2026. 6. 22. · 09:26

Web3 Weekly — June 15–22, 2026

CME Group sued the CFTC over perpetual futures classification, while Greece signaled intent to reject Binance's EU license application in MiCA's final nine days. US funding highlights include Fomo ($75M at $550M valuation) and Trace Finance ($32M). Ethereum Glamsterdam reached final devnet with EIP-7732 (ePBS) and EIP-7928, and Base Beryl targets June 25 mainnet.

Web3 Project Funding & Regulation @NeoDrop Official

CME Group sued the CFTC on June 18 over perpetual futures — the opening shot in a legal battle that could redefine which regulatory regime governs the fastest-growing product in crypto derivatives. 1 The same week, Greece's capital markets regulator signaled it would reject Binance's MiCA license application, potentially stripping the world's largest exchange of its right to operate in all 27 EU member states — nine days before the July 1 enforcement deadline. 2 On the Hill, the CLARITY Act's July 4 target is dead on arrival; the real question is whether seven Democratic senators can agree on ethics language before the August 18 recess. 3 Here is everything confirmed for June 15–22.

Market pulse

Bitcoin ranged between $62,600 and $67,000 for the week, briefly touching $67K on June 15 after news of a US–Iran peace agreement before settling back near $65,420 by June 22. 4 The Crypto Fear & Greed Index spent the entire week below 25 — it opened at 20 (Extreme Fear), dipped to 20 again by week-end, with a brief midweek peak of 23. 5 This is the fifth consecutive week of Extreme Fear readings.

Behind the flat price surface, Bitcoin's on-chain activity is near a record. CryptoQuant's network activity index sits just 7% below its September 2024 all-time high, driven by a surge in microtransactions: sub-0.01 BTC transfers now account for approximately 80% of daily on-chain activity, up from 44% in 2023, with daily transaction counts approaching 800,000. 4 Price and network usage are, at present, moving in opposite directions.

US spot BTC ETFs recorded net outflows of $111.1 million across June 16–18, the three trading days with confirmed data this week. 6 The breakdown: June 16 saw +$16.4M (IBIT +$4.3M, MSBT +$1.9M, GBTC -$16.8M); June 17 saw -$30.8M (BITB -$43.5M dragged against IBIT +$14.0M); June 18 saw -$96.7M with only MSBT posting any inflow (+$10.4M). 6 The brief June 12 reversal from the prior week did not hold. Cumulative inflows across all US spot BTC ETFs since launch stand at $53.4 billion; GBTC has recorded cumulative outflows of $27.0 billion since conversion.

Strategy (MSTR) filed an SEC 8-K on June 22 disclosing it added 520 BTC for $34.9 million (average $67,068 per coin) between June 15–21, funded by ATM equity sales of 2.71 million shares netting $335.5 million. 7 Total holdings as of June 21: 847,363 BTC at an aggregate cost of $64.1 billion ($75,651 average). USD reserve: $1.4 billion. Remaining ATM issuance capacity: $25.4 billion. 7

US regulation

CME Group v. CFTC: the perpetuals classification fight

CME Group CEO Terrence Duffy announced on CNBC's Fast Money on June 17 that CME would sue the CFTC, and the complaint was filed June 18. 1 CME's legal theory: because perpetual futures require two counterparties to exchange funding-rate payments at regular intervals, they meet the Dodd-Frank Act's definition of a swap, not a futures contract. 8

"Under the Dodd-Frank Act, it clearly defines what a swap is and what a future is, and when there's two parties exchanging payments to each other, that's deemed a swap." — Terrence Duffy, CME Group CEO 1

The stakes are structural. Swaps carry a five-day margin risk period; futures require only one day. Swaps must be cleared through CFTC-registered Swap Dealer and SEF frameworks. If CME prevails, every CFTC-approved perpetual — Kalshi's BTCPERP, LINKPERP, and the dozen others launched since June 3, plus whatever Coinbase Derivatives and Bitnomial file — faces reclassification into a regulatory regime with higher capital requirements and different clearing obligations.

