CoinRank

According to Techinasia, Japanese blockchain company Startale Group and SBI Holdings plan to launch a regulated yen-backed stablecoin by the second quarter of 2026 to support global settlements.
Shinsei Trust will handle issuance and redemption, while SBI VC Trade will manage circulation. The stablecoin is intended for global settlements and institutional use. Startale will focus on technology development, and SBI will oversee compliance and promotion.
#Startale #SBI

According to Decrypt, Grayscale stated in its 2026 Digital Assets Outlook that although concerns persist over quantum computing potentially threatening Bitcoin’s security, such risks are unlikely to affect crypto asset prices in 2026.
The report notes that research into quantum-resistant cryptography will continue to advance, but quantum computers capable of breaking Bitcoin’s cryptography are not expected to emerge before 2030, making them an unrealistic short-term threat.
#Grayscale #Crypto

#Bittensor Completes First Halving, Cuts Daily TAO Supply to 3,600
He Yi Denies Rumors About Binance Alpha and Aster
#Aster Introduces 'Shield Mode' for Enhanced Trading Protection
#Ondo Finance to Launch Tokenized Stock and ETF Platform on Solana in 2026
Visa Launches Stablecoin Advisory Services for Fintech Firms
#CoinRank #GN

The Crypto Market Structure Bill advances to the Senate with the goal of ending the decade-long securities-versus-commodities dispute by clearly classifying digital assets in law.

 

It shifts primary oversight of most decentralized tokens and secondary markets to the CFTC, while limiting the SEC’s role to tokens that qualify as investment contracts, supported by coordination mechanisms and transition periods.

 

Together with parallel regulatory actions and crypto-friendly appointments, the bill signals a U.S. shift toward clearer, innovation-supportive crypto regulation that may attract greater institutional participation.

The U.S. Crypto Market Structure Bill is moving toward final Senate review, aiming to end the decade-long securities-versus-commodities debate by establishing a clear, classification-based regulatory framework for digital assets.

On December 10, U.S. Senators Kirsten Gillibrand and Cynthia Lummis stated at the Blockchain Association Policy Summit that the Crypto Market Structure Bill (CLARITY Act) is expected to release its draft by the end of this week and enter the revision, hearing, and voting phase in the Senate next week. This signals that the long-anticipated legislative effort has formally entered a decisive window.

 

The bill was first formally introduced in the U.S. House of Representatives on May 29, 2025, jointly proposed by House Financial Services Committee Chairman Patrick McHenry and Digital Assets, Financial Technology, and Innovation Subcommittee Chairman French Hill. On July 17, it passed the House with an overwhelming majority (294 votes in favor) and is now awaiting final consideration by the Senate.

 

CORE DESIGN OF THE BILL: CLASSIFICATION RATHER THAN A ONE-SIZE-FITS-ALL APPROACH

 

The core objective of the Crypto Market Structure Bill is to bring an end to the decade-long tug-of-war between U.S. regulators and the industry over whether digital assets should be treated as securities or commodities. For the first time, the bill seeks to establish clear statutory boundaries for digital assets, avoiding a blanket regulatory approach and instead adopting a classification-based regulatory framework. Specifically:

 

Statutory Distinction Between “Digital Commodities” and “Digital Securities”

 

The bill explicitly defines the vast majority of tokens natively issued on decentralized blockchains as “digital commodities” and assigns their regulatory oversight to the Commodity Futures Trading Commission (CFTC). Only tokens that meet the Howey Test and exhibit the typical characteristics of an “investment contract” would continue to be regulated by the Securities and Exchange Commission (SEC) under securities laws.

 

“Mature Blockchain” Exemption Pathway

 

To prevent all tokens from being automatically classified as securities, the bill establishes a standard for “mature blockchain systems.” When a blockchain meets criteria such as a high degree of decentralization—where no single entity controls more than 20% of the token supply or validation power, and where the token’s value is primarily derived from actual network usage—it may qualify for an exemption from SEC securities registration requirements. This provides a clear regulatory pathway for major assets such as Bitcoin and Ethereum, ensuring that regulation does not stifle technological progress.

 

Secondary Markets Shift Fully to CFTC Oversight

 

The bill requires all platforms engaged in spot or derivatives trading of digital commodities to register with the CFTC as Digital Commodity Exchanges (DCEs), digital commodity brokers, or dealers. Taking industry realities into account, the bill also establishes a transitional “temporary registration” pathway of up to 360 days, ensuring that existing compliant platforms are not forced to shut down due to technical non-compliance during the transition period, thereby enabling a smooth regulatory shift.

 

Limited Fundraising Exemptions

 

Even for initial token offerings conducted on mature blockchains, if the tokens are still deemed to be “investment contracts,” issuers may apply for an exemption from the registration requirements of the Securities Act of 1933. However, the total annual fundraising amount may not exceed USD 75 million, and issuers must comply with enhanced disclosure obligations. This design seeks to strike a balance between encouraging innovation and protecting investors.

 

DIVISION OF LABOR BETWEEN THE CFTC AND SEC: FROM CONFRONTATION TO COORDINATION

 

For years, the persistent jurisdictional struggle between the SEC and the CFTC over digital assets has been described by the industry as the crypto sector’s “Achilles’ heel.” Regulatory uncertainty has even been viewed as a significant hidden cost suppressing domestic innovation in the United States. If enacted, the Crypto Market Structure Bill would legislatively put an end to this situation by establishing a clear division of responsibilities: the CFTC would become the primary regulator of digital commodity secondary markets, while the SEC would focus on token issuance and private placements in the primary market that retain securities characteristics.

 

To ensure coordination between the two agencies in overlapping areas, the bill mandates the establishment of a permanent “Joint Advisory Committee.” When either agency formulates rules that may affect the other’s jurisdiction, it must formally respond to the committee’s non-binding recommendations. This mechanism is intended to prevent future regulatory gaps or duplicative oversight.

 

At the same time, the bill provides explicit protections for the decentralized finance (DeFi) ecosystem. Non-custodial, non-profit participants—such as protocol front-end developers, node validators, and miners—are explicitly excluded from the definitions of “broker” or “dealer,” significantly reducing compliance burdens at the protocol level and preserving reasonable space for technological innovation.

 

PARALLEL DEVELOPMENTS: THE CFTC MOVES TO “IMPLEMENT AHEAD OF TIME”

 

As the Crypto Market Structure Bill enters a critical phase of Senate consideration, on December 5, Acting CFTC Chair Caroline D. Pham announced that spot crypto products will, for the first time, be permitted to trade on CFTC-registered, regulated futures exchanges.

 

Pham stated that this move is part of the Trump administration’s plan to make the United States the “crypto capital of the world,” aiming to address the lack of protections associated with offshore exchanges by providing regulated domestic markets.

 

In addition, as part of the “Crypto Sprint” initiative, the CFTC will promote the use of tokenized collateral—including stablecoins—in derivatives markets and revise rules to support the application of blockchain technology in clearing and settlement infrastructure. These efforts will further strengthen the CFTC’s leadership role in the digital asset space and are highly aligned with the spirit of the bill.

 

ACCELERATED TRUMP APPOINTMENTS: CRYPTO-FRIENDLY LEADERSHIP IN PLACE

 

Since the beginning of Trump’s second term, personnel appointments across major U.S. financial regulatory agencies have increasingly favored support for digital assets—a shift that has become a key catalyst for the acceleration of the crypto industry.

 

SEC Chair Paul Atkins stated in an interview with CNBC that U.S. resistance to cryptocurrencies has lasted “far too long.” Atkins, appointed by Trump and taking office in 2025, views the Crypto Market Structure Bill as part of “Project Crypto,” an initiative aimed at bringing order and fairness to digital asset classification through legislation and rulemaking.

 

Meanwhile, on October 25, 2025, Trump nominated Brian Quintenz to serve as Chair and Commissioner of the CFTC. A former crypto attorney, Quintenz previously represented multiple crypto companies—including venture capital funds and blockchain projects—at Willkie Farr & Gallagher. Since March 2025, he has served as Chief Legal Advisor to the SEC’s Crypto Task Force, reporting directly to Atkins.

 

Trump also nominated Travis Hill as Chair of the Federal Deposit Insurance Corporation (FDIC), where he has served as Acting Chair since 2025. Hill is also considered crypto-friendly and has publicly supported banks’ involvement in crypto custody and stablecoin issuance, arguing that such activities enhance financial inclusion. As the primary interface between banking regulation and crypto activities (such as stablecoin issuers), the FDIC under his leadership may facilitate banks’ entry into the crypto sector.

 

Following the resumption of normal government operations, the SEC has also rolled out a series of procedural optimizations to accelerate ETF approval timelines. The overall signal is clear: the regulatory approach is shifting from defensive management to structural acceptance.

