BlockBeats will summarize the key industry news of the week (8.11-8.17) in this article and recommend in-depth articles to help readers better understand the market and industry trends.

Important News Recap

This Week's Market Volatility: Multiple Tokens Hit All-Time Highs Before Falling Back

On August 13, Ethereum rose to $4700, hitting a new high since mid-December 2021. On the same day, the total cryptocurrency market cap surpassed $4.2 trillion, once again reaching a historic high. On the 14th, BNB briefly surged above $865, setting a new all-time high. On the 15th, possibly affected by unfavorable PPI data, the crypto market experienced a widespread drop, with Ethereum falling below $4400 and Bitcoin dropping below $118,000, bringing the total cryptocurrency market cap down to $4.09 trillion. The altcoin market generally declined, with Ethereum ecosystem tokens leading the drop. Related Readings: "Breaking Through $4600, ETH is Just 5% Away from a New High, Finally Shedding the 'V God Effect'", "Buying $5 Billion in 35 Days, Can ETH Really Rally to $15,000?", "How Far Are We from a Full-Fledged Altseason? | Trader's Observation", "Awakening of the ETH Ecosystem: LDO Surges 60% in a Week, Reevaluation of the 'Staking King's' Value?"

Yellen: Will Not Purchase or Sell Crypto Reserves, Currently Holds Confiscated Bitcoin Reserves Worth Approximately $15-20 Billion

On August 14, U.S. Treasury Secretary Yellen stated that the Bitcoin reserves are worth approximately $15-20 billion and that sales of Bitcoin holdings will be halted. Additionally, (regarding cryptocurrency reserves), there will be no purchases, and confiscated assets will be used. She also mentioned that it is unlikely that the U.S. gold reserves will be reevaluated.

OKX to Strategically Upgrade X Layer; OKB Completes Epic Burn, Total Supply Reduced to 21 Million Tokens

On August 13, OKX officially announced a strategic-level upgrade of X Layer, positioning it as a leading public chain dedicated to DeFi, payments, and RWA scenarios. Network throughput has been increased to 5000 TPS, Gas costs have been reduced to near-zero, and security and Ethereum mainnet compatibility have been significantly enhanced. OKB continues to serve as the sole Gas and native token of X Layer and has completed a one-time burn of 65.25 million OKB from historical buybacks and reserves. Following the announcement, OKB reached a peak of $144, with a one-hour surge of over 186%. On the 15th, the OKB burn was officially completed, reducing the total supply to 21 million tokens. Related Reading: "Recalling the Platform Coin Battle 4 Years Ago, Is There Still a 10x Upside Potential Now?"

Bitmine Plans to Increase Funding Size by $20 Billion to Accumulate More ETH

On August 12, Ethereum's top holder institution, Bitmine Immersion (BMNR), plans to increase its funding size by $20 billion to acquire more ETH. The maximum issuance price specified in Bitmine Immersion's prospectus can reach up to $20 billion, the maximum issuance price specified in the first supplementary prospectus can reach up to $25 billion, and the issuance price specified in the newly released second supplementary prospectus can reach up to $200 billion, totaling $245 billion. Related Read: "Pantera: After Swallowing 1 Million ETH, How Should BitMine Be Valued?"

Futu Securities Announces Launch of Solana (SOL) Retail Trading Service

On August 14, according to the official announcement, Futu Securities announced the launch of the Solana (SOL) retail trading service. Starting today, eligible retail investors and professional investors in Hong Kong can securely trade SOL through the Futubull App. At the same time, SOL paper trading will soon be available on the platform to help more cryptocurrency beginner investors familiarize themselves with the trading process and master investment skills.

Uniswap Foundation Proposes "DUNA DAO" Structure to Pave 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" for its governance organization under the Decentralized Autonomous Someplace Nonprofit Association (DUNA) legal framework in Wyoming. This entity will retain Uniswap DAO's existing governance structure while providing it with a legal entity foundation to enable it to engage service providers, sign contracts, and fulfill regulatory and tax compliance obligations. If the proposal is approved, Uniswap DAO will become the largest decentralized organization to adopt this legal framework. Under the terms of the proposal, the entity will receive 16.5 million worth of UNI tokens to pay for past tax obligations and establish a legal defense budget. Related Read: "Uniswap Proposes DUNA, Can It Unlock a Fee Switch Worth Hundreds of Millions Annually?"

