Ethereum’s evolving role as a data availability layer,” the spokesperson told Cointelegraph, adding:

“Value accrual through this model depends on external factors: L2s must continue to choose Ethereum for data availability, and blockspace demand must grow in a competitive landscape where alternatives like Solana and BNB Smart Chain are gaining traction.”

“Aligning incentive structures between Ethereum and L2s, whether through fee sharing, MEV capture, or protocol-level integrations, will be essential to ensure sustainable value flow back to ETH as an asset should Ethereum continue to commit to scaling with L2s,” he added.

Magazine: 3 reasons Ethereum could turn a corner: Kain Warwick, X Hall of Flame

VeChain, a layer-1 blockchain platform focused on real-world applications, has added Ultimate Fighting Championship (UFC) CEO Dana White as its newest official adviser to raise more mainstream awareness of blockchain technology.

White, also the founder of Power Slap, will join VeChain’s advisory board next to Nobel Prize-winning physicist Konstantin Novoselov to drive real-world blockchain adoption through “complementary expertise in mass marketing and scientific innovation.”

“VeChain is an incredible partner for the UFC and Power Slap, and I’m honored to join their advisory board,” White said in a statement shared with Cointelegraph. “I’m passionate about technology, and with their products and innovation, I’m looking forward to helping elevate their brand to the next level.”

Related: 4th gen crypto needs collaborative tokenomics against tech giants — Hoskinson

The move could significantly expand blockchain’s reach. UFC broadcasts reach more than 950 million households globally, giving VeChain a major opportunity to connect with new users.

White will play a pivotal role in amplifying VeChain’s sustainability initiative, VeBetterDAO, a decentralized platform incentivizing “real-world sustainable actions” through the DAO’s incentive tokens (B3TR).

White will not receive any B3TR or VeChain (VET) tokens as compensation for his advisory role, VeChain confirmed to Cointelegraph.

Related: Bitcoin still on track for $1.8M in 2035, says analyst

UFC taps VeChain for tokenized fighter gloves

The UFC has already implemented VeChain’s technology, with Near-field communication (NFC) chips integrated into a new generation of fighter gloves.

“This was done to combat fraud, as fighter apparel is often auctioned off for charity and other causes, but suffers from a high degree of fraud,” Sunny Lu, co-founder and CEO of VeChain, told Cointelegraph, adding:

“The NFC + blockchain combination helps demonstrate the items are authentic. An example of how VeChain creates 'RWA' and phygital goods.”

“Additional conversations are underway with the UFC, the UFC Foundation and other partners to provide opportunities for VeChain and the VeBetter app ecosystem,” with details to be revealed in the coming weeks, Lu added.

VeChain is a layer-1 smart contract platform designed to enhance the supply chain and accelerate the mass adoption of blockchain technology.

Magazine: Bitcoin eyes $100K by June, Shaq to settle NFT lawsuit, and more: Hodler’s Digest, April 6 – 12

Crypto market maker DWF Labs announced a $25 million investment in World Liberty Financial, the decentralized finance (DeFi) project backed by US President Donald Trump and his sons, as the company expands into the United States with an office in New York City. 

On April 16, Dubai-based DWF Labs said it had purchased World Liberty Financial (WLFI) tokens through a private transaction.

The firm said the transaction reflects its intent to participate in WLFI’s governance. As tokenholders, DWF Labs will be able to vote on decisions that impact the ecosystem.

WLFI launched on Sept. 16, 2024, to promote DeFi and US dollar-pegged stablecoins. During the launch, Trump said the family was “embracing the future with crypto and leaving the slow and outdated big banks behind.”

DWF Labs to provide liquidity for USD1 stablecoin

Alongside the WLFI investment, DWF Labs said the collaboration includes providing liquidity for the project’s stablecoin, World Liberty Financial USD (USD1). 

On March 24, the DeFi project launched USD1 on BNB Chain and Ethereum. However, the project clarified that the stablecoin was not yet tradable. 

DWF Labs is a market maker that provides liquidity for over 60 exchanges around the globe. A market maker allows traders to execute their trades by providing liquidity. They make or take orders from traders, allowing smooth trading operations. 

The investment coincides with DWF’s expansion into the US. The market maker said it had established an office in New York City as part of its global expansion plans. 

The company expects the expansion to improve its institutional partnerships with banks, asset managers and fintech companies. It also aims to strengthen its engagement with US regulators. 

