BlockBeats will summarize the industry's key news content for the week of 8.25-8.31 in this article, and recommend in-depth articles to help readers better understand the market and grasp industry trends.

Important News Review

Due to funding and seasonal factors, the crypto market experienced another correction this week, with Bitcoin dropping below $108,000

This week, the crypto market once again experienced a correction. On the 30th, Bitcoin briefly dropped below $108,000, and Ethereum dropped below $4,300. Matrixport released a daily chart analysis stating, "Most institutional funds have exited during the summer, but Ethereum still attracts inflows, while Bitcoin ETF may see net outflows for the fifth consecutive month. Fund flows and seasonality are equally important. After maintaining a bullish stance in July, we turned cautious in August." Related reads: "Sharp Correction After Historic High, Is the Market Still in a Bullish Trend? | Trader's Observation", "Everyone Is Celebrating the September Rate Cut, Is Powell's Speech Really That 'Dovish'?", "Bitcoin Rebound Stalled, Is $95,000 the Ideal Bottom Fishing Opportunity?"

The U.S. Department of Commerce to Chainlink Collaboration: Bringing Government Macroeconomic Data On-Chain, Choosing Pyth Network for Data Verification and Distribution

On August 28, according to official sources, the U.S. Department of Commerce partnered with Chainlink to bring U.S. government macroeconomic data on-chain. These new Chainlink data sources can securely provide key U.S. economic data on-chain, including Real GDP, PCE Price Index, and Real Final Sales to Domestic Private End Users. This is the first time a federal agency has published economic statistical data on a blockchain in this manner, and it is the latest initiative by the Commerce Department to protect federal data and promote public use through innovative technology. This data will be updated monthly or quarterly as needed and will initially be offered on ten blockchain ecosystems, with the first supported blockchains including: Arbitrum, Avalanche, Base, Botanix, Ethereum, Linea, Mantle, Optimism, Sonic, and ZKsync. Additionally, the U.S. Department of Commerce has chosen Pyth Network for on-chain economic data validation and distribution. Related reads: "U.S. Department of Commerce Goes 'On-Chain': Chainlink and Pyth Benefit from Public-Private Partnership", "The U.S. Government Is Really Starting to Use Blockchain"

XPL Price Surges Over 200% Due to Whale Manipulation, Hyperliquid Responds: No Technical Issue or Bad Debt on Platform

On August 27, a wallet address went long millions of XPL on Hyperliquid, directly clearing the entire order book. Subsequently, the whale started closing some long positions, making a profit of $16 million in just one minute. XPL skyrocketed to $1.80 within 2 minutes, a surge of over 200%. Later, it was observed that three whale wallets cleared short positions in less than an hour, earning over $38 million in profit. Analysis showed that two of the addresses had the same source of funds and similar operating habits, indicating collaborative features. On August 27, Hyperliquid officially announced that there was significant volatility in the XPL market; however, during this period, the Hyperliquid blockchain operated normally as designed, with no technical issues. This liquidation and ADL only affected XPL positions, and the protocol did not incur any bad debts. The pre-listed market itself is unpredictable. Related Reading: "Both Lighter's ETH and HL's XPL have been liquidated, how to avoid manipulation by whales?", "XPL surges nearly 200% in five minutes, who directed this extreme trend on Hyperliquid?"

Trump Announces Dismissal of Federal Reserve Director Cook; Cook Sues Trump in Protest

On August 26, U.S. President Trump signed a document dismissing Federal Reserve Director Cook, effective immediately. Trump stated in the document: "Based on the Second Amendment of the U.S. Constitution and the revised 1913 Federal Reserve Act, I hereby dismiss Cook from the Board of Governors of the Federal Reserve System. Given Cook's dishonest behavior in financial affairs, which may involve criminal activity, I cannot have confidence in your integrity." On the 28th, Federal Reserve Director Lisa Cook sued U.S. President Trump in protest of his dismissal from her Federal Reserve position. Prior analysis suggested that if Trump could successfully dismiss Cook, he would have the opportunity to strengthen his control over the Federal Reserve. Related Reading: "First in History: Trump Dismisses Federal Reserve Director, Directly Challenging Central Bank Independence"

