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Coinbase Stakes Out Brokerage Territory With SEC-Registered AI Advisor and Stock Options Push

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Coinbase Stakes Out Brokerage Territory With SEC-Registered AI Advisor and Stock Options Push

Coinbase used its latest “System Update” Tuesday to push deep into territory long held by retail brokerages, rolling out an SEC-registered AI investment advisor, stock and ETF trading on its professional platform, and options markets for both equities and crypto. The bundle moves the exchange’s competitive frame from Binance and Kraken toward Robinhood, Schwab, and Interactive Brokers.

Coinbase used its latest “System Update” on Tuesday to push deep into territory long held by retail brokerages, rolling out an SEC-registered AI investment advisor, stock and ETF trading on its professional platform, and options markets for both equities and crypto. The bundle moves the exchange’s competitive frame from Binance and Kraken toward Robinhood, Schwab, and Interactive Brokers.

The package, outlined Tuesday in a blog post from the company, frames the strategy as building “the Everything Exchange.” CEO Brian Armstrong’s team itemized a wave of new and forthcoming features that include Coinbase Advisor, an AI-powered tool registered with the SEC, CFTC and NFA; pre-IPO perpetual futures via Coinbase Bermuda; real-world-asset perps tied to thematic equity baskets; and a planned unified global liquidity pool merging the company’s US spot exchange, international derivatives venues, and Deribit.

Available Now

Several pieces are available now. Coinbase Advisor, the AI investing tool, is rolling out first to Coinbase One subscribers in the United States. Existing stock portfolios can be transferred in from outside brokerages, and equities trading is now exposed inside Coinbase Advanced with zero commissions, fractional shares, TradingView charting, and rewards of up to 3.5% on idle USDC balances.

Borrowing against staked Solana also went live this week through an integration with Jito and Morpho on Base, with JitoSOL loans capped at $100,000. The Coinbase One Card travel portal, paying 5% Bitcoin back on bookings, and a USDC-collateralized version of the card aimed at applicants without traditional credit histories also launched.

Pre-IPO perps debuted earlier in June. SpaceX was the launch listing, and Coinbase said contracts referencing Anthropic and OpenAI, which are anticipated to go public later this year, will follow. The product is offered by Coinbase Bermuda under a BMA license, and excludes US customers.

Not Yet Live

The headline products in the bundle still carry forward dates. Tokenized stocks backed 1:1 by underlying US shares, with on-chain dividend payouts and shareholder rights, arrive next month for non-US customers, the company said.

Options trading for crypto and stocks is “in the coming months,” with no specific date attached. The unified global liquidity pool combining Coinbase’s US spot venue, international derivatives platforms, and Deribit is similarly slotted for “the next few months.”

Regulatory frame

Coinbase Advisor is the most novel piece. The company describes it as one of the world’s first AI-powered, SEC-registered in-app investment advisors. Per Coinbase’s disclosures, the product is offered by Coinbase Advisors, LLC, a Commodity Trading Advisor registered with the NFA and a Registered Investment Advisor registered with the SEC.

The advisor pulls from a user’s portfolio and account history and surfaces tax-loss harvesting strategies, news-driven multi-asset trade ideas, and portfolio recommendations through a natural-language interface.

Coinbase notes in fine print that outputs may be inaccurate or incomplete and that CFTC, NFA, or SEC registration does not imply endorsement of the product.

The advisor sits alongside Coinbase for Agents, launched June 11, which lets third-party AI systems like ChatGPT or Claude execute trades within user-defined guardrails on a separate sub-account.

The derivatives stack

Beyond options, Coinbase is layering several derivatives expansions. RWA perpetual futures will offer thematic exposure to AI, Chinese equity, Defense, and Tech 100 baskets, complementing the perpetual-style equity index futures the firm rolled out on its CFTC-regulated US venue earlier in June. Crypto binaries, time-boxed up-or-down contracts on assets including BTC, ETH, and SOL across 15-minute to annual windows, and “combos” that bundle multiple predictions into a single trade, expand the prediction-markets footprint Coinbase has been building since acquiring The Clearing Company late last year.

The unified liquidity pool will matter most for sophisticated traders. Coinbase said it is the first venue approved by the CFTC to offer global regulated crypto derivatives, including options, to Americans. Routing US spot, international perps, and Deribit options inventory through one book would put the firm closer to the depth profile of Binance’s combined spot and perp markets.