 

CONCLUSION: THE UNITED STATES IS COMPLETING THE “CRYPTO RULE-OF-LAW PUZZLE”

 

More importantly, the advancement of the Crypto Market Structure Bill may reinforce the effects of the U.S. Stablecoin Innovation Act signed by Trump earlier this year, which has already provided a safety framework for stablecoin issuance. Together, these efforts further complete the legislative puzzle for the crypto industry, filling gaps in market structure and propelling the United States from a global crypto regulatory “follower” to a “leader.”

 

Overall, these policy and personnel developments signal structural opportunities for the U.S. crypto ecosystem, as greater regulatory clarity may attract increased institutional capital. Challenges remain, however, including the coordination of DeFi regulatory details and alignment with international standards. For global crypto practitioners, this is not merely an American story, but a critical window period for the entire industry.

 

Read More：

OpenAI Endorses Senate Bills to Shape US AI Policy and Safety

US Crypto Bill Gains Momentum as SEC Plans New Rules

〈Securities or Commodities? Crypto Market Structure Bill Advances to the Senate〉這篇文章最早發佈於《CoinRank》。

#GoPlus : The Ribbon Finance attack is suspected to have occurred due to the "project management address being controlled by hackers."

#Vitalik : If X is truly a platform for free speech, it should implement #ZK proofs for algorithmic decision-making and delay the release of its code.

#Base Co-Founder: The Base co-founder has been promoting and investing in the Rug Meme token, raising questions from ZachXBT.

Goldman Sachs: Goldman Sachs states that tech stock valuations are under pressure, and the biggest stock market opportunity in 2026 is unlikely to be in AI.

Nano Labs Founder Kong Jianping: Kong Jianping reports that Bitcoin's hashrate has dropped significantly, with at least 400,000 mining machines being shut down.

#COINRANK

Traditional airdrop farming is losing profitability in 2025 as competition rises, rewards shrink, and large studios exit, forcing individuals to rethink participation strategies.

New models like content-based rewards, Binance Alpha campaigns, token launches, and stablecoin yield strategies are emerging as more sustainable, lower-risk income sources.

In a bear market, disciplined research, capital efficiency, and long-term positioning turn “airdrop hunting” from speculation into a resilient wealth accumulation approach.

Crypto airdrop strategies are shifting in 2025 as easy rewards fade. Users turn to content-driven incentives, token launches, and stablecoin yields for sustainable returns.

 

2025 is almost over, and as the author of Odaily Planet Dailywho “loves to talk about ‘Lu Mao’ the most and loves to write about interaction design the most” (I wrote the vast majority of the articles in the interaction design tutorial section this year), it’s time to do an annual summary of ‘Lu Mao’.

 

After clearing out my Meme coin holdings in the on-chain AI Agent sector at the beginning of the year, I devoted most of my time to various popular interactive projects. I tried every popular project I could get my hands on, and of course, I also avoided most of the pitfalls. As the end of the year approaches, I’ve had many conversations with friends who are also passionate about arbitrage, summarizing the changes in the industry this year. Because of this, I deeply feel that arbitrage in 2025 has quietly slid from a “gold rush for everyone” to a “collective ebb.”

 

Profits from exploiting fake items plummeted, leading to the collective exit of studios

 

Looking back at 2025, the arbitrage sector plummeted from a “get-rich-quick myth” to a “winter of intense competition.” Large arbitrage tokens disappeared, smaller ones shrank, and being “reverse-exploited” became the norm. The most common saying among arbitrageurs this year most vividly illustrates this change: “Small arbitrage tokens are only $5 to $10, and the gas fees for claiming airdrops are more expensive than the tokens themselves; the previously over 10% unlocked airdrop rewards are now only 2 to 3%, and they have to be unlocked in batches.”

 

The sharp drop in profits has triggered a mass exodus of studios. “From a time when making money was easy, we can’t even cover the team’s basic salaries now. It’s not that we didn’t work hard; the door of the times has quietly closed.” According to an interview with Odaily Planet Daily, many teams have either shut down entirely or shifted to more controllable businesses like cross-border e-commerce. The few remaining teams are barely surviving, relying almost entirely on the daily “guaranteed airdrops” from Binance Alpha. However, the significant drop in the value of Binance Alpha airdrop tokens throughout November suggests that studios may face a second wave of mass exodus in the near future.

 

Even more absurdly, this year, the biggest source of profit for many studios was not token airdrops, but hoarding hardware. A studio friend joked, “I didn’t make much money from airdrops this year, but the memory sticks I hoarded in February went from 55 yuan to 240 yuan. A bunch of memory sticks became the most profitable investment of the whole year.”

 

 

The pet-growing industry has gone from a “get-rich-quick myth” to a “cold and competitive winter.”

 

The lack of a market for counterfeit goods is the root cause of declining profits from profiteering.

 

The profitability of airdrops essentially depends on the subsequent performance of the airdropped tokens, and the amplification of airdrop value often relies on the “altcoin season”—the golden window of opportunity when altcoins collectively rotate and experience explosive growth. However, throughout 2025, the crypto market was trapped in a prolonged BTC-dominated landscape, with altcoins generally sluggish. According to on-chain data, BTC’s market capitalization share continued to rise, reaching a peak of 63% this year. BTC’s dominance means that liquidity does not spill over, altcoins do not rotate , and new projects find it more difficult to gain momentum—without a price amplifier, the value of airdrops cannot rise, and the profitability of airdrops is destined to weaken.

 

BTC market capitalization percentage

 

This situation of “no counterfeit market” directly hits the core pain point of profiteering – the gas fees, time and resources invested in the early stage are often exchanged for tokens that open low and continue to fall, or even go to zero. The income of a single account has shrunk from tens or even hundreds of dollars in the past to a few dollars, which cannot even cover the gas fees.

 

Further analysis reveals two key points. First, the market capitalization of newly launched projects this year has generally declined, leading to a complete collapse in valuations. From the previous boom of ARB and STARK airdrops, which boasted FDVs of $100 to $200 billion at launch, many projects now start with FDVs of only a few hundred million or even tens of millions of dollars. Prices lack room for imagination, rendering airdrops worthless at launch. (It must be said that the inflated valuations of once-dominant projects are also partly attributable to the practice of airdrop investors who aggressively inflate data, lack engagement, and abandon projects immediately after purchase.)

 

On the other hand, even if the opening valuation is not high, it is difficult to expect a “catch-up rally”. Many projects have “insider trading” practices, where investors enter the market early and then ruthlessly dump their holdings once listed, or even simply abscond with the funds. Various types of crashes are constantly occurring: single-day halvings, drops of over 80%, initial surges followed by a steady decline, and concentrated selling of airdrops are all recurring scenarios ( for more related content, see: From Sahara to Tradoor, a review of recent altcoin “fancy drop” tactics ) . Many experienced altcoin investors lament that “sell as soon as you get it” should be an ironclad rule, because 90% of altcoins are destined to go to zero, and the risks of heavy speculation far outweigh the potential returns.

 

Therefore, the initial gains from airdrops are already extremely limited. If one chooses to stubbornly hold on to the market and become a “diamond hand” (i.e., hold on to a losing position), not only will they not see a rebound, but their final gains will also be even lower.

 

Despite a significant drop in ROI for token airdrops in 2025, the industry hasn’t completely stagnated. Odaily Planet Daily observed that the methods for generating ROI are quietly diversifying, moving beyond simply participating in daily testnet interactions and boosting mainnet trading volume to try and win token airdrops. Instead, several niche approaches have gradually emerged.

 

Diverse grooming methods

 

From traditional fluffing to “skilled fluffing”

 

In 2025, the biggest innovation in the crypto space will undoubtedly be the “talk-and-talk economy.” InfoFi (Information Finance) uses token incentives to reward high-quality information creators directly, while also alleviating the problems of information fragmentation and lack of trust in the crypto world.

 

Since Kaito launched its “Yap-to-Earn” mechanism , Twitter feeds have been flooded with posts analyzing upcoming TGE projects. Subsequently, Cookie launched Cookie Snaps , highlighting “rewards for high-quality Crypto (CT) content by analyzing crypto projects and KOLs,” while Galxe used Starboard to help projects select and incentivize key contributors through a data-driven approach. These mechanisms sparked a frenzy among KOLs to publish project analysis posts in competition for token airdrops, and also popularized the concept of “talking and commenting”—easily obtaining project airdrops simply by posting and writing reviews.

 

Traditional exploitation methods may have reached a turning point. The arduous work of “using multiple accounts to run scripts and grinding interactions” often ends up being wiped out by the witch system in the end—not only is all the work wasted, but not a single reward is achieved. Projects that were supported for several years with high expectations have ended up with a “reverse exploitation” outcome, leaving people utterly disheartened.

 

With the advent of the “talking it out” era, platforms like Kaito and Cookie have lowered the barrier to entry by using content points and influence rewards, resulting in faster returns, lower costs, and greater potential. In this new landscape, a high-quality post on platform X, complete with images and opinions, can generate even more value than a week’s worth of on-chain interactions.

