Merchants in Cannes, France, the site of the international Cannes Film Festival, are set to begin accepting crypto payments by summer this year in an effort to attract clientele with high disposable income by modernizing the city’s commercial payment ecosystem.

According to Artem Shaginyan, founder and head of strategy of Web3 payment company Lunu Pay, the Cannes municipal government is aiming for a 90% adoption rate among local merchants. The executive also told Cointelegraph:

“This is a big signal. When a city like Cannes, known globally for culture and commerce, starts integrating crypto at scale, it shows that Web3 payments aren’t just a niche thing anymore. It’s about proving that crypto can work in everyday settings, not just online or in theory.”

In February, Cannes Mayor David Lisnard announced a crypto payment integration training session for business owners and professionals to promote the widespread acceptance of crypto payments in the city.

The Rue d’Antibes, Canne’s shopping and commercial district. Source: City of Cannes

Canne’s shift toward embracing cryptocurrencies reflects the broader trend of crypto adoption by city, state, and federal governments as these institutions seek to remain competitive on the global stage.

Related: Panama’s capital to accept crypto for taxes, municipal fees

Ahead of the curve? Other jurisdictions modernize with crypto

In December 2023, the Swiss city of Lugano started accepting Bitcoin (BTC) and stablecoin payments for taxes and municipal fees as part of the city’s broader initiative to become a global crypto hub.

Governor Jared Polis of the US state of Colorado directed the state’s Department of Revenue to begin accepting crypto tax payments in September 2022.

The Canadian city of Vancouver passed a motion in December 2024 to make the jurisdiction a “Bitcoin-friendly city” by exploring integrating BTC into the city’s financial system and potentially adopting a Bitcoin treasury strategy.

More recently, in April 2025, the capital city of Panama announced that taxes and municipal fees could now be paid in crypto, including Bitcoin, Ether (ETH), Circle’s US-dollar stablecoin (USDC), and Tether’s USDt (USDT) token.

Panama City mayor Mayer Mizrachi suggested the move would modernize the city and bring increased investment as well as global recognition.

Magazine: Crypto City Guide to Seattle: Site of CZ’s downfall and pot crypto vendors

Ethereum’s relative dominance among layer-1 (L1) blockchain networks has declined, resulting in an “open race” to become the leading Web3 platform, according to Alex Svanevik, CEO of data service Nansen.

“If you’d asked me 3–4 years ago whether Ethereum would dominate crypto, I’d have said yes,” Svanevik said during a panel discussion at the LONGITUDE by Cointelegraph event. “But now, it’s clear that’s not what’s happening.”

Ethereum is still the most popular L1 network. According to data from DefiLlama, its roughly $52 billion in total value locked (TVL) represents 51% of cryptocurrency residing on blockchain networks.

However, Ethereum’s dominance has diminished sharply since 2021, when the L1 controlled as much as 96% of aggregate TVL, the data shows. 

Panelists at the LONGITUDE by Cointelegraph event in Dubai. Source: Cointelegraph

“It’s an open race between multiple L1s for becoming the go-to platform for trading and broader blockchain use,” Svanevik said.

“We’re seeing smaller chains grow extremely fast, and a group of five or six chains emerging as leaders. It’s an exciting time,” he said.

Cointelegraph’s LONGITUDE is an event series that brings together leaders and innovators from the blockchain and Web3 space for exclusive discussions.

TVL distribution among blockchain networks. Source: DeFiLlama

Rise of Solana

Solana (SOL), an alternative layer-1 known for faster transactions and lower fees than Ethereum, is in pole position to become Web3’s next leading chain, according to the Nansen CEO.

“Solana has overtaken Ethereum on most onchain metrics — active addresses, transaction volume, even gas fees,” Svanevik said. “Ethereum still leads in TVL, and stablecoin issuance is still strong, but Solana’s growth is undeniable.”

Meanwhile, dozens of smaller L1s are also vying for market share — and not all of them are gaining sustainable traction, Vardan Khachatryan, chief legal officer of trading platform Fastex, told Cointelegraph during the panel. 

“Unfortunately, what we see in reality is that chains become popular when they are the hype of that particular bull run, new coins, airdrops, etc., rather than sustained adoption,” Khachatryan said.

Magazine: ZK-proofs are bringing smart contracts to Bitcoin — BitcoinOS and Starknet

Key Takeaways:

Analyst predicts a low VIX (

Bitcoin network economist Timothy Peterson raised Bitcoin’s (BTC) chances of hitting a new high in 100 days, and he maintains an optimistic outlook in 2025. 

In an analysis shared on X that ties BTC’s price action to the CBOE Volatility Index (VIX) —an indicator that measures 30-day market volatility expectations — the analyst pointed out that the VIX index has dropped from 55 to 25 over the past 50 trading days. A VIX score below 18 implied a “risk-on” environment, favoring assets like Bitcoin. 

Peterson’s model, which had a 95% tracking accuracy, predicted a $135,000 target within the next 100 days if the VIX remains low. This aligns with Bitcoin’s sensitivity to market sentiment, as a low VIX reduces uncertainty, encouraging investment in riskier assets.

Speaking on Bitcoin’s volatility, Fidelity’s director of global macro, Jurrien Timmer, compared Bitcoin’s nature to “Dr.Jekyll and Mr.Hyde.” Timmer believed Bitcoin’s ability to act as both a store of value (Dr. Jekyll) and a speculative asset (Mr. Hyde) differentiates it from gold, which remains a consistent “hard money” asset. Timmer emphasized the dynamics between Bitcoin and the global money supply and said, 

“Note that when M2 has grown and the stock market is rallying, Bitcoin has been off to the races because it has both attributes working for it. But when M2 has grown and equities are correcting, not so much.”Bitcoin price against global money supply. Source: X.com

This underscores Bitcoin’s sensitivity to macroeconomic conditions, making its performance less predictable than gold’s.

Related: Crypto ‘decoupling’ story ends as stocks follow Bitcoin’s rally

Stablecoin market cap hits record $220 billion

Data from CryptoQuant highlighted that the stablecoin market capitalization hit a record $220 billion, signaling a liquidity surge in the crypto market. This marks Bitcoin’s exit from a bearish phase as capital flows return, and with stablecoins representing crypto liquidity, new BTC highs could be a likely outcome in the coming weeks. 

While BTC continues its uptrend, lower-time frame (LTF) charts reveal a shift in market dynamics. The funding rate for BTC futures has turned negative again, indicating a rise in short positions as traders bet against the rally.

Bitcoin 4-hour chart and funding rate. Source: Velo.chart

The 4-hour chart’s funding rate has reached its most negative level in 2025, indicating that short-side liquidity significantly exceeds long-side liquidity. This creates a condition for a potential short squeeze.

This imbalance could propel BTC toward the $100,000 level. Cointelegraph pointed out that over $3 billion is at risk for a short-side liquidation, which may amplify upward momentum, catching bearish traders off guard. 

Bitcoin short liquidations data. Source: X.com

Related: Bitcoin hodler unrealized profits near 350% as $100K risks sell-off

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.