BlockBeats will compile key industry news from the week of September 22 to September 28 in this article, and recommend in-depth articles to help readers better understand the market and grasp industry trends.

Important News Review

Aster's Token Price Soars 400% After Launch, Capturing DEX Market Share, Trading Volume Surpasses Hyperliquid Multiple Times

In just one week since its launch, Aster has surpassed 710,000 new users, with perpetual contract trading volume exceeding that of the established DeFi derivatives platform Hyperliquid multiple times. It ranks third in the overall revenue leaderboard, only behind stablecoin giants Tether and Circle. Meanwhile, the ASTER token has surged 400% from its issuance price, sparking market discussions. Binance founder CZ retweeted a post stating, "Aster team has several former Binance employees, and YZi Labs holds a minority stake in Aster," confirming, "This content is completely correct and not difficult to understand."

Mira Announces Token Name MIRA, Launches Mainnet on September 26

On September 26, Binance will launch spot trading for Mira (MIRA) at 20:00 on September 26, 2025. The initial circulating supply at TGE is 19.12%. Additionally, Binance HODLer airdrop will also be launched. On the same day, Mira will go live on Huobi HTX, Gate, Upbit, and Bithumb.

Plasma Launches Mainnet and Introduces Native Token XPL, Available on Multiple Trading Platforms

On September 25, Plasma, a Layer 1 blockchain designed for stablecoins, launched its mainnet and introduced its native token XPL. It also launched a zero-fee USDT transfer feature based on its self-developed consensus mechanism PlasmaBFT, integrating over 100 DeFi projects. After the token launch, it became available on several trading platforms including Binance, OKX, and Bitget. Despite the project's popularity, some KOLs revealed that the team is composed of the original Blast team and has no direct connection to Tether, suggesting it is riding the hype. However, this revelation did not affect XPL's skyrocketing performance post-launch, with its market cap surpassing $2 billion.

Bitlight Labs Releases Token Symbol LIGHT, TGE on September 27

On September 24, Bitlight Labs, the developer of RGB protocol infrastructure, announced the token symbol LIGHT, with a date set for September 27. On September 25, it was officially announced that Binance Alpha and contracts will go live with Bitlight on September 27, along with a new Alpha airdrop.

Binance to Launch FF Spot Trading on September 29 at 21:00

On September 26, Binance announced that it will launch spot trading for Falcon Finance (FF) at 21:00 on September 29, 2025 (UTC+8), with trading pairs for USDT, USDC, BNB, FDUSD, and TRY, following seed label trading rules. The FF deposit channel will open at 18:00 on September 26, 2025 (UTC+8). Additionally, the Binance HODLer airdrop has launched its 46th project – Falcon Finance (FF), a universal collateral infrastructure that supports on-chain liquidity and yield.

DoubleZero Announces Mainnet Launch on October 2 and Deployment of 2Z Token

On September 27, DoubleZero, a Solana-customized fiber network, announced that its mainnet will launch on October 2, deploying the 2Z token. DoubleZero optimizes data transmission through hardware multicast, allowing Solana to enhance transaction inclusion speed and further improve network resilience and fairness.

USDH Officially Launched on Hyperliquid

On September 24, The Block reported that the stablecoin USDH, issued by Native Markets, has officially launched on Hyperliquid, with the USDH/USDC trading pair now available. The early trading volume was approximately $2.2 million, indicating a cautious yet active market start.

USDH is the first dollar-pegged token issued through a validator-led selection process on Hyperliquid. This stablecoin is natively deployed on HyperEVM and can be used across the Hyperliquid ecosystem.

Bybit CEO: Mantle to Announce Major Event in Collaboration with Apex

On September 27, Bybit CEO Ben Zhou posted, "Mantle × Apex. A major event is coming soon!"

Arthur Hayes Explains the Reason for Selling HYPE: Massive Unlocking is the "Sword of Damocles"

On September 22, Arthur Hayes retweeted an analysis article titled "The Sword of Damocles for HYPE," stating, "This is the reason for today's sale of 96,600 HYPE. But don't worry, a 126-fold increase is still possible; 2028 is still far away."