The “talking about it” posts on the X platform these days is actually just a different way of creating a premium “freebie” account. By going with the flow and actively adapting to the new freebie model, people can get more token airdrops.

 

Binance Alpha: The main source of revenue for studios to survive

 

Since its launch in May 2025, Binance Alpha has been hailed as a “wealth engine” for arbitrage, reaching its peak during the “golden month” of September. Starting in May, Binance Alpha and Binance Booster ( for more related content, see: Don’t just farm points for airdrops, Binance Alpha’s Booster program is also worth participating in ) provided “stable start-up capital” for studios, earning $500 to $2000 per month, allowing studios to go from “survival” to “expansion.” Many arbitrageurs joked, “Binance is giving away money like crazy, making people feel like money is falling from the sky.”

 

In September, Binance Alpha experienced a “token issuance boom,” with numerous projects flocking to TGE, resulting in airdrops of 1 to 2 tokens per day. Driven by the “wealth effect” of Binance Alpha, on-chain data showed that Binance Web3 wallet’s daily transaction volume surged to $5 billion, accounting for 95% of mainstream wallets; the number of users also skyrocketed from 100,000 in August to 400,000.

 

Despite a surge in users, the returns are extremely limited. According to Binance Alpha earnings report released by crypto KOL Pumpman on September 17th, among the 26 airdrop projects from September 2nd to September 16th, the highest-yielding project was STBL, with an opening value of $200. If held until September 17th, its value would reach a staggering $675. Holding all 26 projects until September 17th would yield a total value of $2529; even selling them all at the opening would have yielded $1544.

 

 

Binance Alpha Earnings Report (Statistics as of September 17)

 

However, since October, the returns from airdrops on Binance Alpha have shown a significant downward trend. The community is widely complaining that “some studios have already stopped airdropping, and some accounts with less than $1,000 have started to leave.” Binance Alpha has shifted from the “big airdrop” era of September (where single-account airdrops often exceeded $100, with opening highs reaching $300, and even over $500) to a phase of “small airdrops” or “break-even/minor loss.”

 

There are two reasons for this change. First, there’s an oversupply of participants. The wealth effect in September attracted a large influx of new users, especially those engaged in “airdrop farming,” leading to increasingly higher points thresholds and fiercer competition during the claiming phase. Many could only watch helplessly as their shares were snapped up amidst endless error reports and verifications. But more critically, there’s a shortage of rewards. Although the number of participants in Binance Alpha dropped from over 400,000 to 200,000 in November, seemingly a significant decrease, the actual value of the airdropped tokens shrank even more dramatically. Many projects experienced immediate price drops or flash crashes upon opening, resulting in a sharp decline in the returns per coin. This made the profit from airdrop farming far more severe than the impact of the reduced number of participants.

 

Admittedly, “talking about it” and Binance Alpha have brought new ways to make money in the cryptocurrency trading sector, but in the sluggish crypto market of 2025, they are only short-term stimuli with very limited profit windows. What truly allows cryptocurrency trading to persist and stabilize returns are the two major supporters: “new token offerings” and “stablecoin investment.”

 

Subscribing to new shares is also an important part of earning profits from IPOs.

 

Although most new cryptocurrencies this year have experienced a “high opening and low closing” pattern, with some dropping by half or even 90% from their peak, the returns from subscribing to new offerings (IPOs) for highly funded projects that generate significant social media buzz and high investor sentiment remain quite impressive. For these projects, if the initial offering price is reasonable and all TGE tokens are unlocked, it’s essentially a “win-win” situation.

 

The underlying logic is not complicated. These highly funded projects often launch with intensive promotion before and after their opening, coupled with a large number of KOLs collectively endorsing them, rapidly maximizing market hype in a short period. The higher the sentiment, the easier it is for a liquidity rush to occur at the opening, and the first-day price is significantly inflated. For those looking to profit from this, there’s no need to bet on a particular sector or gamble on the long term; as long as they seize the opening window, they can capture this “short-term premium.”

 

The five projects launched on the BuildlPad platform this year are all “guaranteed profit” IPOs. Overall, TGE projects generally offer 2 to 5 times the immediate return, with FF and MMT even reaching over 10 times the return at their historical highs.

 

BuidlPad IPO Profit Chart

 

Besides BuidlPad, other popular IPO platforms such as Kaito and Legion, while offering IPO prices for some projects, generally present worthwhile opportunities if two signals are met simultaneously: high pre-IPO community buzz and significant oversubscription during the subscription phase. Selling on the TGE day usually yields good returns. Therefore, a new wave of IPO frenzy has begun in December, but not all projects are worth participating in. It’s still essential to conduct thorough research and focus on projects with high funding levels, high oversubscription rates, and high community discussion to have a chance of achieving good returns.

 

“Stablecoin investing” is not a side business, but the foundation for long-term profit-making.

 

Profiteering isn’t just about “high-risk, high-reward” strategies; earning stable returns is also essential. The core of profiteering isn’t about taking risks, but about acquiring more certain assets with minimal capital loss. Therefore, depositing stablecoins to mine and claim airdrops is essentially profiteering—simple to operate, low-risk, and with near-zero loss.

In August of this year, Binance launched a month-long USDC flexible deposit program with a single account limit of $100,000 and an annualized return of up to 12%, a typical “high-yield, low-risk” opportunity to profit. Therefore, products with similar annualized returns that can be consistently maintained at around 10% are worth allocating a portion of your funds to – they are “recovery devices” to maintain your health during a bear market.

 

Binance launches USDC flexible deposit program

 

In 2025, Plasma undoubtedly reigned supreme as the “ceiling” for stablecoin mining rewards. On August 20th, Plasma partnered with Binance to launch an on-chain earning program, allocating 1% of the total supply (100 million XPL) as deposit rewards and offering a 2% annualized return on USDT deposits. The program immediately went viral: the initial allocation of 250 million USDT sold out in less than an hour; the second allocation of 250 million USDT lasted only 5 minutes. Subsequently, Binance lowered the subscription limit per account to 10,000 USDT and opened up a final allocation of 500 million USDT, which was also fully subscribed within hours, ultimately attracting over 30,000 Binance users.

 

Based on Binance’s final allocation of 1 billion USDT, users who deposit 10,000 USDT will receive approximately 1,000 XPL. At the opening price of $0.60, this airdrop yields about $600. More importantly, this return only takes about one month, translating to an annualized return of over 70%. Combined with USDT’s built-in 2% annualized interest rate, the actual return for those seeking to profit from this airdrop will be even higher. For stablecoin mining, this is truly a once-in-a-lifetime opportunity.

 

 

Plasma and Binance jointly launch an on-chain earning program.

 

Furthermore, the “early mining rush” is also a golden opportunity for token collectors, with short-term annualized returns often reaching 30% to 40%. Popular community projects like Plasma, Monad, or Linea all offer token airdrops to reward network participants after their mainnet launch. Although these “early mining windows” are short-lived, the returns are considerable, making them a worthwhile opportunity to capitalize on.

 

 

Plasma mainnet launch day “first mining” revenue chart

 

Finally, for individuals, I generally participate in DeFi projects with annualized returns exceeding 10% among the USDT and USDC investment products in my Binance Web3 wallet. Instead of dabbling in various on-chain products, unsure of their authenticity, it’s much safer and more convenient to choose DeFi products directly within the Binance wallet.

 

 

Financial products in Binance Web3 wallet

 

“Stablecoin investment” is not a side business, but the foundation for long-term profit-making. Only by ensuring steady growth of funds and maintaining the core capital can one avoid being drained when the market is cold and have sufficient “ammunition” when the market is hot.

 

As long as the industry survives, profiteering will never die.

 

In 2025, it wasn’t that the altcoin trading sector was dead, but rather that the altcoin market was terrible. Whether it was short-term speculation or long-term holding, it was almost impossible to make money; everyone was getting burned. Futures traders were liquidated six times a month, accumulating debt and feeling overwhelmed; spot traders went to zero twice a year, questioning their existence; while altcoin traders couldn’t wake up with hundreds of dollars in their wallets every day like they did two years ago, their losses were still within a manageable range, making them one of the few groups that managed to survive in this bear market.

 

Regardless of whether the market is hot or cold, profiting from promotions remains a low-cost and sustainable way to make money.

 

When the market is sluggish, airdrops allow us to slow down. Although the number of airdrop projects is decreasing, this slower pace actually gives us time to thoroughly research each project, understanding its mechanics, gameplay, and long-term value. Instead of randomly opening high-leverage contracts on exchanges and blindly hoarding a bunch of altcoins, it’s better to focus on refining your “best investment accounts.” Bear markets may seem boring, but they are actually the best time to develop sound investment plans and prepare your “best investment accounts.”

 

When the market is hot, arbitrage is more like a stable strategy of “securing profits.” In a bull market, altcoins generally rise, and the market valuation of new projects like TGE is even higher, naturally increasing arbitrage returns. Compared to hoarders who bet heavily and rely on a single project to gamble on A7, the advantage of arbitrage is that you can sell decisively at the opening and cash out immediately after mining, without being completely tied to market sentiment. This not only locks in profits steadily but also allows returns to accumulate continuously, providing a controllable cash flow even in a volatile bull market.