CFTC Chair Michael Selig, who defended the approvals in a June 15 CNBC interview, said the agency used a 40.2 self-certification path specifically because perpetuals are a "novel product" that meets the legal definition of a futures contract. 9 His public line: "It's time to approve regulated futures contracts that have no expiration date." 9 The CFTC's official spokesperson called the CME suit "frivolous." 1

The same day CME filed, a Michigan federal judge handed CFTC another setback. Judge Paul L. Maloney dismissed a Polymarket injunction and ruled that sports prediction market bets do not constitute swaps and fall outside CFTC jurisdiction — criticizing CFTC's interpretation of its own authority as "so vast that it would encompass vast swaths of activity never understood to be associated with the financial industry." 8 Two courts on the same day — one with a pending suit and one with a fresh ruling — challenged CFTC's jurisdictional reach from opposite sides of its perpetuals strategy.

Also on June 18: CFTC and SEC jointly published two requests for comment — PR 9258-26 on derivatives definitions and swap classification of innovative products, and PR 9257-26 on swap/securities-based swap data reporting. 10 The timing places the perpetuals classification question simultaneously in litigation (CME's suit), active rulemaking (the NPRM comment process from June 12), and now an interagency public record. Duffy also announced he will step down as CME CEO on March 1, 2027, succeeded by CFO Lynne Fitzpatrick.

CLARITY Act: July 4 is dead, August recess is the real gate

The CLARITY Act has been on the Senate floor calendar since June 1 (Calendar No. 423) but has not moved to a floor vote. Sen. Bill Hagerty told Fox Business on June 18 he hoped to pass the bill before the July 4 recess, a timeline Fox's Eleanor Terrett called "realistically impossible" given the outstanding vote math and remaining text disputes. 11 Sen. Cynthia Lummis set the more realistic window as before the August 18 recess, while warning that missing this Congress altogether could delay meaningful market-structure legislation until 2030. 3

The arithmetic: with Republicans holding approximately 53 Senate seats, the bill needs seven Democratic votes to reach 60 for cloture. Current co-sponsors Gallego (D-AZ) and Alsobrooks (D-MD) voted for the bill in committee but have not committed to a floor vote. Key swing votes identified in reporting this week: Sens. Warner, Gillibrand, Booker, Coons, and Warnock. 3 Galaxy Research maintains a 60% passage probability for 2026; Polymarket is tracking around 70%. 11

The core obstacle is Section 604, the ethics provision. A Van Hollen amendment that would have restricted trading in digital assets by senior officials was voted down in committee 13–11 along party lines. Democratic negotiators are searching for narrower ethics language that adds the seven needed Democratic votes without losing existing Republican co-sponsors — a needle that has not yet been threaded. 12 Sen. Kirsten Gillibrand, whose son Theodore Gillibrand simultaneously announced a $30 million perps exchange funding round this week (see Funding), has explicitly conditioned her support on ethics provisions covering officials who profit from crypto positions. 3

Adding pressure from an unexpected direction: on June 16, more than 50 gaming associations, tribal gaming entities, and labor unions sent a letter to the Senate demanding that the CLARITY Act include a ban on sports and casino-style prediction market contracts. Signatories included the American Gaming Association (AGA) and the Indian Gaming Association (IGA). 13 The letter described prediction markets as having "fueled the largest expansion of gambling in U.S. history over the past 18 months — without voter approval or legislative authorization." 13 House Agriculture digital asset subcommittee chair Dusty Johnson stated on June 19 that the House is prepared to fast-follow any text the Senate passes.

Celsius / Mashinsky: CFTC case closed

The CFTC announced on June 18 (PR 9256-26) that the Southern District of New York entered a consent order against Celsius founder Alex Mashinsky, permanently prohibiting further violations of the Commodity Exchange Act's anti-fraud provisions and imposing permanent trading and registration bans. 14 Mashinsky was sentenced to 12 years in federal prison on May 8, 2025, and ordered to pay a $50,000 fine and forfeit $48.4 million. The CFTC's original complaint, filed in July 2023, alleged he fraudulently marketed Celsius as a "safe" bank alternative to approximately 2 million customers from 2018 through June 2022, during which time Celsius accepted roughly $20 billion in customer assets before filing for bankruptcy in July 2022. This consent order resolves the CFTC's individual action against Mashinsky; the parallel entity-level Celsius consent order was entered in July 2023.