The analysis mentioned that HYPE is about to face its true test. It pointed out that the current repurchase capacity can only absorb about 17% of the unlocked tokens, leaving approximately $410 million/month in token oversupply. The token unlocking is a potential "Sword of Damocles."

On the same day, Arthur Hayes sold 96,600 HYPE, worth $5.1 million. Just three weeks prior, he had predicted that HYPE's price could rise 126 times in the coming years.

Korea's Largest Portal Naver's Subsidiary is Advancing Full Stock Swap with Upbit's Parent Company Dunamu

On September 25, local media Chosun reported that Naver's financial subsidiary, Naver Financial, is advancing a full stock swap with Dunamu, the parent company of Upbit. The transaction will be completed by issuing new shares from Naver Financial in exchange for existing shares held by Dunamu's shareholders. Through this stock swap, Dunamu will become a wholly-owned subsidiary of Naver Financial. Related Article: Korea's Largest Trading Platform Upbit to be Acquired by Naver, Is the Crypto Market Entering the "Chaebol Era"?

Federal Reserve's Daly: Further Rate Cuts May Be Needed

On September 25, San Francisco Fed President Daly stated on Wednesday that she "fully supports" the Federal Reserve's decision to cut rates last week and mentioned that further rate cuts may be needed in the future. Daly remarked that economic growth, consumer spending, and the labor market have all slowed, while inflation has risen less than expected, primarily concentrated in industries directly affected by tariffs. Daly had previously indicated that two 25 basis point rate cuts this year are a reasonable forecast. Related Article: Powell's Latest Signal: The Fed Shifts to Neutral Amid Inflation and Employment Pressures

U.S. SEC and CFTC to Hold Joint Roundtable Next Monday to Coordinate Crypto Regulatory Policies

On September 25, executives from several cryptocurrency companies will attend a roundtable next week to discuss the "regulatory coordination efforts" of the two major U.S. financial regulatory agencies. The U.S. Securities and Exchange Commission (SEC) announced on Wednesday that it will hold a roundtable on Monday in conjunction with the Commodity Futures Trading Commission (CFTC) to coordinate financial regulatory policies, including those related to cryptocurrencies. Representatives from cryptocurrency trading platforms Kraken and Crypto.com, as well as prediction market platforms Kalshi and Polymarket, will participate in the discussions.

U.S. Regulators Investigate Cryptocurrency Reserve (DAT) Company for Suspected Insider Trading

On September 26, the WSJ reported that informed sources revealed U.S. financial regulators are investigating unusual trading patterns in the stocks of companies attempting to adopt cryptocurrency reserves as a core business strategy. The SEC and FINRA have contacted some of the over 200 companies that announced plans to adopt cryptocurrency reserve strategies this year, expressing concerns about abnormal trading volumes and sharp price increases in the days leading up to the announcements. Officials warned that companies may be violating the Fair Disclosure Rule. Lawyers indicated that such letters often mark the beginning of a deeper investigation into insider trading. Related Articles: Arthur Hayes: We Have Entered the Mid-Cycle, DAT Will Experience "FTX-like Collapse" U.S. SEC Begins Action Against Crypto Treasury Companies, Does the DAT Narrative Continue?

If the U.S. Government Shutdown Delays September Employment Report, the Rate-Setting Meeting Will Face Data Gaps

On September 26, U.S. President Trump stated: "If the government has to shut down, then shut it down." Regarding the economy, Trump mentioned that it is performing well and prices are declining. On September 27, the probability of "U.S. government shutting down on October 1" reported on Polymarket was 71%. According to an operational contingency plan released by the U.S. Department of Labor earlier this year, if the federal government shuts down, the September employment report, originally scheduled for release next Friday, will face delays. The specific impact of the government shutdown is currently unclear. A contingency plan updated by the Department of Labor last March indicated that all data collection and planned data releases would be paused in the event of a shutdown.

