Utila, a crypto infrastructure provider focused on stablecoins, raised $22 million in a Series A extension round, "nearly tripling" its valuation six months after its initial Series A, the firm said Wednesday.
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This eliminated expiration dates, lowered transaction costs, and created a tool so practical that every crypto exchage immediately followed suit. Today, perpetual swaps account for the majority of global crypto trading volume. Hayes had effectively solved the timing problem, at least in the world of derivatives contracts.
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Crossing $4.1 trillion in total market cap reflects renewed confidence. Historically, round milestones act as both magnets and resistance points. The next expansion may come from DeFi 2.0, tokenized real-world assets, and regulatory clarity on ETFs. Still, risks include overleveraged positions and macro headwinds. Sustained growth requires capital inflows from institutions, not just retail. Monitoring liquidity, venture funding, and new product adoption provides clues about whether $5T becomes a realistic short-term target.
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