Privacy Leader Monero Faces 51% Attack, Qubic Claims the Act Is a Technical Demonstration, Not Malicious

On August 12, IOTA co-founder Sergey Ivancheglo's project Qubic, through the "useful Proof of Work (uPoW)" mechanism, accumulated a large amount of Monero hashrate, soaring from less than 2% to over 27%, briefly becoming the largest Monero mining pool. Later that day, Qubic briefly controlled 52.72% of Monero's network hashrate (about 3.01 GH/s). Once surpassing 51%, Qubic can reject blocks from other pools, leading to chain reorganizations, double spending, or transaction censorship. The Monero community has taken defensive actions, while Qubic states that this action is a technical demonstration, not a malicious attack. Related Read: "7500% Attack on a $50 Billion Giant, What Are They Trying to Do?"

7 Years Later, Bullish Goes Public on NYSE IPO Oversubscribed Following Li Xiaolai's Comments on EOS

On August 12, prominent blockchain investor Li Xiaolai, who had previously expressed his thoughts on EOS in a WeChat post titled "Looking at EOS again in seven years" on August 10, 2018, shared his anticipation for the future of the EOS ecosystem. Bullish, the digital asset trading platform launched by Block.one (the blockchain company behind EOS) in 2020, officially went public on the New York Stock Exchange on August 13. Despite increasing the issuance size, Bullish's IPO still received oversubscription, demonstrating significant market recognition for Block.one and its ecosystem. On the 14th, Bullish (BLSH.US) IPO opened more than 176% higher on its first day, with a peak market value exceeding $15 billion. Related reading: "Bullish IPO: Why is the Valuation Less Than 10% of Coinbase's?"

Over 788,000 ETH in Queue to Exit Ethereum PoS Network, Setting Another Record High

On August 15, according to data from the validatorqueue tracking website, the current Ethereum PoS network exit queue stands at 788,624 ETH, approximately worth $36.51 billion, setting a new record for the coin-based exit scale. Meanwhile, around 332,846 ETH are queued to join the network. Previous reports indicate that this situation reflects two opposing market forces: some stakers may have chosen to cash out after Ethereum's rebound of over 160% from its April low, leading to a surge in the exit queue; on the other hand, new inflows of capital driven by regulatory optimism and institutional demand are also boosting the entry queue. Related reading: "6 Valuation Methods: Can Ethereum Reach $10,000 in This Cycle?", "New High Incoming: Six Charts Analyzing ETH's Token Distribution"

Zhaojin International Launches First On-Chain Public Offering Fund on Solana

On August 13, the Solana team announced that with the support of DigiFT and OnChain, Zhaojin International, a leading asset management company in Asia, successfully brought its flagship fund onto the Solana blockchain. This is the world's first Solana on-chain public offering fund, holding significant importance in Asia's financial markets. The token product issued this time targets qualified investors in Singapore, deployed on the Solana, Ethereum, Arbitrum, and Plume blockchains through the DigiFT platform, supporting fiat and stablecoin subscriptions and redemptions, and enabling real-time redemptions through smart contracts. Related reading: "Zhaojin's First Attempt to Tokenize a Fund: Who's Behind the RWA Action?"

The Conclusion of the UST and Luna Collapse Case: Terra Founder Do Kwon Pleads Guilty to Financial Fraud

On August 13, according to Reuters, South Korean cryptocurrency entrepreneur Do Kwon pleaded guilty to two fraud charges in a New York federal court. The 33-year-old co-founder of Terraform Labs, whose TerraUSD and LUNA tokens collapsed in 2022, causing approximately $40 billion in losses. At the hearing, Do Kwon pleaded guilty to charges of conspiracy to commit fraud and wire fraud. During the trial, Do Kwon apologized in court: "I concealed the truth about the trading firm's intervention to restore the peg, making false statements. My actions were wrong." Although the statutory maximum sentence is 25 years, the prosecution has agreed to recommend a sentence of no more than 12 years of imprisonment if he pleads guilty and shows remorse. The presiding judge will deliver the sentencing judgment on December 11.

