The flow of information is too fast, and in-depth analysis articles are easily drowned by hot topics. The "Weekly Editor's Selection" column extracts these valuable pieces of content from the vast amount of information, helping you filter out noise, leaving behind insights and bringing inspiration.
Macroeconomic Situation
On the evening of August 28th at 10 PM Beijing time, Federal Reserve Chair Kevin Walsh delivered a speech at the Jackson Hole global central bank annual meeting, marking his first speech at this important central bank gathering since taking office.
In his speech, Kevin Walsh stated that the "forward guidance" tool during unconventional periods has completed its mission in a normal economic environment and should be phased out, with monetary policy needing to return to data dependence and decision-making discipline.
Confronted with the variable of artificial intelligence, he admitted that its profound impact on productivity, the labor market, and the structure of capital returns remains unknown, and the Federal Reserve needs to maintain caution. At the same time, he clearly articulated seven principles guiding policy implementation: anchoring the 2% inflation target, balancing employment objectives, using short-term interest rates as the main tool, focusing on money supply, and maintaining restrained and purposeful communication. These principles outline a governance approach that returns to orthodox practices and avoids policy overload.
In his assessment of the situation, he believes that the labor market is largely consistent with full employment, but inflation remains far above the target—with the PCE year-on-year reaching 3.7%, and over half of the sub-components seeing increases above 3%. He promised not to preset a policy path but clearly stated that unless there is certainty that inflation is approaching the target at a clear pace, the Federal Reserve "has work to do."
Although Federal Reserve Chair Walsh insisted during his speech in Jackson Hole that “no forward guidance will be provided,” he triggered a dramatic market shift through the release of intense signals. However, long-end yields fully reversed their decline before the close, as the bond market realized that the real pressure comes from the supply side.
The current market volatility primarily stems from "interest rate issues" (response to the Federal Reserve), whereas the long-term challenge is a "supply issue"—the latter will not disappear due to a few statements. Investors should distinguish between the two and pay attention to the results of the September Federal Reserve meeting, the Bank of Japan's resolution, and the subsequent trends of the Treasury's buyback window.
Oil prices return to $90; why are global markets re-trading "stagflation"?
Energy shocks are altering market perceptions of inflation and interest rate paths. Weak job vacancies, construction spending, and manufacturing data originally pointed towards an economic slowdown, but rising prices for oil, diesel, and natural gas could push overall inflation higher. This presents a trickier combination for the Federal Reserve: while growth weakens, price pressures may not ease simultaneously.
Energy prices, interest rate markets, and risk assets have become intertwined in pricing; if refined oil prices remain high, the Federal Reserve's policy space may further tighten, with long-term US Treasuries simultaneously bearing the pressures of inflation, fiscal deficits, and AI financing demands.
The options market's bet on tail risks of interest rates has significantly heated up, but this reflects investors' precautions against extreme scenarios rather than a confirmation that interest rates have determined to enter an accelerating upward phase.
The yield on Japan's 10-year government bonds broke through 3% this week, reaching a nearly 30-year high, triggering a chain reaction spreading globally.
This key threshold's break, combined with the continued weakening of the yen and rising expectations of interest rate hikes from the Bank of Japan, has heightened concerns in the market regarding the large-scale unwinding of "yen arbitrage trades." US Treasury Secretary Yellen has publicly warned that if the yen market experiences disorderly fluctuations, it could trigger forced liquidations, impacting global markets and ultimately driving up borrowing costs for American households and businesses.
Currently, the market has fully priced in a 25 basis point interest rate hike from the Bank of Japan in September—this pace is far more aggressive than what the central bank hinted at earlier this year.
Also recommended: “The Federal Reserve's "Silent" Balance Sheet Expansion: You Think It's Shrinking, but Actually It's Madly Buying Treasury Bonds?.”
Investment and Entrepreneurship
The popular Robinhood Chain hasn't issued tokens; which altcoins have reaped the growth benefits?
Uniswap occupies a major share of transactions on Robinhood Chain, with protocol fees driving token burns; Lighter has become the perpetual contract entry for Robinhood Wallet; Morpho serves as the lending infrastructure behind Robinhood Earn; 10% of Robinhood Chain's revenue flows into the Arbitrum ecosystem.
UNI is the biggest beneficiary, followed by LIT, with MORPHO and ARB being comparatively weaker.
Eight layers of assets, two logics: a complete breakdown of the wealth effect of Robinhood Chain
Also recommended: “$10 million extracted in 10 months; the arbitrage master publicly shares new strategies” and “The big brother's token launch ended in failure; old car heads collectively malfunctioned in the new trenches.”