EU MiCA — T-9 days

Binance: Greece signals rejection, EU-wide ban looms

Reuters reported on June 16, citing two sources, that Greece's capital markets regulator, the Hellenic Capital Market Commission (HCMC), intends to reject Binance's MiCA CASP license application. 2 CoinDesk confirmed the story the same day. 15 Binance filed with HCMC in January 2026, establishing Binary Greece as a local holding entity. Greece has zero currently authorized CASPs — Binance chose a jurisdiction where it faced no established competition from incumbent licensed firms, but also where there was no existing supervisory template.

If HCMC's rejection is finalized, Binance has no other pending EU licensing application and would be unable to legally provide crypto-asset services to EU clients in any of the 27 member states from July 1. 16 The company has more than 300 million registered users globally as of January 2026. Binance's official response: "HCMC has so far given no formal indication of the contrary" to compliance. 16 The company says it "remains fully committed to securing our MiCA license and operating under a unified European framework." 15 HCMC declined to comment, citing supervisory confidentiality obligations. France's AMF had previously added Binance to a list of approximately 89 firms operating without authorization.

Binance's MiCA application in Greece was reported as facing rejection on June 16, nine days before the July 1 deadline. 2

ESMA register: 251 CASPs, five zero-CASP member states remain

ESMA's interim MiCA register updated on June 19 (Thursday) shows 251 authorized CASP entries, up from 245 on June 12. 17 Sixteen entities now hold full trading-platform authorization. Two member states broke through zero this week:

Bulgaria (BG): Alaric Securities (authorized 2025-12-22) and Belayer (authorized 2026-04-28) are both now confirmed in the register.
Croatia (HR): Five CASPs authorized, including Kriptomat — via its Bitblock Ltd. entity — which received HANFA (Croatian Financial Services Supervisory Agency) authorization on June 17. Kriptomat's authorization covers only the exchange of crypto-assets for funds, passporting to other member states is not listed, so the authorization functions as a Croatia-only license. 17

Five member states remain at zero authorized CASPs entering the final week: Greece (GR), Hungary (HU), Poland (PL), Portugal (PT), and Romania (RO). Notable authorized platforms confirmed in the register include Kraken (Ireland), Coinbase (Luxembourg), OKX (Malta), Crypto.com (Malta), Bitstamp (Luxembourg), Bitpanda (Austria), Bitvavo (Netherlands), and Robinhood (Lithuania).

Poland: 1,300+ VASPs face mandatory wind-down

Poland's President Karol Nawrocki vetoed the national Crypto-Assets Market Act for the third time on June 11, leaving the country's financial regulator, KNF, with no statutory authority to grant CASP authorizations. 18 KNF has confirmed the deadline cannot be extended by regulatory decision. Warsaw law firm Dudkowiak & Putyra published a legal analysis this week stating the consequence plainly:

"Poland will have no authority able to grant CASP authorisations before the end of the EU transitional period for MiCA. All firms entered in the Polish VASP register that do not hold a valid CASP authorisation in another EU Member State must cease providing crypto-asset services by 1 July 2026." 18

More than 1,300 entities are registered in the Polish VASP register. Pending applications in other member states do not provide legal cover for continued operations after July 1 — only a granted authorization does. Overriding the veto requires a Sejm three-fifths majority; no such effort is publicly reported as underway. Service via a third-country entity is prohibited under MiCA.

Hungary: repeal filed, MNB authorization still absent

The Hungarian government submitted a bill to parliament on June 11 to repeal the crypto market legislation that had imposed criminal penalties of up to eight years imprisonment on trading activity conducted without the two state-approved validator gatekeepers. 17 Hungary remains a zero-CASP member state. The central bank, MNB (Magyar Nemzeti Bank), has not confirmed it has begun processing any CASP applications, meaning no Hungarian entity will hold MiCA authorization by July 1 regardless of the repeal outcome. Hungarian users need to transfer assets to an authorized CASP registered in another EU member state before July 1.

Enforcement framework: France's criminal penalties now in force

The French AMF confirmed this week that from July 1, firms providing regulated crypto-asset services in France without AMF CASP authorization face up to two years imprisonment and €30,000 in fines for individuals. 19 France has authorized more than 20 CASPs, including CACEIS Bank, CoinShares, SG-Forge, Circle, and Swissborg. The prior PSAN (Prestataire de Services sur Actifs Numériques) registration regime is extinguished July 1. BSCN noted there is no grace period: "After July 1, any entity providing crypto-asset services to EU clients without a MiCA license is in breach of EU law and must cease those services." 19

Separately, Knaken (Netherlands) has maintained public silence for four consecutive weeks since announcing its market exit. No statement from the company or from Dutch regulator AFM has appeared; client accounts remain locked with no disclosed timeline for asset return.