 

Therefore, given the changes in the airdrop market this year, a more strategic approach is needed in 2026. While refining your X account, “talking about airdrops” is still worthwhile; Binance Alpha requires a comprehensive evaluation of multiple factors, including token value, airdrop thresholds, and transaction wear and tear, before deciding whether to participate; and for new token offerings and stablecoin investments, it’s crucial to focus on finding high-quality targets to maintain stable returns under varying market conditions.

 

While profiteering may not bring overnight riches like it did in the past, it still allows for steady wealth accumulation. The path of profiteering is ultimately solitary, requiring sound judgment, patience, and execution. Luck always plays a role, but those who truly survive and continuously accumulate wealth in this field are those who understand the importance of perseverance, learning, and maintaining a good pace.

 

As long as the industry survives, profiteering will not die out—I believe that as long as we persevere, we will still have a chance to have the last laugh in 2026.

〈2025 Survival Rules for Dealers: Where Gold Was Once Everywhere, Now We Rely on These Two Trump Cards〉這篇文章最早發佈於《CoinRank》。

Binance founder CZ (@cz_binance) said in a recent interview that he doesn’t hold fiat and has almost no cash. He explained that he lives almost entirely within the crypto ecosystem, handling daily payments through a card that instantly converts crypto assets into fiat at checkout.

#Binance

French President Emmanuel Macron @EmmanuelMacron reaffirmed that France strongly supports Ukraine and is dedicated to achieving a stable and lasting peace.
Artemis co-founder stated that Solana is expected to become the most widely used blockchain by 2025.
Swiss crypto bank AMINA Bank has integrated #Ripple Payments into its services.
#Phantom announced that it will begin a gradual rollout of its Cash debit card experience starting this week.
Jia Yueting revealed that AIxCrypto has appointed Andrew Grossman as its new legal director.
#CoinRank #GM

Nano Labs founder Kong Jianping: Bitcoin hashrate plummets, at least 400,000 mining rigs have been shut down

Superfortune, a project based on mystical principles, launches an AI-powered Web2 app

HashKey’s Hong Kong IPO priced at HK$6.68, raising approximately US$206 million

Japanese media: The Bank of Japan is expected to raise interest rates to 0.75%, the highest in 30 years.

Welcome to CoinRank Daily Data Report. In this column series, CoinRank will provide important daily cryptocurrency data news, allowing readers to quickly understand the latest developments in the cryptocurrency market.

 

Nano Labs Founder Kong Jianping: Bitcoin Hashrate Plummets, At Least 400,000 Mining Machines Shut Down

 

Kong Jianping, former co-chairman of the board of directors of Canaan Technology and current founder and chairman of Nano Labs, cited his previous tweet about “Bitcoin mining farms in Xinjiang shutting down one after another,” stating that Bitcoin hashrate has dropped by 100 EH/s since yesterday, a decrease of 8%.

 

He further analyzed that, based on an average hashrate of 250T, this means that at least 400,000 mining machines have ceased operation.

 

Superfortune Launches AI-Driven Web2 App

 

Superfortune, a Web3 AI application incubated by Manta, has officially launched its Web2 app, expanding its strategic focus to mainstream global consumer markets to generate more real revenue, targeting a market size of $392 billion.

 

Previously, through partnerships with Trust Wallet and Four.meme, the “Burn-to-Earn” feature allowed users to convert BNB Chain tokens of value into Superfortune’s native token GUA, and to sell existing cash flow from Fortune Charms.

 

HashKey’s Hong Kong IPO priced at HK$6.68, raising approximately US$206 million

 

Hong Kong-licensed cryptocurrency exchange HashKey priced its IPO at HK$6.68 per share on the Hong Kong Stock Exchange, close to the upper limit of its offering range (HK$5.95–6.95). A total of 240.6 million shares were offered, raising a total of HK$1.6 billion (approximately US$206 million).

 

The top 20 institutional investors were allocated approximately 80% of the institutional shares, resulting in a high overall subscription multiple. The company will list on Wednesday, and the funds raised will be used for expanding technology, recruiting talent, and strengthening risk control.

 

Japanese Media: Bank of Japan Expected to Raise Interest Rates to 0.75%, Highest in 30 Years

 

According to Nikkei, the Bank of Japan will hold a monetary policy meeting on December 18-19, raising the current policy rate of 0.5%, and is now in the final coordination stage. The most likely scenario is a 25 basis point increase to 0.75%, reaching the highest interest rate level in 30 years since 1995.

 

Bank of Japan Governor Kazuo Ueda and other senior officials have hinted at their intention to submit a proposal to raise interest rates. Surveys indicate that more than half of the nine policy board members, including the governor and deputy governors, are expected to support the rate hike.

〈CoinRank Daily Data Report (12/15)｜HashKey’s Hong Kong IPO priced at HK$6.68, raising approximately US$206 million〉這篇文章最早發佈於《CoinRank》。

0G Foundation @0G_Foundation stated that on December 11, its alliance reward contract was targeted in an attack. The attacker exploited the emergency withdrawal function to steal 520,010 0G tokens, which were then dispersed via Tornado Cash.
The compromised private key originated from a leaked Alibaba Cloud instance and was linked to a Next.js vulnerability (CVE-2025-66478) exploited on December 5. Confirmed losses include 520,000 0G, 9.93 ETH, and $4,200 USDT. Core chain infrastructure and user funds were not affected.
#0GFoundation #0G

Cascade.xyz is not building another exchange. It is rebuilding the brokerage model around unified margin, real time risk management, and continuous settlement across asset classes.

 

By combining off chain execution with on chain settlement and deep fiat integration through Stripe, Cascade targets capital that traditional DeFi platforms cannot easily reach.

 

Products like 24/7 synthetic equities and pre IPO perpetuals push financial accessibility forward, but also place Cascade directly on the edge of regulatory tolerance.

WHEN ALL ASSETS BEGIN TO BREATHE INSIDE ONE ACCOUNT

 

For more than a decade, fintech has changed how trading looks, but rarely how brokerage actually works. Interfaces became cleaner. Execution became faster. Zero fees became standard. Yet beneath the surface, the structure stayed the same. Equity accounts remained separate. Futures lived in their own systems. Crypto was pushed into an entirely different world. Capital was fragmented. Trading hours were fixed. Risk management stopped at artificial borders.

 

 

Crypto markets were the first to expose this weakness. When Bitcoin moved violently over the weekend, when macro events unfolded while stock markets were closed, the mismatch became impossible to ignore. Assets had become global and continuous, but brokerages were still built for a world that paused every evening.

 

Cascade.xyz enters this gap with a different question. It is not trying to build another exchange. It is asking what a brokerage should look like if it were designed today. A world where assets are diverse, trading never stops, and settlement can happen in real time.

 

FROM INTERFACE OPTIMIZATION TO BALANCE SHEET REDESIGN

 

To understand Cascade, product features are not the right starting point. The real shift is how it defines an account. Traditional brokerages treat accounts as isolated containers. Each asset class lives in its own system. Profits in one market cannot automatically offset risk in another. Capital sits idle whenever markets close.

 

Cascade abandons this logic entirely. In its system, there is one unified account. Bitcoin, Ether, stablecoins, synthetic equities, and even private market derivatives are all evaluated within the same risk engine. The system does not care where an asset comes from. It cares about volatility, liquidity, and risk weight.

 

This changes the nature of brokerage itself. Assets no longer belong to markets. They belong to a continuously running balance sheet. Time stops being a constraint. Crypto trades while equities sleep. Risk can be adjusted at any moment. The broker is no longer just a venue. It becomes a real time risk management system.

 

A PRAGMATIC HYBRID ARCHITECTURE

 

Cascade does not pursue purity for its own sake. Its technical design reflects this. Order matching happens off chain to ensure low latency and deep liquidity. Final settlement happens on chain to guarantee transparency and enforceability.

 

This hybrid approach prioritizes usability and scale. Off chain execution provides the speed that professional traders expect. On chain settlement ensures that balances are updated in a verifiable and non mutable way. Funds are not trapped inside opaque internal ledgers.

 

 

More importantly, this architecture enables complex risk logic. A unified margin system requires constant recalculation across multiple asset classes. Fully on chain execution would introduce friction and cost that make this impractical at brokerage scale. Cascade chooses infrastructure that supports the financial reality it is trying to build.

 

UNIFIED MARGIN AS A CORE ENGINE

 

If Cascade has one defining innovation, it is unified margin. In traditional systems, margin exists at the account level. Risk is segmented and inefficient. Cascade treats margin at the user level. All assets contribute to total equity. Each position affects the same safety boundary.

 

This unlocks capital efficiency. Profitable positions are no longer trapped. They can support risk elsewhere in the portfolio. At the same time, liquidation and deleveraging are handled automatically by the system. Risk control becomes structural rather than manual.