Diversified Revenue

Coinbase generated $1 trillion in annual stablecoin payment volume on its rails, according to disclosures Armstrong made the previous week, but the firm reported a Q1 quarterly loss of $394 million and has been working to diversify away from transaction-based revenue.

The System Update’s recurring-revenue components, the credit card travel portal, USDC-secured loans, and subscription-tier access to Coinbase Advisor, are the financial reframing.

Competitive pressure has tightened as well. Kraken launched perpetual futures in the US via Bitnomial earlier in June, and brokerages such as Robinhood have steadily layered crypto onto their own equities apps. Coinbase’s response is to push the convergence in the opposite direction, putting stocks, options, prediction contracts, and an AI advisor inside what was an exchange app.

Moody’s rolls out credit ratings onchain in tokenized asset push

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Moody’s rolls out credit ratings onchain in tokenized asset push

Moody’s Ratings is rolling out its credit ratings to Solana (SOL), allowing issuers of tokenized bonds and other fixed-income securities to embed the firm’s assessments directly into blockchain-based assets.

The move, announced Wednesday in partnership with Solana-focused tokenization specialist Alphaledger, expands Moody’s Token Integration Engine (TIE) to a major public blockchain after its first deployment earlier this year on the institutional-focused Canton Network (CC).

The move builds on a pilot project completed last year, when they demonstrated how municipal bond ratings could be attached directly to tokenized securities on Solana.

Tokenization — the process of creating blockchain-based versions of traditional assets — has become one of the fastest-growing areas of finance. Asset managers including BlackRock, Franklin Templeton and Apollo have launched tokenized funds and credit products, while Boston Consulting Group and Ripple estimate the market could reach $18.9 trillion by 2033.

As tokenization gains traction, financial firms are increasingly focused on bringing the infrastructure surrounding traditional assets onto blockchain rails. That includes ownership records, pricing data, compliance information and credit ratings.

Bitcoin Markets Still Spooked by Possible Strategy BTC Sales: Analysis

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Bitcoin Markets Still Spooked by Possible Strategy BTC Sales: Analysis

Bitcoin (BTC) bounced off week-to-date lows into Wednesday’s Wall Street open as corporate sell pressure returned to the radar.

Key points:

  • Bitcoin sees a new low for the current weekly candle with the Fed FOMC meeting due in hours.
  • Analysis warns that markets remain concerned over Strategy potentially selling more BTC.
  • Fed chair Kevin Warsh faces a tough balancing act at his first interest-rate decision.

Strategy selling still impacting Bitcoin price strength

Data from TradingView showed BTC/USD heading higher after dropping to $64,500 on Bitstamp.

BTC/USD one-hour chart. Source: Cointelegraph/TradingView

The pair saw ongoing weakness ahead of the US Federal Reserve’s interest-rate meeting, scheduled for 2pm Eastern time. As Cointelegraph reported, such events tend to trigger BTC price downside.

In its latest Market Color analysis, trading company QCP Capital said that the BTC price outlook was clouded by more than just the Fed.

“While broader markets continue to trade higher on optimism across multiple fronts, BTC remains stuck below the 66k level,” it wrote. 

“The underperformance has been driven in part by concerns that Strategy may need to sell more Bitcoin to fund dividend payments, especially after buying back $1.5 billion of its 2029 Convertible Senior Notes.”

Source: Cointelegraph

QCP explained that contingency measures by technology company Strategy had “extended its runway” in terms of liquidity after selling 32 BTC in May, but markets remained wary of potential problems further down the line.

“In the short term, we think this overhang may continue to prevent Bitcoin from fully participating in the broader macro optimism. However, as Strategy continues to issue shares and lengthen its runway, that optimism may eventually catch up to BTC,” it continued.

“For now, the macro tide has turned more supportive, but Bitcoin still has one very specific overhang to work through.”

Fed’s Warsh faces “difficult opening act”

On the Fed, meanwhile, QCP joined those putting the focus on new Fed chair, Kevin Warsh.

Related: Can BTC rebound to $69K as oil price plunges? Five things to know in Bitcoin this week

“Warsh takes the stage at his first Fed meeting as Chair today,” it stressed.

“Previous expectations had positioned him as dovish and more inclined toward rate cuts, but the economic backdrop has shifted materially.”