Federal Reserve Governor Bowman: Faster and Stronger Policy Adjustments May Be Necessary in the Future

On September 27, Federal Reserve Governor Bowman stated in a dialogue about monetary policy decision-making methods that if the current conditions persist, faster and stronger policy adjustments may be necessary in the future. She strongly supports the Fed holding only government bonds. The Fed's FOMC should now take decisive and proactive action to address the weakening vitality of the labor market and emerging signs of fragility, and it is appropriate to ignore the one-time impact of tariffs.

Opinion: The "Biggest Bull Market Catalyst" for Bitcoin May Be the Next Fed Chair Nominee

On September 27, Galaxy Digital CEO Mike Novogratz stated that if the next nominee to replace Powell as Fed Chair is an extremely dovish individual, Bitcoin prices could see a significant increase. In an interview with Kyle Chasse released on YouTube on Friday, Novogratz said, "That could be the potential biggest bull market catalyst for Bitcoin and the entire cryptocurrency space."

UXLINK Plummets After Hacking Attack, Will Deploy New Token Contract

On September 23, decentralized social project UXLINK was suddenly attacked by hackers, who tampered with multi-signature permissions and stole over $11 million in assets, subsequently minting an additional 1 billion UXLINK tokens on-chain. Following the news, UXLINK plummeted nearly 65% overnight. The UXLINK team quickly responded to the attack, stating that most of the stolen funds have been frozen and they are working with a security company to recover the assets and will initiate a token swap. On September 24, the new UXLINK contract passed an audit, retaining the name "UXLINK," while the contract removed the burn function. The team also announced that they will deploy a new token contract on the Ethereum mainnet, exchanging old tokens at a 1:1 ratio. Related Articles: Timeline | UXLINK Plummets 70% After Hacking Attack, Will Initiate Token Swap and Compensation Plan Technical Analysis of UXLINK Theft of Approximately $11.3 Million

Hyperdrive Suffers Attack, All Money Markets Suspended

On September 27, according to @xhanTululu's monitoring, Hyperdrive, a DeFi protocol in the Hyperliquid ecosystem, was suspected to have been attacked, resulting in a loss of approximately $700,000. Subsequently, Hyperdrive officials stated that two account positions in the thBILL market had been attacked. As a precaution, Hyperdrive has suspended all money markets and will conduct further investigations. They also clarified that this issue will not affect the HYPED token.

This Week's Major Financing:

On the 22nd, Bloomberg reported that Cardless, a startup focused on co-branded credit cards, completed a $60 million financing round. The new funds will primarily be used to enhance features and collaborate with well-known brand clients on project development. This round was led by Spark Capital, with participation from Activant Capital, Industry Ventures, and Pear VC.

On the 22nd, TechCrunch reported that the new cryptocurrency banking project Shield announced the completion of a $5 million seed round, led by Giant Ventures, with other investors including Chris Dixon's a16z crypto startup accelerator, Factor Capital, and strategic angel investors Coinbase and Bank of America. The project has raised a total of $7 million to date.

On the 23rd, Techfundingnews reported that London-based blockchain payment company Fnality completed a $136 million Series C financing round, led by WisdomTree, with participation from Bank of America, Citibank, KBC Group, Temasek, and Tradeweb. Existing investors include Santander Bank, Barclays Bank, BNP Paribas, DTCC, Euroclear, Goldman Sachs, ING, Nasdaq, State Street Bank, and UBS.

On the 23rd, CNBC reported that cryptocurrency infrastructure startup Zerohash completed a $104 million Series D financing round at a valuation of $1 billion, led by Interactive Brokers, with participation from Morgan Stanley, SoFi, Apollo, and others.

On the 23rd, Coindesk reported that Cloudburst Technologies announced the completion of a $7 million Series A financing round to develop its off-chain crypto intelligence platform, led by Borderless Capital, with other supporters including Strategic Cyber Ventures, CoinFund, Coinbase Ventures, Bloccelerate VC, and In-Q-Tel.

On the 23rd, Synthesys (formerly Equitize) announced the completion of $11 million in seed and strategic financing to build a global next-generation tokenized securities infrastructure. This round was led by angel investor Mark Pui.

