整理：Cora
This Week's Focus
“The Protocol is Not Dead, New Life for Operations: Lens and Farcaster Complete Key 'Hand-off'”
Vitalik provided a calm critique of the developments over the past few years while explaining why he returned to decentralized social media: “Crypto social projects often go astray. We often think that simply inserting a speculative token equates to 'innovation' and pushes the world forward.” Yes, this is the case over the past few years, where too many Socialfi projects have become overly obsessed with the financial narrative of "Fi," forgetting "Social" as the essence of social products.
On February 23, 2025, the LBTC market on ZeroLend on the Base chain was cleared—just 18 days after Ionic Money collapsed due to the same false collateral scam. However, the protocol never commented on this. When users launched a fierce attack on Discord regarding the withdrawal freeze issue, the administrators blamed it on "high usage" and "maintenance"—until the truth was revealed by torakapa at the end of 2025.
The NYSE's seemingly proactive transformation may actually be a defensive battle it has to fight. Amid the wave of tokenization of real assets, it stands at the intersection of the old and new worlds, bearing the dual pressure from traditional finance and the crypto world.
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The last similar incident occurred on October 10 of last year when Trump threatened to impose a 100% tariff on Chinese goods, effective November 1, just 21 days before the official announcement. This timing is very "Trump-like." The timing of the event's release feels familiar, as it is a tactic he often employs. Immediately afterward, the S&P 500 index futures saw a decline of 3.5% before the weekend close.
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MegaETH is a high-performance Ethereum Layer 2 blockchain project developed by MegaLabs. As the first fully Ethereum-compatible "real-time blockchain," MegaETH focuses on breaking through the bottlenecks in transaction processing capacity, complex application adaptation, and block generation efficiency that current Ethereum Virtual Machine (EVM) compatible chains face.
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“Crypto 'Gatekeeper' Rings the Bell at the NYSE”
The tokenized BTGO shares will circulate on Ethereum, Solana, and BNB Chain, allowing global investors to access this newly listed custodian institution almost instantaneously. The tokenized BTGO stock may serve as collateral in the future, directly participating in DeFi lending protocols, bridging the gap between TradFi (traditional finance) and DeFi.
Solana's operational performance in the fourth quarter (Q4) significantly weakened, with revenue (REV) shrinking by 43%, reaching its lowest level since Q3 2023. Additionally, the on-chain actual yield also plummeted by 56%, dropping to a low of 0.46%. Meanwhile, as user activity declines, the fundamental condition of the Solana network is also deteriorating, with operational costs rising relative to the fees paid by users.
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[From an institutional perspective, this transparency brings obvious issues. Imagine a scenario where the market can observe how much Nvidia transferred to Samsung Electronics or when a hedge fund precisely deployed capital. This visibility would fundamentally change the competitive dynamics.](<p class=)
“The Undercurrent of 'Selling America' is Flowing Towards On-chain Gold”
If we only consider the term 'hedge,' it is easy to simplify the demand for tokenized gold as merely a reflection of retail sentiment. However, from the perspective of on-chain structure and product attributes, the composition of participants in this market is actually more complex than one might think.
“The 'Ultimate Simulation' of Silicon Valley's Smartest Minds: What Should We 'All-In' on in 2026?”
This group of top minds, controlling hundreds of billions of dollars and deeply understanding the logic of power and capital operations, engaged in a fiery debate around politics, technology, investment, and geopolitical patterns—from California's wealth tax crisis to the 6% GDP growth expectation, from optimism about Huawei/predicting the market to the astonishing hypothesis that SpaceX might merge with Tesla, and so on.
Ten News Items Not to Miss This Week
Ledger plans to go public in the U.S., with a valuation potentially exceeding $4 billion.
Insiders: Revolut abandoned its U.S. acquisition plans and is instead advancing its banking license application.
Capital One agrees to acquire credit card and stablecoin payment service provider Brex for $5.15 billion.
Argentine fintech Pomelo completed a $55 million Series C funding round, led by Kaszek and Insight Partners.
The Central Bank of Iran increased its holdings of at least $507 million in USDT over the past year to hedge against rial pressure and circumvent sanctions.
Bitmine approved to raise the cap on its issued shares, allowing room for future financing and increasing its Ethereum holdings.
PeckShield: The Makinafi protocol was attacked, with approximately 1,299 Ethereum stolen.
Pump.fun established an investment department, Pump Fund, and launched a $3 million public construction hackathon to support 12 projects.
Revolut applied for a full banking license in Peru, intensifying its expansion strategy in Latin America.
South Korean customs cracked a case involving underground remittances using virtual assets, with an amount involved of approximately $101 million.
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