BlockBeats will summarize key industry news from the week (July 7 - July 13) in this article and recommend in-depth articles to help readers better understand the market and grasp industry trends.
Important News Review
This Week's Market Sees Significant Recovery, Bitcoin Approaches $120,000, Ethereum Breaks $3,000
On July 11, Bitcoin surpassed $118,000, setting a new historical high with a 24-hour increase of 6.25%; ETH climbed above $3,000 for the first time since February this year, with a 24-hour increase of 8.8%. At the same time, altcoins experienced a broad rally, with BANANAS31 hitting a historical high, and multiple tokens like MAGIC, ENA, and PENGU rising over 20%. The total market capitalization of cryptocurrencies exceeded $3.7 trillion, with a 24-hour increase of 1.2%. Related articles: “Bitcoin Nears $120,000, Who is Driving the New Surge?”, “ETH Returns to $3,000, Mainnet Meme Players Have Made a Fortune”
PUMP Completes Token Public Sale, $500 Million Raised in Just 12 Minutes, Over 200 Addresses Subscribed for Over $1 Million
On July 9, pump.fun officially announced the launch of the public sale for its native token PUMP, aiming to raise $600 million at a valuation of $4 billion. The maximum supply of PUMP is 1 trillion tokens, with 33% to be sold through ICO, 24% reserved for community and ecosystem plans, and 20% allocated to the project team. In this ICO, 18% is allocated for private placement to institutional investors, and 15% for public sale, both under the same sales terms: each token priced at $0.004.
On the 12th, the public sale of PUMP tokens worth $500 million was completed in just 12 minutes. According to the official website, 12.5% of the tokens were sold, raising $500 million, which differs from the previously announced plan to sell 15% of the tokens to raise $600 million. As of now, pump.fun has not publicly clarified the reason for the discrepancy. According to data from @Adam_Tehc, there were 202 addresses that subscribed for amounts reaching $1 million, 138 for amounts between $500,000 and $1 million, and the largest number of users subscribed for amounts below $1,000, totaling 5,758. Notably, Pump.fun's competitor BONK's token continued to rise, with GP increasing over 72.5% in 24 hours, setting a new historical high. Related articles: “Pump.fun Issues Tokens, Is This the Turning Point or the Endgame for the Meme Track?”, “$UESSLESS Hits New Highs, Is the Bonk Ecosystem the Biggest Winner from Pump's Token Issuance?”
GMX Hacked, Approximately $42 Million in Assets Lost, Hacker Returns 90% of Funds and Begins "Washing" Remaining Funds
On July 9, on-chain analyst Yu Jin reported that the perpetual trading platform GMX was hacked, resulting in the loss of approximately $42 million in assets, with the hacker's initial funds transferred from Tornado. On the same day, GMX left a message on-chain acknowledging its own vulnerabilities and offered a 10% white hat bounty, stating that if the remaining 90% of the funds were returned within 48 hours, no further legal action would be taken. On the 11th, the GMX hacker left a message indicating they would return the funds. Subsequently, the hacker returned $40.5 million worth of stolen crypto assets, including 10,000 ETH and 10.5 million FRAX. At the same time, the hacker retained nearly $5 million in profits due to the increase in the price of ETH as a white hat bounty. They currently hold 1,700 ETH, valued at approximately $5.12 million. According to on-chain analyst Ai Yi, these 1,700 ETH have begun to be "washed" through a mixer. Related articles: “GMX Hacked for $42 Million, How Should DeFi Security Be Ensured?”
This Wednesday, BR Plummeted Temporarily, Halving Its Value, Daily Trading Volume Accounted for 65% of Alpha; Officially Announced Airdrop of Up to 200 USDT to Affected Users
On July 9, BR temporarily plummeted over 53%. According to data from Binance Alpha, on July 8, the trading volume on Binance Alpha reached $433 million, with BR accounting for $282 million, or 65.12% of Alpha's daily trading volume. On-chain analyst Ai Yi reported that before the price drop, BR's liquidity exceeded $60 million, while 26 addresses withdrew $47.59 million in liquidity within just 100 seconds, accompanied by large sell-offs from three addresses at the million-dollar level and 13 addresses at the $500,000 level, leading to a sudden collapse in price due to insufficient liquidity. On the 10th, Bedrock officially announced that it would issue a special airdrop to affected Alpha Trading users, with a maximum of 200 USDT per wallet. Related articles: “Binance Alpha Experiences 'Flash Crash': BR Token Halves in 10 Minutes, Who Cleared the Position?”