Trump Media Technology Group Acquires $105 Million in CRO, Announces CRO Treasury Strategy: Aiming to Raise $6.42 Billion

On August 26, Trump Media & Technology Group signed a $155 million strategic cooperation agreement with Crypto.com and has acquired approximately $105 million worth of the Cronos ecosystem's native cryptocurrency CRO, about 685 million tokens, to be held and staked through Crypto.com. Simultaneously, Yorkville Acquisition Corp. (NASDAQ: YORK), Trump Media & Technology Group, and Crypto.com announced a trilateral definitive agreement to merge their operations to establish Trump Media Group CRO Strategy, Inc., focusing on acquiring CRO. Upon completion of the merger, the three parties will jointly hold equity as founding partners. In response to this news, CRO surged over 61% in 24 hours, hitting a nearly 3-year high. Related reading: "Has the Cronos Chain's Market Already Begun?"

Bitcoin Asia 2025 Conference Held in Hong Kong This Week, Attended by Eric Trump, Son of U.S. President Trump, among Others

The Bitcoin Asia 2025 Conference was held in Hong Kong this week, attended by Eric Trump, son of U.S. President Trump, Binance founder CZ, HashKey Group Chairman and CEO Xiao Feng, among others who delivered speeches. On the 29th, Eric Trump stated at the BITCOIN ASIA 2025 Conference: "There is no doubt Bitcoin will reach $1 million. Everyone is buying Bitcoin." Related reading: "CZ Full Speech: DEX Scale Will Surpass CEX in 10 Years", "Xiao Feng Bitcoin Asia 2025 Full Speech: DAT More Suitable for Crypto Assets than ETF"

Trump's Eldest Son Invests Tens of Millions of Dollars in Polymarket

On August 26, according to Axios, the world's largest prediction market Polymarket received investment from Donald Trump Jr., the eldest son of Trump, through his venture capital fund. Last year, Trump's eldest son, who joined 1789 Capital, invested tens of millions of dollars in Polymarket. The eldest son of Trump will also join Polymarket's advisory board. Earlier this year, Trump's eldest son joined Polymarket's competitor Kalshi as a strategic advisor. The position with Kalshi is a paid advisory role and does not represent an investment; currently, it seems he is simultaneously involved with both platforms.

Trump Family Project WLFI to Launch on Ethereum on September 1, Early Investors Unlocking 20% in First Two Rounds

The Trump family project World Liberty Finance (WLFI) is set to launch on Ethereum on September 1, with claiming and trading enabled. Early supporters (0.015 and 0.05 USD rounds) will unlock 20%, while the remaining 80% will be subject to a community vote. Tokens for the founding team, advisors, and partners will not unlock. Trading will commence at 8 p.m. Beijing time on September 1, and the 20% token claim will be activated. The two-step claiming process requires users to follow these steps on the official website: Step 1 (before September 1): Activate the lockup contract on the official website (this action will transfer WLFI to the unlock contract); Step 2 (8 p.m. on September 1 and later): Claim 20% of the unlocked tokens. Related reads: "WLFI Pre-launch Price Cut, Is the September 1 Launch Peak or 'One Thousand Miles'?", "Betting Seven Digits on WLFI, Momentum 6 Partners First Discuss Investment Logic."

US CFTC Issues Foreign Trading Platform Registration Framework Guidance, Providing Regulatory Clarity for Non-US Platforms Reentering the US Market

On August 29, the US Commodity Futures Trading Commission (CFTC) Division of Market Oversight issued guidance on a foreign board of trade (FBOT) registration framework applicable to non-US entities legally formed and operating outside the US, seeking to provide direct trading platform access to individuals located within the US. The CFTC's FBOT registration framework applies to all markets, regardless of asset class, including traditional and digital asset markets. Related read: "US Regulators Easing Stance, Can Major Cryptocurrency Exchanges Return to the US?"

