HBAR has recorded a 7% drop over the past week, underperforming the broader crypto market, which has shown signs of a mild recovery.
A closer look at the technicals paints a bleak picture, with key indicators suggesting the selloff may continue in the short term.
HBAR Bulls Step Back as Sellers Gain Ground
An assessment of the HBAR/USD one-day chart shows that the token’s Relative Strength Index (RSI) remains below the neutral 50 level and continues to trend downward. As of this writing, this momentum indicator is at 43.38.
The Relative Strength Index (RSI) is a momentum indicator used to assess whether an asset is overbought or oversold. It operates on a scale from 0 to 100, with readings above 70 typically signaling overbought conditions and a potential price correction. On the other hand, values below 30 suggest the asset is oversold and may be poised for a rebound.
HBAR’s RSI reading signals growing bearish momentum. Its weakening value suggests that selling pressure is intensifying, reducing the likelihood of a short-term rebound.
HBAR’s Balance of Power (BoP) indicator, which currently returns a negative value of -0.27 at press time, further reinforces the bearish outlook.
This indicator measures the strength of buyers versus sellers by analyzing price movement within a given period. When an asset’s BoP is negative, it indicates that sellers are dominating the market. This increases the likelihood of continued downward pressure on HBAR’s price in the short term.
HBAR Faces Downtrend Pressure
HBAR’s decline over the past days has caused it to trade below a descending trend line. This is a bearish pattern formed when an asset consistently makes lower highs over time, and those highs can be connected by a straight line sloping downward.
The longer the trend line holds, the stronger the indication that the asset is in a sustained downtrend. This pattern reflects a bearish market sentiment, where HBAR sellers gradually overpower buyers.
If this continues, it could push HBAR’s price further to $0.12.
You may not have heard of TeraHash yet. Their website describes TeraHash as a “Bitcoin mining protocol built to make mining yields as simple and accessible as staking”. But TeraHash aims to go even further: to set a new standard for mining tokenization and unlock access to mining-based rewards for everyone.
So how is it that, even before launching, TeraHash already has over 8 million users around the world?
How did a mining-themed game launched just a year ago evolve into what could soon be one of the largest Bitcoin mining protocols – backed by some of the most respected names in the mining and Web3 world?
Let’s take a closer look.
Chapter I: From Wall Street to Hashrate
The story of TeraHash began when its founders left the world of traditional finance on Wall Street, armed with deep expertise, extensive experience, and a powerful global network. Turning their focus to Bitcoin mining, they quickly scaled operations to become one of the largest players in the industry. Within just a few years, they built over 300 megawatts of Bitcoin mining operations and secured strategic partnerships with Bitmain and other industry leaders. To date, the team has deployed more than 10 EH of mining power and at one point operated nearly 2% of the entire Bitcoin network.
But the deeper they ventured into mining, the more one question kept surfacing: Why is one of the most profitable sectors in crypto still so difficult to access?
Despite offering some of the highest historical yields in the industry – 20%, 40%, even over 100% during certain cycles – Bitcoin mining remains notoriously inaccessible. Barriers like hardware procurement, hosting logistics, power agreements, and infrastructure setup create a steep entry point, often requiring millions in upfront capital and months of lead time. What should be a powerful wealth-generation tool is, for most, an exclusive domain reserved for insiders and large-scale operators.
This led to a pivotal idea:
Could there be a simpler, more inclusive way to access mining-based rewards?
Not by buying machines, but by buying a token — just like buying ETH or SOL. And ideally, without trusting centralized hosts or waiting weeks for delivery.
That concept became the foundation for a new protocol.
Chapter II: The Yield War
Crypto is, in many ways, a global market for yield.
Protocols compete to attract capital with the promise of returns:
Staking platforms, lending pools, rebase tokens, liquid staking, real-world assets.
By 2023, many DeFi protocols were offering just 4–8% APY, while Bitcoin mining was said to be quietly delivering 5 to 10 times higher returns.
Still, there was no on-chain standard for mining. And that raised a key question: what exactly should be tokenized? The machine itself? The revenue stream? Hosting capacity?
Eventually, the team focused on what they considered the core economic unit of mining:
The terahash per second (TH/s).
This led to the creation of THS — a tokenized representation of mining power.
Instead of purchasing a $5,000 machine with 200 TH/s, users could simply buy 1 THS, or even a fraction of THS. No need for hardware, hosting, or maintenance. 1 THS equaled 1 TH/s of live hashrate, operated by the protocol.