QCP described a “difficult opening act” for Warsh, who should balance inflationary trends with pressure to cut rates from president Donald Trump.

“Today’s meeting will therefore be about more than the rate decision,” it continued, referring to outgoing chair, Jerome Powell. 

“It will be Warsh’s first opportunity to secure buy-in from Powell and the rest of the Board, while establishing himself as a credible and independent Fed Chair.”

Fed target rate probabilities for Wednesday FOMC meeting (screenshot). Source: CME Group

Data from CME Group’s FedWatch Tool showed no odds of the Federal Open Market Committee (FOMC) cutting rates.

Andre Dragosch, European head of research at crypto asset manager Bitwise, noted that markets increasingly expected a rate hike by the end of the year — a clear would-be headwind for crypto and risk assets.

“IMO still a lot of monetary policy uncertainty around the question whether Warsh is rather hawkish or dovish amid the rise in inflation,” he wrote in a post on X.

Fed target rate probabilities (screenshot). Source: CME Group

BitGo’s $50 million buyback sparks rally after shares lost 65% since IPO

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BitGo’s $50 million buyback sparks rally after shares lost 65% since IPO

The decline is a reflection of a broader slump in investor sentiment toward digital asset-linked stocks. After a wave of crypto IPO enthusiasm last year, bitcoin BTC$65,218.62 and cryptocurrency prices have tumbled, and attention has increasingly turned toward artificial intelligence (AI) companies and a pipeline of highly anticipated tech listings like SpaceX (SPCX).

Several crypto companies, including Kraken and Consensys, have halted their efforts amid turbulent crypto markets.

BitGo provides custody, trading, staking and settlement services for digital assets. It also issues USD1, the U.S. dollar stablecoin tied to the Trump family-backed World Liberty Financial project.

The firm has also been promoting its Germany’s BaFin-regulated infrastructure platform as an option for companies adapting to the European Union’s digital asset regime, MiCA, ahead of a licensing deadline at the end of the month.

Crypto’s security nightmare won’t be solved by ordinary audits

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Crypto’s security nightmare won’t be solved by ordinary audits

Audits are accomplishing exactly what they are designed to do — discovering errors in the code. And they’re working. Fewer attacks than before take advantage of faulty code to steal platform funds.

The problem, however, is that we’re seeing a growing disconnect between what audits examine and what attackers actually exploit. Today, the industry’s largest losses don’t actually originate from traditional smart contract vulnerabilities. Rather, they come from compromised private keys, governance manipulation, insider compromise, malicious dependency updates and operational failures.

As brilliant as they are at identifying code vulnerabilities, traditional audits cannot prevent a developer from falling victim to a phishing campaign. The best code in the world can still sit atop vulnerable operational infrastructure.

In fact, our research shows that, when measured by financial damage, these operational exploits are often far more devastating than code vulnerabilities themselves. The industry has invested enormous resources into reducing smart contract risk, but the costliest attack vectors remain comparatively under-defended. It’s like the industry is still focused on defending against the last generation of attacks, whereas malicious actors have moved on to different strategies.

Audits alone create a dangerous illusion of safety

Platforms frequently advertise the number of audits they have completed, the reputation of the firms they hired, or the volume of findings identified during review. These have become shorthand indicators for whether a project is safe.

DeFi Lending and DEX Fees Slump as Leverage Drains Out After June Selloff

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DeFi Lending and DEX Fees Slump as Leverage Drains Out After June Selloff

Fees fell as much as 65% week over week across the largest lending protocols and decentralized exchanges.

Fees across DeFi’s largest lending protocols and decentralized exchanges fell by as much as much as 65%, a broad contraction that lending and credit-market operators attribute to leverage unwinding after early June’s selloff rather than a structural break in onchain credit.

Rolling seven-day fees of Aave V3, the largest decentralized lending protocol by TVL, dropped by 60% versus the previous perid, to $6.72 million, per DefiLlama. Morpho Blue’s fees fell by 60% to $3.27 million and Maple Finance’s dropped 59% to $1.25 million. The pullback was just as steep on exchanges: Uniswap V3 fees fell 57% to $3.74 million and Curve DEX dropped 65% to $891,000.