Ethereum Foundation Releases Article Outlining Future Development Strategy for the Ecosystem
On July 10, the Ethereum Foundation published a blog post titled “The Future of EF Ecosystem Development,” outlining two main vision goals: to maximize the number of users utilizing Ethereum, enabling them to benefit from Ethereum's underlying value; and to maximize the resilience of Ethereum's technology and social infrastructure. The foundation will focus on four key areas, including the establishment of four new teams dedicated to ecosystem acceleration, covering corporate relations, developer growth, application research, and founder support. The foundation will also strengthen its efforts in ecosystem expansion, continue to provide funding support, and work to address global adoption barriers. Related articles: “After Ethereum Returns to $3,000, How Will the Foundation Restructure Its Team and Ecosystem Planning?”
Circle and OKX Reach Strategic Cooperation, OKX to Support 1:1 Instant Exchange Service Between USD and USDC
On July 9, according to official news, stablecoin issuer Circle Internet Group (NYSE: CRCL) and OKX announced a strategic partnership to jointly enhance the two-way exchange liquidity between USD and the USDC stablecoin. This cooperation will allow OKX's 60 million global users to enjoy 1:1 instant exchange services between USD and USDC across its product lines. Related articles: “Stablecoin Shadow War Escalates: Circle Teams Up with Trading Platforms to Build USDC 'Shadow Alliance'”
Trump Expected to Achieve First Major Legislative Victory in Cryptocurrency Policy Next Week
On July 11, reports indicated that Trump is expected to achieve his first major legislative victory in cryptocurrency policy next week. The U.S. House of Representatives is expected to vote early next week on the Senate's proposed “GENIUS Act.” This bill aims to establish the first regulatory framework in the U.S. for so-called "stablecoins" pegged to the dollar. The bill was passed in the Senate last month with bipartisan support and is poised to become the first significant cryptocurrency regulatory measure adopted by the U.S. Congress. Trump's signing of this stablecoin bill could provide a significant boost to the long-struggling cryptocurrency industry in gaining mainstream acceptance.
SEC Accelerates Development of Universal Listing Standards for Crypto ETFs, Altcoin ETF "Floodgates" Set to Open
On July 9, reports indicated that as the U.S. Securities and Exchange Commission considers accelerating the approval of a unified listing framework, the "floodgates" for altcoin crypto ETFs are set to open. Previously, crypto journalist Eleanor Terrett revealed that the SEC is collaborating with various trading platforms to develop universal listing standards for cryptocurrency ETFs, which are currently in the early stages. If cryptocurrencies meet the standards, issuers can bypass the 19b-4 process and directly submit S-1 filings, allowing trading platforms to list them within 75 days. This approach can save issuers and the SEC a significant amount of paperwork and time spent on repeated consultations. Related articles: “U.S. SEC Mulls Fast Track, Are SOL, XRP, and ETFs About to 'Open the Floodgates'?”
“ETH Version of MicroStrategy” Sharplink Gaming Acquires 10,000 ETH from the Ethereum Foundation; The Foundation States Funds Will Be Used for Core Operations and Activities
On July 11, "ETH Version of MicroStrategy" Sharplink Gaming announced the direct acquisition of 10,000 ETH from the Ethereum Foundation, with an average purchase price of $2,572.37. The transaction was completed on July 10, 2025. The Ethereum Foundation confirmed this matter on the same day and stated that the funds from the sale of ETH would be used for core operations and activities. Following this news, SBET's pre-market stock price rose over 10%. Related articles: “ETH Reserve Companies Become New Favorites in U.S. Stocks, Deep Dive into the Backers of 4 Star Enterprises”
Linea Project Leader: Announcement to be Released Later This Month Related to TGE
On July 12, Declan Fox, the leader of the Linea project, posted on social media that he is ready to fulfill the LINEA plan announced in Bangkok, with a detailed announcement to be released later this month. When community members inquired whether it was related to TGE, Declan Fox replied "Yes" to confirm.
Bubble Mart's First Investor Mai Gang: Has a Special Affection for Bitcoin, Key Lies in the Pursuit of Essential Questions
On July 7, Mai Gang, the first investor in Bubble Mart, recently stated in a podcast that Bitcoin is a very important experience in his career. He recalled that during a forum for alumni of Renmin University, the host asked him why he has a special affection for Bitcoin, while many industry "big shots," such as chief economists, failed to notice it. Mai Gang stated, "Back then, we studied monetary banking, economics, etc., which are courses every finance student would take. From this perspective, Bitcoin is actually incredibly simple. Of course, it also involves a lot of interdisciplinary knowledge, and you don't need a PhD to understand it. I think the pursuit, questioning, and persistence in essential issues are very rare and important. What it is, is the most important."
Shanghai State-owned Assets Supervision and Administration Commission Holds Learning Meeting on Trends and Strategies for Cryptocurrency and Stablecoin Development
On July 10, the Party Committee of the Shanghai State-owned Assets Supervision and Administration Commission held a learning meeting focusing on the development trends and response strategies for cryptocurrencies and stablecoins. He Qing, the Party Secretary and Director of the Commission, pointed out the need to fully implement the spirit of the 12th Municipal Party Committee's 7th Plenary Session, adhere to innovation-driven development, maintain a keen perception of emerging technologies, and strengthen research and exploration of digital currencies. The focus should be on integrating production and data, exploring the application of blockchain technology in cross-border trade, supply chain finance, asset digitization, and better leveraging the important role of state-owned assets and enterprises in technological innovation, industrial control, and security support, contributing to the construction of Shanghai's "Five Centers."