 

This is not a surface level feature. It is a redesign of how brokerage risk works. Cascade is not building markets one by one. It is building a framework capable of hosting any market.

 

WHEN EVERYTHING BECOMES TRADEABLE

 

Cascade places very few limits on what can be traded. Crypto perpetuals are the foundation. Synthetic equities and FX bring traditional assets into a continuous trading environment. Pre IPO perpetuals push the model to its edge.

 

Offering exposure to companies like SpaceX or OpenAI lowers access barriers but introduces significant uncertainty. Pricing is less transparent. Liquidity is thinner. Regulatory boundaries are unclear. These markets can amplify growth or trigger intervention.

 

Cascade does not avoid this tension. It tests it directly. This approach carries real downside risk. But it also reflects a belief that financial markets are moving faster than existing structures can handle.

 

STRIPE AS A STRATEGIC GATEWAY

 

Unified margin defines the financial core. Stripe defines reach. Through Stripe Bridge, fiat onboarding becomes simple and familiar. Users do not need to understand blockchains or manage keys. The experience feels identical to a traditional fintech app.

 

This choice also signals intent. Cascade is not permissionless DeFi. It is compliance first by design. Identity checks are mandatory. Regulatory engagement is unavoidable. That tradeoff gives Cascade access to capital that pure crypto platforms cannot easily reach.

 

POSITIONED BETWEEN WORLDS

 

Cascade sits in an uncomfortable position. It is too centralized for hardcore DeFi users and too aggressive for traditional regulators. It represents a transitional form rather than a settled category.

 

Yet this instability may be its advantage. If unified accounts and continuous markets define the next phase of finance, brokerages will need to be rebuilt from the inside out. Those who move first will shape the standards others must follow.

 

Cascade does not guarantee success. But it raises a question the industry can no longer ignore. When all assets can be settled in real time inside one account, the old brokerage model starts to look obsolete.

〈Cascade.xyz and the Reinvention of the Neo Brokerage〉這篇文章最早發佈於《CoinRank》。

Indonesia Blockchain Week 2025 positions Indonesia as a strategic hub where AI, blockchain, and tokenized solutions converge with real economic needs, moving Web3 beyond speculation into payments, finance, and enterprise use cases.

 

With participation from major global players and regional institutions, IDBW 2025 serves as a critical meeting point for builders, capital, and regulators to align on scalable and compliant Web3 infrastructure.

 

The event highlights Southeast Asia’s growing influence in the global Web3 landscape, offering startups direct access to venture capital, partnerships, and cross-border networks that can accelerate adoption at both institutional and retail levels.

Jakarta, 10 December 2025 — Indonesia Blockchain Week (IDBW) 2025, a leading conference dedicated to accelerating the blockchain ecosystem in Southeast Asia, returns on 10–11 December 2025 at the Jakarta International Convention Center (JICC). With the theme “Indonesia 4.0: AI, Blockchain, and Tokenized Solutions for Inclusive Growth,” this year’s edition aims to serve as a strategic gathering point for industry leaders, regulators, investors, and Web3 communities from across the region and beyond. 

 

Following the success of Indonesia Blockchain Week 2024, held on 19 November 2024 at The Ritz-Carlton Pacific Place Jakarta, this year’s conference builds on strong momentum. IDBW 2024 attracted more than 2,000 participants, over 50 speakers, and more than 80 partners across multiple sectors, marking the event’s return after a two-year pause. IDBW 2025 is made possible through a strategic collaboration between Tokocrypto, D3 Labs, Saison Capital, and Arktivak, united by a shared vision to position Indonesia and Southeast Asia as global hubs for Web3 innovation and the digital economy. 

 

“Indonesia Blockchain Week 2025 is designed as a nexus where Web3 innovation meets real-world economic needs in Southeast Asia. Indonesia remains one of the most dynamic markets in the region, and IDBW offers the ideal venue for founders, regulators, and investors to build sustainable solutions,” said Lai Chung Ying, Co-Founder & Co-CEO of D3 Labs. 

 

Under the tagline “Where Web3 Meets the Real Economy,” IDBW 2025 will highlight how regulation, technology, and capital can work together to reshape the region’s financial and business landscape. The conference will explore how artificial intelligence (AI), blockchain technology, and tokenization can drive more inclusive, transparent, and efficient economic growth. 

 

“Through Indonesia Blockchain Week, we want to emphasize that AI and blockchain are not short-term trends or merely about digital asset trading. They can power real solutions—from cross-border payments and startup financing to supply chain innovation. This is the moment to bring Indonesia 4.0 to life,” said Calvin Kizana, CEO of Tokocrypto.

 

Over the two-day event, attendees will experience a comprehensive program, including developer-focused technical sessions, regulatory and policy discussions, keynote speeches from global leaders, and a variety of side events styled as a “Meme Festival” to bring communities and industry closer together. Featured speakers at IDBW 2025 include: 

 

Justin Sun (Founder, TRON), Eddy Christian Ng (Expansion Lead, Tether), Neha Mittal (Head of Startups, ASEAN, AWS), Tigran Adiwirya (Co-Founder & Co-CEO, D3 Labs), Natasha Ardiani Hartoro (Co-Founder & CEO, Durianpay), Charles Kok (Director / Fund Manager, UOB Venture Management), Takashi Hayashida (Managing Director, Taisu Ventures), Paulo Caperig (Head of Partnership, Kaia), Markus Rahardja (Chief Investment Officer, BRI Ventures), Edwin Lau (APAC Business Development, Monad Foundation), and Fandy Cendrajaya (Founding Partner, Kopital Ventures). 

 

“IDBW 2025 will be a platform for breakthrough ideas around Web3 infrastructure—from scalability solutions to real-world asset tokenization. Indonesia is home to exceptional talent and a vibrant community, and this is the moment to connect them to the global ecosystem,” said Looi Qin En, Partner at Saison Capital. 

 

With strong participation from global players such as TRON, Tether, AWS, BRI Ventures, UOB Venture Management, and other international partners, Indonesia Blockchain Week 2025 is expected to become a major catalyst for accelerating Web3 adoption across both institutional and retail segments. “Southeast Asia, especially Indonesia, has one of the most active crypto and Web3 communities in the world. Through Indonesia Blockchain Week, we aim to drive real-world use cases that impact millions, from DeFi and payments to digital entertainment,” said Justin Sun, Founder of TRON. 

 

The presence of numerous venture capitals and institutional investors provides significant opportunities for local and regional Web3 startups to access strategic networks and funding. “We see IDBW 2025 as a critical convergence point for builders, capital, and regulators. This is more than a conference, it is a platform for designing the future of financial inclusion and the digital economy in the region,” said Kevin Susanto, Co-Founder & Partner at Arktivak. 

 

IDBW 2025 is supported by a strong roster of sponsors and strategic partners, including OKX Wallet, Binance Academy, GRVT, Tether, Mobee, AWS, Advertising Time Race, Durianpay, Sumsub, NUMINE, Venus, Rapidz, blu by BCA Digital, and MEXC Ventures. Their participation underscores the growing confidence of global industry leaders in Indonesia and Southeast Asia as prime markets for blockchain and Web3 development. 

 

Indonesia Blockchain Week 2025 welcomes participants from all backgrounds, including Web3 founders and startup teams, blockchain developers and engineers, financial institutions and corporations, regulators and policymakers, crypto and NFT communities, as well as students and young professionals looking to build a career in Web3. IDBW 2025 invites all stakeholders

 

to join the movement in Jakarta and take part in shaping the future of Southeast Asia’s digital economy, where innovation meets opportunity. 

About Indonesia Blockchain Week 

Indonesia Blockchain Week (IDBW) is a premier annual conference dedicated to accelerating the adoption and development of blockchain technology in Southeast Asia. Since its debut in 2019, IDBW has become a leading platform for industry stakeholders to share insights, build networks, and explore collaboration opportunities across the blockchain ecosystem. Supported by industry leaders, regulators, and technology innovators, IDBW aims to help shape a brighter future for blockchain in the region. 

More information: https://indonesiablockchainweek.com/ 

Media Contact 

Bianda Ludwianto 

Public Relations, Tokocrypto 

+62856-9267-2993 | [email protected]

〈Indonesia Blockchain Week 2025: Accelerating Southeast Asia’s Web3 Ecosystem〉這篇文章最早發佈於《CoinRank》。

DATs are no longer defined by asset size or price exposure, but by a company’s ability to execute disciplined asset allocation, risk management, and cash-flow planning.

 

Market evaluation of DAT companies is shifting toward operational capability, transparency, and governance quality, creating clear differentiation between strategic operators and speculative holders.

 

By embedding digital assets into corporate strategy and on-chain ecosystems, leading DAT firms are transforming crypto from a balance-sheet asset into a source of long-term competitive advantage.