Funding

Top deals

The week's two individually reported rounds already total $137 million, both concentrated in consumer crypto applications and cross-border payment infrastructure.

Fomo raised $75 million in a Series B at a $550 million valuation on June 22, led by Index Ventures (prior portfolio: Figma, Scale AI, Bridge), with Union Square Ventures, Zynga co-founder Mark Pincus, Discord CEO Humam Sakhnini, and Eventbrite co-founder Kevin Hartz participating. 20 Fomo is a non-custodial crypto and perpetuals trading app targeting mainstream consumers: 17 employees, ~3,500 new daily users, and a 30-second onboarding-to-first-trade target. Co-founders Paul Erlanger, Se Yong Park, and Prashan Dharmasena all come from dYdX; Benchmark led the prior $17 million Series A — notable because Benchmark rarely invests in crypto. The 140-person angel syndicate from the seed round included Polygon Labs CEO Marc Boiron, former Coinbase CTO Balaji Srinivasan, and Solana co-founder Raj Gokal. Index Ventures partner Julia Andre framed the thesis explicitly as a consumer platform bet rather than a crypto sector bet: "We're not doing Fomo because it's a crypto business. We're doing Fomo because we think there is a market shift there, and they have what it takes to capture this next wave of consumer blockchain trading." 20

Trace Finance raised $32 million in a Series A on June 17, led by CoinFund, with Coinbase Ventures, Haun Ventures, Jump Crypto, Valor Capital, Paxos, and HOF Capital co-investing; Chainlink Labs and SNZ Capital joined as strategic investors, alongside Circle co-founder Sean Neville, Solana Labs co-founder Anatoly Yakovenko, and Itaú Unibanco vice chairman Ricardo Villela Marino. 21 Trace has processed more than $10 billion in cross-border transactions, primarily on the Brazil–US corridor, and counts dLocal as a partner. Trace CEO Bernardo Brites: "Stablecoins alone do not solve cross-border payments. Stablecoins plus regulated local bank infrastructure does." 21 The valuation is approximately 10× the company's 2022 seed-round valuation.

APEC (American Perpetuals Exchange Corporation) raised $30 million at approximately a $300 million valuation on June 18, led by Lux Capital. 22 APEC's founder is Theodore Gillibrand, a Stanford graduate and Paradigm and a16z alum who is also the son of Sen. Kirsten Gillibrand (D-NY) — the senator whose ethics-provision demand is one of the primary obstacles to the CLARITY Act. APEC plans to apply for both DCM (Designated Contract Market) and DCO (Derivatives Clearing Organization) licenses, and intends to offer individual stock perpetual futures under joint CFTC/SEC oversight. A June 4 SEC memorandum from APEC detailed the regulatory coordination model. The company's filing argued: "The absence of a regulated U.S. venue does not eliminate demand for equity perpetual futures. It redirects that demand to offshore platforms outside the reach of U.S. oversight." 22

Ripple made a strategic investment in Flutterwave's Series E at a $3.2 billion valuation on June 16; the specific investment amount was not disclosed (Flutterwave has raised more than $500 million cumulatively). 23 The deal comes with three operational commitments: RLUSD stablecoin integrated into Flutterwave's payment rails and Send App remittance channels; XRP Ledger used for fast transaction settlement; and a unified API connecting Flutterwave's 34-country African network with Ripple Payments. Flutterwave has processed more than one billion transactions with a combined value exceeding $50 billion. RLUSD's current market cap is approximately $1.65 billion, against USDT at $186.5 billion and USDC at $75 billion.

Week in deals — June 13–22

Incrypted tracked 17 investment transactions between June 13–20 with 11 disclosed amounts totaling approximately $283 million. 24 Note: the Incrypted data covers June 13–20; Fomo ($75M, June 22) and APEC ($30M, June 18) are not captured in this aggregate.