Wuxi Municipal Committee: Exploring Practical Paths for Stablecoins to Empower Foreign Trade Development
On July 7, according to the Wuxi Release public account, Du Xiaogang, Secretary of the Wuxi Municipal Committee, presided over a special promotion meeting on key reform tasks in the city, mentioning the need to promote innovative development of business models. Policies and measures to stabilize foreign trade should be formulated by category, summarizing successful experiences of "going out" enterprises in advantageous sub-sectors such as biomedicine, and exploring practical paths for stablecoins to empower foreign trade development, continuously expanding the growth space for digital trade, green trade, and service trade, and improving the development level of cross-border e-commerce, intermediate goods trade, and offshore trade.
21st Century Economic Report Investigates Stablecoin Transactions in Yiwu: Most Merchants Reported Not Hearing of Stablecoins, Only a Few Support Stablecoin Payments
On July 8, according to the 21st Century Economic Report, recent market news indicated that there have been cases in Yiwu accepting stablecoin payments for foreign trade goods. Reporters conducted field research on the usage of stablecoins in Yiwu. When merchants were asked if they could use stablecoins for payment, most reported that they had not heard of stablecoins and did not understand them; only a few merchants supported stablecoin payments. Previous reports from Huatai Securities indicated that stablecoins have become one of the important tools for cross-border payments in Yiwu. Blockchain analysis company Chainalysis estimated that as early as 2023, the on-chain stablecoin flow in the Yiwu market had exceeded $10 billion.
Toncoin Collaborates with UAE, Offers 10-Year Golden Visa to TON Stakers, UAE Denies Rumors
On July 6, market news reported that Toncoin was collaborating with the UAE to offer a 10-year golden visa to TON stakers. Relevant pages indicated that TON stakers only needed to pay a one-time fee of $35,000 to obtain the 10-year golden visa. The next day, the UAE's Federal Authority for Identity, Citizenship, Customs, and Port Security, along with the Securities and Commodities Authority and the Virtual Assets Regulatory Authority, jointly issued a statement stating that reports circulating on certain websites and social media platforms about the UAE granting golden visas to digital currency investors were false. The issuance of golden visas is based on a clear and officially approved framework and standards, which do not include digital currency investors. The UAE's Virtual Assets Regulatory Authority also clarified that Toncoin has not obtained permission or regulation from VARA.
FTX Creditor Representative: Total Claims Expected to Reach $11 Billion, Claims in Restricted Jurisdictions Total $470 Million
On July 7, FTX creditor representative Sunil updated the distribution information for FTX claims on the X platform, stating that the total claims in restricted jurisdictions amount to $470 million, with Chinese investors being the largest group of FTX creditors, holding $380 million in claims (accounting for 82% of restricted claims). Claims that have not completed KYC (Bahamas) total $290 million, with disputed claims totaling $660 million, and a total of $1.4 billion awaiting resolution. The total expected allowable claims amount to $11 billion. Related articles: “How Should FTX's Chinese Creditors Recover $380 Million When Discriminated Against?”
NVIDIA Becomes the First Company to Exceed $4 Trillion in Market Value
On July 9, NVIDIA (NVDA.O) rose over 2.5%, surpassing a market value of $4 trillion, becoming the first company to achieve this milestone.
Insiders: Payment Company Stripe May Be Planning to Launch L1 Blockchain
On July 7, X user @ayyyeandy revealed, "There are rumors that payment service provider Stripe is planning to launch an L1 blockchain, rather than choosing to build an L2 network like Robinhood. There is no official confirmation yet, but I have heard this from multiple sources (including offline and private messages). Currently, it's Robinhood against Coinbase, and soon, Stripe will join the fray." Related articles: “Payment Giant Stripe May Launch L1 Blockchain, What Changes Will It Bring to the Market?”
Trump Posts on Social Media to Promote Economic Achievements: Cryptocurrency "Skyrockets," U.S. Stocks Hit All-Time Highs
On July 10, Trump posted on Truth Social to promote economic achievements: "Tech stocks, industrial stocks, and the Nasdaq index hit all-time highs! Cryptocurrency 'skyrockets.' Since Trump imposed tariffs, NVIDIA's stock price has risen by 47%. The U.S. is collecting hundreds of billions of dollars in tariffs. The nation is now 'back.' Great honor! The Federal Reserve should quickly lower interest rates to reflect this strength. The U.S. should be at the 'top.' No inflation!!"
