Bitcoin Breaks $111K, Cookie InfoFi, Solana’s Upgrade, and Base’s Rise

Happy Thursday, TM Family!

Welcome to the Token Metrics Daily newsletter, your go-to source for the latest developments in the cryptocurrency and blockchain space. We cover key market movements, regulatory updates, and early alpha for our readers and investors. 

Let’s dive in! 

Bitcoin has achieved a monumental milestone, breaking past $111,000 to set a new all-time high, with the current price at approximately $110,886, reflecting a 4.05% increase in a single day. 

This surge is driven by several key factors like institutional adoption, ETF Inflows, and options market optimism. Public companies are increasingly adopting Bitcoin as a treasury asset, and major financial institutions like JPMorgan Chase are offering clients direct access to bitcoin, signaling growing mainstream legitimacy.

The U.S. spot bitcoin ETFs saw $609M in net inflows on Wednesday, along with the funds registering a daily volume of $7.64B, highest since late February 2025.

Bitcoin options open interest has reached a record $42.5B on Deribit, with traders focusing on upside calls at strike prices of $110,000, $120,000, and even $300,000 for the June 27 expiry. The most traded strikes in the past 24 hours were $120,000 and $130,000 calls for May and June expiries, indicating strong bullish sentiment.

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Now let’s get back to the key stories.

Cookie DAO has unveiled Cookie Snaps, marking the first phase of its vision to decentralize InfoFi (Information Finance), a sector focused on leveraging data and analytics to track mindshare and reward active creators.

Launched on May 21, 2025, Cookie Snaps is a creator network integrated into the cookie.fun ecosystem, rewarding trust, impact, and intent. Within 24 hours of its launch, the platform onboarded over 25,000 creators, currently at over 36,000, reflecting significant community interest.

Some of the key features of Cookie Snaps are tracking and ranking crypto creators and projects based on social opinion and attention, and providing valuable insights for investors and traders.

There are also community-driven rewards, unlike other platforms, Cookie Snaps aims to decentralize reward pools, allowing communities to launch and manage airdrop campaigns.

Cookie DAO is now competing with Kaito. Both are InfoFi platforms that aggregate data to provide insights and reward creators, but they differ in their approaches.

Similarities:

Differences:

Solana is poised for a transformative upgrade with the Alpenglow proposal, which could represent its most significant consensus change to date. Unveiled by Anza, a Solana Labs spinout, on May 20, 2025, Alpenglow aims to achieve near-instant transaction finality and enhanced responsiveness, positioning Solana as a leading Layer 1 blockchain for real-time applications.

Alpenglow will replace Solana’s existing Proof of History and Tower BFT mechanisms with two new systems: Votor: Handles block finalization, confirming transactions in 100-150 milliseconds if 80% of stake is online, or in two rounds if 60% is responsive. Rotor: A data relay protocol that improves efficiency over the current Turbine system by reducing hops and optimizing bandwidth distribution.

The upgrade is expected to enhance the developer experience, enabling real-time applications in finance, gaming, and social tools. This could increase demand for the SOL token as Solana solidifies its position as a high-performance blockchain.

The Base ecosystem, an Ethereum Layer 2 solution developed by Coinbase, continues to demonstrate robust growth, solidifying its position as a leading blockchain platform. As of May 2025, Base has achieved significant milestones, TVL of $3.95B, ranking Base as the sixth-largest blockchain platform, surpassing competitors like Arbitrum and Optimism.

Base has over 1M daily active addresses and 25M monthly active addresses, reflecting strong user adoption. Base recorded a peak of 13.39M daily transactions on January 1, 2025, showcasing its scalability and high throughput capabilities.

Some of the notable decentralized applications (dApps) in the Base ecosystem:

That’s all for today, people. Let’s talk tomorrow.

Your Friends at Token Metrics