Huaxin Capital Board Chairman Xu Yanqing and YZi Labs Head Engage in Fireside Chat at BNB Chain Fifth Anniversary Celebration

On August 29, at the BNB Chain Fifth Anniversary Celebration held in Hong Kong, Ella Zhang, Head of YZi Labs, and Xu Yanqing, Board Chairman of Huaxin Capital and wife of the founder of Huaxin Capital, engaged in a fireside chat with the theme "BNB Meets Wall Street, Opening a New Era of Institutional Adoption." The two discussed topics such as "The Outlook for Institutional Acceleration of Cryptocurrency Technology Adoption," "BNB Chain's Positioning as the Preferred Infrastructure for RWA Issuance," and "TradFi × Web3 Integration" in depth. In earlier news, Huaxin Capital announced on August 22 that it would partner with YZi Labs, investing approximately $100 million in specific BNB asset allocations.

Guotai Junan International Officially Launches Cryptocurrency Trading Service

On August 28, Guotai Junan International announced the official launch of its cryptocurrency trading service. Clients can trade various coins including BTC, ETH, AVAX, LINK, and SOL after opening a crypto account. Clients with professional investor qualifications can further choose to trade XRP, USDT, USDC, among other coins. Additionally, clients can utilize Guotai Junan Securities (Hong Kong) trading service to allocate idle funds not invested in the cryptocurrency market to Guotai Junan International's "Wealth Management Plan." Guotai Junan International plans to introduce more advanced digital asset services in the future. On the 29th, Hong Kong-listed Guotai Junan International (01788.HK) surged over 23% at the opening.

Monero Faces 51% Attack, Instigator Qubic Says the Story Is Not Over, DOGE Listed as Next Target

On August 27, Monero faced a 51% attack, and the instigator Qubic stated in a post that the story is not over. According to a community vote within Qubic this week, Dogecoin (DOGE), with a market cap exceeding $35 billion, was listed as its next target. Qubic carried out a 51% attack on Monero (XMR) on August 12 using an economic incentive game, leveraging $75 million to influence $5 billion in reality. Through the "useful Proof of Work (uPoW)" mechanism, it rapidly accumulated a large amount of Monero (XMR) hashrate, briefly controlling 52.72% of the Monero network's hashrate and ultimately causing the reorganization of 6 blocks and rendering 60 blocks orphaned.

Ethereum Reserve Entities and Spot ETF Holdings Exceed Current Ethereum Supply by 9%

On August 28, according to strategicethreserve data, Ethereum reserve entities and Spot ETF holdings exceed the current Ethereum supply by 9%, now at 9.2%. Among them, 70 Ethereum reserve entities collectively hold 3.6% of the total ETH supply, valued at approximately $19.96 billion, while Ethereum Spot ETF holds 5.6% of the total ETH supply, valued at around $30.99 billion. Related Reading: "Ethereum Holding Analysis: Who Are the Major Players?"

Google Cloud Launches L1 Network GCUL, Currently in Private Testnet Phase

On August 27, Google's Web3 strategy lead Rich Widmann wrote that recent discussions about Layer 1 blockchains have brought Google's own Layer 1—called the Google Cloud Universal Ledger (GCUL)—into the spotlight. As a product lead in the crypto space, you understand that to build a Layer 1, it must be differentiated. GCUL combines Google's years of research and development and is currently in a private testnet phase, providing a new Layer 1 for financial institutions: it is high-performance, trust-neutral, and supports Python-based smart contracts. In addition to leveraging Google's distribution capabilities, GCUL is also a neutral infrastructure layer. Any financial institution can build on top of GCUL. Related Reading: "Google: Why Are We Building Our Own Blockchain, GCUL?"

U.S., Japan, and South Korea Issue Joint Statement on North Korean IT Personnel, Will Collaborate to Address Threat

On August 28, the United States, Japan, and South Korea issued a joint statement on North Korean IT personnel, stating that the three countries will continue to stand united to collectively address the threat posed by North Korean IT personnel. North Korea has been continuously sending IT personnel around the world to generate profits, using the funds obtained to finance illegal large-scale weapons of mass destruction and ballistic missile programs in violation of United Nations Security Council resolutions. The U.S., Japan, and South Korea expressed serious concerns about the increasingly malicious activities of North Korean IT personnel. North Korean IT personnel employ various means, impersonating non-North Korean IT workers, using false identities and addresses to deceive, including utilizing artificial intelligence tools and colluding with foreign accomplices. North Korean IT personnel are highly likely to also be involved in malicious cyber activities, especially in the blockchain industry.