Incrypted Week in Crypto Investments: $283M across 11 disclosed deals, June 13–20, 2026 — Top three deals by disclosed amount: Karta $140M (Lux Capital), Interchecks $50M (Bettor Capital), Trace Finance $32M (CoinFund). Investment distribution: 52% VC, 44% corporate, 4% M&A. 24

Additional disclosed rounds from the window (deals covered in Top Deals above are excluded):

Project	Amount	Round	Lead investor	Sector
Karta	$15M + $125M debt	Series A + credit facility	Galaxy Ventures (equity); CIM (debt)	Visa card infra for non-US private banks 24
Interchecks	$50M	Series C	Bettor Capital, Commerce Ventures	Instant payouts / crypto wallet top-up 24
El Dorado	$9M	Series A	Paradigm	LatAm cross-border stablecoin payments 25
Range	$8.3M	Series A	TX Ventures, SixThirty	Stablecoin treasury & compliance platform 26
EarnOS	$18.5M	Seed + strategic	1kx, Coinbase Ventures, Circle Ventures	Reward-for-online-behavior / embedded wallets 24
Receipts Depositary Corp	$7M	Undisclosed	LiveOak Ventures, Hivemind Capital	Digital asset depositary receipts 24
Power.Win	$5M	Undisclosed	Polychain Capital	Licensed crypto-native gaming platform 24
CoraAi	$2.5M	Private + strategic	Undisclosed	Web3 token-lock / vesting infra 24
Renaiss	$1.5M	Seed	YZi Labs	Tokenized physical assets on BNB Chain 24

Five additional transactions with undisclosed amounts: Flutterwave (Ripple strategic, covered above), IOTrader (pre-seed, Dubai Block), Xeffy (XPhere strategic), Re (Coinbase Ventures strategic), and Multipli (Coinbase Ventures via Base Ecosystem Fund). Coinbase Ventures participated in four transactions this week — Re, Multipli, EarnOS, and Trace Finance — more than any other investor. The week also saw three M&A transactions: Blockworks acquired Messari for an amount reported by Incrypted as exceeding $10 million; Metaplanet acquired Siiibo Securities; and Inveniam acquired MANTRA. 24

Infrastructure and protocol upgrades

Ethereum Glamsterdam: final devnet, ePBS and block-level AA in testing

Ethereum's Glamsterdam upgrade reached its final devnet stage on June 17, with public testnet deployment as the next step. 27 The two headline EIPs under active testing:

EIP-7732 (enshrined Proposer-Builder Separation, ePBS): embeds block builder selection directly into the consensus protocol, removing reliance on MEV-Boost's external relay market. Validators attest to the builder's payload commitment before seeing the full block, which reduces MEV extraction surface and makes the PBS pipeline transparent at the protocol level.
EIP-7928 (block-level access lists): pre-records all accounts and storage slots a block will touch before execution begins, enabling parallel reads across the block and laying groundwork for the 200 million gas limit target (~3× current capacity, approximately 10,000 TPS).

Ethereum physical collectible coins stacked — Glamsterdam final devnet — Ethereum's Glamsterdam upgrade entered final devnet on June 17, targeting a mainnet window in H2 2026. 27

Crypto Briefing described the architecture change as addressing two core bottlenecks simultaneously: "how blocks are built and how transactions are executed." 27 Mainnet timing depends on client team performance and public testnet stability; the current target window is H2 2026.

Starknet v0.14.3 governance vote: closes June 26, mainnet July 6

Starknet's governance vote on the v0.14.3 upgrade opened on June 19 and closes June 26; STRK stakers and delegators are eligible to participate. 28 Testnet deployment went live on schedule June 22. Mainnet deployment is targeted for July 6, conditional on vote approval. Two new features: (1) Kecak client proof — enables privacy-preserving virtual transactions using EVM-compatible signatures; (2) quantum-resistant SNOS Hash — replaces Pedersen hash with Blake for program and configuration hashing. STRK market cap as of the vote's opening: approximately $226.8 million.

Base Beryl: June 25 mainnet with B20 native token standard

Base's Beryl upgrade is scheduled for mainnet activation on June 25 (testnet launched June 19), four weeks after the Azul upgrade activated in May. 29 Key changes:

B20 token standard: a precompiled contract written in Rust that runs inside node software rather than as EVM bytecode. Supports full ERC-20 and ERC-2612 (permit) functionality, plus an Issuer Toolkit with role-based access control, mint/burn functions, supply caps, and freeze/seizure mechanisms. Two variants: general-purpose asset and stablecoin (fixed 6-decimal precision). Spearbit audited.
Withdrawal delay: reduced from 7 days to 5 days via the Multiproofs system introduced in Azul.
Node efficiency: built on Reth V2, reducing disk usage for full, minimal, and archive nodes.

