BlockBeats will summarize key industry news from the week of August 11 to August 17 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 Experiences Significant Volatility, Multiple Tokens Reach Historical Highs Before Retreating
On August 13, Ethereum surged to $4,700, marking a new high since mid-December 2021. On the same day, the total market capitalization of cryptocurrencies surpassed $4.2 trillion, setting a new historical record. On the 14th, BNB briefly broke through $865, reaching an all-time high. On the 15th, possibly influenced by disappointing PPI data, the entire crypto market fell, with Ethereum dropping below $4,400 and Bitcoin falling below $118,000, causing the total market capitalization to decline to $4.09 trillion. The altcoin market saw widespread declines, with Ethereum ecosystem tokens leading the drop. Related articles: “Breaking through $4,600, just 5% away from a new high, has ETH finally escaped the ‘Vitalik effect’?”, “After 35 days of buying $5 billion, can ETH really rise to $15,000?”, “How far are we from a full altcoin season? | Trader's Observation”, “Awakening of the ETH ecosystem: LDO rises 60% in a week, is the ‘staking king’ being revalued?”
Besenet: Will Not Buy or Sell Crypto Reserves, Currently Holding Seized Bitcoin Reserves Worth Approximately $15 Billion to $20 Billion
On August 14, U.S. Treasury Secretary Besenet stated that the Bitcoin reserves are valued at approximately $15 billion to $20 billion and will stop selling Bitcoin holdings. Additionally, there will be no purchases of cryptocurrency reserves, and seized assets will be used. He also mentioned that it is unlikely to reassess the U.S. gold reserve holdings.
OKX to Strategically Upgrade X Layer; OKB Completes Epic Burn, Total Supply Reduced to 21 Million
On August 13, OKX officially announced that it has decided to strategically upgrade X Layer, aiming to create a leading public chain focused on DeFi, payments, and RWA scenarios. Network throughput will be increased to 5,000 TPS, and gas costs will be reduced to nearly zero, with enhanced security and compatibility with the Ethereum mainnet. OKB will continue to serve as the only gas and native token for X Layer, with a one-time burn of 65.25 million OKB from historical repurchases and reserves. Following the announcement, OKB peaked at $144, with a one-hour increase of over 186%. On the 15th, OKB officially completed the burn, reducing the total supply to 21 million. Related articles: “Recalling the platform coin battle from four years ago, is there still a 10x space?”
Bitmine Plans to Increase Financing Scale by $20 Billion to Acquire More ETH
On August 12, Bitmine Immersion (BMNR), the leading institution holding Ethereum, plans to increase its financing scale by $20 billion to acquire more ETH. The prospectus issued by Bitmine Immersion (BMNR) stipulates a total issuance price of up to $2 billion, with the first supplementary prospectus allowing for a maximum issuance price of up to $2.5 billion, and the newly released second supplementary prospectus allowing for a maximum issuance price of up to $20 billion, totaling $24.5 billion. Related articles: “Pantera: After sweeping up 1 million ETH, how should we value BitMine?”
Futu Securities Announces Launch of Retail Trading Service for Solana (SOL)
On August 14, according to an official announcement, Futu Securities announced the launch of retail trading services for Solana (SOL). Starting today, qualified retail investors and professional investors in Hong Kong can securely trade SOL through the Futu NiuNiu App. Meanwhile, SOL simulated trading will soon be launched on the platform to help more cryptocurrency novice investors familiarize themselves with the trading process and master investment skills.
Uniswap Foundation Proposes "DUNA DAO" Structure, Paving the Way for Fee Switch
On August 12, it was reported that the Uniswap Foundation recently proposed to establish a new legal entity named "DUNI" under the "Decentralized Non-Profit Association" (DUNA) legal framework in Wyoming for its governance organization. This entity will provide a legal shell while retaining the existing governance structure of Uniswap DAO, allowing it to retain service providers, sign contracts, and fulfill regulatory and tax compliance obligations. If the proposal passes, Uniswap DAO will become the largest decentralized organization adopting this legal framework. According to the proposal terms, the entity will receive $16.5 million worth of UNI tokens to pay for past tax obligations and establish a legal defense budget. Related articles: “Uniswap Proposal DUNA, can it unlock an annual fee switch worth over $100 million?”