Digital Asset Treasuries (DATs) have evolved from passive crypto holdings into a strategic corporate framework where digital assets are integrated into long-term capital allocation, governance, and ecosystem participation.

 

THE LOGIC BEHIND DAT

 

By the end of 2025, Digital Asset Treasuries (DATs) remain a focal point in the crypto industry. Corporations that incorporate digital assets into their balance sheets are no longer merely participating in market allocation; they are actively transforming digital assets into strategic corporate resources. As market dynamics and regulatory environments evolve, the DAT sector is undergoing structural optimization and capability-based selection. Its core value has shifted from simple asset holding to a reflection of corporate strategic execution.

 

Most DAT companies raise capital through equity financing, bond issuance, or private placements, and then allocate funds to major digital assets such as Bitcoin and Ethereum. Compared with earlier “hoarding-style” approaches, enterprises today place greater emphasis on rational asset allocation, risk control, and strategic participation in the crypto ecosystem. On one hand, digital assets enable portfolio diversification and potential long-term value appreciation. On the other, companies must establish cash flow planning and risk management frameworks to maintain operational stability. Moreover, holding digital assets allows firms to participate in on-chain governance, staking, and lending, strengthening their strategic positioning within blockchain ecosystems. This evolution indicates that DATs are no longer a mere asset category, but an integral component of corporate strategic management.

 

MARKET STRUCTURE AND CORPORATE PERFORMANCE

 

Recent industry developments suggest that DAT companies are undergoing structural refinement. Some firms have improved market performance and maintained shareholder confidence through share buybacks or asset portfolio adjustments. Companies such as ETHZilla and Metaplanet, for example, have achieved relatively stable equity performance through asset optimization and strategic realignment. At the same time, index providers like MSCI are reassessing the inclusion criteria for DAT-related equities, placing greater emphasis on transparency and corporate governance. This shift implies that market evaluation of DAT companies is no longer driven solely by asset size or price performance, but increasingly by operational capability and risk management discipline. The resilience shown by certain Ethereum-focused firms during recent market adjustments further underscores the importance of asset diversification and sustainable business operations.

 

CORPORATE BEHAVIOR AND STRATEGIC CHOICES

 

Corporate actions provide insight into the underlying strategic logic of DATs.

 

At the asset strategy level, companies integrate digital assets into long-term capital allocation frameworks, not merely for short-term returns but to support future business innovation and ecosystem positioning.

At the risk and stability level, firms employ tools such as asset diversification, share buybacks, and operational optimization to manage market expectations while maintaining internal stability.

At the ecosystem integration level, holding digital assets enables participation in on-chain governance and ecosystem development, converting asset management capabilities into strategic influence and long-term competitiveness.

 

Taken together, DATs have evolved from simple token holdings into a comprehensive practice encompassing strategic asset management, risk control, and ecosystem participation.

 

INDUSTRY TRENDS AND CORPORATE DIFFERENTIATION

 

Industry trends indicate that evaluation standards for DATs are undergoing a fundamental upgrade. Market attention is shifting away from asset size and short-term price movements toward operating capability, cash flow resilience, and governance transparency. Corporate differentiation is becoming increasingly pronounced: firms with diversified asset strategies, disciplined operations, and transparent governance stand out, while those reliant on market momentum and single-asset exposure face structural limitations. Over the long term, DAT companies that combine asset management, business expansion, and ecosystem participation are better positioned to transform digital assets into sustainable strategic resources and establish meaningful competitive differentiation.

 

 

CONCLUSION

 

The core value of a DAT company lies not in the quantity of assets held, but in its ability to integrate digital assets into a coherent strategic framework, establish robust operational and governance structures, and actively participate in ecosystem development. By observing corporate behavior and shifts in industry structure, the evolution of the DAT sector becomes clear: long-term competitiveness is built through strategic asset allocation and disciplined risk management, while transparency and governance increasingly define market confidence. This evolution illustrates not only how enterprises utilize digital assets, but also how crypto-native capital is becoming deeply embedded in corporate strategy, offering investors and industry participants a more refined framework for evaluation.

 

Ultimately, understanding DATs is less about short-term market fluctuations and more about how enterprises leverage digital assets to achieve strategic objectives and generate durable long-term value. This logic is guiding the industry toward greater stability and sustainability, where high-quality firms are likely to emerge with clear and lasting competitive advantages.

 

Read More:

From BUIDL to Superstate: How On-Chain Treasuries Are Changing Global Funding Costs?

〈DAT (Digital Asset Treasury): The Strategic Evolution of Crypto-Native Corporations〉這篇文章最早發佈於《CoinRank》。

The swift rejection underscored that legacy institutions prioritize long-term ownership philosophy and cultural continuity over financial offers, regardless of capital strength.

 

Tether’s bid marked a shift from crypto’s traditional sponsorship-based involvement in sports toward direct governance ambitions, testing the boundaries of institutional acceptance.

 

The episode highlights a structural mismatch between fast-moving crypto capital and “slow assets” like football clubs, where integration depends on credibility, patience, and trust rather than capital alone.

Tether’s rejected bid for Juventus reveals that even large-scale crypto capital faces firm limits when attempting to acquire control of legacy institutions where trust, governance, and cultural stewardship outweigh valuation.

 

A BID REJECTED WITHIN 24 HOURS

 

On December 13, 2025, stablecoin issuer Tether submitted a binding all-cash acquisition offer to acquire a controlling stake in Juventus Football Club, valuing the club at approximately $1.3 billion (around €1.1 billion).

The proposal was rejected within 24 hours by Exor, the investment holding company of the Agnelli family and Juventus’ controlling shareholder.

In its statement, Exor reaffirmed that it has “no intention to sell any stake in Juventus to third parties, including but not limited to Tether.”

While the transaction did not advance, the episode itself offers a revealing case study into the current limits of crypto capital’s expansion into traditional institutions.

 

 

FROM PERIPHERAL PARTNERSHIPS TO CONTROL AMBITIONS

 

Over the past decade, crypto’s relationship with football has largely been confined to sponsorships, fan tokens, and branding partnerships. These arrangements are commercially driven, relatively low-risk, and structurally detached from club governance.

Tether’s move was fundamentally different.

Rather than extending a commercial partnership, it sought outright control, implying long-term ownership, governance participation, and direct exposure to regulatory and public scrutiny.

This marks a shift from symbolic engagement toward structural integration.

 

THE SIGNAL BEHIND THE REJECTION

 

Exor’s response did not focus on valuation. Instead, it emphasized continuity of ownership and long-term stewardship.

For the Agnelli family, Juventus is not merely a financial asset but a legacy institution embedded in Italian sporting and cultural history.

The rejection underscores a key reality: when crypto capital approaches legacy institutions, capital sufficiency alone is not decisive. Governance philosophy, institutional trust, and cultural alignment remain critical variables.

 

TETHER WAS NOT AN OUTSIDER

 

Importantly, Tether was not approaching Juventus from the sidelines.

The company already holds more than 10% of Juventus’ shares, and its CEO, Paolo Ardoino, has publicly described himself as a lifelong Juventus supporter. Earlier this year, Tether-backed board members successfully joined the club’s board of directors.

In addition, Tether had indicated its willingness to commit an additional €1 billion in long-term investment should the acquisition receive approval.

These facts suggest a gradual, deliberate strategy rather than a speculative bid.

 

TRUST REMAINS THE CORE VARIABLE

 

For Tether, the attempted acquisition was not merely about portfolio diversification. As one of the world’s largest stablecoin issuers, the company continues to face scrutiny around regulation, transparency, and systemic trust.

A globally recognized football club—highly visible, regulated, and socially embedded—could theoretically serve as a bridge between crypto finance and the real economy.

The failed bid, however, illustrates that such bridges cannot be purchased outright.

 

CRYPTO CAPITAL MEETS “SLOW ASSETS”

 

Crypto markets are defined by speed, liquidity, and rapid repricing. Football clubs represent the opposite: slow-moving assets shaped by decades of history, emotional attachment, and social identity.

Tether’s attempt highlights crypto capital’s growing interest in these slow assets. The outcome, however, reinforces that integration into such domains requires time, patience, and institutional credibility, not just financial capability.

 

A CLEAR BOUNDARY TEST

 

From an industry perspective, this episode serves as a clear boundary test. It delineates how far crypto capital can currently penetrate into the core of traditional institutions.

The rejection does not invalidate the strategy, but it clarifies the constraints under which such strategies must operate.

 

CONCLUSION

 

Tether’s interaction with Juventus did not alter the structure of professional football, nor did it immediately reshape the crypto industry.

What it did provide is a concrete snapshot of crypto capital’s transitional phase—moving closer to mainstream institutions, yet still negotiating acceptance on their terms.

As crypto increasingly seeks permanence in the real economy, trust, governance alignment, and long-term commitment may prove more decisive than capital alone.

