Today, as BTC achieves historic highs, we also celebrate the exponential growth in every aspect since our Mainnet launch last December—heartfelt gratitude to each and every one of you.

Starting this May, you'll receive this monthly update from us, so you'll know where we've been, where we are, and where we are voyaging. You’ll also get firsthand insights and authentic views from our internal experts across multiple functions, equipping you with the ultimate essentials to navigate the ever-changing sector and world we are in.

Key Stats and BUIDL Progress

Key Partnerships

• We've integrated with CoinRoutes, making us one of the three DEXs to enable institutional on-chain trading.
• Our integrated with LTP - a leading prime broker, provides institutional-grade trade execution and efficiency, positioning us as one of the first two DEXs to offer this.
• Integrated Onramper for direct crypto-fiat exchange deposits.
• Integrated with Privy for more invisible Web3 onboarding.

Remember this: Each small step we take daily, leads to one giant leap for the GRVT community.

Now, let’s look at what our experts have for you to stay informed and thoughtful about where the industry currently stands and where it is heading.

Markets

By Stan Low, Operations and Research at GRVT

A look back this past month

Just a month ago in April, BTC and ETH were hovering over the $80+k and $1.5k levels respectively. Since then, we have seen both assets spike twice - once in late April, and the second time in the first week of May. Currently, BTC and ETH have settled down at $100+k and $2.5k levels respectively.

Chart 1: BTC/USD vs. ETH/USD - first and second spikes demarcated by Orange lines

Are we back?

Throughout these market movements in the past month, the narrative around Bitcoin being a safe haven asset had returned. However, looking back at the current and past cycles, we note that Bitcoins correlation to Gold or equities is always in flux. So, are we truly back? Or is this a mere relief rally before crypto markets return to the sad state they once were a month ago?

Shunned for the past year - is the revenge of ETH here?

What is more surprising is ETH’s outstanding performance, where it had outperformed BTC by approximately 20% in the second spike, and is currently exceeding BTC by over 30% in performance.

And there’s more on:

• The latest in crypto that’s dominating the narrative…
• What’s with universal staking and crypto gaming?
• Tokenization and regulatory adoption…

Read the full commentary here.

On A More Philosophical Note

“What if an exchange felt as slick as Binance, but you never surrendered your keys?”

“The fundamental failure of custodial exchanges isn’t technological, it’s architectural. If users must trust an operator not to steal funds, the system has already failed. A better design is one in which theft is not just unlikely, but impossible.”

— Alaukik Pant, Lead Product Engineer at GRVT

In his latest writing titled The Speed of Wall Street, the Trust of Ethereum, Alaukik elaborates how GRVT begins with a simple premise: trust should not be assumed but cryptographically minimized. On the classic spectrum of “don’t be evil” to “can’t be evil,” GRVT is a non-custodial exchange. It can sequence trades, but it cannot move funds. Users sign every transaction with a key they control. Execution is deterministic and enforced by smart contracts. Theft is structurally ruled out.

The below diagram shows where GRVT positions on the Trust Spectrum. Read the full article here.