U.S. SEC Releases Statement on Security Tokenization
On July 10, the U.S. SEC released a statement on security tokenization, stating that blockchain technology opens up new models for issuing and trading securities in a "tokenized" form. Tokenization has the potential to facilitate capital formation and enhance investors' ability to use their assets as collateral. However, despite the significant potential of blockchain technology, it does not possess "magic" to change the nature of the underlying assets. Tokenized securities remain securities. Therefore, market participants must carefully consider and comply with relevant federal securities laws when trading such instruments.
Jack Dorsey Launches Decentralized Chat Application Bitchat, Supporting Offline Encrypted Communication
On July 7, Twitter co-founder Jack Dorsey launched a decentralized peer-to-peer chat application called Bitchat, which operates on a Bluetooth Low Energy (BLE) mesh network, supporting short encrypted message transmission, completely offline chatting, and communication capabilities in censorship and network outage environments. Messages can be relayed through nodes, with a range of over 300 meters. Related articles: “Review of Bitchat: Is This Jack Dorsey's New Work the 'Twttr' Moment in Encrypted Communication?”
Tether to Stop Supporting USDT on Networks like EOS and Algorand on September 1
On July 11, according to an official announcement, Tether will stop supporting USDT on Omni, Bitcoin Cash SLP, Kusama, EOS, and Algorand starting September 1, 2025. The announcement stated that this move is part of broader efforts to optimize infrastructure, align with community usage trends, and refocus resources on high-utility, actively developed blockchains.
Rhythm Web3 Job Market Survey: 36.6% of Job Seekers Come from 985/211 Universities, Acceptance Rate for Fresh Graduates in "Big Companies" is Less than 0.28%
On July 9, a survey conducted by Rhythm BlockBeats revealed that nearly 80% (80.5%) of respondents participating in the Web3 job-seeking questionnaire came from 985/211 and regular first-tier universities, with 7.3% of job seekers having overseas educational backgrounds. In terms of professional backgrounds, this group of highly educated job seekers does not lack options. Among the respondents, 46.34% came from computer and information technology-related majors, while 21.95% had backgrounds in finance and business. According to data from Bitget's campus recruitment, its 2025 campus recruitment program received over 10,000 resumes, ultimately admitting only 28 fresh graduates into various core business modules, including technology, product, regional growth, global branding, and global operations, covering almost the entire main chain of the cryptocurrency business. Related articles: “2025 Web3 Job Market Report: 10,000 Compete for 28 Positions, How Can You Win?”
Kinto Network Attacked: Token Price Plummets Over 90%, Losses Approximately $1.55 Million
On July 10, Kinto, a modular trading platform in the Arbitrum ecosystem, experienced a severe crash of its native token K, with the price dropping from around $8 to approximately $0.7, a decline of over 90%. Kinto subsequently confirmed that there was a vulnerability in the network affecting the deployment of K tokens on the Arbitrum chain. On the 11th, Kinto co-founder Ramon Recuero stated regarding the attack that hackers exploited a vulnerability to mint an unlimited amount of K tokens on Arbitrum, minting 110,000 K and initiating an attack to deplete the Morpho Vault and Uniswap v4 pool. The total loss was approximately $1.55 million in ETH and USDC, causing price fluctuations in K tokens. The Kinto team is currently in contact with relevant authorities to trace the stolen funds. Related articles: “Kinto Crisis Revelation: How Should Investors Hedge When Smart Contract Vulnerabilities Meet a Bull Market?”
Cookie DAO Announces New Staking and MAF Rules and COOKIE Token Burn Mechanism
On July 11, AI agent index platform project Cookie DAO announced new staking and MAF rules, as well as a COOKIE token burn mechanism, allowing COOKIE stakers to now earn Snaps rewards. The project will allocate 10-20% of the reward pool for the Cookie Snaps event to COOKIE stakers. COOKIE staking will now only generate Cookie points, and staking rewards will soon cease. When users lock COOKIE in the MAF pool, 10% of the locked COOKIE tokens will be burned before unlocking. Related articles: “Cookie DAO Updates Incentive Model: Airdrops Will Be Linked to Staking Rewards, Is Value Capture Entering a New Phase?”
Ethena Labs Announces Coinbase International as a Hedging Platform for USDe Underlying Assets
On July 10, Ethena Labs announced that Coinbase International has become the latest hedging platform for USDe underlying assets. "Coinbase International's open contracts have recently exceeded $1 billion, providing important liquidity that can diversify the hedging of USDe underlying assets through attractive financing rates."