 

Read More：

Owning the Rails: Inside Tether’s Stable.xyz Experiment

CoinRank Crypto Digest (10/13)｜Tether Co-founder’s Stablecoin Project USST Faces Continued Depegging

〈Tether’s Failed Juventus Bid: The Boundaries of Crypto Capital〉這篇文章最早發佈於《CoinRank》。

According to Cointelegraph, some macro analysts warn that if the Bank of Japan raises interest rates as expected on December 19, Bitcoin could face another pullback, potentially slipping toward the $70,000 level.

Analyst AndrewBTC, citing historical data, notes that since 2024 every BOJ rate hike has been followed by a Bitcoin decline of over 20%: roughly 23% in March 2024, 26% in July 2024, and about 31% in January 2025. If another hike materializes next week, markets may need to brace for a similar magnitude of downside risk once again.

#BTC #CryptoMarket

White House NEC Director Kevin Hassett said that even if he were chosen to lead the Fed, interest-rate decisions would remain independent.

While acknowledging President Trump holds strong, well-argued views on monetary policy, Hassett stressed the Fed must work with the Board and FOMC to reach collective, independent decisions, responding to Trump’s comments that he should have a say in rate setting.

#Trump #KevinHassett #FederalReserve

Folks Finance does not treat cross chain DeFi as an asset movement problem but as an account state problem, using a unified global account model to improve capital efficiency across multiple chains.

 

By centralizing risk calculation and account logic on Algorand as a computation hub, Folks Finance separates backend execution from frontend user interaction and creates a more predictable and scalable system architecture.

 

The protocol’s long term strategy moves beyond lending toward cross chain asset management, with xChain V2 positioning vault based collateral as both productive capital and borrowing infrastructure.

WHEN MULTI CHAIN EXPANSION TURNED INTO STRUCTURAL FRAGMENTATION

 

After multi chain became an accepted reality in crypto, DeFi did not become more efficient. It became more fragmented. Assets spread across more networks, but capital efficiency did not improve. Liquidity was no longer concentrated, and risk was no longer easy to measure. Users were forced to move assets back and forth between chains, paying higher costs and accepting more uncertainty, without gaining meaningful improvements in flexibility or yield. Over time, most protocols responded to this problem with incentives rather than structure. Higher rewards were used to mask deeper inefficiencies. Very few teams stepped back to question whether the underlying system design of DeFi still made sense in a multi chain world.

 

Folks Finance took that step back. Instead of competing on yield or expanding through rapid deployments, it focused on a much harder question. What is the true base unit of DeFi once multiple chains exist. The answer it arrived at was not liquidity pools and not chains. It was the account itself. That single decision explains why Folks Finance looks so different from most lending protocols today and why it should not be evaluated through the same lens.

 

THE REAL BOTTLENECK OF MULTI CHAIN DEFI IS ACCOUNT FRAGMENTATION

 

Most DeFi protocols describe themselves as multi chain, but in practice this usually means duplication. The same protocol is deployed on Ethereum, Arbitrum, Base, Avalanche, and other networks, each running as an isolated market. From the outside, this looks like expansion. From the inside, it is fragmentation. Assets, liabilities, and risk are locked inside separate systems that do not naturally communicate with each other.

 

 

For users, this means that capital efficiency is capped by chain boundaries. Collateral deposited on one chain cannot directly support borrowing on another chain. The only way to bridge this gap is to physically move assets across networks using bridges. This does not unify the account. It only relocates it. The user ends up managing multiple partial accounts instead of a single global position.

 

This structure produces long term inefficiencies. One chain can have excess idle liquidity while another suffers from high borrowing costs. The protocol has no clean way to rebalance risk across networks. Interest rates diverge. Liquidity sits unused. Over time, incentives are added to attract capital, but these incentives treat symptoms rather than causes.

 

Folks Finance starts from a different premise. As long as accounts are divided by chain, DeFi will remain inefficient. Solving liquidity fragmentation without solving account fragmentation is not possible.

 

THE HUB MODEL IS NOT A BRIDGE BUT A GLOBAL ACCOUNT SYSTEM

 

The core innovation of Folks Finance is not a new bridge design. It is a new account model. Through a hub based architecture, the protocol centralizes all account state, risk logic, interest calculations, and liquidation rules into a single system. Other chains act only as asset entry and exit points.

 

In this model, users do not have separate accounts on each chain. They have one global account. The protocol evaluates their position as a whole, regardless of where assets are held. Collateral ratios, health factors, and borrowing power are calculated at the account level, not at the chain level.

 

 

This enables a fundamentally different form of cross chain lending. Assets do not need to move in order to support borrowing elsewhere. A user can deposit collateral on one chain and borrow on another without bridging assets first. The protocol does not track chains. It tracks risk.

 

This design removes the most difficult problem in cross chain DeFi. State synchronization. Instead of attempting to keep multiple systems in sync, Folks Finance maintains a single source of truth. The complexity is concentrated rather than multiplied.

 

WHY ALGORAND BECAME THE SYSTEM BRAIN

 

Placing the system core on Algorand is the most misunderstood decision behind Folks Finance. In a market dominated by Ethereum narratives, this choice can appear political or ecosystem driven. In reality, it is an engineering decision.

 

The hub layer is responsible for continuous and sensitive operations. Interest accrual. Risk updates. Liquidation triggers. Cross chain confirmations. These processes require low latency, predictable execution, and stable costs. Running them in an environment with high fees and variable execution times would introduce instability at the core of the system.

 

Algorand provides a consistent execution environment with low costs and fast finality. Folks Finance does not use Algorand as a user acquisition layer. It uses it as a backend computation layer. Complexity lives where execution is reliable. User interaction lives on the chains where users already are.

 

This separation allows the system to scale without sacrificing stability. It resembles infrastructure design more than application deployment. Algorand functions as the system brain, not the storefront.

 

A MULTI RAIL APPROACH TO CROSS CHAIN SECURITY

 

Folks Finance does not treat cross chain communication as a single problem. It treats it as several different ones. Messages, assets, and stablecoins all carry different risk profiles and failure costs. As a result, they are handled separately.

 

High value state messages use high assurance communication layers. Asset custody and release are isolated from message passing. Stablecoin movement relies on official issuer infrastructure rather than wrapped representations. This design choice reduces systemic coupling and limits the impact of any single failure.

 

 

The goal is not complexity for its own sake. It is risk containment. Cross chain failures tend to cascade when systems are tightly bound together. By separating concerns, Folks Finance limits blast radius and increases fault tolerance.

 

This is especially important in stablecoin lending. Avoiding wrapped assets reduces liquidity fragmentation and removes depegging risk from the core borrowing experience. The result is a cleaner and more resilient lending base.

 

FROM XALGO TO XCHAIN V2 AS A LONG TERM SYSTEM BET

 

Viewed in isolation, Folks Finance can appear to have shifted focus over time. In reality, its trajectory has been consistent. Early products in the Algorand ecosystem focused on transforming abstract states into usable assets. Governance participation became liquid. Network rewards became transferable. State was made portable.

 

xChain extends this logic to the account level. xChain V2 pushes it further. With vault based structures, collateral becomes productive while remaining usable for borrowing. Lending stops being a passive yield exchange and becomes part of account level strategy.

 

This moves Folks Finance away from pure lending and closer to cross chain asset management infrastructure. The learning curve is higher. The system is harder to explain. But the resulting moat is structural rather than incentive driven.

 

WHAT A UNIFIED ACCOUNT MODEL MEANS FOR THE NEXT PHASE OF DEFI

 

Folks Finance is not trying to win attention through speed or simplicity. It is challenging one of the oldest assumptions in DeFi. That accounts must be divided by chain. By unifying state rather than moving assets, it offers a different answer to the cross chain problem.

 

This approach introduces new tradeoffs and new risks. It depends on a stable computation hub and disciplined system design. But it also unlocks efficiencies that incentive based models cannot reach. If DeFi continues to expand across chains, the question will no longer be how fast assets move, but how cleanly risk is measured. In that future, unified account systems may matter more than bridges.

〈How Folks Finance Is Rebuilding the Account Layer of Cross Chain DeFi〉這篇文章最早發佈於《CoinRank》。

BOJ’s December rate hike to 0.75% remains historically low compared to US Fed’s 3.5-3.75%, maintaining significant interest rate differential favoring continued global liquidity.

Yen carry trade funds fragment across countries and asset classes, with only modest portions reaching crypto after dilution through Treasuries, equities, and corporate bonds.

Current market represents healthy bull correction, not 2022 bear market, as leverage already cleared and fundamentals remain strong despite short-term funding flow volatility.

Japan’s BOJ rate hike to 0.75% poses limited crypto risk. US Fed cuts offset tightening while carry trade impact disperses across global markets beyond digital assets.

The crypto market has been buzzing with concern lately. Following Glassnode co-founder’s recent analysis of Japan’s monetary policy shift, I found myself nodding along with many of his points. But here’s where I want to dig deeper into something that often gets lost in the noise: the actual magnitude of impact we should realistically expect from the Bank of Japan’s upcoming rate decision.