Guizhou Province Discipline Inspection Commission in China Debunks Rumors of Female Official "Mining 327 Bitcoins": AI-Generated by Self-Media

On August 14, a staff member from the Propaganda Department of the Guizhou Province Discipline Inspection Commission in China told "China Newsweek" that the news of former Guizhou Provincial Big Data Development Management Bureau Director Jing Yaping mining 327 Bitcoins using government servers is "a rumor." According to their understanding, Jing Yaping's case does not involve Bitcoin. The aforementioned staff member stated that this news was initially generated by some self-media using AI to attract traffic. It was later reported by a media outlet, and relevant departments have already communicated on this matter.

Two Ivy League Universities Hold Bitcoin, Totaling Nearly $130 Million

On August 11, according to a 13F filing disclosed by the U.S. SEC, among the eight Ivy League schools, Harvard University and Brown University have both invested in Bitcoin assets. Specifically, Harvard University holds $116.6 million worth of the Bitwise Bitcoin ETF (IBIT), ranking fifth on its asset list; Brown University holds $13 million worth of the Bitwise Bitcoin ETF (IBIT), ranking third on its asset list.

Payment Company Stripe Collaborates with Paradigm to Develop "Tempo" Blockchain

On August 12, it was reported that the payment company Stripe is collaborating with Paradigm to develop the "Tempo" blockchain. Job postings indicate that Tempo is currently in a stealth R&D phase with a team size of 5. Paradigm's co-founder and managing partner, Matt Huang, is also a member of Stripe's board of directors. Insiders revealed that Tempo is a Layer 1 blockchain, meaning it is not a chain built on top of other protocols, and it is compatible with the programming language used by the Ethereum blockchain. Last October, Stripe announced an $11 billion acquisition of the stablecoin infrastructure company Bridge, its largest acquisition to date. In June, the payment giant also acquired the crypto wallet developer Privy (price undisclosed). Related Read: "Paradigm Co-founder Matt Huang Takes the Helm, Payment Giant Stripe Develops New Chain 'Tempo' to Enter the Stablecoin Payment Battle"

Century Games and OSL Group Reach Strategic Cooperation, Jointly Promoting Stablecoin Payment Collaboration New Opportunities

On August 15, global IP game operator Century Games 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 Century Games' 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 the completion of the acquisition of the cryptocurrency options exchange Deribit. Coinbase will be closer to providing a full range of trading products, including spot, futures, perpetual contracts, and options. In July 2025, Deribit's trading volume exceeded $185 billion, and the platform's current open interest stands at around $60 billion.

This Year's Cryptocurrency Project Financing Volume Has Reached $20.6 Billion, Surpassing Last Year's Annual Total

On August 11, according to CryptoRank data, as of July 31, 2025, this year's cryptocurrency project financing volume has reached $20.6 billion, surpassing last year's annual total and breaking the previous funding records of each cycle. 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 place.

Major Fundings This Week: Transak, 1Kosmos, Shrapnel, USD.AI

On August 12, Web3 payment infrastructure company Transak raised $16 million in a strategic funding round. The round was led by IDG Capital and Tether, with participation from Primal Capital, 1kx, Protein Capital, and Fuel Ventures.

On the 12th, blockchain identity verification platform 1Kosmos completed a $57 million Series B funding, led by Forgepoint Capital and Oquirrh Ventures under Origami.

On the 14th, blockchain game Shrapnel announced that it had received $19.5 million in investment in two financing rounds. The latest round was led by Gala Games, with participation from Griffin Gaming Partners and Polychain Capital, among others. It is reported that the game will start closed testing later in 2025 and open testing in early 2026. Shrapnel developer Neon Machine incurred a net loss of $11.4 million in 2024.

On the 14th, USD.AI, a stablecoin protocol providing credit for AI, completed a $13.4 million Series A funding round, led by Framework Ventures with participation from Bullish, Dragonfly, Arbitrum, among others.

This Week's Popular Articles

"35-Day Shopping Spree of $5 Billion, Can ETH Really Rise to $15,000?"

