Crypto Morning Post: MegaETH mainnet goes live, Backpack seeks financing at $1 billion valuation Author: Deep Tide TechFlow Market Dynamics Yesterday Hassett: It should be expected that employment data will slightly decline, but this should not cause panic. According to a report by Golden Ten Data, Hassett, Director of the White House National Economic Council, stated in an interview with CNBC about the labor market that employment data should be expected to decline, but this should not cause panic. Hassett believes that given slow population growth but "soaring" productivity growth, lower employment data will still be consistent with high GDP growth. Hassett's comments on labor data pushed up the price of US treasury bond bonds, and commodity trading advisers and short-term trading accounts rose in succession. In addition, Hassett also stated that GDP growth is "very strong", with an expected growth rate of 4.0% by the end of the year and an overall annual growth rate of 3.0%, and attributed the negative growth in the first quarter of last year to the Biden administration. Binance SAFU fund address bought 4225 BTC worth $300 million again. According to on chain data, Binance SAFU fund address bought 4225 BTC worth $300 million again. Story Protocol responds to "token unlocking delay": The project needs more time to build usage scenarios. According to CoinDesk, the blockchain intellectual property protocol Story Protocol has postponed the first major token unlocking deadline by 6 months to August 2026. Co founder SY Lee responded to this in an interview, stating that the project requires "more time" to build usage scenarios. Lee stated that almost zero on chain revenue is a "wrong metric" because Story's business model focuses on off chain licensing of AI training datasets rather than fuel costs. He compared the project to Worldcoin's decision to extend the lock up period for investors and teams in 2024, seeing it as a signal of long-term commitment. Story Protocol is shifting from general intellectual property registration to "uncatchable" human contributed data and enterprise licensing agreements, focusing on recording ownership terms and usage rights for datasets and models used to train artificial intelligence systems. This shift has slowed down visible on chain revenue, but aims to reduce the pressure of token oversupply. Backpack has announced its token allocation plan, and TGE will release 25% of the tokens, of which 24% will be allocated to point holders. Backpack has announced its token allocation plan, which is divided into three stages. TGE will release 25% of the token supply, totaling 250 million tokens, of which 240 million tokens (24%) will be allocated to points holders and 10 million tokens (1%) will be allocated to Mad Lads holders. The second stage of token allocation is before IPO, accounting for 37.5%, or 375 million tokens, which will be used as a "growth trigger unlock" and gradually released based on key milestone achievements. The third stage is after the IPO, which also accounts for 37.5%. These tokens will be deposited into the company's inventory and locked in for one year after the IPO. The total token supply is 1 billion, with a pre IPO total supply of 625 million (accounting for 62.5%). Backpack states that the tokens in the company's inventory will serve as strategic digital asset reserves for long-term value creation, and team members and investors will gain token exposure through the company's inventory. Backpack CEO: All team tokens are stored in the company's treasury and locked for at least one year after the IPO. According to Backpack CEO Armani Ferrante, the economics of Backpack tokens will follow two core principles: internal personnel cannot "dump" to retail investors, and all liquidity tokens will be distributed to users. Ferrante stated that the founders, executives, employees, and venture capitalists have not received direct token distribution, and all team tokens are stored in the company's treasury and locked in for at least one year after the IPO. Team members only hold equity in the company and can only profit from the project after the company is successfully listed. Backpack plans to IPO in the United States, and the exchange is gradually opening up more regions and launching more products, including traditional financial services, securities products, etc. Each time a new region is opened or a new product is launched, tokens will be unlocked to users in a predictable manner, driving platform growth. Previously, Backpack announced a token allocation plan, and TGE will release 25% of the tokens, of which 24% will be allocated to point holders. According to Axios, Backpack Exchange, a centralized cryptocurrency trading platform created by former FTX and Alameda executives, is in talks for a new round of financing with a pre investment valuation of $1 billion. The company plans to raise $50 million in funding, but the final financing scale may be even larger. MegaETH announces that the mainnet has been launched and the ecosystem frontend "The Rabbihole" has been launched. According to official MegaETH news, the mainnet has been fully launched and the MegaETH ecosystem frontend "The Rabbihole" has been launched. As the user interface of the MegaETH ecosystem, this platform will provide users with multiple functions