Related: DWF Labs launches $250M fund for mainstream crypto adoption

WLFI has raised over $600 million since its launch

Since its launch in September, World Liberty Financial has already raised over $600 million for its DeFi protocol. 

The company raised $300 million during its first token sale by selling 20 billion WLFI tokens. The company sold another 5 billion tokens at $0.05 each, meeting its price target of an extra $250 million on March 14. This puts the overall WLFI public token sales earnings at $550 million. 

On Nov. 25, Tron Founder Justin Sun purchased 2 billion WLFI tokens for $30 million. Investment platform Web3Port also announced a $10 million WLFI investment, while venture capital firm Oddiyana Ventures announced a strategic investment without disclosing the amount. 

Magazine: What do crypto market makers actually do? Liquidity, or manipulation

Key takeaways

• A Vtuber is a real person behind a digital avatar, blending performance, storytelling, and creativity to connect with audiences through livestreams, games, podcasts, and more.

• Becoming a VTuber involves designing a unique avatar (2D or 3D), using motion capture for animation, and leveraging software tools like Live2D, VSeeFace, and AI voice modifiers.

• In 2025, VTubing success often starts with short-form mobile platforms like TikTok and YouTube Shorts. Cross-posting to Discord, X, or Twitch helps build community and drive monetization.

• Aspiring VTubers should be aware of risks like burnout, privacy breaches, platform dependency, and unpredictable income.

Virtual YouTubers, or VTubers, have gained popularity in recent years. VTubers create content for their channels using computer-generated avatars. 

Although VTubers are particularly popular in Japan and other Asian countries, the trend is slowly spreading across the world.

So, what exactly is a VTuber? How does VTubing work, and how can you become one in 2025? 

This article explores what a VTuber is, the tools and software, and how to start VTubing in 2025. 

What is a VTuber?

Have you ever scrolled Twitch or YouTube and stumbled upon a virtual anime-style character live streaming, playing games and chatting with viewers? That was a VTuber.

A VTuber is a digital content creator who uses a virtual avatar to produce videos or live content. 

These avatars are often animated in real-time using motion tracking and face capture, creating an online personality. These avatars can look like anime characters, animals, robots or even abstract creatures. 

However, behind every VTuber is a real person, using their voice, expressions and personality to bring the character to life.

But how does an avatar actually copy your movements? 

Motion capture, or mocap, is the technology behind avatars that records a person’s movements using sensors to create realistic animations for virtual characters in games, movies or virtual reality. It converts real-world movement into digital 3D data for more lifelike animation.

Some VTubers are run by professional businesses or agencies, while others are single creators with their own background stories and hand-crafted avatars. 

Whether they’re broadcasting games, selling merchandise, podcasting or just vibing with their audience, VTubers have established a space where technology meets creativity, and it’s growing day by day.

VTuber vs. traditional YouTube content creator

Aren’t VTubers just YouTubers with cool avatars? Well, not exactly. It all comes down to how they show up on screen. While traditional YouTubers appear as themselves, VTubers use animated avatars to represent their online persona, whether a space alien or a talking cat.

The core content and interaction with the audience might be similar. Still, VTubing often leans into storytelling, roleplay and unique esthetics to create a more immersive experience for their fans, making the methods and approaches differ.

Did you know? In 2024, the VTuber market was valued at $2.55 billion; by 2035, it is projected to reach $20.0 billion.

How VTubing works and what tools are needed

As more creators dive into VTubing, the preparation required has also evolved, with a greater emphasis on crafting recognizable and unique characters to stand out in a crowded space. 

Below are the key aspects that make up the process of becoming a VTuber, ensuring your avatar captures attention and engages audiences. 

Virtual avatar

The process of creating a VTuber avatar in 2025 begins with concept development that involves designing the avatar’s appearance, personality and backstory. 

Once the concept is in place, you can move on to creating the 2D or 3D model using specialized software such as Live2D Cubism for 2D models and Blender, Viverse Avatar or Vroid Studio for 3D models.

Choosing between a 2D or 3D avatar depends on your desired level of detail and animation, with 2D offering a more stylized, simpler look and 3D allowing for more dynamic, lifelike movement and depth.

