The Golden Weekly is a weekly blockchain industry summary column launched by Golden Finance, covering key news, mining information, project dynamics, technological progress, and other industry dynamics from the week. This article is part of the news weekly, bringing you an overview of major events in the blockchain industry this week.
Headline
▌ETH market share reaches 12.8%, hitting a new high this year.
Market data shows that ETH market share reached 12.8%, hitting a new high this year.
▌Coinbase: DEX trading is now open to some U.S. users.
Coinbase announces DEX trading is now open to some U.S. users (excluding New York State). To ensure trading reliability, Coinbase will add support for new DEX assets in batches, gradually expanding service coverage in the coming weeks, ultimately supporting all Base ecosystem assets.
▌Trump: The situation in Ukraine may be resolved soon.
Trump: The situation in Ukraine may be resolved soon.
▌Arthur Hayes spent 10.5 million USDC to repurchase ETH.
According to Lookonchain monitoring, Arthur Hayes sold 2373 ETH for $3507 a week ago, worth $8.32 million. Four hours ago, he spent 10.5 million USDC to buy ETH. BitMEX co-founder Arthur Hayes stated earlier on X, 'I had to buy it all back, will you forgive me?' Tom Lee (Chairman of the largest ETH treasury company, Bitmine). 'I swear I will never take profits again.'
▌Blue Ocean Interactive founder Wang Feng: Predicts Ethereum will break through $5000; the autumn of cryptocurrencies is expected to start.
Wang Feng (@wangfeng_0128), founder of Blue Ocean Interactive, stated that Bitcoin and Ethereum's market sentiment should not be viewed in isolation. Bitcoin is currently hovering around $120,000, with little volatility and no major selling from the main forces. This leaves space for Ethereum to continue rising after breaking $4000, predicting a target of at least $5000. Similarly, Ethereum can never be separated from the entire cryptocurrency market. The autumn of cryptocurrencies is expected to start, with DeFi, RWA, and star memes entering an explosive phase.
Policy
▌South Korea may list regulated crypto investment products by the end of 2025.
Compared to past cryptocurrency policies, South Korea is undergoing a significant shift, bringing spot ETFs and stablecoins into the core of its financial system. With the government drafting detailed plans, the country could see regulated crypto investment products listed as early as the end of 2025. This week, South Korea's top financial regulator, the Financial Services Commission (FSC), submitted a new proposal outlining its plan to introduce spot cryptocurrency exchange-traded funds. This roadmap has been submitted to the Presidential Policy Planning Committee and includes a framework for legitimate, regulated crypto ETFs, which is vastly different from the country's previous cautious attitude. According to this roadmap, the FSC will prepare the necessary legal and technical foundations for these funds. This means establishing infrastructure that includes custody, pricing, operation, and fund management, along with clear standards for investor protection.
▌CleanSpark faces a $185 million tariff risk due to imported Bitcoin mining machines.
The U.S. crypto mining company CleanSpark disclosed that some of the Bitcoin mining machines imported between April and June 2024 were identified by U.S. customs as originating from China and may face punitive tariffs of up to $185 million. CleanSpark denied the relevant accusations, stating that its procurement contracts and supplier documents indicate that the mining machines are not made in China and will firmly respond to the allegations. Reports indicate that the mining company IREN previously faced similar controversies involving $100 million.
▌EU's new regulations give banks regulatory advantages in asset tokenization, which may accelerate the tokenization development in Europe.
The legislation passed by the EU last year created significant regulatory advantages for banks to tokenize traditional assets, making their handling more lenient than in most parts of the world. This week, the European Banking Authority (EBA) released the final technical standards, largely following the guidelines of the Basel Committee on Banking Supervision (BCBS) and primarily applicable to cryptocurrencies. However, EU legislation overturned the conservative practices regarding the tokenization of traditional assets, explicitly treating them equally with traditional assets without any additional conditions. EU banks can handle tokenized securities on any type of blockchain without additional capital requirements; meanwhile, banks in other regions following the Basel Committee's guidelines must impose a maximum risk weight of 1250% for holding similar assets on unlicensed networks. This regulatory difference also extends to the field of stablecoins, giving Europe a unique advantage in institutional tokenization and the digitalization of traditional financial instruments.
▌401(k) case lawyer: The goal of ordinary people is to have a safe and reliable retirement plan; the cryptocurrency field is fraught with various dangers.