Aave Founder: Aave V4 Set to Launch

On August 26, the Engineering Lead at Aave tweeted that the Aave v4 codebase has been officially introduced to all DAO service providers, marking a significant milestone in the protocol's development. Aave founder Stani.eth stated that Aave V4 is set to launch. Related reading: "Exploring AAVE V4 Upgrade: Reshaping Lending with Modularity, Can the Old Coin See a Revival?"

YZi Labs Announces Strategic Investment in USD.AI

On August 26, according to official sources, YZi Labs announced that it has made a strategic investment in USD.AI, with the specific amount undisclosed. USD.AI is a protocol that provides hardware support financing for artificial intelligence infrastructure. This investment aims to accelerate USD.AI's mission to build a new type of stablecoin, allowing it to expand in line with the growing global computing demand, enabling every operator to become a supercomputing power provider. Related reading: "Understanding USD.AI: Receives Investment from YZi Labs, Enjoying Stable Returns and AI Dividends Simultaneously"

This Week's Major Fundraisings: Hemi Labs, Swarm Network, The Clearing, Rain, M0, aPriori, Portal to Bitcoin, OrangeX

On August 26, it was reported that Hemi Labs, the developer of the modular blockchain network Hemi Network, successfully raised $15 million. The round was led by YZi Labs, Republic Digital, and HyperChain Capital, with participation from Breyer Capital, Big Brain Holdings, Crypto.com, among others.

On the 27th, the decentralized validation protocol Swarm Network completed a $13 million funding round, with part of the funding coming from a $10 million public sale of delegation licenses on Sui Network and an additional $3 million in strategic capital from investors such as Sui, Ghaf Capital, Brinc, Y2Z, and Zerostage.

On the 28th, The Clearing Company, a prediction market platform founded by former Polymarket and Kalshi employees, announced the completion of a $15 million seed round, led by Union Square Ventures.

On the 28th, cryptocurrency card issuer Rain raised $58 million in Series B funding, with Sapphire Ventures leading the round and participation from Dragonfly, Galaxy Ventures, Endeavor Catalyst, Samsung Next, and Lightspeed. According to another source, Rain-supported card annualized spending has exceeded $1 billion.

On the 28th, M0, a stablecoin infrastructure development startup, raised $40 million, with Polychain and Ribbit Capital leading the round and participation from Endeavor Catalyst and funds such as Pantera and Bain Capital Crypto.

On the 28th, it was reported that cryptocurrency trading infrastructure startup aPriori completed a new $20 million funding round, with investment from HashKey Capital and Pantera Capital. To date, the company has raised a total of $30 million. The company employs high-frequency trading to address various issues plaguing the crypto market, such as large spreads and Miner Extractable Value (MEV) front-running.

On the 28th, it was reported that the Bitcoin startup Portal to Bitcoin raised $50 million, with Paloma Investments leading the round, bringing the project's total funding to $92 million.

On the 29th, the cryptocurrency exchange platform OrangeX announced the successful completion of a $20 million Series B funding round, led by Kryptos with continued support from SCI Ventures and other major investors.

This Week's Popular Articles

"Coinbase Can't Escape 996 Either"

Against the backdrop of declining trading revenue and deteriorating profit structure, Coinbase has chosen the "996" high-intensity investment model, reflecting anxiety about the fading golden age of exchanges. From early efforts to promote compliance in Washington to leveraging Circle for stablecoin moats, and then through acquisitions of Deribit, Base Chain expansion, and smart wallet deployment, Coinbase is transitioning from a single CEX to a "universal exchange," attempting to control funds, identities, and institutional access. However, with ETF diversion, the rise of DeFi, and Robinhood intercepting, the spot business is facing additional challenges, forcing it, like Binance and OKX, into a new phase of "infrastructure cannibalization": no longer competing for high trading volumes but for who can gain the upper hand in the financial network of the next decade.