Privacy Leader Monero Suffers 51% Attack, Qubic Claims the Action is a Technical Demonstration and Not a Malicious Attack
On August 12, the project Qubic, co-founded by IOTA co-founder Sergey Ivancheglo, accumulated a large amount of Monero (XMR) hash power through the "Useful Proof of Work (uPoW)" mechanism, soaring from less than 2% to over 27%, briefly becoming the largest Monero mining pool. Later that evening, Qubic briefly controlled 52.72% of the Monero network's hash rate (approximately 3.01 GH/s). Once exceeding 51%, Qubic could reject blocks from other mining pools, leading to chain reorganization, double spending, or transaction censorship. The Monero community has launched resistance and defense actions, while Qubic claims this move is a technical demonstration, not a malicious attack. Related articles: “$75 million attack on a $5 billion giant, what are they really trying to do?”
Li Xiaolai Once Said "Look at EOS Again in 7 Years," on the 7th Anniversary Bullish Goes Public on NYSE with Oversubscription
On August 12, well-known blockchain investor Li Xiaolai expressed his expectations for the future of the EOS ecosystem in a WeChat post on August 10, 2018, stating "Look at EOS again in 7 years." Block.one (the blockchain company behind EOS) launched the digital asset trading platform Bullish, which officially listed on the NYSE on August 13. Bullish's IPO received oversubscription even after expanding the issuance scale, demonstrating the market's high recognition of Block.one and its ecosystem. On the 14th, Bullish (BLSH.US) opened on its IPO day with an increase of over 176%, with a total market capitalization exceeding $15 billion at its peak. Related articles: “Bullish IPO, why is its valuation less than 10% of Coinbase?”
Over 788,000 ETH Are Queued to Exit the Ethereum PoS Network, Setting a New Historical Record
On August 15, according to data from the validator queue tracking website, the current exit queue for the Ethereum PoS network reports 788,624 ETH, valued at approximately $3.651 billion, setting a historical record for exit scale in terms of currency. Meanwhile, approximately 332,846 ETH are queued to join the network. Previous reports indicated that this situation reflects two opposing forces in the market: on one hand, some stakers may choose to cash out after Ethereum rebounded over 160% since the April low, leading to a surge in the exit queue; on the other hand, new incoming funds driven by regulatory benefits and institutional demand are also pushing up the entry queue. Related articles: “6 Valuation Methods: Can Ethereum Stand at $10,000 This Round?”, “With a new high imminent, six charts analyze the ETH chip distribution status”
CMB International Launches First On-Chain Public Fund on Solana
On August 13, Solana's official announcement stated that a few days ago, with the support of DigiFT and OnChain, CMB International, a leading asset management company in Asia, successfully brought their flagship fund to the Solana chain, marking the world's first on-chain public fund on Solana, which holds significant importance in Asia's financial market. It is reported that the token products issued this time are aimed at qualified investors in Singapore, deployed on Solana, Ethereum, Arbitrum, and Plume public chains through the DigiFT platform, supporting fiat and stablecoin subscriptions and redemptions, and enabling real-time redemptions through smart contracts. Related articles: “CMB's first attempt to tokenize funds, who is behind this RWA?”
The Collapse Cases of UST and Luna Are Coming to an End, Terra Founder Do Kwon Pleads Guilty to Financial Fraud
On August 13, Reuters reported that South Korean cryptocurrency entrepreneur Do Kwon admitted to two counts of fraud in a federal court in New York. The 33-year-old co-founder of Terraform Labs developed the TerraUSD and LUNA tokens, which collapsed in 2022, resulting in approximately $40 billion in losses. During the hearing, Kwon pleaded guilty to conspiracy to commit fraud and wire fraud. In court, Do Kwon apologized, stating, "I concealed the truth about the trading company's intervention to restore the peg and made false statements. My actions were wrong." Although the statutory maximum sentence is 25 years, prosecutors agreed to recommend no more than 12 years in prison if he shows remorse. The presiding judge will issue a sentencing decision on December 11.