On the 23rd, The Block reported that UK blockchain startup Fnality raised $136 million in its Series C financing round, led by WisdomTree, Bank of America, Citibank, KBC Group, Temasek, and Tradeweb, to expand its global settlement network for banks and tokenized assets.

On the 24th, Fortune magazine reported that stablecoin startup Bastion announced the completion of $14.6 million in financing, led by Coinbase Ventures, with participation from Sony's venture capital division, Samsung's venture capital division, a16z's crypto division, and Hashed.

On the 24th, the official announcement stated that Solana ecosystem Perp DEX Bulk Exchange completed $8 million in seed round financing, led by 6th Man Ventures and Robot Ventures, with participation from Big Brain Holdings, Wintermute, and Solana co-founder Anatoly Yakovenko.

On the 25th, the official announcement stated that Solana ecosystem prediction market Melee announced the completion of $3.5 million in financing, with participation from DBA, Variant, and a group of strategic angel investors.

On the 25th, cryptocurrency payment platform RedotPay announced it has secured $47 million in strategic financing, with participation from Coinbase Ventures, continued support from Galaxy Ventures and Vertex Ventures, and assistance from an undisclosed global tech entrepreneur. It has entered the ranks of fintech unicorns.

On the 26th, Fortune magazine reported that Kraken has raised only $27 million since its founding until this year. However, the company recently decided to raise $500 million as a final preparation for its IPO.

According to an individual authorized to discuss the matter, Kraken successfully completed this round of financing this month. This round did not have a major investor, and Kraken set the terms itself, including a $15 billion valuation. Participants included investment managers, venture capital firms, and Tribe Capital, co-founded by Kraken co-CEO Arjun Sethi, along with Sethi personally.

This Week's Popular Articles

“Missed Aster? Check Out These Highly Profitable Unlaunched Perp DEXs”

If you missed Aster, there's no need to worry. More and more unlaunched Perp DEXs have successfully run their business models with protocol revenue and released clear expectations: edgeX is widely expected to have its TGE in Q4, Paradex has announced its tokenomics, Ostium has continuous point incentives, Extended has completed its Starknet migration, and Satori's fee ramp-up is steady.

“If You're Trading Perp DEXs, You Need These Tools”

Perp DEX Competition Enters Fast Lane, CZ States "Everyone is Doing Perp DEX"

When the market is in turmoil, winners rely on two things: earlier signals of movement and lower execution friction. This article categorizes tools into four result-oriented types: signal capture (capital flow/price spread/fee rate), risk insight (liquidity gaps/concentration of liquidations/volatility factors), execution efficiency (cross-platform aggregation, pair hedging, conditional order management), and reminder review (anomaly alerts, address tracking, report review). After setting up according to this guide, you can achieve more certain marginal returns in the same volatility.

“What New Investment Opportunities Are Available During Big Project Week?”

This week, the crypto primary market is intensively releasing projects and quotas, with major events centered around the launch of Tether Plasma (XPL), the deadline for DWF Falcon Finance, and Kraken's listing of the new project by Curve's founder. The newly opened investment window shows multiple parallel tracks: Upheaval attracts oversubscription with AMM on HyperEVM and JumpPad mechanism; Yield Basis builds pricing expectations with Bitcoin-native yields and Kraken×Legion channels; Tea launches on CoinList with low FDV, sparking controversy over the testnet; Limitless and Goated provide clear timelines and allocation rules in the prediction market and GambleFi sectors, respectively.

“Arthur Hayes: We Have Entered the Mid-Cycle, DAT Will Experience 'FTX-like Collapse'”

Arthur Hayes believes that the weakening of implicit guarantees for offshore dollars and the regulatory anchoring of stablecoin asset allocation (bank deposits or T-bills) will jointly drive "re-dollarization" and facilitate the circulation of trillion-dollar stablecoin stocks globally. After this increment is distributed in payment and super application scenarios, it will transmit along the path of "stablecoins → wallets → DeFi Lego" to trading and leverage demand, thereby enhancing the growth elasticity of protocols and platforms like Ethena, EtherFi, and Hyperliquid, and reshaping the marginal pricing power of short-term interest rates.