"11 Individuals Snatch $16 Billion from Giants in 900 Days"

Hyperliquid has grown from obscurity to become the absolute leader in decentralized perpetual contract markets in just two and a half years, achieving the world's highest revenue per capita with only 11 team members. It has gone through technical polishing during the dormant period, the explosion of airdrops and token burns, hacker alerts and node inquiries, market hunts during the JELLY incident, and has survived crisis after crisis while continuously innovating, building a complete ecosystem step by step from HLP and native spot to EVM-compatible extensions. The high-profile whale transactions have made it a market bellwether, but the core essence behind it comes from founder Jeff's low-key dedication and technical belief.

"The OEMs of Future Trillion-Dollar Stablecoins"

Under Stripe's Bridge, in collaboration with MetaMask, mUSD was launched, revealing that the stablecoin industry is replicating the "Foxconn model" of the smartphone era: brands focus on users and markets, while complex issuance, compliance, custody, and auditing are outsourced to professional OEMs. Players like Paxos, Bridge, Stably, Agora have different positioning, from heavy compliance to lightweight white-label issuance, collectively lowering the barrier to stablecoin issuance, allowing financial institutions, payment companies, and even e-commerce platforms to quickly onboard. This trend not only accelerates the scale of stablecoins but also propels them towards broader applications like cross-border payments, fund management, and other wider financial scenarios, gradually becoming the invisible infrastructure of digital finance.

"From Polymarket to Football.Fun, The On-Chain Prediction Platform's New Wave of Comprehensive Breakout"

The prediction market has rapidly risen under the influence of the US election and sports craze: Football.Fun saw its trading volume exceed tens of millions of dollars within two weeks, Limitless, focused on ultra-short-term price speculation, faced volume manipulation allegations, Myriad Markets embedded prediction into content scenes leveraging media resources, Fantasy.top attempted a revival through encrypted KOL cards, and Noise.xyz pioneered a new gameplay with the "Attention Index," showing that the overall track is still rapidly expanding amidst fierce competition.

"Solana Meme Makes a Strong Comeback, What's Everyone Hyped About On-Chain?"

The recent on-chain craze has not cooled down due to the compliance narrative, and Memecoins and ICM projects have instead frequently emerged: $NEET, leveraging deep subculture and community operation, became a rare "interesting Meme"; Believe restarted processes after a period of silence, driving the performance of new tokens such as HUCH (CS2 Skin Lending) and Kled (AI Data Trading); Polycule solved the barrier to entry for Polymarket through a Telegram trading bot and received official endorsement; projects like LLM and Drink on the DAOS.FUN platform are introducing AI concepts and alcohol-backed RWA to the chain, presenting a state of simultaneous "last wave" speculation and innovation.

"Rhythm Exclusive Interview with Pantera: The Logic Behind Spending $1.25 Billion to Create the 'Solana Coinbase'"

Since 2024, Digital Asset Treasury Companies (DATs) have become the new favorite in the crypto market, with funds like Pantera, Galaxy, Multicoin, and Jump placing bets, sparking a "treasury race" around mainstream assets like Solana and Ethereum. The core logic of DATs is to continuously increase the "cryptocurrency quantity per share" using stock premium issuance, convertible bonds, and other financial tools, allowing the stock value to outperform direct coin holdings. This model enables cryptocurrency to enter Wall Street and the mainstream capital market, positioning DATs as a new type of financial organization between banks and crypto funds. Pantera Partner Cosmo Jiang emphasized that the current period is still a window for DATs, but in the next three to five years, the industry will trend towards consolidation, with only two or three giants surviving on each chain.

"What is the Ethereum Meme that Tom Lee is Paying Attention To?"

Ethereum heavyweights Tom Lee and Joseph Lubin have been caught up in the BOOE narrative, bringing back attention to this "Ethereum Bible"-style memecoin. BOOE, with its religious narrative, long-term hodling, and community-building through derivative tokens, has seen whale fbb4's long-term buying, liquidity addition, and narrative pushing, positioning it as a market barometer. Institutional endorsement and whale support have made BOOE a hot topic, but its high reliance on emotion and narrative still poses risks to its sustainability.