After designing the avatar, the next step is rigging, which involves adding bones and joints to enable movement. This process is done by using rigging software like Live2D or VUP for 2D and tools like VSeeFace for 3D models. These tools allow the virtual avatar to replicate the performer’s movements, making the character blink, talk and gesture in real-time.

To capture and animate the performer’s movements, many VTubers use face-tracking mocap software such as VTube Studio or VSeeFace to track facial expressions. 

Livestreaming and content creation

The VTuber can start creating livestream content once the virtual avatar has been designed and animated. 

Livestreaming on platforms like YouTube and Twitch and gaming streams can be realized using software like OBS Studio or Streamlabs OBS.

To edit pre-recorded videos, creators rely on software such as DaVinci Resolve or Adobe Premiere Pro. Additionally, voice changers like Voicemod or MagicVox can help modify the creator’s voice to match their avatar. Custom graphics and overlays can be created using tools like Photoshop or Canva.

Engaged audience

The power of the virtual avatar to have real-time conversations with the audience is a unique feature of VTubing. Building a credible brand is essential to becoming a successful VTuber, just like it is for other types of content creation. This means creating a unique character or identity for the virtual avatar and creating content that appeals to the intended audience.

How to become a VTuber in 2025

Besides the core aspects of VTubing covered above, there are a few more essentials to consider if you’re serious about starting VTubing in 2025.

• Use AI or avatar builders: Tools like Inworld or Ready Player Me offer plug-and-play solutions with simple customization. These are ideal for beginners who want to skip drawing and rigging. AI can also help with real-time voice modulation, AI-powered NPCs, or “non-player characters,” for collabs and even AI-generated scripts. Some VTubers are blending AI sidekicks into their streams.

• Customize stream setup: In 2025, customizing your VTuber stream setup entails incorporating stylish overlays, notifications, background music and chat widgets. Also, practicing your stream flow is essential to ensure smooth delivery of voice, emotive reactions and transitions.

• VTubing on TikTok and mobile: Short-form VTuber content is booming, especially on TikTok and YouTube Shorts. Many new creators start on mobile-first platforms before moving to full streams. Creating and sharing videos on platforms such as TikTok, X or Discord is essential for cross-platform marketing to reach new audiences, move your fans across platforms, and attract potential brand partnerships for sponsorship and ads.

Did you know? Kuzuha from Nijisanji topped the 2024 view hours chart with over 40 million hours, retaining his position as a fan favorite for the second year in a row, according to Vstats, which compiles data from websites such as YouTube, Twitch and Soop.

VTubing trends of 2025

Due to developing technologies and shifting audience tastes, starting a VTuber career in 2025 means understanding the latest trends to stand out in an increasingly crowded industry.

Niche content

In 2025, standing out as a VTuber can also mean going niche. GFE or BFE, girlfriend or boyfriend experience, continue to lead the charge. These formats build one-sided emotional connections with fans who often become long-term supporters through monetizing exclusive content on platforms like Patreon.

Autonomous sensory meridian response (ASMR) content continues to thrive, though creators must now carefully navigate platform rules to avoid demonetization. This content is designed to trigger relaxing tingles through soft sounds and visuals. Gaming and “Let’s Play” content continue to be a cornerstone while being an oversaturated niche.

In the end, the most prominent VTubers in the competitive landscape of 2025 are those who establish a clear identity, respect boundaries, and provide consistent, emotionally resonating material.

2D esthetics

Anime-style VTubers remain fan favorites, but 2025 has brought an extra layer of polish. Expect hyper-stylized 2D models with dynamic lighting, soft shading and intricate accessories. Subtle breathing, animated eyes and natural motion physics are raising the bar for Live2D designs.

Focus on culture and uniqueness 

Avatar localization and distinctiveness extend beyond language; it entails modifying features, content and tactics to conform to regional norms, cultural preferences and local regulations. Platforms may increase user engagement by creating a feeling of community and relevance by customizing themselves for particular geographic areas.

Decentralized identities and NFTs

Some VTubers use blockchain to secure their avatars and sell collectibles such as non-fungible tokens (NFTs), helping monetize the avatars. 

Risks of becoming a VTuber in 2025

While the VTuber space continues to grow rapidly in 2025 — with better tools, bigger audiences and even corporate sponsorships — aspiring creators should be aware of the risks involved. 

Here are key challenges to consider before jumping in:

• Burnout and creative fatigue: VTubing often requires constant content creation, livestreaming and staying in character, which can quickly lead to exhaustion without proper balance or breaks.