The weekly numbers look like a rout. The 30-day numbers do not. Over the trailing month, Morpho Blue’s fees are up 23%, Maple’s up 49%, Uniswap V3’s up 27% and Curve’s up 71%, DefiLlama data show. The gap between a steep weekly drop and a higher monthly signal a deleveraging reset.

DeFI Lenders 7-day Fees. Source: DeFiLlama

Fees on variable-rate onchain credit and trading venues move with the amount of leverage and risk appetite in the system.

The week the contraction is measured against included early June’s selloff and one of the heaviest liquidation days of the year, when unwinding positions and spiking borrow rates generate outsized fees, said Himanshu Sahay, co-founder of Arch Network, a fixed-rate onchain lending platform, rejects the framing outright.

“Crash weeks generate outsized fees as leverage unwinds and borrow rates spike. The past week was the calmer, deleveraged aftermath, so the comparison reads as a collapse when it is closer to mean reversion,” Sahay said.

The mechanism is structural to the product, he added: “Fees on these protocols track how much leverage is in the system, so when utilization falls, rates and fees fall with it. That sensitivity is a natural tradeoff of variable-rate, onchain credit.”

the-defiant
DeFi DEXs 7-day Fees. Source: DeFiLlama

The Carry-Trade Compression

The reason the contraction hit every cohort at once is a familiar one to anyone who watches traditional credit. Yields are a function of what borrowers can profitably do with capital, not just how much is available to lend, said Misha Putiatin, co-founder of Symbiotic, a collateral markets platform.

“Borrowers pay interest because they expect to deploy that capital into strategies that generate a higher return, it’s called a carry trade. Right now, there is still a large amount of capital available to lend, but fewer attractive, scalable opportunities to deploy borrowed funds, especially since liquidity providers are broadly risk averse after KelpDAO hack and STRC depeg,” said Putiatin.

When the supply of lendable capital outruns productive demand, Putiatin said, borrowing costs fall and lending yields compress. The pattern explains why protocols with distinct architectures and borrower bases moved together: when carry opportunities dry up across the asset class, every venue absorbs the same compression at roughly the same rate.

A Leverage Cycle, Not a Structural Break

Jacopo Buriollo, founder and CEO of Megawatt Finance, which finances energy infrastructure onchain, reads the move the same way.

“The recent collapse in DeFi lending fees looks less like structural weakness and more like leverage premium unwinding,” he said. “After the post-exploit liquidity squeeze, stablecoin borrow rates normalized as capital returned and risk appetite cooled. The bigger lesson is that DeFi credit is still too dependent on reflexive leverage cycles.”

The contraction was not uniform, which further undercuts the collapse reading. SparkLend, the MakerDAO-affiliated lender, fell 20.7% to $989,000 in seven-day fees. Euler V2 edged down just 2.8% to $477,000. Compound V3 was the lone protocol with positive momentum, rising 3.8% to $368,000. Compound’s resilience suggests its borrower base, which skews toward USDC working-capital positions, sat out the week’s deleveraging, while SparkLend’s milder decline may reflect its integration with DAI liquidity reserves.

The market is not pricing structural distress. The AAVE token is up roughly 23% over the past seven days, per CoinGecko, while UNI is up 31%.

All three operators pointed past the leverage cycle to real-world assets as the next source of onchain yield.

“The next phase of sustainable onchain yield will come from financing productive, cash-flowing real-world assets, including energy infrastructure, where returns are driven by economic activity, not just speculative borrowing demand,” Buriollo said. Putiatin made the same case, arguing the industry is “much better positioned to find our footing, with new sources of yield coming onboard from RWAs and other sustainable sources.”

Bitcoin Cash (BCH) drops 3.1%, leading index lower

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Bitcoin Cash (BCH) drops 3.1%, leading index lower

CoinDesk Indices presents its daily market update, highlighting the performance of leaders and laggards in the CoinDesk 20 Index.

The CoinDesk 20 is currently trading at 1774.43, down 1.5% (-26.19) since 4 p.m. ET on Tuesday.

Four of 20 assets are trading higher.

Leaders: UNI (+2.5%) and XLM (+2.3%).

Laggards: BCH (-3.1%) and ADA (-2.8%).

The CoinDesk 20 is a broad-based index traded on multiple platforms in several regions globally.