CeFi & DeFi
The biggest hit to Bitcoin has been eliminated
A recent series of trades by Strategy appears to be "selling low and buying high," but it briefly alleviated the STRC dislocation, along with the cash reserve issues that this exposed. This also confirms that the market's biggest concern has temporarily eased.
Airdrop Opportunities and Interaction Guide
Meme
AI is the leading meme coin in the currency-stock pairing sector, pairing with Nvidia stock token NVDA on Robinhood Chain and having formed an AI community treasury during the past month of community development, using creator fees and 50% of transaction fees for buybacks and burning of circulating tokens—with 0.82% of token supply having been burned so far.
The success of the meme coin AI also benefits from the empowerment of the token issuance platform LONG, which even airdropped stock token NVDA to AI holders in the early stages. LONG is a meme coin issuing platform within the Robinhood Chain ecosystem, and with its new play of "currency-stock pairing" memes, LONG has become the leading meme issuing platform on Robinhood Chain.
Buying meme coins paired with stocks is essentially a double bet: betting that meme coins will outperform stocks while also betting on the dollar price fluctuations of the stock. The meme coins and the underlying stock tokens do not have a 1:1 redemption relationship; the stock tokens are merely quoted assets in the liquidity pool and not collateral for the meme coins, meaning the currency-stock pairing does not provide any value support for the issued meme coins.
Another important significance of meme coins paired with stocks lies in broadening the use of stock tokens. Meme trading boosting the trading of stock tokens is the development that Robinhood hopes to see.
Three ways to unlock meme coins on Robinhood Chain
"Alternative assets" on Robinhood Chain: stock tokens, stock meme coins, Launchpad platform tokens, lending assets; LP types: meme coin liquidity pools, stock token liquidity pools, leveraged stock liquidity pools; currency-stock linkage: meme coins short-squeezing, regular stocks boosting meme coins.
The short-selling myth of stock-paired meme coins: why it is doomed to shatter?
The inherent issue with the failure of the short-selling strategy lies in the disparity in scale, as controlling stock tokens does not equate to controlling actual stocks.
As soon as token scarcity drives the on-chain price of HIMS far above the real stock price, authorized participants from Robinhood can mint new stock tokens, profiting from the price difference. Minting new tokens does indeed require purchasing additional real stocks as underlying backing, hence increasing issuance will provide slight buying pressure for the underlying stocks. However, hoarding existing tokens does not compel the purchase of equivalent HIMS regular stocks. The main outcome it brings is the platform's motivation to issue more stock tokens, expanding token supply and pulling token prices on-chain back closer to the real stock price level.
Achieving the legendary short squeeze would require a more refined TEQ (tokenized stock).
Witnessing the birth of an entirely new narrative is an interesting phenomenon. There is undoubtedly an opportunity for speculative profit, but more importantly, a wealth of unprecedented financial mechanisms will emerge in the future.
For further reading: “JINQIAN two-hour fast track to 0, $80 million; ‘currency-stock pairing’ become a customized ‘pig slaughter plate’.”
Where to group stock token LPs? Overview of five emerging AMMs on Robinhood Chain
up.: 100% of protocol income returned to token holders; Fables: points program launched, TGE in October; RAMSES: Well-known AMM from Arbitrum goes live; Delta: automatic conversion of protocol fees into liquidity; Ekubo: Starknet old project "gilded" failure.
“Technology hotspots, celebrity dynamics, corporate hot jokes, market sentiment” intertwine to form a new narrative.
Don't sit idly on-chain; which targets on Robinhood Chain have secondary buying opportunities?
PONS: the platform's daily income is nearly $1 million; HMM: turns traders' hesitations into a "thinking cat"; DELTA: provides liquidity management tools for Robinhood Chain; microduck: ties open-source machine duck narrative with Nvidia stock; YOLO: brings WallStreetBets' “one shot” culture to Robinhood Chain; AI: currency-stock meme paired with Nvidia stock; BONER: turns male health stocks into the most direct adult meme; SPACEHOOD: bets on SpaceX's popularity with currency-stock memes.
The excitement around meme coins on Robinhood Chain, referred to as “P Junior,” is still high, with the platform token PONS of the token issuance platform Pons experiencing a new round of skyrocketing, driven by the rapid growth of issuance volume and trading share of Pons on Robinhood Chain.
Pons has formed a positive feedback loop: the more tokens issued, the higher the income, and the stronger the buyback.