“Bullish Persona, Top-Taking Operations: Learning Arthur Hayes' 'Explosive Milk + Market Crash' Trading Course”

Multi-asset samples indicate that Arthur Hayes' high-frequency signals and capital behaviors follow a fixed paradigm: his public discourse releases strong expectations and attracts incremental attention, while his market actions utilize upward movements, innovative narratives, or historical highs to form liquidity peaks. His execution involves selling in batches to lock in profits when Maker/Taker depth is sufficient, and gradually replenishing positions to restore elasticity after price weakness; this paradigm has shown high consistency in HYPE's historical highs, ETHFI's sudden upward movements, and ENA's trend inflection points.

“ASTER Soars 4 Times in a Week, Challenging Hyperliquid with Binance's Momentum”

On September 18, Zhao Changpeng released the ASTER price chart and publicly praised it, which quickly amplified market attention, causing the ASTER token to surge approximately 4 times from its issuance price within hours. Meanwhile, long-term funding from YZi Labs and mobilization within the BNB chain ecosystem provided external support, allowing the decentralized perpetual trading platform ASTER to challenge Hyperliquid directly, thus pushing the competition for dominance in the derivatives market into a public phase.

“After Rate Cuts, Has the Crypto Bull Market Ended? | Trader Observations”

After the Federal Reserve cut rates on September 17, Powell reiterated the dual risks of a weakening labor force and high inflation, leading the market to continue raising the probability of a rate cut in October. However, risk assets showed divergence: U.S. stocks reached new highs under easing expectations, while the crypto market experienced approximately $1.7 billion in liquidations on the 22nd and underwent a deep pullback. Several traders attributed the rhythm difference to the slowdown of ETF and institutional marginal funding, the lack of transmission of Fermion-level liquidity to on-chain, and the technical selling pressure caused by dense key price levels.

“Is HYPE Really Falling Because of Aster?”

The Perp DEX sector has seen a phase of Alpha driven by new tokens like Aster, Avantis, and STBL, leading to a withdrawal of funds and attention from top assets. Meanwhile, HYPE faces triple pressure from "incremental demand being diverted, existing chips having a motivation to cash out, and continuous unlocking over the next two years," prompting the market to raise risk premiums and lower valuation multiples. Therefore, the price decline aligns more with the combined effects of industry competition and changes in chip structure, rather than being solely attributed to Aster.

“MetaMask Token Launch Preview: Huge Airdrop, $10 Billion Valuation, and Potential Concerns”

While the market amplifies "huge airdrop + leading valuation," it also focuses on downward variables at the execution level: the LINEA TGE previously experienced congestion, delays, and selling pressure, with early permission disparities causing controversy and damaging reputation. If MetaMask replicates these flaws in the sale rhythm, qualification rules, and liquidity support, valuation pricing and first-day volatility will be passively amplified, and related risks will feedback to the trading layer and secondary market expectations through "fairness of airdrop distribution, market depth, and cross-exchange price differences."

“CZ Responds to the Community: Why Can BNB Break Through $1,000?”

The breakthrough of BNB above the $1,000 milestone is attributed by the market to the decline in regulatory uncertainty, the warming of macro liquidity, and the improvement of on-chain fundamentals: the shift in U.S. policy and overseas compliance progress weaken risk discounts, while rate cut expectations elevate risk appetite. At the same time, BNB Chain enhances throughput by shortening block times, reducing gas fees, alleviating MEV, and expanding opBNB, combined with quarterly burns and ecosystem activity, leading to a simultaneous increase in trading volume and institutional allocation, thus forming a mutual reinforcement between price and fundamentals.

“When $10 Billion Selling Pressure Meets 45% Burn Proposal, Hyperliquid Valuation Battle Escalates”

The Hyperliquid community is engaged in a valuation tug-of-war over the "burning of 45% of $HYPE" and the "billion-dollar FECR/AF stock." This proposal aims to compress nominal supply by revoking future emission authorizations and disposing of aid fund holdings, thereby narrowing the gap between MC and FDV and reshaping institutional pricing anchors. The market forms a dichotomy between "lower FDV attracting funds more easily" and "incentives and risk preparations being weakened," thus shifting the valuation game from price competition to accounting standards and governance pathways.