Guizhou Province's Discipline Inspection Commission Denies Rumor of Female Official "Mining 327 Bitcoins": Generated by Self-Media Using AI
On August 14, staff from the Guizhou Provincial Commission for Discipline Inspection and Supervision told China News Weekly that the news claiming that former Guizhou Provincial Big Data Development Administration Director Jing Yaping mined 327 bitcoins using government servers is "a rumor." According to them, Jing Yaping's case does not involve bitcoin. The staff stated that this news was initially generated by some self-media using AI, aimed at attracting traffic. It was later reported by a media outlet, and relevant departments have communicated about the matter.
Two Ivy League Schools Hold Bitcoin, Total Value Nearly $130 Million
On August 11, according to 13F filings disclosed by the U.S. SEC, two Ivy League schools, Harvard University and Brown University, have invested in bitcoin assets. Specifically, Harvard holds $116.6 million worth of the Bitwise Bitcoin ETF IBIT, ranking fifth in its asset list; Brown University holds $13 million worth of the Bitwise Bitcoin ETF IBIT, ranking third in its asset list.
Payment Company Stripe Partners with Paradigm to Develop "Tempo" Blockchain
On August 12, it was reported that payment company Stripe is collaborating with Paradigm to develop the "Tempo" blockchain. Job postings indicate that Tempo is currently in a secretive research and development phase, with a team size of five. Matt Huang, co-founder and managing partner of Paradigm, is also a board member of Stripe. Sources revealed that Tempo is a Layer 1 blockchain, meaning it is not built on other protocols, and is compatible with the programming languages used by the Ethereum blockchain. Last October, Stripe announced its acquisition of stablecoin infrastructure company Bridge for $1.1 billion, its largest acquisition to date. In June, the payment giant also acquired crypto wallet developer Privy (price undisclosed). Related articles: “Led by Paradigm co-founder Matt Huang, payment giant Stripe develops new chain ‘Tempo’ to enter stablecoin payment competition”
Zhongshouyou and OSL Group Reach Strategic Cooperation to Promote New Opportunities for Stablecoin Payments
On August 15, global IP game operator Zhongshouyou reached a strategic cooperation with compliant digital financial infrastructure platform OSL Group. They will deeply integrate OSL Group's compliant virtual asset financial infrastructure capabilities with Zhongshouyou's rich global IP game application ecosystem to jointly promote compliant stablecoin ecological cooperation application scenarios.
Coinbase Completes Acquisition of Deribit
On August 14, Coinbase announced that it has completed the acquisition of cryptocurrency options exchange Deribit, bringing Coinbase closer to offering a full range of trading products, including spot, futures, perpetual contracts, and options. In July 2025, Deribit’s trading volume exceeded $185 billion, with the platform currently having an open interest of approximately $60 billion.
This Year's Crypto Project Financing Reaches $20.6 Billion, Surpassing Last Year's Total
On August 11, according to CryptoRank data, as of July 31, 2025, this year's crypto project financing has reached $20.6 billion, surpassing last year's total and breaking previous cycle financing records. Coinbase Ventures completed 44 transactions, ranking first among investment institutions, while Animoca Brands and Amber Group ranked second and third with 31 and 25 transactions, respectively. Selini Capital and a16z CSX each completed 22 transactions, tying for fourth.
This Week's Major Financing: Transak, 1Kosmos, Shrapnel, USD.AI
On August 12, Web3 payment infrastructure company Transak raised $16 million in strategic financing, co-led by IDG Capital and Tether, with participation from Primal Capital, 1kx, Protein Capital, and Fuel Ventures.
On the 12th, blockchain authentication platform 1Kosmos completed a $57 million Series B financing, led by Forgepoint Capital and Oquirrh Ventures under Origami.
On the 14th, blockchain game Shrapnel announced it has secured $19.5 million in two rounds of financing, with the latest round led by Gala Games, and participation from Griffin Gaming Partners and Polychain Capital. The game is expected to enter closed testing later in 2025 and open testing in early 2026. Shrapnel developer Neon Machine reported a net loss of $11.4 million in 2024.
