Cover: Photo by Debby Hudson on Unsplash

This research report was written by Hendrix, a researcher at Web3Caff Research. It focuses on the universal protocol MCP with "unified interface + intelligent agent interaction" as the core, and unfolds a four-fold technology and ecological verification path:

① Can MCP significantly reduce the complexity of the model calling on-chain resources and realize the “perception + action” closed loop?

② Have the four major categories of projects, including Agent Framework, data services, and plug-in store, run through basic interactions?

③ Have scenarios such as TermiX and Nexy AI realized a true closed loop of Prompt → Onchain?

④ In the face of issues such as model illusion, service disguise, and oracle trust, are there systemic risks that are difficult to avoid?

We have also added key mechanisms and modular decompositions such as key structure diagrams, mainstream project path classifications, and typical interaction processes.

MCP track 15,000-word research report: How does the AI ​​universal interface connect everything in the Web3 world? A panoramic analysis of its development background, technical architecture, track pattern, risks and challenges, and future potential

The ideal foundation, with a strong moral aura, is regarded as an indispensable bridge between the start-up stage and autonomous governance of the project. However, as many projects enter the mature and scaled stage, this mechanism has begun to show structural fatigue. More and more project foundations have governance imbalances in actual operations. This article discusses it for you, please read it quickly.

From “standard configuration” to “drag”: the foundation model is heading towards its twilight period

As a developer, how can you quickly determine whether a Web3 project is a "criminal red line project"? As long as you can identify and avoid it at an early stage, you can stay away from most criminal legal risks. This article takes the four most common Web3 illegal risk models as an example to help you build basic recognition capabilities from the perspectives of project structure, system functions, token circulation, etc. Please read it quickly.

Web3 Developers’ Guide to Avoiding Pitfalls (Part 1): Four Types of Criminally High-Risk Project Models That Developers Must Know

Going deep into Asia, Africa and Latin America, investing in infrastructure, this innovative distribution channel and deep penetration into emerging markets are the key to Tether's leading position in the stablecoin field. Tether is not only technologically advanced, but also has established an unprecedented dollar distribution network around the world, which is one of Tether's least known advantages. This article will explore it in depth for you, please read it quickly.

Tether CEO’s understanding of the next stage of stablecoins

Hong Kong, as a prestigious international financial center, has a strategic ambition to become a global leading virtual asset center in the context of the global wave of virtual assets and Web3.0. This article sorts out the policy evolution of the Hong Kong Special Administrative Region Government, especially the Securities and Futures Commission and the Hong Kong Monetary Authority in the field of virtual asset supervision for you to read quickly.

2025 Hong Kong Virtual Asset Regulation Evolution and License Application Practical Guide

Recently, Shopify officially launched USDC stablecoin payments, and the first batch of merchants began testing on June 12. Meanwhile, Amazon and Walmart are reportedly exploring issuing their own stablecoins, and even Expedia and airlines are studying crypto asset payments. What is driving this craze? What pain points do stablecoins solve? This article will explain it to you.

E-commerce giants such as Shopify, Walmart, and Amazon suddenly turn to stablecoins. Will payment be the big killer of cryptocurrencies?

While mainstream public chains such as Ethereum and its L2 network, Solana, etc. are competing to expand at the fastest speed, the economic limitations brought by MEV have become apparent throughout the industry. On-chain search behavior is beginning to occupy the main capacity of most high-throughput blockchains in an alarming way of wasting resources. This is not a theoretical hypothesis or an isolated phenomenon. This article will explore it in depth for you, please read it quickly.

Flashbots Research: How MEV Devours Blockchain Expansion Dividends

The African cross-border payments market is currently valued at $329 billion in 2025, with a projected CAGR of 12% to reach $1 trillion by 2035. However, the market faces inefficiencies that cost businesses and consumers billions of dollars each year. This article discusses the growth of trade, the increase in immigration, and the rise in mobile payment penetration in Africa.

The transformative force behind Africa’s cross-border payments landscape

The king of Web2 mergers and acquisitions is trying to become a Web3 layouter. Huaxing Capital, which has led epoch-making mergers such as Didi Kuaidi, Meituan Dianping, and 58 Ganji, has officially set its sights on the crypto world. This investment bank, which once dominated the situation in the Web2 era, is now trying to take a position again in the new round of financial paradigm change. This article will provide you with an in-depth discussion, please read it quickly.

A $100 million bet on Web3: The history of crypto investment by China Renaissance Capital, the “king of M&A”

The stablecoin market is very much like an iceberg. In deeper places, where USDC and USDT cannot reach, there will be a large number of stablecoins, including stablecoins for segmented business scenarios, decentralized interest-bearing stablecoins, etc. This article will discuss this in depth for you, so please read it quickly.

The future pattern of stablecoin track: compliant stablecoin + offshore stablecoin + decentralized stablecoin

10 news stories to watch this week

  • Ethereum Community Foundation is now officially established

Source: The Block

  • Circle Launches Circle Gateway, a Developer Service

Source: Circle

  • XRP Ledger’s Ethereum-compatible sidechain is now live on mainnet

Source: RippleX

  • BNB Chain Completes Maxwell Hard Fork Upgrade

Source: BNB Chain

  • Ondo Global Markets, an on-chain US stock platform, will be launched this summer

Source: Ondo Finance

  • Ripple follows Circle in applying for US banking license

Source: The Block

  • New Zealand Financial Markets Authority issues cryptocurrency investment risk and scam warning

Source: FinanceFeeds

  • Full Committee Hearing on Crypto Market Structure to Be Held Next Week

Source: Eleanor Terrett

  • DDC Enterprise Completes $528 Million Financing, with Anson Funds and Others Participating

Source: Businesswire

  • Limitless Completes $4 Million Strategic Round of Financing, Coinbase Ventures and Others Participate

Source: Cointelegraph

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