“Messari: What Does the Prediction Market Need to Truly Explode?”

The prediction market is expected to break through in 2024 with election events, maintaining monthly trading volumes of over a billion dollars on platforms like Polymarket and Kalshi, with mainstream media incorporating odds into their reporting framework. However, the high concentration of funds and homogeneity of supply still restrict incremental growth. Market elements must further release through "accessible trading entry points, continuously priced contract forms, and higher entertainment interactions," leading industry expansion from event-driven to product and distribution-driven.

“To Give a $700 Million Airdrop, How to Best Brush Aster S2”

The hedging arbitrage between Aster and Backpack has formed a mainstream path in the S2 phase: participants acquire Maker points on the Backpack side with limit orders and trigger double points on the Aster side with market orders, thus completing directional hedging and point accumulation on the same asset. This path demonstrates a higher point/cost ratio under the constraints of "3.2 billion airdrop pool, worth over $700 million, with 11 days remaining," while matching delays and unilateral failures lead to exposure and differences in Maker/Taker fees, jointly determining the net profit range.

“In-Depth Analysis: PerpDEX Shuffle Moment, How Can Hyperliquid Play?”

The PerpDEX sector is entering a high-speed differentiation period in 2025, with order book and hybrid models accelerating the competition for market share, while Aster's aggressive strategy and traffic aggregation significantly impact the existing landscape. In this context, Hyperliquid maintains its technical lead through CLOB depth, one-block confirmation, and ecosystem scale, but its market share is pressured by multi-chain and incentive spillover effects. Therefore, the market views "HIP-3 permissionless market, USDH native stablecoin, and multi-application synergy" as key testing points for future increments.

“14 Perp DEXs Compared: Who Will Become the Next Hyperliquid?”

Projects are at different stages of "TGE completed—point season—testnet/internal testing," reflecting differentiated participation paths: TGE projects (like HYPER, AVNT, DRIFT, JUP) maintain stickiness through "holding tokens for staking and profit sharing"; seasonal projects (like Aster, Backpack, edgeX, Paradex, Reya) amplify growth through "trading volume weight and active thresholds"; infrastructure projects (like Orderly, BasedOneX) expand channels through "order book infrastructure and front-end distribution." This stage misalignment and path differences jointly determine the evolution rhythm and competitive threshold of the "next leader."

“When the Market is Bad, Look at Plasma Mining, How to Mine Appropriately”

Participation in Plasma mining requires two preparations: participants first convert mainnet USDT to USDT0 via Stargate, and secondly, retain a small amount of XPL in their accounts to pay for EVM-side transaction gas. The Merkl Dashboard records the deposit scale and duration, generating redeemable WXPL within the cycle. The above process remains consistent across different protocols, while withdrawal cooling, borrowing constraints, and fee structures jointly determine actual annualized returns and capital turnover efficiency.

“Ethereum Whale Gets Called an Idiot, Is ETH at Its Peak?”

After the Federal Reserve cut rates, the crypto market experienced a shock on September 22, recording approximately $1.7 billion in liquidations in a single day, with ETH liquidations nearing $500 million. Long-term bull Tom Lee still anchors his forward target at $60,000, claiming that key levels remain intact, yet they subsequently fell. On September 24, Mechanism Capital founder Andrew Kang publicly countered and questioned the logic of "stablecoins and RWA → ETH benefits," sparking a core debate about ETH valuation and market pricing power.

免责声明：本文章仅代表作者个人观点，不代表本平台的立场和观点。本文章仅供信息分享，不构成对任何人的任何投资建议。用户与作者之间的任何争议，与本平台无关。如网页中刊载的文章或图片涉及侵权，请提供相关的权利证明和身份证明发送邮件到support@aicoin.com，本平台相关工作人员将会进行核查。

Weekly Review | Aster sparks a battle for DEX market share; Plasma launches mainnet and introduces token XPL