The team has positioned THS as the de-facto industry benchmark, akin to what ETH became for staking.
But to establish a new standard, there needed to be users — and a lot of them.
Chapter III: Enter the Cats
To build that user base, the team didn’t start with a whitepaper. They started with a game.
Amid the rise of Telegram mini-apps, they launched HashCats — a mining-themed simulation where players managed digital mining farms run by competitive, quirky cats.
Players could:
Buy and upgrade machines
Stake earnings to increase yield
Manage electricity costs
Optimize performance
Experience halvings and reward cycles
Beneath the surface, HashCats was an educational layer, subtly teaching mining economics to a mass audience.
It worked.
In less than 8 months, over 8 million users had onboarded. Over 1 million people were playing monthly. Many had no idea that behind the game was a real mining infrastructure taking shape.
The $HASH token, earned in-game, would become the incentive and utility token of the protocol, designed to receive rewards from excess mining yield, offer discounts, and support user engagement.
The reveal caught many by surprise. But it also helped clarify the bigger picture.
Players weren’t just gaming — they had been part of a large-scale crypto onboarding experiment.
TeraHash is about to launch in July, introduced a lineup of industry names involved in the project, and publicly set an ambitious goal: to tokenize at least $5 billion worth of mining hashrate over the next 3 years. Stay tuned to get latest updates.
The team positioned TeraHash as a future standard in mining tokenization.
Chapter V: What We Know So Far
While full protocol documentation is still pending, a few key pieces have already been shared.
At the core of the TeraHash system is THS — a token representing 1 TH/s of real, verifiable mining power. This token aims to become the standardized unit for mining tokenization, enabling users to access mining yield without buying hardware or managing infrastructure.
To ensure trust and accountability, the team has committed to quarterly audits and on-chain transparency reports, confirming that the number of $THS tokens in circulation matches the live hashrate under protocol control. Electricity costs, mining site data, and reward distribution metrics will also be made available through a public dashboard.
Long term, the protocol plans to integrate $THS into wallets, exchanges, and DeFi platforms.
In parallel, TeraHash introduces a second token: $HASH.
$HASH was the native currency of the original HashCats game and is expected to launch with over 1 million holders at TGE. Beyond nostalgia, $HASH plays an important role in the protocol’s design: it enables governance (DAO), provides discounts (e.g., on electricity), and most notably, serves as a mechanism for redistributing rewards from idle $THS.
The concept is simple: when users forget or fail to stake their THS, the associated mining rewards aren’t distributed. Instead, they are routed into a dedicated treasury, which periodically purchases$ HASH on the open market.
$HASH can then be staked, either solo or in combination with THS (dual staking), to unlock additional rewards. Dual staking is expected to be incentivized more heavily.
The team has also indicated that a detailed roadmap and a number of major partnership announcements are expected in June, which they describe as a “defining month” for the project.
Chapter VI: What Comes Next
As the crypto community watches closely, TeraHash is preparing to launch:
THS, a token tied to live, protocol-operated hashrate
HASH, an incentive asset tied to staking and rewards
A mining engine built to be transparent, modular, and DAO-governed
Whether TeraHash succeeds in redefining mining access remains to be seen. But its architecture suggests a push toward decentralization, programmability, and integration with wallets, custodians, and exchanges.
Could mining, one of the most capital-heavy industries in crypto, soon become open and programmable?
Could mining-based yield find its place in the broader DeFi landscape?
If TeraHash delivers on its promises, it might help reshape how the world views Bitcoin mining.
Many in the crypto community are watching closely.
Yesterday, El Salvador’s National Commission of Digital Assets (CNAD) met with staff members from the SEC’s Crypto Task Force. They sketched out plans for a cross-border “regulatory sandbox” for crypto.
This plan involves two pilot programs, each costing less than $10,000, where a US-based broker would partner with a Salvadoran tokenization firm. The plan is tailored to give data on the Task Force’s top regulatory priorities.
Will El Salvador Partner with The SEC?
The SEC’s meeting with CNAD discussed plans for El Salvador, as recorded in a log on the Commission’s site. In the meeting, the parties explicitly discussed priorities in line with Commissioner Hester Peirce’s initial statement announcing the Crypto Task Force.
Of four stated goals, the notion of a “cross-border sandbox” was listed first.
“This initiative offers the SEC Crypto Task Force a live, real-world case study to evaluate streamlined regulatory approaches for digital assets—an opportunity to observe and refine frameworks that could enhance US market innovation. A key lesson from El Salvador’s experience is the transformative potential of tokenization, particularly in real estate,” it claimed.