On the 14th, the stablecoin protocol USD.AI, which provides credit for AI, completed a $13.4 million Series A financing, led by Framework Ventures, with participation from Bullish, Dragonfly, Arbitrum, and others.
This Week's Popular Articles
“After 35 Days of Buying $5 Billion, Can ETH Really Rise to $15,000?”
In 35 days, BitMine, through PIPE financing and three rounds of large-scale accumulation, increased its ETH holdings from zero to 830,000, surpassing SharpLink to become the world's largest Ethereum treasury. Behind this is a Wall Street-style high-frequency disclosure, structured buying, and a narrative-driven fast attack strategy, contrasting sharply with SharpLink's slow accumulation and low-cost holding OG path. With the support of opinion leaders like Tom Lee, BitMine not only reshaped its valuation but also accelerated the transfer of ETH pricing power from crypto natives to Wall Street capital, which excels in capital operations and narrative construction.
“Rhythm Interview with Pudgy Penguins CEO: We Want to Surpass Hello Kitty and Pokémon”
After Luca Netz took over, Pudgy Penguins transformed from a near-collapse NFT avatar project into a dual face of the crypto world and mainstream consumer culture: on one hand, leveraging retail channels like Walmart, high exposure on social media, and female user-driven factors, it has built a highly credible, cross-tier "cute culture" IP, setting a goal to surpass Hello Kitty and Pokémon; on the other hand, it actively enters financial and institutional scenarios, ringing the Nasdaq bell with VanEck and launching ETF-related collaborations, shaping the image of "the face of finance." At the same time, it is building a Web3 ecosystem around the IP, including issuing the $PENGU token and laying out a Layer 2 chain Abstract focused on gaming/trading/social finance, planning to achieve global branding and crypto ecosystem expansion under a strategy that integrates IP, chain, and token.
“Recalling the Platform Coin Battle from Four Years Ago, Is There Still a 10x Space?”
OKX announced a one-time burn of 65.25 million OKB, causing the coin price to nearly triple in a single day, reviving the market sentiment reminiscent of the 2021 "platform coin burn battle." Looking back, platform coins like BNB, OKB, HT, and FTT achieved several to tenfold increases through massive burns, ecological expansion, and market cap management. Although the industry landscape and regulatory environment have changed, platform coins have evolved from single fee discount coupons to composite assets that integrate global licenses, on-chain ecosystems, public chain gas, and capitalization attributes. BNB ignited the on-chain ecosystem with Alpha, OKB combined scarcity burns with X Layer upgrades, and BGB enhanced value through internal and external dual circulation and high-frequency burns. A new round of CEX arms race may have quietly begun, still a game of "who can burn, sustain, and run fast will win."
“From Leading to Following: Why SOL Struggles Against ETH's Offensive”
ETH has strongly broken through $4,700 with the support of treasury strategies, ETF capital inflows, and compliant applications like stablecoins and RWA, maintaining its institutional allocation advantage with massive capital volume and market opinion leader effects. In contrast, SOL is limited by its capital scale and lack of heavyweight endorsements, weakening its exchange rate against ETH throughout the year. However, it is accelerating its catch-up through actions like bringing in Arthur Hayes, institutional accumulation, ETF expectations, and cross-border RWA implementation. If the SOL spot ETF is approved in October and new narratives ferment, it may welcome new opportunities for rebound and ecological expansion.
He Yi emerged from a poor rural area in Sichuan, experiencing the early death of her father and working her way through school, to become the co-founder and billionaire of Binance, the world's largest cryptocurrency exchange platform. Amid crises such as CZ's imprisonment and a $4.3 billion fine against the company, she has remained steadfast and driven the platform's transformation towards compliance. Known for her "customer first" approach, she personally engages in resolving user issues and requires employees to prioritize customer service, embodying both strictness and support, and is regarded as a core decision-maker behind Binance. In the post-CZ era, Binance still accounts for nearly 40% of global trading volume. She firmly believes that cryptocurrencies will fully integrate with traditional finance within a decade, likening this technological transformation to her own journey from a childhood without electricity or water to the digital age.