such as discovering online and upcoming applications, asset cross chain bridging and exchange, and ecosystem event notifications. Bitmine once again increased its holdings of 20000 ETH from FalconX, worth $41.07 million. According to Arkham data, Bitmine purchased another 20000 ETH (worth $41.07 million) from FalconX in approximately 7 hours. Cango announced that it has sold 4451 bitcoins to cash out $305 million to support its AI transformation. According to Cango Inc.'s announcement, the company has completed the sale of 4451 bitcoins and directly exchanged them for approximately $305 million worth of USDT through the public market. The funds obtained have been used to partially repay the loan secured by Bitcoin. Cango stated that the sale of Bitcoin aims to strengthen the balance sheet and reduce financial leverage, providing financial support for the company's strategic expansion into artificial intelligence computing infrastructure. The company is undergoing a strategic transformation to leverage its global grid connected infrastructure to provide distributed computing capabilities for the AI industry. Cango will continue to maintain its Bitcoin mining business while seeking the best balance between computing power scale and operational efficiency. Asset management company Metalpha has launched a Bitcoin allocation plan, allocating up to 20% of its annual net profit to purchase Bitcoin. According to Prnewswire, digital asset management company Metalpha Technology Holding Ltd. has started implementing a Bitcoin allocation plan, which will allocate up to 20% of the company's annual net profit to purchase Bitcoin. This plan is part of Metalpha's long-term digital asset strategy, aimed at optimizing the company's balance sheet by converting a portion of profits into Bitcoin assets. Metalpha stated that this measure reflects the company's long-term confidence in Bitcoin as a store of value and a hedge against inflation. Jump Trading will exchange liquidity for a small stake in Kalshi and Polymarket. According to Bloomberg, market maker Jump Trading is about to acquire a small stake in predictive market platforms Kalshi Inc. and Polymarket as a condition for providing liquidity to these platforms. Insiders revealed that Jump's agreement with Kalshi involves a fixed percentage of company equity, and its stake in Polymarket will grow over time based on the trading capacity provided by Jump for its US business. Recommended reading for market dynamics: Kyle's four-day resignation criticizes Hyperliquid, Arthur Hayes returns with a $100000 bet. This article mainly discusses the dynamics of the cryptocurrency industry, especially the controversy surrounding the Hyperliquid project. The article takes Kyle Samani's criticism of Hyperliquid after his resignation as the starting point, analyzing the contradiction between ethics and interests in the cryptocurrency industry, as well as the importance of price in the industry. The article also mentioned the gambling game between Arthur Hayes and Kyle, exploring how industry participants use prices as a means of responding to criticism. Reviewing the Bitcoin bear market cycle, at what price can we buy the bottom? This article analyzes the price changes of Bitcoin during bear market cycles and the underlying influencing factors, and explores possible future price trends. The article proposes three possible market scenarios by analyzing historical data and provides recommendations for investors' operational strategies in different scenarios. What is the best RWA Token standard after the Mainland Document No. 42 is finalized? This article conducts a qualitative analysis of the regulation of real-world asset tokenization (RWA) based on the "Document No. 42" released by China. It explores the definition, application scenarios, and compliance path of RWA, and deeply discusses the current development status of the global RWA market and the evolution of related token standards. It also analyzes successful cases of on chain asset tokenization (such as Atoken and stETH) and the future potential of on chain stock models. FT Column: The 'Hate' Moment of Bitcoin: What matters is not the fall, but the landing. This article criticizes the blind faith of the cryptocurrency community in Bitcoin and the spiritual victory method in crisis by quoting a classic line from the French movie 'Hate'. Although Bitcoin has rebounded after several crashes in the past, the author believes that this belief based foam will eventually burst, and the market's confidence in Bitcoin is gradually fading. Dialogue with Cathie Wood, Eight Insights on the 2026 Grand Plan. This article summarizes the in-depth conversation between veteran investor Peter Diamandis and ARK Invest founder Cathie Wood on the "2026 Grand Plan" report, pointing out that we are currently at a once-in-125 year technological turning point. The article focuses on the exponential integration of AI, robotics, energy storage, blockchain, and multi omics sequencing platforms, as well as their profound impact on global economic and technological development in the next five years. At the same time, the article also delves into cutting-edge trends such as data center migration to orbit, autonomous driving, and nuclear energy revival, and proposes investment and development recommendations for the future.