This sandbox will take the form of a pilot program with two scenarios, each costing $10,000 or less.
In Scenario 1, a US-based real estate broker will partner with a Salvadoran tokenization firm. They will enable investors to purchase tokenized shares of a piece of property.
Scenario 2 tests these firms’ ability to raise capital by selling tokenized shares, using this capital to actually launch a project. It doesn’t specify the project in question, but this scenario doesn’t mention real estate in any capacity.
Both these endeavors will give the SEC valuable data on joint business ventures in El Salvador.
Representatives from El Salvador and the SEC were joined by Erica Perkin, a lawyer specializing in digital asset consulting, and Heather Shemilt, a former partner at Goldman Sachs.
According to the document, participants discussed these proposals, but it doesn’t seem like they actually reached a binding agreement.
The Task Force only sent some of its staff to this meeting, no Commissioners were actually present. Still, this partnership with El Salvador could give the SEC a lot of useful insights.
This plan offers a low-cost way to gather hard data on half of the Task Force’s highest priorities, which seems like a valuable opportunity.
During the 2025 edition of the Paris Blockchain Week, BeInCrypto sat down with Alexis Yellow, CEO of Yellow, a crypto project working on an entirely new paradigm based on Satoshi’s initial vision for Bitcoin.
He talks about the upcoming Yellow Tokens, a new smart contract mechanism, and making crypto projects more utility-driven.
Alexis, can you introduce yourself?
I’m Alexis, a software engineer by background. I worked at the European Space Center early in my career, but my crypto journey started quite unexpectedly.
Back in 2013, an old friend from school reached out—he was working at Goldman Sachs and told me about a project that needed help. He said, “There are 12 people in Silicon Valley printing fake money.” That project turned out to be Ripple.
Ripple ended up being our first client, and that experience really helped me grasp the potential of crypto.
Despite the skepticism surrounding the space, I saw real innovation. Ripple’s CTO was a Bitcoin Core contributor, and Vitalik Buterin was involved with the team before Ethereum.
Actually, Buterin was planning to join Ripple. He was especially excited about their consensus mechanism, which inspired me, too.
One thing that always stuck with me was Satoshi’s idea: We need systems where trust isn’t a prerequisite. That idea shaped a lot of my thinking.
Around 2018–2019, I decided to start Yellow. We later merged with a French exchange technology company called OpenWare. Combining my market experience with their tech, we launched Yellow Network.
So, it’s a trading infrastructure designed to let institutions, like Société Générale, trade directly with major players like Binance without needing to trust them.
Trading with exchanges like Binance without trusting them, do you mean trust as a counterparty?
Exactly that’s at the core of Satoshi’s vision. At Yellow, we’re working on a different model of trustlessness using state channels, which represent a new paradigm compared to traditional blockchain systems like Bitcoin or Ethereum.
In those systems, you have tens of thousands of nodes, say, around 30,000, validating each transaction. It’s a powerful model for security, each validator has a financial incentive to be honest, and there’s no way to roll back a confirmed transaction.
The same applies to staking networks. But that structure just doesn’t work for high-frequency trading. You can’t have 30,000 nodes verifying every microsecond trade. It’s simply too slow and inefficient.
For example, some networks try to solve this by reducing the number of validators to 21, but that compromises the level of trust and decentralization. Our approach is fundamentally different. The Lightning Network inspires it, but we’ve taken it in a new direction.
With the Lightning Network, you can move money instantly by opening a state channel. At Yellow Network, we use similar state channels but instead of transferring funds directly, we transfer profit and loss in real time.
For instance, if you buy a Bitcoin for $100,000 and it rises 5%, the $5,000 profit is immediately transferred to your wallet. The trade is settled instantly, peer-to-peer, with cryptographic proof.
To ensure security and fairness, we’ve built a smart contract called ClearSync. If a counterparty refuses to settle, as we saw with the HyperLiquid issue recently, ClearSync can step in and arbitrate the trade.
It verifies the claim and, if valid, ensures the rightful party receives what they’re owed. So, it’s a trustless system that still allows for the speed and flexibility traders need.
1/ $JELLYJELLY on @HyperliquidX and what happens when we rely on trust.
No, it’s peer-to-peer trading. Nothing is faster or more efficient than a direct state channel between two parties. Profit is transferred instantly. That’s the core of this new paradigm: trustless trading, where settlement happens in real time.