On August 8, U.S. President Trump signed an executive order allowing alternative assets, such as private equity, cryptocurrencies, and real estate, to enter workplace retirement plans. However, some investor rights advocates warn that while these new investments may offer attractive returns, they also pose significant risks for long-term retirement savers. Jerry Schlichter, founding partner of Schlichter Bogard law firm specializing in 401(k) high-fee litigation, stated: 'The goal of ordinary people is to have a safe and reliable retirement plan, and new areas like cryptocurrencies or private equity are fraught with various dangers.' Investment experts generally advise that core long-term investment portfolios should be allocated to diversified assets that can provide stable returns over the long term (at least several decades). Jerry Schlichter pointed out that given the long-term upward trend in the stock market, broad-based stock index funds are suitable 401(k) investment options. The problems with cryptocurrencies are evident. Although some cryptocurrencies have yielded astonishing returns, these assets have existed for too short a time to prove their safety. 'Cryptocurrencies have no long-term performance history, and their short-term to medium-term performance is extremely volatile,' Schlichter stated. 'If you do not understand this investment, you should not rely on it as a retirement asset.'
▌David Sacks: After Trump's signing of the executive order, over 90 million American workers will be able to access alternative assets, including cryptocurrencies.
According to Cointelegraph, David Sacks, head of cryptocurrency and artificial intelligence, stated that after President Trump's signing of the executive order today, over 90 million American workers will be able to access alternative assets, including cryptocurrencies.
Blockchain Applications
▌Ant Group: The self-developed public chain Jovay is expected to officially launch its mainnet by the end of September and will not issue tokens.
Ant Group's Vice President and head of Ant Financial's blockchain business, Bian Zhuoqun, revealed today that Ant Financial's self-developed public chain Jovay is planned to officially launch its mainnet by the end of September 2025, capable of handling real transactions. On April 30 this year, Ant Financial released Layer 2 blockchain Jovay and stated that Jovay is a compliant institutional-level blockchain that will not issue tokens. Bian Zhuoqun stated that Ant Financial is committed to becoming a portal connecting Web2 and Web3, providing more trustworthy assets for Web3 while introducing more compliant funds for Web2. She cited data predicting that the global tokenization market size is expected to reach $16 trillion by 2030. Currently, Ant Financial has been expanding the RWA asset landscape in the fields of new energy, computing power, and finance.
▌Hong Kong's first RWA industry white paper released: Everything can be RWA is a fallacy.
(RWA Industry Development Research Report·Industry Volume 2025) was released today in Hong Kong, systematically proposing standards and frameworks for the selection of RWA assets. Previously, with the rapid development of the tokenization trend for real-world assets (RWA), the market's rhetoric of 'everything can be RWA' became rampant. The report points out that not all assets are suitable for RWA tokenization, and 'everything can be RWA' is a fallacy, while assets that successfully achieve large-scale implementation must meet three thresholds: value stability, clear legal rights, and off-chain data verifiability. (36Kr)
▌MetaMask adds support for Sei.
The crypto wallet MetaMask has added support for the Level 1 blockchain Sei, bringing the total number of supported blockchains to over ten. The latest integrated features allow MetaMask users to directly access Sei-based applications, tokens, NFTs, and other assets from their wallets. Now, users can exchange, bridge, and purchase Sei tokens using built-in fiat channels (such as credit cards and Apple Pay).
▌Vitalik: Ethereum will eventually achieve instant transfers of native assets across L2 through L1.
Ethereum founder Vitalik Buterin stated that he is surprised to see many mainstream Layer 2s reach Stage 1 'limited training rounds.' The next goal is to achieve fast withdrawals through zero-knowledge proof systems. He believes this is more important than reaching Stage 2 'no training rounds.' Fast withdrawal times are crucial, which will reduce the funding costs for liquidity providers. If the native withdrawal time can be shortened to under 1 hour in the short term and to 12 seconds in the mid-term, it will further consolidate Ethereum Layer 1's position as the default platform for asset issuance and the economic center of the Ethereum ecosystem. For this, we need to abandon the optimistic proof system, which essentially requires waiting several days for withdrawals. Historically, zero-knowledge proof technology has been immature and costly, making optimistic proof a sensible and safe choice. However, this situation is rapidly changing, with the 2-of-3 ZK + OP + TEE proof system strategy achieving a balance between security, speed, and maturity. In the long run, we will ultimately achieve nearly instantaneous transfers of native assets across L2 through L1.
▌Caocao Mobility explores RWA tokenization and stablecoin payments.
The reporter learned that Caocao Mobility signed a strategic cooperation memorandum with the licensed financial institution Victory Securities today regarding virtual assets. The two parties will carry out in-depth cooperation in the three major areas of tokenization of real-world assets (RWA), stablecoin payment applications, and compliant digital currency issuance. This cooperation is also the first systematic exploration of the integration of RWA and cutting-edge digital financial tools such as stablecoins in the domestic mobility industry. In response, Caocao Mobility's executive director and CEO Gong Xin stated that blockchain technology and Web3.0 innovation models will accelerate the tokenization process of Robotaxi assets.
Cryptocurrency
▌Ethereum co-founder Jeffrey Wilcke deposits 9840.36 ETH into Kraken, worth approximately $41.33 million.