YZi Labs Announces Strategic Investment in Blockchain Infrastructure Platform Aspecta
On July 10, according to official news, YZi Labs announced a strategic investment in the blockchain infrastructure platform Aspecta, which provides price discovery and lifecycle liquidity for illiquid assets (such as pre-IPO stocks, locked tokens, private equity, risk-weighted assets, etc.). Related articles: “YZi Labs Strategic Investment in Aspecta: Solving Illiquid Asset Problems with ‘AI + Blockchain’”
YZi Labs Announces Support for 10X Capital to Establish "BNB Reserve Company"
On July 10, YZi Labs announced its support for leading investment institution 10X Capital, which focuses on digital assets and digital asset reserve companies, to establish the "BNB Reserve Company." This is a U.S. company focused on digital asset management within the BNB Chain ecosystem and operates independently. It is reported that the BNB Reserve Company plans to list on major U.S. stock exchanges, aiming to provide U.S. investors with opportunities to access the growth of BNB, the fourth-largest digital asset by market capitalization, and will focus on the development of the BNB Chain ecosystem.
Trump's Truth Social to Launch Utility Token and Promote Subscription Services
On July 10, it was reported that Truth Social, the social media platform founded by U.S. President Trump, recently revealed that it will launch a utility token as part of its new loyalty reward program, linked to its "Patriot Package" subscription plan. Currently in public testing, the Patriot Package has a monthly fee of $9.99 and offers the following benefits: access to 12 "premium, non-woke" news channels; more on-demand video content; a red verification checkmark on Truth Social; and a Truth+ exclusive badge. In contrast, the platform's free version offers 27 channels—15 more than the paid version, including Euronews and a Spanish channel.
Trump's Eldest Son Invests in Social Media Company Thumzup, Which Holds Cryptocurrency Reserves
On July 10, Donald Trump Jr. purchased stock in Thumzup, a social media company that is building a Bitcoin reserve, marking the latest investment by the Trump family in the strategy of "cryptocurrency as treasury assets." The Los Angeles-based Thumzup media company stated in a filing that Trump Jr. holds 350,000 shares of the company, which are valued at over $4 million based on yesterday's closing price of $12.36 per share.
This Week's Major Financing: Kuru Labs, Agora, Harmonic
On July 7, Monad ecosystem DEX project Kuru Labs completed a $11.5 million Series A financing round, led by Paradigm. Angel investors include 0xDesigner, Viktor Bunin, and others. The company has raised approximately $2.2 million in seed funding. Related articles: “Raising $11.5 Million, Backed by Monad, Kuru Aims to Write a New Paradigm for On-Chain Trading”
On July 10, stablecoin startup Agora completed a $50 million Series A financing round, led by Paradigm, with participation from Dragonfly. It is reported that Agora aims to use this funding to promote the development of its own stablecoin AUSD. Related articles: “Agora Raises $50 Million, Why Did Paradigm Splash Cash on ‘White Label Stablecoins’?”
On July 11, AI lab Harmonic announced the completion of a $100 million Series B financing round, with a post-financing valuation close to $900 million. This round was led by venture capital giant Kleiner Perkins, with significant participation from Paradigm, and other investors including Ribbit Capital, as well as existing shareholders Sequoia Capital, Index Ventures, and Charlie Cheever.
This Week's Popular Articles
“Stablecoins: A Cashless Payment Reform for 5 Billion People”
Stablecoins are quietly changing the global financial ecosystem. From Argentina, Southeast Asia to Africa, millions of people are starting to use stablecoins like USDT and USDC for savings, transfers, and payments as a new means to combat inflation and bypass banking restrictions. In turbulent economies with low banking penetration, stablecoins have become a practical tool, bringing new financial freedom to those without access to traditional finance, and in real-life scenarios, they have become a currency substitute, redefining the meaning of "money."
“The 2025 of 'Buying Coins' in U.S. Stocks: Madness, Premiums, and Arbitrage”
In the summer of 2025, the most prominent players in the capital markets are not tech giants, but "strategic holders" of cryptocurrency U.S. stocks, especially MicroStrategy, which has written Bitcoin into its balance sheet, with its stock price soaring over 200% against the backdrop of rising Bitcoin, far surpassing traditional tech stocks like Meta and NVIDIA. Professional traders, institutions, and retail investors are all participating in the game surrounding mNAV premiums, volatility arbitrage, and convertible bond hedging, constructing a new financial narrative around the pricing of crypto assets. Although premiums stimulate speculative frenzy, risks also arise, including dilution of financing, structural leverage, and policy variables. In this "coin-stock capital game," only companies with real financing capabilities and scale support, such as MSTR and Metaplanet, are likely to survive in the long term, while most followers face the risk of collapse in a bear market. Bitcoin remains the anchor of this narrative and the ultimate consensus of the market.
“Bitcoin Mortgages: A $6.6 Trillion New Blue Ocean”
Bitcoin is gradually entering the mainstream financial system in the United States, from Cantor Fitzgerald launching a $2 billion Bitcoin mortgage program to FHFA Director Bill Pulte requesting Fannie Mae and Freddie Mac to assess including Bitcoin as collateral for mortgages, marking its transition from an alternative investment to a financial tool with credit functions. Introducing Bitcoin into the U.S. real estate system could not only unlock hundreds of billions of dollars in financing potential but also provide financial and political support for GSE privatization, housing credit reform, and the legalization of digital assets. Despite existing policy differences and market risks, crypto assets are challenging traditional credit assessment systems, constructing a new housing finance order based on on-chain assets.