Within 35 days, BitMine, through PIPE financing and three rounds of large-scale accumulation, increased its ETH holdings from zero to 830,000 coins, surpassing SharpLink to become the world's largest Ethereum treasury. Behind this achievement is a Wall Street-style high-frequency disclosure, structured buying, and a narrative-driven blitzkrieg approach, contrasting sharply with SharpLink's slow accumulation and low-cost holding OG path. With the endorsement of opinion leaders like Tom Lee, BitMine has not only reshaped its own valuation but also accelerated the transfer of ETH pricing power from the native crypto community to Wall Street capital adept at capital operations and narrative construction.

"Rhythm Interview with Pudgy Penguins CEO: We Want to Surpass Hello Kitty and Pokémon"

Under Luca Netz's leadership, Pudgy Penguins transformed from a near-collapse NFT avatar project into a dual facade of the crypto world and mainstream consumer culture. Leveraging factors such as retail channels like Walmart, high social media exposure, and female user-driven features, it has built a highly credible, cross-segment "cute culture" IP, setting goals to surpass Hello Kitty and Pokémon. At the same time, it actively enters the financial and institutional scenes, ringing the Nasdaq bell with VanEck, launching ETF-related collaborations, shaping a "financial facade" image. Concurrently, building a Web3 ecosystem around the IP, including issuing the $PENGU token, laying out a Layer2 chain Abstract core focused on gaming/trading/social finance, under a strategy of IP, chain, and token integration, aiming for global branding and crypto ecosystem expansion.

"Remembering the Platform Coin Battle Four Years Ago, Is There Still 10x Upside Potential?"

OKX Announces One-time Burn of 65.25 Million OKB Tokens, Triggering a Nearly Three-fold Price Surge in a Single Day, reminiscent of the 2021 "Platform Token Burn War" market sentiment. Looking back, platform tokens such as BNB, OKB, HT, and FTT achieved several to tenfold increases in value through substantial burns, ecosystem expansion, and market cap management. Today, although the industry landscape and regulatory environment have changed, platform tokens have evolved from a simple fee deduction voucher to a composite asset integrating global licenses, on-chain ecosystems, public chain Gas, and capitalization attributes. BNB ignited its on-chain ecosystem through Alpha, OKB enhanced its value through scarcity burns and X Layer upgrades, and BGB boosted its value through dual circulation and high-frequency burns. A new round of CEX arms race may already be quietly underway, still a game of "who can burn, sustain, and move fast will emerge victorious."

"From Leading to Lagging Behind: Why SOL Struggles to Counter ETH's Offensive"

ETH broke through $4700 strongly supported by treasury strategy, ETF inflows, and compliance applications such as stablecoins and RWAs, and secured its institutional advantage in asset allocation with its massive capital base and market influencer effect. In contrast, SOL, constrained by its fund size and lack of heavyweight endorsements, experienced a weakening exchange rate against ETH throughout the year. However, through initiatives such as the introduction of Arthur Hayes, institutional holdings, expected ETFs, and cross-border RWA implementations, SOL is accelerating its catch-up. If the October SOL spot ETF is approved and a new narrative unfolds, it may usher in a new opportunity for price recovery and ecosystem expansion.

"Cryptocurrency Leader Emerging from Under the Oil Lamp: He Yi's Counterattack Life and Cryptocurrency Empire Guardian Battle"

He Yi emerged from a poor rural area in Sichuan, China, went through his father's early death, worked while studying, and became the co-founder of the world's largest cryptocurrency exchange, Binance, and a billionaire. Amid crises such as CZ's imprisonment and the company's $4.3 billion fine, she persevered and drove the platform's transformation towards compliance. She is known for her "customer-first" approach, personally handling user issues, requiring employees to start with customer service, and balancing toughness with support. She is seen as a key decision-maker behind the scenes at Binance, which still accounts for nearly 40% of global trading volume in the post-CZ era. She firmly believes that cryptocurrency will fully integrate with traditional finance within a decade and compares this technological transformation to her own journey from a childhood without electricity or water to the digital age.

"With 4 Statements, 3 Bills, and 2 Executive Orders in 20 Days, Which Crypto Sectors Benefit from U.S. Policy Favorability?"