Let’s say we’re trading and the connection drops, no problem. If I made a profit, it’s already secured. I might not receive the asset, like Bitcoin, but my profit in dollars is locked in. There’s no need to trust the other party to settle correctly.
Is it effective profit or a claim to profit?
It’s effective profit, denominated in dollars or whatever currency is locked as collateral. Here’s how it works – two parties lock in $20,000 to trade Bitcoin. That amount represents the maximum they’re willing to risk.
If the trade results in a $5,000 profit for one side, that amount is instantly settled, even if the other party refuses to finalize the trade.
If both agree to settle, I send you $100,000, you send me one Bitcoin, and both our collaterals unlock.
Can you switch to stablecoin?
Absolutely. In fact, we’re working with stablecoin issuers to create partnerships and potential investments in Yellow.
Can you give us an idea of the size of the Yellow Group? How many people are there? How many transactions do you process ?
We haven’t officially launched. Before the war in Ukraine, we had a large team of over 100 people. Many have since relocated, mostly to Poland, but we still have staff in Ukraine. Right now, we’re about 50 people globally.
Meanwhile, you can track activity on our analytics site, BundleBear. On Polygon, we’re already the fourth most active app. On Linea, a new protocol by Consensys, we’re number one with over 229,000 users despite not being live yet.
We can see on your website that you are offering your technology so that you can list any token without going through a CEX or a DEX. Is that part of the project?
Exactly. The Yellow Wallet is like a Layer 3; it lets users interact with any chain seamlessly. It now supports cross-chain swaps, like moving tokens from Polygon to Binance Smart Chain, with zero fees. It’s designed to remove friction from cross-chain trading.
Seamless cross-chain swaps, all in your Yellow Wallet!
Swap between BNB, Base, Arbitrum, AVAX, Polygon, OP, Linea, and Scroll with ease.
No, not for the state channels themselves. We don’t monetize trades directly. The Yellow token plays a security role, a “necessary evil,” like ETH or BTC.
Your security deposit gets burned if you behave badly and refuse to settle. It ensures honesty in a peer-to-peer environment. Think of it like a miner losing their reward for trying to cheat.
How do you make money from the usage of your service?
The token economy is the foundation. Just like ETH or BTC derive value from usage and network participation, the Yellow token does too.
It’s needed to place security deposits in the network, and over time, its utility and adoption by industry players will drive its value.
If someone cheats, their token gets burned—creating deflationary pressure and reinforcing good behavior.
Is the token already traded?
Not yet, but we’re planning to launch in the next couple of months. We’ll mint 10 billion Yellow tokens; ideally, that number stays close to that.
If too many tokens get burned, it could indicate issues in the system. It’s a built-in signal to monitor the health and integrity of the network.
Are you going to start it with an airdrop or something of the sort?
No, we’re focused on utility-based distribution. Most tokens will be sold directly in the markets where they’re used. Ethereum didn’t launch with an airdrop. Neither did Bitcoin.
This is a B2B infrastructure project—just like Ethereum and Ripple. While the network is open to everyone, our core users are businesses and institutional players.
That said, the beauty of crypto is that the ecosystem is open. Anyone who believes in the project can get involved and benefit from the network effect, without needing to be a developer or an insider.
Anything important that we left out?
Yes, very few cryptocurrencies are used in the real world today. Bitcoin has proven its value as a store of wealth.
Ethereum demonstrated its utility during the ICO boom. USDT fills a vital gap in places where dollars are hard to access.
We believe Yellow can become the fourth pillar. It’s solving a real need in crypto markets: scalable, trustless, high-frequency trading. And we’re making it open source so the whole industry can benefit.
It’s obvious that Web3 applications will need infrastructure to reach the scale of platforms like Twitter or YouTube.
At Pragma today, @Yellow‘s Louis Bellet shared the secret weapon Ethereum already has to achieve this today.
I think this approach, state channels for speed and smart contracts for resolution, will redefine how trading infrastructure works. It’s ideal for gaming and other fast-paced applications where blockchains never truly fit.
Blockchain isn’t always the answer, especially if you’re using 30,000 nodes to validate a game move. That’s just not efficient.
With Yellow, the trading side is handled through cryptographic state channels not full decentralization. But if something goes wrong, we still fall back to a smart contract to arbitrate. That’s the balance we’re bringing.
Also, we’re working on a new ERC standard for this. In the next 3–4 years, I expect that 10–20% of new crypto projects will adopt this architecture.
Overall, We’re not just building a product, we’re introducing a new philosophy for how decentralized systems can operate more efficiently.
1/ $JELLYJELLY on 