"First-time Sell-offs, Delistings; Token Stock is No Longer a Cryptocurrency Pixiu"

This bull market cycle was ignited by the "Shitcoin Microstrategy," where coins like ETH, BNB, SOL surged due to treasury company concentrated buying. However, as the pattern spreads, risks are becoming apparent: WINT has become a pariah due to delistings, while BNC, backed by capital and narrative, has emerged as a new leader; in the ETH treasury race, BMNR has replaced SBET as the new darling of institutions and Wall Street. The concern lies in treasury companies' lack of a "never sell" commitment, with signs of sell-offs already seen in entities like Lion Group; once concentrated selling occurs or triggers a stampede, or during discounted periods. The mNAV flywheel, while it can amplify financing and buying volume, may swiftly collapse during a discount period. Investors should prioritize BTC treasury companies, focus on network effects and corporate fundamentals, be wary of shell companies and models that rely too heavily on speculation, and maintain a calm demeanor amidst the noise to navigate the cycles.

"Latest Interview with Arthur Hayes: Fall Pullback, Long-term ETH Seeing $10-20K"

Arthur Hayes believes the uncertainty of a September rate cut remains high, with a possible continuation of short-term volatility. The overarching direction of governments "finding ways to print money" by the end of the year remains unchanged; in the medium to long term, he is bullish on the extended crypto bull market until 2027–2028, with Bitcoin possibly reaching $250,000 and Ethereum breaking the five-digit mark. He is more heavily invested in ETH in terms of asset preference, with SOL also benefiting; regarding the logic of "cryptocurrency treasury stocks," he points out that the premium comes from passive index buying, but there may be discounts and liquidation risks at the end of the cycle. In terms of race selection, he advocates for protocols and stablecoin ecosystems that focus on generating cash flow and buybacks (Ethena/ENA, EtherFi, Hyperliquid), and predicts stablecoins will rely on social media giants for wallet distribution; within the NFT space, he sees long-term potential in CryptoPunks as "identity assets."

"Ray Dalio's Dialogue: From Asset Allocation to Wealth Inheritance, 10 Financial Rules for Chinese Friends"

Ray Dalio emphasizes the "diversification + risk balancing" all-weather mindset to combat low interest rates and volatility: avoid timing the market, build a portfolio consisting of multiple assets, cross-regions, and low correlations, and regularly rebalance; holding cash long-term and a single real estate allocation are inefficient, attention should be paid to the source of returns (income/cash flow is better than relying solely on price appreciation). He is pessimistic about the attractiveness of the U.S. dollar and U.S. bonds under excessive debt and recommends gold as part of a hedging portfolio, a small amount of Bitcoin for diversification, and stablecoins are more suitable for transactions rather than a store of value; inflation-linked bonds are a high-quality low-risk "savings pot." Family financial planning should prioritize a basic safety cushion and purchasing power before discussing high-risk returns; training discipline using rules and backtesting to overcome emotions, and giving children "gold coins instead of toys" to cultivate financial literacy and a long-term perspective.

"DWF Team Leads, WLFI Invests Millions: Can Falcon Change the Stablecoin Battle Landscape?"

Falcon Finance's stablecoin USDf is different from the traditional model. It is created by the DWF Labs team and received investment from WLFI, adopting a multi-asset overcollateralization and hedging strategy for issuance, with a current circulation of $1.25 billion. Its design not only provides stablecoin yield, staking, and liquidity mining but also positions itself as a "universal collateral infrastructure," hoping to connect cryptographic assets with RWAs to create a financial connectivity layer that allows for the entry and exit of any asset and full-scenario usability. The future roadmap includes fiat channels, multi-chain deployment, and real-world asset integration, with the goal of becoming the next-generation on-chain liquidity platform that considers compliance, security, and institutional needs.