Over the past year, U.S. crypto regulation has swiftly shifted from a "strangling action" to a policy-friendly approach. The Trump administration and regulatory agencies have introduced a series of measures such as the Stablecoin Bill, the CLARITY Act, the Anti-CBDC Act, Spot ETF Physical Redemption, Liquidity Mining Legitimization, and the entry of banks and pension funds. These initiatives have established a compliance pathway for stablecoins, RWAs, on-chain lending, on-chain equities, DeFi, and U.S.-based public blockchains, unleashing unprecedented institutional dividends. Traditional funds and institutions are accelerating their entry, driving deep integration of crypto assets with the U.S. dollar, U.S. bonds, stocks, and other traditional financial instruments, ushering in what is seen as a "policy bull market" that is historically significant. However, the true long-term trajectory still depends on the game between future standards and implementation details.

"Crypto Company Listing Wave is Coming, How to Play Pre-IPO on Chain"

Since the beginning of this year, on-chain Pre-IPO trading has rapidly gained momentum. Robinhood's launch of "stock tokens" for unicorns like OpenAI and SpaceX in Europe has attracted attention and controversy, reflecting the market's significant demand for investment opportunities in pre-listed companies. The private equity market, traditionally dominated by institutions, is witnessing the emergence of platforms such as Ventuals and Earlybird, which rely on derivatives to bet on valuations, as well as models like PreStocks and Jarsy that tokenize real ownership stakes, enabling direct on-chain trading of company stocks. On-chain transformation not only lowers barriers and enhances liquidity and transparency but also aligns with the investment preferences of Millennials and Gen Z. Once deeply integrated with traditional finance, it is expected to drive private equity investments towards true mass adoption.

"Korean-American Tom Lee Brings the 'ETH MicroStrategy' Trend to Korea"

Korean retail investors are extending the frenzy in the crypto market to the stock market, sparking a wave of "coin stocks" investment. Since July, Korean investors have net-purchased $259 million worth of BitMine stock, propelling it to the top of the overseas stock buying list. This mining company, backed by Peter Thiel and holding over 1.15 million ETH, has become more appealing due to the Korean heritage of board member Tom Lee. Compared to direct ETH purchases, many are chasing the more volatile "coin stocks." Previously, companies like Circle, Kakao Pay, and LG CNS surged due to crypto-related themes. However, experts caution that emotion-driven valuations are often short-lived, and as the excitement fades, bubble risks may be exposed.

"WLFI Launch CountDown: How to Reasonably Value It in a Multi-Party Game?"

WLFI plans to start token trading at the end of August, combining political narrative with financial engineering to build a closed-loop ecosystem centered around governance token, stablecoin USD1, treasury strategy, and cross-border investment. The project raised a total of $550 million in two early public rounds and attracted capital from figures such as Justin Sun and DWF Labs. ALT 5 Exchange established a $0.2 valuation anchor and tied it to Trump family political resources. USD1's circulating market value surpassed $2.1 billion two months after its launch. Despite a brief depegging, it has been integrated into multiple chains and trading platforms, along with an expansion of applications through a rewards program. In the short term, the market is expected to revolve around the TGE and unlock ratio, while the long-term achievement of the "American crypto-nationalism" paradigm depends on the mainstream adoption of USD1 and the sustainability of the token circulation mechanism.

"ENA Surges: How Did USDe's Supply Surge by $3.7 Billion in 20 Days?"

Over the past 20 days, the supply of the Ethereal stablecoin USDe surged by $3.7 billion due to the PT-USDe leverage rotation strategy launched by Pendle and Aave. This strategy splits USDe into principal tokens (PT) and yield tokens (YT). PT functions like zero-coupon bonds that can lock in fixed income and then amplify holdings through borrowing and lending on Aave, with leverage of up to approximately 10x. Due to Pendle's high-yield stability and Aave's low borrowing costs, the annualized return can reach 40%. Aave mitigates liquidation risks by pegging USDe to USDT, accepting PT as collateral, and setting a discount cap and emergency stop mechanism. However, a sharp drop in yield or an oracle attack could still trigger chain reaction risks.