Bitcoin Traders Weigh in on BTC After FOMC With $55,000 Still a Target

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Bitcoin Traders Weigh in on BTC After FOMC With $55,000 Still a Target

Bitcoin (BTC) fell below $65,000 on Wednesday as traders predicted the impact of a key macro event.

Key points:

  • Bitcoin approaches the next Fed interest-rate decision near important support.
  • BTC price analysis warns that “bearish” moves typically accompany FOMC days.
  • $55,000 remains on the table as a target next.

BTC price analysis: FOMC could “set the tone” for June

Data from TradingView showed intraday lows of $64,782 on Bitstamp.

BTC/USD one-hour chart. Source: Cointelegraph/TradingView

The US Federal Reserve was due to decide on changes to interest rates at 2 p.m. Eastern time — a move that formed the week’s main volatility catalyst.

The meeting of the Federal Open Market Committee (FOMC) would be the first under new Fed chair, Kevin Warsh, making his remarks at the subsequent press conference just as important as the overall outcome.

As Cointelegraph reported, Warsh had been under pressure to cut rates despite the inflationary impact of the US-Iran war.

“FOMC could set the tone for the rest of the month,” trader Killa wrote in an X post on the topic.

Killa noted that BTC price action tended to weaken around Fed decisions.

“Right now, BTC is forming a bullish narrative into the event, but as I always say, the outcome is usually priced in before the news is released,” they continued.

“If recent history is any indication, we have generated far more bearish reactions than bullish ones.”

BTC/USD chart with FOMC meetings marked. Source: Killa/X

On Tuesday, Bitcoin already experienced a loss of momentum, even as stocks headed higher on Iran relief. Analysis had already warned that price would likely stall above $67,000 as demand remained subdued.

“We need to maintain bullish market structure from here… (64K). If not, there’s a strong chance we revisit the $60K lows after this pivot,” Killa warned.

Bitcoin trader preserves $55,000 target

Other perspectives included a “short-term bounce” for Bitcoin before the resumption of the bear market.

Related: Bitcoin miner ‘capitulation’ comes as trader sees later 2026 bear-market bottom

“FOMC meeting is happening today, exactly when the US-Iran peace deal is very close,” Niels, co-founder of marketing agency STABL, told X followers. 

“IMO, Bitcoin could show some strength but eventually it’s going to $55,000.”

BTC/USDT one-day chart. Source: Niels/X

A more optimistic take came from analytics account Cryptic Trades, which saw the rebound continuing after the FOMC.

BTC/USD, it said, had rejected at two key moving averages that together form Bitcoin’s daily bull market support band.

BTC/USD one-day chart with bull market support band. Source: Cointelegraph/TradingView

“However, after this pullback, the next big leg up is coming,” Cryptic Trades predicted.

BTC/USD one-day chart. Source: Cryptic Trades/X

Bitcoin Setting up ‘Meaningful Floors’ in $60K–$70K Range: Analyst

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Bitcoin Setting up ‘Meaningful Floors’ in $60K–$70K Range: Analyst

Bitcoin (BTC) showed signs of bottoming inside the $60,000–$70,000 range on Wednesday, according to onchain data shared by a quant analyst.

Key takeaways:

  • Nearly 20% of BTC supply now sits between $60,000 and $70,000, strengthening the case for a Bitcoin price floor.
  • Bitcoin’s bear flag still risks a breakdown toward $53,500 unless BTC reclaims a critical technical resistance level.

Nearly 20% of BTC supply moved in the $60,000–$70,000 range

The bottom signal comes from Bitcoin’s unrealized price distribution, or URPD, which shows where BTC last moved on-chain and helps identify major investor cost-basis zones.

As of Tuesday, Bitcoin’s URPD reading showed a heavy concentration of supply between $60,000 and $70,000. About 20% of Bitcoin’s supply now sits in that range, “Frank Fetter” said, citing Checkonchain data.

“This is how meaningful floors are put in,” the analyst added.

Bitcoin supply in profit/loss. Source: Checkonchain

Dense cost-basis zones can become important support areas because many investors share similar entry levels. In Bitcoin’s case, the $60,000–$70,000 band now marks a major ownership cluster near current prices.

That suggests a large amount of BTC changed hands during the correction, with higher-cost holders likely selling into weakness, while new buyers absorbed the BTC supply near the lower range.

In market terms, this points to a redistribution phase, in which panic sellers exit and more conviction-driven buyers build positions.