"Coinbase Panorama Report: The Status, Risks, and Valuation of the U.S. Compliance Trading Leader"

As a global leader in cryptocurrency exchange and services, Coinbase has the potential to benefit long-term from industry growth due to its brand trust, compliance-first advantage, institutional partnerships, and diversified revenue model. The company's balance sheet is robust, with ample cash reserves to support technological investment and global expansion; meanwhile, the trend of relaxed U.S. regulations and the accelerated integration of blockchain with mainstream finance bode well for its long-term development. However, its revenue and profits remain highly tied to the industry cycle, with significant volatility; competitors include Robinhood, Kraken, Binance, and emerging decentralized platforms, posing a challenge to its market share. Nevertheless, in this cycle, Coinbase's stock price has outperformed BTC and most cryptocurrencies, demonstrating its ability to handle competitive pressures and seize opportunities in this era.

"Getting to Know Trump's Core Crypto Circle: The 'Crypto Punk' Business Originating from the Golf Course"

The Trump family is fully committed to building the crypto empire World Liberty Financial, ranging from the stablecoin USD1 and the token WLFI to leveraging public listings to attract traditional investors, with the business scale rapidly expanding to billions of dollars. Their collaboration with the Vitkov family and crypto entrepreneurs Herro and Fokman began with a chance encounter on the golf course and has now evolved into a branded, capitalized form of "crypto alchemy." Despite external concerns about conflicts of interest and ethical risks, the Trump brothers and their partners evidently embrace deep ties between the presidential family's influence and the crypto frenzy.

"Why Do We Need 'DeFi'?"

DeFi is supplementing global finance in an open, transparent, and permissionless manner: it can assist individuals affected by inflation, capital controls, or lack of banking systems in asset protection and global transactions through stablecoins. It can also demonstrate advantages in resistance to censorship, revenue distribution, and financial innovation that the traditional system finds difficult to achieve. Despite ongoing risks and experimentation, DeFi has already been addressing daily issues in turbulent economies and is seen more as a future optional infrastructure direction in stable economies, indicating a long-term integration of traditional finance and decentralized architecture.

"Ethereum May See Its Largest Upgrade Ever: EVM Offline, RISC-V Takes Over"

Ethereum may potentially replace EVM with RISC-V to address the inefficiencies of ZK proofs and technical debt. RISC-V, with its minimalist design, LLVM ecosystem, and zkVM standard advantages, is expected to significantly improve performance and reduce costs. The roadmap consists of three steps: precompile replacement, coexistence of two VMs, and ultimately replicating EVM within RISC-V. This will benefit ZK Rollup, as developers can use mainstream languages directly, with user costs expected to decrease by orders of magnitude, but new challenges such as Gas metering and toolchain security will also be faced.

"Michael Novogratz: The Wall Street Refugee"

Michael Novogratz's career has always teetered on the edge of high risk and high reward: from a Princeton wrestler to a Goldman Sachs partner, and then to the rise and fall of Fortress Investment Group's macro fund, he has always viewed failure as fuel for the next move. After entering the crypto space, he founded Galaxy Digital, becoming both an early advocate for Bitcoin and Ethereum and earning a memorable "tattoo lesson" due to his support for the collapse of Luna, but he has earned respect through his candid open letters. Now, he is turning his attention to AI data centers, leveraging his experience in crypto mining to enter the artificial intelligence infrastructure. For him, the market will always experience drastic fluctuations, but the key is whether he can build a resilient enough platform that can support the next generation of adventurers even after repeated failures.

"Circle's Interest Rate Cut Predicament"

In the first half of the year, Circle had a successful IPO, and its stock price soared to nearly $300. However, as expectations for an interest rate cut heated up, the stock price has fallen back about 60% from its peak. Its business model is highly dependent on USDC reserve interest, and if the Fed cuts rates by 25 basis points, Circle's annual revenue will decrease by about $155 million. Although some of the losses can be offset by a decrease in distribution costs with Coinbase, the company struggles to maintain profitability without a significant expansion of USDC supply. Circle must hedge the downward pressure on rates by driving USDC growth, or else its structural contradiction with the low-rate environment will continue to be exposed.

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