To assess whether PONS can continue to rise and for how long, focus on the following three points: how long this wave of meme enthusiasm on Robinhood Chain can last; whether Pons can maintain its position as the leading token issuance platform; and whether PONS market cap can further rise to $500 million or $1 billion, which may require the emergence of a truly breakout meme coin.
Buying a NASDAQ company for $1.8 million, and then using meme coins to create a short squeeze
If on-chain demand can genuinely be transformed into underlying stock buying via the minting and collateral mechanisms of stock tokens, then what is born on Robinhood Chain will not just be a batch of new meme coins. It could be a new capital machine connecting crypto attention with NASDAQ small-cap stocks.
Also recommended: “FOMO Practical Guide: From Finding People to Finding Coins, How to Do Social Trading?.”
Ethereum and Scaling
ETF and staking jointly tighten supply; is ETH brewing a new wave of market movements?
US spot Ethereum ETF saw net inflows nearing $700 million in a week, with around 42 million ETH entering staking; exchange balances have decreased by about 15% since early June, and corporate treasuries continue to increase their holdings. Several forces are combining to compress the amount of ETH available for immediate sale.
The circulating supply of ETH has noticeably tightened since June, and with new funds entering a thinner market, larger price elasticity may occur.
The market now needs to confirm whether institutional funds can continue to flow in, whether ETH/BTC can maintain its rebound gains, and whether staking and corporate holdings will continue to absorb new supply.
New Ecosystem
The battle for HIP-4 has begun; who will become the new trade.xyz?
The launch of the Hyperliquid ecosystem prediction market project Outcome signifies that Hyperliquid has taken the first step in HIP-4's permissionless deployment phase and marks the beginning of the Builder era in Hyperliquid's expansion in the prediction market track.
Teams like Unit, Skew, trade.xyz, etc., have also expressed their intentions or begun to lay out HIP-4, and a competition for Hyperliquid prediction market entry, liquidity, and users has now been ignited.
Also recommended: “A new era of governance on Solana Chain: significant increase in deflationary strength, burning proposal unexpectedly shelved.”
Weekly Hot Topic Recap
Policies and Macroeconomic Markets
The US-Iran conflict has resumed (reasons and impacts);
Trump calls for the Federal Reserve to cut interest rates again, boasting that US GDP can rise by 20%;
Former Vice Chairman of the Federal Reserve: The current default choice is rate hikes, Walsh's speech reverses previous Federal Reserve logic;
Opinions and Voices
Jensen Huang: AI is driving manufacturing back to the US, AI startups received $400 billion in investment over the past six months;
“White-haired stock god” Serenity: Nvidia's bet on MediaTek may be the selection of the next-generation ASIC powerhouse;
Musk: Google and Anthropic are renting AI computing power from SpaceX;
Arthur Hayes: The collapse of the euro against the yen is imminent; this is the last piece of the puzzle for the crypto bull market restart;
Jiang Zhuoer: Bitcoin will face its first test since August 19; 50% ETH spot position sold; sold all BTC positions at $82,050 and will focus on $70,000 to $72,000;
Bitcoin in the fall may drop to $50,000, pressured by interest rate hike expectations and stagnating CLARITY legislation;
Crypto trader Rune once again clarified that the acquisition tweet of the US-listed company was generated by Claude, with digital existence fabricated and exaggerated;
Institutions, Big Companies, and Leading Projects
OpenAI releases the GPT-6 Astra model, claiming it may be close to achieving AGI;
Kimi's parent company, Dark Side of the Moon, launches an IPO in Hong Kong, aiming to raise funds with a valuation of $50 billion;
Near 30% of assets among the "Top 5 exchanges" in South Korea are only tradeable on one platform, revealing the "exit difficulty" risk;
The Bitcoin kimchi premium in the South Korean market has reappeared, achieving a positive streak for the longest time since May;
Data
Meme coin trading "turns the tables," with Robinhood Chain's daily income exceeding that of Ethereum;
Pons plans to expand stock tokens; cumulative creator trading fees revenue has exceeded $25 million;
Security
Abnormal password reset emails affected thousands of X users, with multiple cryptocurrency industry accounts receiving requests;
After the hack attack on Tectonic, the largest lending protocol in the Cronos ecosystem, Cronos's rollback operations have encountered further scrutiny and doubts;
Losses of about $455,000; Sui ecosystem DeFi protocol Full Sail decides to gradually cease operations…
Here is the portal for the "Weekly Editor's Selection" series transmission. Until next time~
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