Base attributed the rapid upgrade cadence to its February departure from OP Stack's shared dependency model. The next upgrade, Cobalt, is targeted for September and will introduce native account abstraction, gas sponsorship, and transaction batching. 29

Uniswap protocol fee expansion: now live on 9 chains

Uniswap founder Hayden Adams announced on X on June 19 that the protocol fee and UNI token burn mechanism has been extended to BNB Chain, Polygon, and Celo, bringing the total to nine chains. 30 The six chains already active before this expansion: Ethereum, Arbitrum, Optimism, Base, Blast, and World Chain. The expansion was executed directly by Adams rather than via a formal Snapshot governance proposal.

Cardano Van Rossum hard fork: Plutus update live, fork vote window open

Cardano's Plutus cost model parameter update — a prerequisite for the Van Rossum hard fork — was enacted on mainnet at 21:45 UTC on June 18, following DRep and Constitutional Committee approval on June 13. 31 The governance proposal to initiate the hard fork itself opened its approval window on June 23 with potential ratification dates of June 23, 28, July 3, 8, 13, or 18. If approved at the earliest opportunity, the hard fork could activate as soon as June 28. Van Rossum is a stepping stone upgrade within the Conway era; the Dijkstra era, which will introduce Leios to mainnet, follows. 31

Linea rebrands to Lineth, releases bridge SDK

The Linea project rebranded to Lineth and migrated its GitHub repository from Consensys/linea-monorepo to LFDT-Lineth/lineth-monorepo on June 10–11. 32 Two SDK packages released on June 10: @lfdt-lineth/sdk-viem v1.0.0 (TypeScript SDK for bridge deposits, withdrawals, L1/L2 message claiming, and state queries, built on Viem) and @lfdt-lineth/sdk-core v1.0.0 (framework-agnostic base library with Sparse Merkle Tree, contract address resolution, and block extra-data parsing). Linea Besu v1.1.0 shipped June 11 with a new security-policy transaction selector interface and mandatory transaction integration, plus fixes for two arithmetization alerts (#513, #514). 32

India crypto tax enforcement: 44,000+ notices, $104M undisclosed income

India's Income Tax Department issued more than 44,000 VDA (Virtual Digital Asset) notices and identified approximately $104 million (₹888 crore) in undisclosed crypto income across assessment years 2023–24 and 2024–25, as of June 15. 33 Authorities are cross-referencing filed tax returns against exchange and wallet provider data. The current enforcement campaign, labeled NUDGE, asks non-compliant taxpayers to file amended returns via email; the notices cover individuals the department suspects of purchasing VDAs with undisclosed funds.

What to watch

MiCA July 1 (9 days): Whether HCMC issues a formal rejection of Binance's application before the deadline, and whether Binance appeals or seeks emergency relief. Poland's 1,300+ VASPs with no licensing path face a hard stop; the first week of July will determine which national regulators initiate enforcement and at what pace. Hungary remains zero-CASP despite the repeal bill.
Starknet v0.14.3 vote closes June 26: If approved, mainnet deployment is July 6. Any failed quorum or close vote would push the timeline and affect the two privacy and quantum-resistance features in the pipeline.
Base Beryl mainnet June 25: The B20 token standard's first production deployment. Developer adoption of the precompiled token format — and whether the 5-day withdrawal reduction drives measurable liquidity changes versus Arbitrum and Optimism — will be the early signal.
CLARITY Act: The Senate needs seven Democratic votes and a viable ethics-provision text before the August 18 recess. Sen. Gillibrand's dual position — ethics-provision holdout and mother of APEC's founder — makes her the single most watched senator for the next five weeks. Any resolution on the ethics language this week moves the timetable materially.
CME v. CFTC: No trial date yet. The parallel CFTC/SEC joint comment period on derivatives definitions (due July 27) runs concurrently with the litigation. Coinbase Derivatives and Bitnomial still have until ~June 30 to complete conversions under No-Action Letter 26-19 — those conversions proceed unless a court intervenes before then.

Cover image: AI-generated illustration.