"With $11 Billion in Ethereum, Vitalik Is Still Hand Washing His Laundry"

As Ethereum approaches a historic all-time high, Vitalik Buterin has once again hit the trending list for insisting on washing his laundry himself, highlighting his consistent frugality and minimalist lifestyle. The Ethereum co-founder, worth billions of dollars, has chosen to rent an ordinary apartment and travel by subway since obtaining permanent residency in Singapore in 2023. He is often found in coffee shops and universities engaging in technical research and cross-disciplinary exchanges. While leading a modest life, he is generous in his philanthropy, donating substantial amounts of cryptocurrency assets and advocating for blockchain to serve social welfare rather than speculation in public speeches. By deliberately staying away from the glamour and hero-worship of the crypto community, Vitalik focuses on technology, philosophy, and public issues, maintaining a calm observation and independent thinking amidst the industry's buzz. This choice to "maintain human integrity" is at the core of his long-term influence.

"7 Days 600x, Will AI Season 2.0 Start Because of This Dog?"

$SPARK is an AI dog character launched by Illusion of Life, founded by animator Pasquale D'Silva and AI developer Kevin Fischer, aiming to build an "AI Disney" using AI to allow virtual characters to autonomously create stories in reality and on the internet. On August 5, Kevin transferred his personal Twitter to Spark, and on the same day, $SPARK token was listed on pump.fun. Although the official statement caused a temporary price drop, Spark personally appeared in the community on August 9, causing the price to quickly rebound and reach a peak market value of nearly $73 million. Compared to early AI memes, $SPARK combines AI with animated storytelling, strengthens IP vitality through real-world interaction and continuous content output, and is considered a potential ignition point for the "second season" of the AI track.

"Institutional Support Drives BNB to New Highs, How Can Retail Investors Take a Piece of the Pie?"

Boosted by purchases by several publicly traded companies, ETF applications, and hitting new price highs, BNB is transitioning from a "platform coin + public chain token" to an "institutional reserve asset," with its value center structurally elevated. Retail investors can participate in DeFi, RWA, and Meme projects in the BNB Chain ecosystem, position themselves in related concept stocks, take advantage of various activities on Binance, and enjoy deflationary benefits to share the uptrend dividend. The institutionalization process and expansion into payment scenarios have also provided multiple supports for its long-term growth.

"Old Trees Spring Back: Summer Counterattack of DeFi Old-Timers"

With the total value locked (TVL) in the DeFi market approaching historic highs, this round of rebound is led by "veterans" such as Aave, Uniswap, Euler, Pendle, Fluid, and Spark, driven by accelerated institutional funds entering, on-chain yield demand recovery, and technological iteration. Through ecosystem expansion, capital efficiency improvement, product innovation, and cross-chain layout, various projects have achieved simultaneous growth in TVL and token prices, demonstrating the resilience and growth potential of old protocols in a new round of DeFi competition.

"Pre-Minting Before Launch: This Company Spends $1.5 Billion to Enter the WLFI Treasury"

ALT5 Sigma announced a $1.5 billion funding through registered direct offering and private placement to acquire WLFI tokens and launch a treasury strategy, becoming the second company to implement this plan after BigStrategy Inc.; the collaboration allowed ALT5 to leverage the Trump camp and Nasdaq-listed company status for policy and business advantages, while WLFI utilized a shell listing for rapid fundraising and enhanced token value and compliance. However, the market also warns of risks in the crypto treasury model, such as extreme stock price volatility, regulatory uncertainty, and inadequate value anchoring.

"Robinhood vs. Coinbase: A $160 Billion Showdown"

Robinhood and Coinbase are competing for young investors with fundamentally different models: the former targets the future wealth transfer population through low fees, seamless integration of crypto and traditional financial services, tokenized stocks, and a subscription system, while the latter is building institutional-grade crypto infrastructure, holding core resources such as ETF custody, stablecoins, derivatives, and the Base Chain. Financial reports show that Robinhood's revenue and crypto business are rapidly growing, with its stock price soaring during the year, while Coinbase, despite retail trading pressure, maintains a strong position in institutional custody and infrastructure. Both are not one-size-fits-all winners but are each betting on a different financial future path—Robinhood on mainstreaming and lifestyle, Coinbase on architecture and trust.