“How Should FTX Chinese Creditors Recover $380 Million When Discriminated Against?”
FTX's liquidators are pushing a motion to exclude users from "restricted countries" such as China from compensation, potentially confiscating their claims and transferring them to a trust account, which has sparked strong opposition from Chinese creditors. Creditor Will, as a major victim, has stepped forward to oppose, pointing out that the motion violates the principle of equal treatment, has legal application biases, and is being manipulated by institutions to create panic and drive down prices. He urges creditors to submit objections by July 15 to avoid losing their voice and emphasizes that only by preventing the motion from passing can the legitimacy and initiative of Chinese users' claims be preserved. Currently, the FTX creditor market is favored by institutions, with premiums as high as 120%, creating enticing arbitrage opportunities, but original creditors face the risk of being "driven out at low prices," and their rights protection has entered a critical stage.
“Peter Thiel Personally 'Sets Up' Erebor to Be the 'Alternative' to Silicon Valley Bank”
Peter Thiel, along with Oculus founder Palmer Luckey and Palantir co-founder Joe Lonsdale, is establishing a new bank named Erebor, targeting high-risk tech companies in crypto, AI, and defense that mainstream banks avoid. They have applied for a national bank charter from U.S. regulators. The project is funded by Founders Fund, continuing Thiel's consistent "Middle-earth naming" and dual political-financial layout, aiming to create a compliant yet tech-friendly banking platform in the financial vacuum left by the collapse of SVB, and is expected to be one of the first institutions to hold stablecoins (such as USDC, RLUSD) under a federal license. Erebor seeks to build a bridge between traditional banking and emerging technologies through institutional windows, not just managing money but reshaping the interface of the financial order.
“Comprehensive Suppression of Pump.fun: What Has LetsBonk Recently Done?”
The meme token launch platform battle on Solana has entered a new phase, with LetsBonk.fun surpassing its established competitor Pump.fun in market share, transaction volume, and protocol revenue, becoming the strongest launchpad on-chain. Its success is attributed to a more consensus-driven mechanism design, high-frequency interactions from founder Tom, and genuine long-term community investment, forming strong community trust. While Pump.fun has strong revenue and cash reserves, its $4 billion valuation is being questioned in light of LetsBonk's rise. The launchpad competition has entered a new phase of value and sentiment coexisting.
Driven by companies like Robinhood, Upexi, and SOL Strategies, the tokenization of U.S. stocks on Solana is rapidly advancing, forming an experiment that merges traditional finance with Web3 in a "coin-stock linkage." Upexi and SOL Strategies are financing large-scale purchases and staking of SOL through PIPE and convertible bonds, exploring new paths to build corporate valuations based on SOL yields, and attempting to put company stocks on-chain via the Opening Bell platform, promoting a three-layer capital circulation structure: equity financing, on-chain liquidity, and DeFi amplification. However, tokenized stocks are still limited by whitelist regulatory frameworks and cannot yet be freely used for DeFi collateral, and whether they can stably support valuation premiums in the future depends on the true establishment of an on-chain financial closed loop and the continued performance of SOL assets.
“Foreign KOLs Collapse: Is Sudden Wealth All Part of an Unfathomable 'Conspiracy'?”
Two well-known KOLs in the crypto space have faced a public backlash for allegedly manipulating meme coins. Lexapro has been accused of manipulating multiple projects like $DEAL and $RICH, and after internal chat records from the Moonshot team were exposed, he was criticized for a failed pump and shifting blame to project parties, triggering strong community dissatisfaction. Meanwhile, veteran KOL GCR has been accused by anonymous accounts of having previously bribed Binance's listing team and hacking into research institutions' servers for insider information, but no solid evidence has emerged yet. The incident has sparked anger and disillusionment among players regarding KOL manipulation behaviors, exposing structural issues where retail investors are frequently harvested in the crypto world.
Ethereum is at a historical turning point, becoming a "certainty-increment asset" supported by macro policies, institutional funds, technological upgrades, and regulatory changes. The Federal Reserve's shift to easing, the approval of ETH ETFs, companies like SharpLink incorporating Ethereum into their balance sheets, the advancement of Pectra's L2 scaling, and the global implementation of stablecoin legislation all indicate that Ethereum is transitioning from "crypto infrastructure" to "the equity carrier of global digital finance." Its staking yields, deflationary model, and political acceptance are all improving simultaneously, with on-chain activity and institutional allocation driving dual momentum, possessing explosive potential to transcend cycles in the next 3 to 18 months.
“Why Did This Bitcoin Mining Company Go All In on Ethereum After an 18% Single-Day Surge?”