• Privacy and doxxing threats: While VTubers use avatars to remain anonymous, popular creators are still at risk of having their real identities exposed, especially in toxic or competitive environments.

• Platform dependency: Most VTubers rely heavily on platforms like YouTube, Twitch or TikTok. Sudden algorithm changes, demonetization or account bans can drastically affect visibility and income.

• Monetization challenges: Generating steady income as a VTuber isn’t guaranteed. Success depends on audience growth, sponsorships and fan support — all of which can take years to build.

• High upfront costs: Creating a professional-grade 2D or 3D avatar, along with streaming equipment and software, often requires significant financial investment before any returns are made.

• Intense market competition: As the VTuber space grows globally, it becomes harder for new creators to stand out without a unique niche, strong branding or technical polish.

• AI impersonation and deepfakes: In 2025, advanced AI tools make it easier for bad actors to clone VTuber voices or designs, increasing the risk of content theft, brand damage or viewer confusion.

So, becoming a VTuber in 2025 offers creative freedom, global reach and new career paths — but it’s not without challenges. From financial risks to mental strain and evolving tech threats, success requires more than just a good avatar. Do your research, protect your privacy, and approach the journey with both passion and preparedness.

VanEck’s head of research has pitched a new type of US Treasury bond partially backed by Bitcoin to help refinance $14 trillion in US debt.

Matthew Sigel pitched the concept of “BitBonds” — US Treasury bonds with exposure to Bitcoin (BTC) — at the Strategic Bitcoin Reserve Summit 2025 on April 15.

The new 10-year bonds would be composed of 90% US traditional debt and 10% BTC exposure, Sigel said, appealing to both the US Treasury and global investors.

Even in a scenario where Bitcoin “goes to zero,” BitBonds would allow the US to save money to refinance the estimated $14 trillion of debt that will mature in the next three years and will need to be refinanced, he said.

Bitcoin to boost investor demand for T-bonds

“Interest rates are relatively high versus history. The Treasury must maintain continued investor demand for bonds, so they have to entice buyers,” Sigel said during the virtual event.

Meanwhile, bond investors want protection from the US dollar inflation and asset inflation, which makes Bitcoin a good fit for being a component of the bond, as the cryptocurrency has emerged as an inflation hedge.

With the proposed structure and a 10-year term, a BitBond would return a “$90 premium, along with whatever value that Bitcoin contains,” Sigel stated, adding that investors would receive all the Bitcoin gains up to a maximum annualized yield to maturity of 4.5%.

“If Bitcoin gains are big enough to provide that above a 4.5% annualized yield, the government and the bond buyer split the remaining gains 50 over 50,” the exec said.

Upsides and downsides

Compared to standard bonds, the proposed 10-year BitBonds would offer the investor substantial gains in a scenario where Bitcoin gains exceed the break-even rates, Sigel said.

A downside, however, is that Bitcoin must attain a “relatively high compound annual growth rate” on lower coupon rates in order for the investor to break even, he added.

From the government’s perspective, if they are able to sell the bond at a coupon of 1%, the government will save money “even if Bitcoin goes to zero,” Sigel estimated, adding:

“The same thing if the coupon is sold at 2%, Bitcoin can go to zero, and the government still saves money versus the current market rate of 4%. And it’s in these 3% to 4% coupons where Bitcoin has to work in order for the government to save money.

Previous BitBonds pitches to the government

While the idea of crypto-backed government bonds is not new, Sigel’s BitBond pitch follows a similar proposal by the Bitcoin Policy Institute in March.

The BPI estimates the program could generate potential interest savings of $70 billion annually and $700 billion over a 10-year term.

Treasury bonds are debt securities issued by the government to investors who loan money to the government in exchange for future payouts at a fixed interest rate.

Related: Bitcoin could hit $1M if US buys 1M BTC — Bitcoin Policy Institute

Crypto-enabled bonds are linked to cryptocurrencies like Bitcoin, allowing investors to gain exposure to potentially more enticing rewards.

As the US government grows bullish on crypto under President Donald Trump’s administration, the narrative for potential Bitcoin-enhanced Treasury bonds has been on the rise.

Magazine: Bitcoin eyes $100K by June, Shaq to settle NFT lawsuit, and more: Hodler’s Digest, April 6 – 12