Darkfost, a CryptoQuant-associated on-chain analyst, echoed that view, saying the setup reflects “one of the biggest BTC transfers from weak hands to strong ones.”

Bitcoin “supply in profit” echoes past market bottoms

Bitcoin’s supply in profit percentage has dropped into what analyst DurdenBTC called a “capitulation zone.”

The metric shows how much of the BTC supply is still held at a profit. A sharp drop means more holders are underwater or near breakeven, a condition often seen during late-stage bear markets.

BTC has reached this zone only four times in recent cycles: around $3,200 in 2019, $5,000 in 2020, $16,000 in 2023 and now near $59,000. Each prior instance appeared near a major Bitcoin price bottom.

That strengthens the case for the $60,000–$70,000 range becoming a floor, though BTC still needs to hold above $60,000 to confirm this.

Bitcoin sell-off risks toward $50,000 persist

Bitcoin’s technical chart, nevertheless, warns of deeper losses despite the on-chain floor signals.

On the daily chart, BTC is attempting to rebound inside a small bear flag after its sharp drop below $60,000. A bear flag forms when price consolidates upward after a strong sell-off, often before the next leg lower.

BTC/USD daily chart. Source: TradingView

A rejection from the flag’s upper trend line could trigger another breakdown below $60,000. Based on the pattern’s height, Bitcoin’s next downside target sits near $53,500, close to the broader $50,000 support area.

Related: Bitcoin sell-off toward $60K may resume as Japan hikes interest rates

A daily close above the 20-day exponential moving average (20-day EMA, green) at $66,420 may weaken the bearish setup. The level also aligns with the flag’s upper trend line.

A decisive close above this resistance confluence may push the BTC price toward the 50-day EMA at around $70,250. However, several Bitcoin metrics suggest that BTC could reach as high as $100,000 in the coming months.

Tribal Coalition Files Amicus Briefs to Keep Prediction Markets Off Native Land

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Tribal Coalition Files Amicus Briefs to Keep Prediction Markets Off Native Land

A coalition of federally recognized tribes and Indian regulatory bodies filed amicus briefs in two federal cases, arguing CFTC preemption would nullify tribal-state gaming compacts and strip tribes of authority to regulate Kalshi and Polymarket on Native land.

A coalition of federally recognized tribes and Indian regulatory bodies filed amicus briefs in two federal cases this month, arguing that allowing Kalshi and the CFTC to override state gaming laws would equally nullify tribal-state gaming compacts and strip tribes of authority to regulate prediction markets on Native land.

The group, calling itself the Tribal Amici, filed a brief opposing Kalshi’s motion for a preliminary injunction in *KalshiEx LLC v. Schuler*, now before the U.S. Court of Appeals for the Sixth Circuit. A separate filing in the Southern District of New York backed the state’s opposition to the CFTC’s own preliminary injunction motion. In both briefs, the coalition argues that a ruling for Kalshi or the CFTC would amount to a “sub silentio reversal of congressional policy and Supreme Court precedent” and would “undermine existing tribal-state gaming compacts and regulatory frameworks.”

What the Tribes Are Protecting

Tribal gaming operates under the Indian Gaming Regulatory Act. Tribes that have signed state gaming compacts have negotiated specific terms including minimum ages, approved game types, and revenue sharing. The coalition argues that if courts accept the CFTC’s preemption claim, prediction market platforms would operate on reservation land under their own private compliance rules, bypassing both state and tribal regulation.

The coalition warns this would “allow prediction markets to divert gaming revenues away from tribal and state governments” and “diminish tribal self-determination.” That revenue funds tribal government services and economic development programs.

Where the Cases Stand

Kalshi is appealing an earlier rejection of its preliminary injunction bid before the Sixth Circuit.

California Attorney General Rob Bonta joined a bipartisan coalition filing a separate amicus brief in the same Sixth Circuit proceeding.

The Tribal Amici filings follow related actions covered here this month. The CFTC sued New Mexico to bar enforcement of state gaming laws against CFTC-registered exchanges, making New Mexico the eighth state to face federal litigation. Polymarket also filed suit against Minnesota over its prediction market ban, the third suit against that state.

Whether CFTC registration gives prediction markets blanket immunity from tribal and state enforcement has not been resolved at the appellate level. The Sixth Circuit consolidation is the nearest checkpoint.

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