THURSDAY, JUN04
1. regulated perps, 2. Trezor chip flaw, 3. sugarcane mining, 4. bitcoin Visa card
From Proto and Bitkey - part of the Bitcoin ecosystem at Block, Inc.
1. perps
On May 29, the CFTC issued an Order for Approval to KalshiEX for the BTCPERP contract, a cash-settled perpetual derivative referencing the spot bitcoin price via the CF Benchmarks Bitcoin Real Time Index — the first regulated perpetual futures contract ever listed on a U.S. exchange. According to CoinDesk, CFTC Chairman Mike Selig called it “historic action to permit the listing of a true bitcoin perpetual contract by a CFTC-registered exchange, charting a path for one of the most liquid segments of the crypto asset markets to exist within the US regulatory framework.” Kalshi CEO Tarek Mansour framed the approval as the company’s “evolution from prediction market leader to next-gen derivatives exchange,” arguing that “onshore, safe and regulated perps will improve capital allocation and risk management for countless American businesses.” The asset class supported roughly $90 trillion in trading volume last year, almost entirely offshore. The CFTC simultaneously issued guidance permitting Coinbase Financial Markets to route U.S. clients into global crypto perpetual markets, signaling a framework-level shift that extends beyond Kalshi alone.
-EDITOR·OP_DAILY2. tropic
Ledger’s Donjon security research team disclosed a hardware vulnerability in the TROPIC01 secure element chip used inside the Trezor Safe 7, demonstrating a lab-based laser fault injection attack that bypassed Ed25519 signature verification and allowed arbitrary firmware execution under controlled conditions. The flaw was discovered during an independent audit Tropic Square initiated after TROPIC01 launched in early 2025, with Donjon informing Tropic Square in January 2026. Tropic Square’s engineers subsequently identified an additional attack path affecting PIN-related functions using the same underlying weakness, and opted for full coordinated public disclosure with technical details withheld until a hardened silicon revision expected in late 2026. “Because the Trezor Safe 7 was built with multiple independent security layers, a vulnerability in TROPIC01 does not put user funds at risk,” Trezor CEO Matej Zak said, per Cointelegraph. The Safe 7 combines TROPIC01, OPTIGA Trust M, and STM32U5 in a three-chip design; the flaw affects only one layer and requires physical device access, decapsulation, and expensive lab equipment to exploit. The disclosure is a model of cross-competitor coordinated vulnerability research and responsible disclosure in hardware wallet security.
-EDITOR·OP_DAILY3. sugarcane
Tether-backed agribusiness Adecoagro is preparing to launch a Bitcoin mining pilot in Brazil at its Ivinhema unit in Mato Grosso do Sul, powered by electricity generated from sugarcane bagasse — the fibrous residue left after sugarcane is crushed during ethanol and sugar production. Project Manager Matheus Lechuga said the first phase will deploy 10 megawatts of capacity and approximately 1,280 mining machines, with operations targeted for July 1, 2026, per Bitcoin Magazine. The deployment fulfills a July 2025 MOU signed between Tether and Adecoagro and is framed as a validation phase rather than a full commercial rollout, with room to scale toward 40 MW if the model proves viable. Adecoagro already controls over 230 megawatts of renewable electricity capacity across South America, and Tether CEO Paolo Ardoino has described the project as a step toward becoming the world’s largest Bitcoin miner, backed by a reported $2 billion already deployed in energy and mining operations. The structure redirects surplus biomass power from existing agricultural infrastructure rather than building dedicated generation, making it one of the more structurally clean energy-to-bitcoin deployments in the mining sector.
-EDITOR·OP_DAILY4. lava
Lava has launched its secured Visa credit card that pays Bitcoin rewards on every transaction and accepts stablecoins as a funding source, bringing together its bitcoin-backed line of credit and payments infrastructure in a single consumer product. According to Bitcoin Magazine, U.S. users earn 3% back in bitcoin on all purchases — rising to 5% through Lava’s Bitcoin-aligned merchant network — while international users earn 1%. The launch offer gives cardholders 5% on Amazon, Apple, and Netflix purchases. Lava’s broader model allows cardholders to spend directly from a stablecoin balance drawn against their bitcoin collateral, earning bitcoin while preserving the underlying position. The company raised $200 million in November 2025 to build out the bitcoin-backed line of credit and card infrastructure, and the Lava Card represents the consumer-facing layer that connects collateralized credit to everyday spending. The design tests whether a bitcoin-native financial stack can compete with traditional rewards programs on terms consumers already understand, without requiring users to sell their holdings.
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