 

https://x.com/Negentropic_/status/1999988696192299339

 

Look, I get it. The headlines make it sound dramatic. “Japan raises rates to 30-year high!” Sure, that’s technically true. However, when you strip away the sensationalism and look at the numbers, the story becomes far less alarming for crypto investors. Frankly, the panic seems overdone given what’s actually happening beneath the surface.

 

THE CONTEXT EVERYONE’S MISSING

 

First off, this isn’t Japan’s debut performance in the rate-hiking arena. The Bank of Japan already ended its negative interest rate policy in March 2024 and raised rates to 0.5% in January 2025. The market didn’t collapse then. Bitcoin didn’t go to zero. The world kept spinning.

 

Now, as the BOJ prepares for its December 18-19 policy meeting, market consensus has coalesced around another 25 basis point increase, bringing the rate to 0.75%. All 50 economists surveyed by Bloomberg are betting on this move. This level of agreement is unprecedented under Governor Kazuo Ueda’s watch, which tells you something important: this is the most telegraphed rate hike in recent memory.

 

But here’s the kicker that really matters. Even if Japan pushes rates to 0.75%, we’re still talking about a rate environment that remains extraordinarily accommodative by global standards. Compare that to the United States, where the Federal Reserve just cut rates on December 10 to a range of 3.5%-3.75%. Japan’s borrowing costs will still be less than a quarter of America’s, even after the hike.

 

THE OFFSETTING FORCES AT PLAY

 

What makes this situation particularly interesting – and frankly, less worrying than the doom-and-gloom crowd suggests – is the divergence in monetary policy trajectories. While Japan inches rates higher, the United States has embarked on an easing cycle. The Fed delivered its third rate cut of the year in December, bringing rates down 75 basis points since September. Their projections signal another 25-50 basis points of cuts through 2026.

 

This creates a natural offset. Yes, Japan’s tightening reduces one source of global liquidity. But simultaneously, the world’s largest economy is loosening policy and injecting liquidity back into the system. The net effect on risk assets, including crypto, becomes far more nuanced than simple cause-and-effect narratives would have you believe.

 

Moreover, and this point can’t be stressed enough, markets have had months to digest this information. Governor Ueda hasn’t been coy about the BOJ’s intentions. He’s basically pre-announced the move, using language that central bankers deploy when they want to avoid shocking markets. In his early December speech, he discussed the “pros and cons” of raising rates – central banker code for “we’re probably doing this, so get ready.”

 

This matters enormously. The violent market reactions we saw in early August 2024, when Bitcoin dropped from around $65,000 to $50,000 following Japan’s July rate hike, came partly from the element of surprise. That’s not the case this time. Positioning has already adjusted. Speculative excess has already been wrung out. The market has had time to prepare.

 

UNPACKING THE CARRY TRADE HYSTERIA

 

Now let’s talk about the elephant in the room: the yen carry trade. This is where things get interesting, and where I believe much of the fear stems from fundamental misunderstandings about how money actually flows through the system.

 

For years, Japan’s ultra-low (and at times negative) interest rates created a unique arbitrage opportunity. Institutions would borrow yen at essentially zero cost, convert those funds into dollars or other currencies, and deploy the capital into higher-yielding assets. US Treasuries, tech stocks, emerging market debt, and cryptocurrency all benefited from this flood of cheap Japanese money.

 

Estimates of the carry trade’s size vary wildly. Conservative figures based on Japanese banks’ foreign lending put it around $1 trillion. More aggressive calculations using the notional value of foreign exchange swaps and forwards reach as high as $14-20 trillion, though these higher numbers include substantial double-counting and derivatives exposure that doesn’t translate directly to risk asset purchases.

 

But even if we take the high-end estimates at face value, here’s what people miss: this money doesn’t all flow into crypto. Not even close. The vast majority of yen carry trade capital gets distributed across multiple countries, multiple asset classes, and multiple strategies. The United States captures the lion’s share, certainly. However, within the US, those funds fragment further into Treasuries, equities (particularly large-cap tech), corporate bonds, and numerous other categories before even a sliver reaches digital assets.

 

Think about it logically. If the total carry trade is $1-5 trillion, maybe half flows to the US. Of that US portion, equities might get 30-40%. Of equity exposure, maybe 10% ventures into more speculative territory like crypto. We’re talking about multiple layers of dilution. By the time you trace the money through this complex web, the portion directly affecting crypto markets becomes relatively modest.

 

THE LEVERAGE EQUATION

 

There’s another crucial piece that often gets overlooked in the analysis: leverage. The crypto market went through a significant deleveraging event throughout late 2024. Open interest in futures has contracted meaningfully. Funding rates have normalized. The system is cleaner now than it was during previous periods of yen carry trade unwinding.

 

When leverage is high, small funding cost changes can trigger cascading liquidations. However, when the market has already been through the wringer and speculative excess has been cleared out, the same policy shifts produce far more muted effects. We’re not in a 2022-style environment where everything was overextended. This is a healthier market structure, and healthy markets absorb shocks better.

 

Furthermore, the relationship between leverage and carry trade exposure isn’t linear. Many of the headline figures quoted for carry trade size represent leveraged positions. A $1 trillion leveraged exposure might only represent $200-300 billion in actual capital deployed. And as that leverage unwinds in response to changing rate differentials, it doesn’t necessarily mean all that capital exits risk assets immediately. It might just mean positions get deleveraged, not liquidated.

 

WHAT THIS MEANS FOR THE CRYPTO CYCLE

 

So where does this leave us? I’ve been discussing these dynamics with numerous colleagues and investors lately, and there’s remarkable consensus on one point: we’re nowhere near a 2022-style bear market. That was a fundamentally different environment – tightening global liquidity, collapsing leverage, fraud and contagion, and a macro backdrop moving decisively against risk assets.

 

What we’re experiencing now resembles a bull market correction far more closely. These are normal, healthy, and frankly necessary. Bull markets don’t go straight up. They climb, consolidate, shake out weak hands, then resume their ascent. The strongest bull runs are built on these periods of consolidation that create new support levels and reset sentiment.

 

The volatility we’re seeing isn’t a signal that the cycle is over. It’s a signal that the cycle is maturing and finding a more sustainable path forward. After the explosive moves we saw through much of 2024, some cooling off isn’t just expected – it’s desirable. It creates opportunities for new buyers to enter at more reasonable levels and for the market to build a more solid foundation for the next leg higher.

 

Japan’s rate normalization is part of this broader recalibration. Markets are adjusting to a world where ultra-easy policy is gradually unwinding. But “gradual” is the operative word. Japan isn’t slamming on the brakes. They’re easing their foot off the accelerator, and they’re doing it in the most telegraphed, predictable way possible.

 

THE BIGGER PICTURE

 

Taking a step back, the fundamental drivers of crypto adoption and value appreciation remain unchanged. Institutional interest continues to grow. Regulatory clarity is improving in major jurisdictions. The technology continues to mature. These structural tailwinds don’t evaporate simply because Japan moves rates from 0.5% to 0.75%.

 

What we need to watch is the interest rate differential and its trajectory. As long as Japan remains significantly below global rates – which it will for the foreseeable future – the funding advantage doesn’t disappear entirely. It just narrows somewhat. And as long as the US continues on its easing path, that offsetting dynamic remains in play.

 

The real risk wouldn’t come from Japan’s measured rate normalization. It would emerge from a scenario where Japan had to hike aggressively and repeatedly while the US simultaneously pivoted back to tightening. That would create genuine funding stress and could trigger a more serious carry trade unwind. However, that’s not the scenario we’re facing, and it’s not what markets are pricing in.

 

Instead, we’re looking at a managed, gradual adjustment that markets have had ample time to prepare for. Yes, there will be volatility. Yes, there will be periods where funding dynamics create temporary headwinds. But none of this invalidates the broader bull case for crypto assets.

 

THE PATH FORWARD

 

As we move through this period of adjustment, the key for investors is maintaining perspective. Don’t let short-term volatility driven by funding flows distract from longer-term fundamentals. Don’t confuse a healthy correction with a trend reversal. Most importantly, don’t panic over headlines that strip away crucial context about what’s actually happening.

 

The crypto market will continue to experience turbulence as it navigates this transitional period. Some days will feel rough. Some moves will feel unsettling. That’s part of the process. However, when you examine the actual numbers – Japan’s rates still near zero, the US easing policy, carry trade impact diluted across global markets, and leverage already wrung out of crypto – the case for major systemic risk looks thin.

 

We’re going through a shake-out, not a breakdown. The bull market is consolidating, not ending. When this period of volatility passes, as it will, the market that emerges will be healthier and better positioned for sustainable growth. That’s not blind optimism. That’s what the data and the fundamentals actually tell us once we cut through the noise.

 

The above viewpoints are referenced from @Web3___Ace

〈Why Japan’s Rate Hike Won’t Derail the Crypto Bull Market〉這篇文章最早發佈於《CoinRank》。