Over the past year, U.S. crypto regulation has shifted from a "chokehold" to a policy-friendly approach, with the Trump administration and regulatory agencies intensively launching stablecoin legislation, the CLARITY Act, anti-CBDC bills, spot ETF physical redemptions, renaming liquidity staking, and allowing banks and pension funds to enter the market. This has established a compliance path for stablecoins, RWA, on-chain credit, on-chain U.S. stocks, DeFi, and domestic public chains, releasing unprecedented institutional dividends. Traditional capital and institutions are accelerating their entry, promoting the deep integration of crypto assets with the U.S. dollar, U.S. Treasury bonds, and stocks, initiating what is seen as the first "policy bull market" in history. However, the true long-term direction still depends on the future standards and the dynamics of enforcement details.
“The Wave of Crypto Company Listings: How to Play On-Chain Pre-IPO?”
Since the beginning of this year, on-chain Pre-IPO trading has rapidly heated up, with Robinhood launching "stock tokens" for unicorns like OpenAI and SpaceX in Europe, sparking attention and controversy, reflecting the enormous demand for investment opportunities in unlisted companies. The private equity market, long monopolized by institutions, is seeing the emergence of platforms like Ventuals and Earlybird that bet on valuations through tokenization, or real stock tokenization models like PreStocks and Jarsy, which even allow company stocks to be traded on-chain. On-chain solutions not only lower barriers, enhance liquidity and transparency but also align with the investment preferences of millennials and Gen Z. Once deeply integrated with traditional finance, it is expected to push private equity investment towards true democratization.
“Korean-American Tom Lee Brings 'ETH Microstrategy' Trend to Korea”
Young retail investors in Korea are extending the crypto market frenzy into the stock market, igniting a wave of "coin-stock" investments. Since July, Korean investors have net bought $259 million in BitMine stocks, making it the top overseas stock purchase. This mining company, supported by Peter Thiel and holding over 1.15 million ETH, is more appealing due to its director Tom Lee's Korean background. Compared to directly buying ETH, many are chasing the more volatile "coin-stocks," as seen previously with Circle, Kakao Pay, and LG CNS, which surged due to crypto themes. However, experts warn that such sentiment-driven valuations are often short-lived, and the fading enthusiasm may expose bubble risks.
“WLFI Countdown: How to Reasonably Value It Amid Multiple Stakeholder Games?”
WLFI plans to launch token trading at the end of August, combining political narratives with financial engineering to build a closed-loop ecosystem centered on governance tokens, stablecoin USD1, treasury strategies, and cross-border investments. The project raised $550 million in its early two rounds of public offerings, attracting capital from figures like Sun Yuchen and DWF Labs. ALT 5 trading established a $0.2 valuation anchor and tied to Trump family political resources. USD1's circulating market cap surpassed $2.1 billion within two months of launch, despite a brief decoupling, it has connected with multiple chains and trading platforms, expanding applications through a points program. In the short term, the market will revolve around TGE and unlocking ratios, while its long-term success in achieving a "U.S. crypto nationalism" paradigm depends on the mainstreaming of USD1 and the sustainability of its token circulation mechanism.
“How Did USDe Supply Surge by $3.7 Billion in 20 Days Amid ENA's Soaring?”
In the past 20 days, the supply of Ethena's stablecoin USDe surged by $3.7 billion due to the leveraged rotation strategy PT-USDe launched by Pendle and Aave. This strategy splits USDe into principal tokens (PT) and yield tokens (YT), with PT resembling zero-coupon bonds that can lock in fixed returns, and then amplifying positions through borrowing on Aave, achieving leverage of up to about 10 times. With Pendle's stable high yields and Aave's low borrowing costs, annualized returns can reach 40%. Aave reduces liquidation risks by linking USDe to USDT, accepting PT as collateral, and setting discount limits and emergency stop mechanisms. However, if yields drop sharply or oracles are attacked, it could still trigger chain risks.