"How Will Circle Make Money Next? CEO Addresses Profitability Model, Bank Competition, and Arc Chain Strategy"

Circle's first post-IPO financial report shows second-quarter revenue and reserve earnings of $658 million, a 53% year-on-year increase, with adjusted EBITDA of $126 million. However, a net loss of $482 million was recorded due to non-cash expenses related to the IPO; USDC circulation reached $61.3 billion, capturing 28% of the stablecoin market, driven by global adoption acceleration, cross-border remittance partnerships, and deep integration with exchanges, payment networks, and bank infrastructure providers. Management emphasizes the introduction of high-margin models such as subscription fees, service fees, and transaction fees to reduce reliance on a single platform; the "GENIUS Act" drives institutional interest, but competition and cooperation with banks are just beginning. Simultaneously, the launch of the Arc Chain, using USDC as native Gas, positioned as a stablecoin financial infrastructure, supports the Circle Payments Network and opens up new revenue streams, marking the company's transition from a stablecoin issuer to a comprehensive financial technology platform.

"BIO Launches V2, Can the New Launchpad Reignite the DeSci Craze?"

The BIO Protocol, which received strong support from top-tier investors at the beginning of the year, has experienced a 95% drop in market value. It lost market confidence due to its high FDV, delayed functionality, and ecosystem dispersion. The recent launch of V2 introduced mechanisms such as low FDV fixed-price initial offerings, BioXP points, staking governance, and a liquidity engine. Staking surpassed 100 million BIO tokens, the market value doubled, and research implementation accelerated (VitaRNA, VitaFAST clinical advancement, IPT model collaboration with Pfizer). The project is attempting to reignite DeSci's popularity through Launchpad 2.0, research automation, and the capital flywheel. However, sustained rebound depends on the pace of implementation and the market environment.

"Zora Hits a New High, Is It Genuine Content or Coinbase Flexing Its Muscles?"

$ZORA has surged nearly 10x in 20 consecutive days, driven by its listing on Binance perpetual contracts and integration with Base App. With a market value approaching $480 million, ZORA's "creator coin + content coin" model binds content creation with token issuance, significantly amplifying individual users' token output and network effects. Base App's integration with Noice has closed the loop for creation, distribution, and monetization, coupled with introducing off-chain creators and multi-platform billboard promotions, enhancing attention and adoption rates. Various projects have emerged within the ecosystem, such as zxbt (AI art), FakeTaxi (adult entertainment IP), Visualize Value (art education), 11AM (Web3 live streaming), showcasing that content is becoming a key entry point for on-chain liquidity and heralding a potential full-scale emergence of on-chain creator economies.

"Retrospect of Six Major On-Chain Foundational Protocols, HyperEVM Faces Ethereum Head-On"

With Ethereum being reshaped by protocols like Aave, Pendle, and Ethena driving the growth of DeFi, it has formed a high-connectivity "six-protocol" network consisting of BTC, ETH, Pendle, Aave, Ethena, and HyperEVM as its core. BTC/ETH represent value and the ecosystem cornerstone, Aave serves as the lending infrastructure accommodating leverage amplification, Pendle delves into revenue splitting and interest rate derivatives, Ethena builds a third pillar stablecoin with USDe, and HyperEVM deeply integrates mainstream protocols to extend trading and liquidity. High collaboration has exponentially improved capital utilization rates, indicating a scenario where all thrive together or suffer together. The future switching of stable assets like ETH and USDe within the DeFi stack will impact leverage curves and cycle trends. Those who can occupy key nodes in this protocol network have the opportunity to enter the "Cryptocurrency Pantheon."

"Ethereum Treasury Companies: Disruptors or Builders of the On-chain Ecosystem?"

Ethereum Digital Asset Treasuries (DATs) are rapidly expanding, with enterprises accumulating 2.2 million ETH since July (1.8% of total supply), far outpacing net issuance during the same period, creating supply-demand tension. Unlike Bitcoin treasuries, ETH reserves can earn returns through staking and DeFi, with some companies actively engaging in on-chain operations, potentially enhancing network security and liquidity but also introducing centralization, leverage, and operational risks. As the holdings and on-chain participation of these enterprises grow, their financial health and market behavior will directly impact Ethereum's supply dynamics, on-chain activity, and long-term network stability.

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