Bit Digital announced it has liquidated its Bitcoin holdings and fully transitioned to Ethereum, attracting significant market attention. Faced with a sharp decline in Bitcoin mining profits post-halving and high energy consumption pressures, the company is transforming to embrace the PoS model, obtaining more stable returns through staking ETH, and plans to continue significantly increasing its Ethereum holdings, currently exceeding 100,000 ETH. This move is not only an adjustment to its survival model but also a comprehensive bet on Ethereum's sustainability, revenue model, and ecological strategic value, indicating that the "ETH micro-strategy" is becoming a new capital narrative for crypto-listed companies.
“A Ponzi Scheme Dressed in Stablecoin Clothing: The Xin Kang Jia $13 Billion Fraud Case”
The "Xin Kang Jia" project, which touted partnerships with "China National Petroleum" and "Dubai Exchange," used the stablecoin USDT as a funding channel, crazily attracting capital in third- and fourth-tier cities across the country under the guise of "capital preservation with high interest," ultimately leading to an inability to withdraw funds and core members fleeing overseas, involving funds potentially reaching tens of billions, with over 2 million victims. The project is essentially a combination of "Ponzi scheme + pyramid selling + cross-border money laundering," with mastermind Huang Xin having previously used someone else's photo and had a history of involvement in pyramid schemes, ultimately fleeing through investment immigration. This scam exposes new risks of stablecoin misuse and again warns of the dual absence of financial regulation and public vigilance.
Ethereum is embarking on a self-reform, with the foundation attempting to regain its decentralized spirit and technological ideals through leadership changes and funding strategy transformations. The core goal is to ensure on-chain privacy and security, strengthen L1 infrastructure, and actively guide the development of cutting-edge fields such as DeFi, AI, and identity verification. In the future, Ethereum hopes to become a trusted platform for global asset trading and modular open-source collaboration, achieving true global network governance within a diverse participation and resilient structure. Facing L2 expansion, real-time blockchain challenges, and interoperability issues, the foundation is moving towards a more proactive guidance and technical collaboration path.
“Fintech and Crypto: A Founder’s 13-Year Journey in Africa”
Elizabeth Rossiello, founder of AZA Finance, has witnessed and personally driven the evolution of fintech and cryptocurrency infrastructure in Africa over the past thirteen years, from Bitcoin to stablecoins, from remittance pain points to local currency liquidity solutions. She emphasizes that in Africa, "crypto + fintech" is no longer a future concept but a reality in infrastructure, with stablecoins widely used in cross-border settlement and hedging against local currency depreciation. Her entrepreneurial path also reflects how companies from the Global South can gain dominance in the financial landscape, and as one of the few female founders, she shares her persistence and breakthroughs in the male-dominated culture of crypto.
“What Did Ethereum Builders Discuss at the Cannes EthCC Conference?”
At the recently concluded EthCC conference, tokenization, privacy protection, and mobile-first design became the core focus of ecosystem discussions. Privacy is seen as a prerequisite for institutions to go on-chain, with solutions proposed by Coinbase and Ernst & Young that align technology with compliance; the tokenization craze has expanded from stocks to commodities, especially gold and uranium, indicating that on-chain settlement will deeply integrate with traditional assets; and at the application layer, mobile design is fully dominating, with wallet and contract trading tools moving towards a "thumb-first" operational experience. Overall, the crypto industry is shifting from infrastructure debates to designing and integrating solutions that meet real-world needs.
This is a deep interview with CZ lasting several hours, starting from his difficult childhood in rural China, reflecting on his growth after immigrating to Canada, his technical background, and career experiences, especially the entire process of diving into Bitcoin in 2013 and founding Binance. He admits to having missed the internet wave but firmly seized the crypto opportunity, and with a global perspective, strong execution, and firm belief, he has made Binance the industry leader. He emphasizes the importance of long-termism and teamwork, maintains trust in the U.S. judicial system, and does not shy away from discussing his prison experience, sharing his adaptations and reflections while incarcerated. He holds faith in Bitcoin, blockchain, and AI technologies, believing that crypto will profoundly reshape the global financial structure, and hopes to continue contributing to the industry's development in the future.
“2025 H1 Crypto Financing Insights: $37 Billion Total Still Dominated by Top VCs”
In the first half of 2025, the cryptocurrency venture capital market saw a significant rebound, with disclosed financing totaling over $37 billion, reaching a new high since the 2021 bull market. Major transactions such as Binance's $2 billion strategic round and Circle's $1.1 billion IPO pushed the average financing scale up to $248 million, with funding shifting from speculative applications to core tracks like infrastructure expansion, compliance services, and cross-chain protocols. AI-related projects attracted about $700 million, indicating its emergence as a new hotspot. Meanwhile, top institutions like a16z and Paradigm continue to dominate high-valuation rounds, showing that capital is increasingly focused on leading platforms and infrastructure building.