“With $1.1 Billion in Ethereum, Vitalik Still Washes His Clothes by Hand”
As Ethereum approaches its historical high, Vitalik Buterin has once again made headlines for his commitment to hand-washing his clothes, highlighting his consistent frugality and minimalist lifestyle. The Ethereum founder, worth billions, chose to live modestly in a regular apartment and take the subway after obtaining permanent residency in Singapore in 2023, often frequenting cafes and universities for technical research and cross-disciplinary exchanges. He lives simply but is generous in philanthropy, having donated large amounts of crypto assets multiple times and advocating for blockchain to serve social welfare rather than speculation in public speeches. Vitalik deliberately distances himself from the crypto circle's glamour and personal worship, focusing on technology, philosophy, and public issues, maintaining calm observation and independent thinking amid industry noise. This choice to "maintain human integrity" is at the core of his long-term influence.
“7 Days, 600 Times: Will AI Season 2.0 Start Because of This Dog?”
$SPARK is an AI dog character launched by the Illusion of Life company, founded by animator Pasquale D'Silva and AI developer Kevin Fischer, aiming to create an "AI Disney" where virtual characters autonomously create stories in reality and online. On August 5, Kevin handed over his personal Twitter to Spark, and on the same day, the $SPARK token launched on pump.fun. Although the price initially plummeted due to an official statement claiming no involvement with the token, it quickly rebounded after Spark personally appeared in the community on August 9, reaching a market cap peak of nearly $73 million. Compared to earlier AI memes, $SPARK combines AI with animated storytelling, enhancing IP vitality through real-world interactions and continuous content output, seen as a potential trigger point for "Season 2" in the AI track.
“Institutions Propel BNB to New Highs: How Can Retail Investors Join In?”
BNB is transitioning from a "platform coin + public chain token" to an "institutional reserve asset" under the influence of large purchases by several U.S. listed companies, ETF applications, and new price highs, with its value center structurally elevated. Retail investors can participate in the BNB Chain ecosystem's DeFi, RWA, and Meme projects, layout related concept stocks, and share in the rising dividends through various Binance activities and enjoying deflationary benefits. The institutionalization process and expansion of payment scenarios also provide multiple supports for its long-term growth.
“Old Trees Revive: The Summer Counterattack of Established DeFi Projects”
The total locked value in the DeFi market is approaching historical highs, with this round of rebound led by veterans like Aave, Uniswap, Euler, Pendle, Fluid, and Spark, driven by accelerated institutional capital entry, a warming demand for on-chain yields, and technological iterations. Each project has achieved simultaneous increases in TVL and token prices through ecosystem expansion, capital efficiency improvements, product innovation, and cross-chain layouts, demonstrating the resilience and growth potential of established protocols in the new round of DeFi competition.
“Building a Treasury Before Issuing Tokens: This Company Spends $1.5 Billion to Enter WLFI Treasury”
ALT5 Sigma announced it will raise $1.5 billion through registered direct issuance and private placement financing to acquire WLFI tokens and initiate a treasury strategy, becoming the second company to implement this plan after BigStrategy Inc. This collaboration allows ALT5 to leverage policy and business advantages through its association with the Trump camp and its status as a Nasdaq-listed company, while WLFI can quickly raise funds and enhance token value and compliance through a shell listing. However, the market also warns that the crypto treasury model carries risks such as severe stock price fluctuations, regulatory uncertainties, and insufficient value anchoring.
“Robinhood vs. Coinbase: A $160 Billion Showdown”
Robinhood and Coinbase are competing for young investors using entirely different models: the former locks in future wealth transfer groups with low fees, seamlessly integrated crypto and traditional financial services, tokenized stocks, and a subscription system; the latter builds institutional-grade crypto infrastructure, mastering core resources like ETF custody, stablecoins, derivatives, and the Base chain. Financial reports show Robinhood's revenue and crypto business are growing rapidly, with its stock price soaring this year, while Coinbase, despite pressure on retail trading, maintains a solid position in institutional custody and infrastructure. The two are not in a winner-takes-all scenario but are each betting on different financial futures—Robinhood towards mainstreaming and everyday use, while Coinbase focuses on structuring and building trust.
Circle's first financial report after going public shows that the company generated $658 million in revenue and reserve earnings in the second quarter, a year-on-year increase of 53%, with an adjusted EBITDA of $126 million. However, due to $482 million in non-cash expenses related to the IPO, it recorded a net loss. The circulation of USDC reached $61.3 billion, accounting for 28% of the stablecoin market, driven by accelerated global adoption, expansion of cross-border remittance partnerships, and deep integration with exchanges, payment networks, and banking infrastructure. Management emphasized plans to introduce high-margin models such as subscription fees, service fees, and transaction fees to reduce reliance on a single platform. The implementation of the "GENIUS Act" has sparked institutional interest, but competition and collaboration with banks are just beginning. At the same time, the company launched the Arc chain, which uses USDC as its native gas, positioning it as a dedicated infrastructure for stablecoin finance, supporting the Circle Payments Network and opening new revenue sources, marking the company's transition from a stablecoin issuer to a complete financial technology stack platform.
“BIO Launches V2: Can the New Launchpad Restart the DeSci Craze?”
BIO Protocol has seen its market value shrink by 95% since its high-profile launch backed by top investors at the beginning of the year, losing market confidence due to high FDV, delayed functionalities, and a fragmented ecosystem. The recent launch of V2 introduces mechanisms such as low FDV fixed-price launches, BioXP points, staking governance, and liquidity engines, with staking surpassing 100 million BIO and market value doubling, accelerating research implementation (clinical progress of VitaRNA and VitaFAST, collaboration with Pfizer on the IPT model). The project attempts to reignite DeSci enthusiasm through Launchpad 2.0, research automation, and a capital flywheel, but sustained rebounds will still depend on the pace of implementation and market conditions.
“Zora Hits New Highs: Is It Genuine Content or Coinbase's Efforts?”
$ZORA has surged nearly tenfold over 20 consecutive days, driven by the launch of Binance perpetual contracts and integration with the Base App, bringing its market value close to $480 million. By binding content creation with token issuance through a "creator coin + content coin" model, it significantly amplifies individual user token output and network effects. The integration of the Base App with Noice creates a closed loop for creation, distribution, and monetization, enhanced by the introduction of external creators and multi-platform promotion, increasing attention and adoption rates. A variety of projects have emerged within the ecosystem, such as zxbt (AI art), FakeTaxi (adult entertainment IP), Visualize Value (art education), and 11AM (Web3 live streaming), indicating that content is becoming an important entry point for on-chain liquidity and suggesting that the on-chain creator economy may be on the verge of a comprehensive explosion.
“Reviewing Six Major On-Chain Pillar Protocols: HyperEVM Faces Off Against Ethereum”
Ethereum is reshaping the DeFi growth landscape, driven by lending protocols like Aave, Pendle, and Ethena, forming a high-linkage "six-protocol" network centered around BTC, ETH, Pendle, Aave, Ethena, and HyperEVM: BTC/ETH represent the value and ecological cornerstones, Aave serves as the lending infrastructure for leverage amplification, Pendle focuses on yield splitting and interest rate derivatives, Ethena builds a third pole for stablecoins with USDe, and HyperEVM deeply integrates with mainstream protocols to expand trading and liquidity. The high degree of collaboration significantly enhances capital utilization, meaning that gains and losses are interconnected; future anchoring switches of ETH and stable assets like USDe in the DeFi stack will influence leverage curves and cyclical trends. Those who can occupy key nodes in this protocol network will have the opportunity to ascend to the "cryptocurrency pantheon."
“Ethereum Treasury Companies: Disruptors or Builders in the On-Chain Ecosystem?”
Ethereum's digital asset reserves (DATs) are rapidly expanding, with companies accumulating a total of 2.2 million ETH since July (accounting for 1.8% of total supply), a growth rate far exceeding the net issuance during the same period, increasing supply-demand tension. Unlike Bitcoin reserves, ETH reserves can enhance returns through staking and DeFi, and some companies have actively participated in on-chain operations, potentially improving network security and liquidity, but also bringing risks of centralization, leverage, and operational challenges. As the scale of holdings and on-chain participation increases, the financial health and market behavior of these companies will directly impact Ethereum's supply dynamics, on-chain activity, and long-term network stability.
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