Against the backdrop of regulatory crackdowns on the crypto industry, a political lobbying campaign initiated by Bitcoin executives and lobbyists successfully transformed Donald Trump from a skeptic who once denounced Bitcoin as a scam into a staunch supporter. By promoting NFT projects, hosting private dinners at Mar-a-Lago, committing to accept crypto donations, and publicly supporting Bitcoin mining and stablecoin policies on Truth Social, the industry raised tens of millions of dollars for Trump's campaign and received policy responses such as the White House's crypto strategy reserve. Meanwhile, companies like Ripple and Coinbase actively seek influence, attempting to include their tokens in national reserves, sparking competition and power struggles within the crypto circle, reflecting the internal power distribution and real political transactions of the "Trump crypto circle."
Strategy accumulates Bitcoin through the continuous issuance of common stock, preferred stock, and convertible bonds, with its so-called "Bitcoin returns" relying on the constant influx of new shareholders to support the asset appreciation of old shareholders, representing a structural Ponzi scheme. Although the company maintains a high premium on its stock price through innovative narratives, beautifying revenue metrics, and packaging financial products, it fundamentally lacks sustainable operational capability, with long-term risks obscured. The Strategy model is currently being emulated by globally distressed companies, giving rise to a wave of "Bitcoin vault company" bubbles. However, this strategy may appear prosperous in a bull market, but once entering a bear market, debt repayment pressures, asset depreciation, and equity dilution will trigger systemic collapse. Bitcoin may be worthy of faith, but companies turning it into an equity arbitrage tool do not truly embrace the spirit of Bitcoin.
“What’s Behind Zelensky’s Attire: Predictive Markets Are Turning into Manipulated Markets”
Zelensky's appearance in a suit at the NATO summit was an obvious fact, yet it was denied by the UMA oracle in the $200 million Polymarket predictive market, revealing a fatal flaw where human-controlled oracles may be manipulated in the face of enormous interests. A few whales holding large amounts of tokens rewrite reality through voting, highlighting that the current decentralized system's determination of truth has been distorted by economic incentives. The article calls for the complete removal of human factors and the introduction of an AI-driven, transparent, auditable, multi-source consensus oracle system, liberating predictive markets from human biases and building a credible fact-finding mechanism for the post-truth era.
“Vitalik: Why I Abandoned Permissive Licenses for Copyleft as Open Source Became Mainstream”
In the article, Vitalik mentions that he originally favored permissive licenses, believing they maximized the dissemination of works and aligned with the "anti-copyright" concept. However, as open source became mainstream, competition in the crypto field intensified, and technological power gradually concentrated, he shifted to supporting copyleft. Copyleft can ensure the free sharing of code in a more mandatory way, promote technological diffusion, and curb monopolistic imbalances caused by scale effects. Compared to government-driven technological diffusion policies, copyleft provides a more neutral and efficient incentive mechanism.
“Vitalik’s View on 'AI 2027': Will Super AI Really Destroy Humanity?”
Although the "AI 2027" report predicts that superhuman AI may emerge as early as 2027 and could potentially destroy humanity, Vitalik believes this doomsday scenario overlooks the reality of symmetrical technological development, especially in areas like biological defense, cybersecurity, and information interference resistance. As long as humans (or other AIs) possess corresponding defensive capabilities, such as stronger detection mechanisms, secure architectures, and information filtering tools, superintelligence does not necessarily possess the ability to deliver a fatal blow. More importantly, delaying AI evolution, breaking technological concentration, and enhancing localized defenses and multipolar information ecosystems may be more realistic and safer than solely relying on a "benevolent super AI."
“Why Are U.S. Stocks in a Rush to Tokenize from MyStonks to Backed?”
In 2025, the tokenization of U.S. stocks rapidly exploded, driven by technological breakthroughs, growing global investment demand, and the internationalization strategy of the U.S. dollar, with market capitalization surging nearly 2000%. Platforms like MyStonks, Backed, and Kraken are advancing on-chain U.S. stocks through different paths, giving traditional assets new characteristics such as on-chain circulation, 24-hour trading, and global accessibility for the first time. Tokenization not only addresses pain points like high barriers to cross-border investment and limited trading hours but also injects new application scenarios for stablecoins, introducing real-world asset anchors into DeFi and pushing the blockchain financial ecosystem towards maturity.
The U.S. Treasury recently sanctioned the Russian bulletproof hosting provider Aeza Group, accusing it of providing long-term infrastructure support for ransomware gangs, information theft tools, and dark web drug markets, with implicated entities including Lumma, RedLine, and the fentanyl distribution platform Blacksprut. On-chain analysis shows its crypto wallets have financial transactions with multiple exchanges and sanctioned entities, reflecting its key role in money laundering and criminal ecosystems. This action marks a shift in regulatory crackdowns from the attackers themselves to the service providers behind them, and companies need to pay close attention to compliance risks to avoid associations with high-risk entities.
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