According to on-chain analyst Ai Yi, Ethereum co-founder Jeffrey Wilcke has once again deposited 9840.36 ETH into Kraken, worth approximately $41.33 million, three months after previously depositing 105737 ETH into Kraken and distributing it to eight new addresses. One of those addresses began transferring ETH back to the exchange within the past hour, possibly intending to sell at a high point. In May of this year, 105737 ETH was worth $262 million, and three months later, this portion of tokens has grown to $442 million.
▌DeFiance Capital founder: The rise of ETH is different from the isolated performance of BTC; top DeFi projects will welcome significant advancements.
Arthur Hayes, founder and CIO of DeFiance Capital (@Arthur_0x), stated on social media that the rise of Ethereum is like a tide that will drive many projects in the decentralized finance (DeFi) space, while Bitcoin's rise is more isolated. It is expected that top DeFi projects will welcome a series of significant advancements soon.
▌The total market value of cryptocurrencies has returned above $4 trillion, and the market value of ETH has surpassed $500 billion.
According to the latest data from Coingecko, as ETH prices briefly broke through $4200, pushing its market value back above $500 billion (currently reaching $502,571,832,019), the total market value of cryptocurrencies also again surpassed $4 trillion, currently reaching $4,006,443,176,701, with a 24-hour increase of 1.7%.
▌The president of The ETF Store: This year, ETFs and treasury companies have purchased $19 billion worth of ETH.
Nate Geraci, president of The ETF Store, stated on platform X that this year, ETFs and treasury companies have purchased $19 billion worth of Ethereum. ETFs purchased $7 billion, and companies purchased $12 billion. 'As banks, fintech companies, and enterprises begin to accept stablecoins, many of which will be settled on open-source blockchains like Ethereum, Bitcoin's dominance has begun to decline significantly.'
▌World Liberty Financial, supported by the Trump family, plans to establish a $1.5 billion cryptocurrency asset company.
World Liberty Financial is planning to establish a public company to hold its WLFI tokens. Insider sources reveal that the project's fundraising goal is approximately $1.5 billion and is currently in discussions with institutional investors in the technology and cryptocurrency sectors. The company will join the ranks of digital asset treasury companies.
Important Economic Dynamics
▌Federal Reserve Governor Bowman: Supports three rate cuts this year; ignoring temporarily high inflation is appropriate.
Regarding inflation, Federal Reserve Governor Bowman stated that core personal consumption expenditures inflation seems to be moving closer to the 2% target than indicated by the data. He believes it is appropriate to ignore temporarily high inflation. The risk of inflation rising has decreased, and there is more confidence that tariffs will not lead to persistent inflation. Bowman believes that the sharp slowdown in employment growth may be due to significantly weak labor demand. He stated that deregulation, tax cuts, and an environment conducive to business development may offset the effects of tariff-related factors on economic activity and prices. Additionally, he supports three rate cuts this year. (Zhitong Finance)
▌Federal Reserve's monetary policy may become more dovish as gold hits a new historical high during Asian session.
Spot gold prices are consolidating in Asia. U.S. President Trump announced on Thursday that he would nominate the chairman of the White House Council of Economic Advisers, Milan, to temporarily serve as a member of the Federal Reserve Board to fill the vacancy. Analysts from ANZ Bank stated in a report: 'Milan is the architect of Trump's tariff policy, and the market believes this appointment signifies a more dovish monetary policy.' Expectations for more Federal Reserve rate cuts may enhance the attractiveness of gold. Additionally, it was reported that the U.S. imposes import tariffs on one-kilogram gold bars, which is the most common trading specification in the global largest gold futures market, Comex, leading the market to say that this move will make it difficult to meet U.S. gold demand. Spot gold is currently basically flat, with New York futures once hitting a historical high of $3534.10 per ounce during the Asian session, currently trading around $3500 per ounce. (Jin Shi)
▌TD Securities: The market has doubts about the U.S. tariff threats and is focusing on economic data.
TD Securities strategists stated in a report that due to doubts about some of the tariff threats from the U.S., the market is no longer focused on tariff announcements. The U.S. has announced tariffs of 50% on India, 39% on Switzerland, 35% on some imports from Canada, and tariffs on other trading partners. The market's focus is on the impact of tariffs on economic data and the expected rate cuts from the Federal Reserve. The market is generally orderly, partly because they are skeptical of some of Trump's more extreme threats.
▌Federal Reserve official Kashkari: Two rate cuts this year still seem appropriate.
Federal Reserve official Kashkari: The economy is slowing down, and the Federal Reserve needs to respond to the economic slowdown. Adjusting policy rates in the short term may still be appropriate. It will take time to know the answer to the inflation issue, while the data indicating economic slowdown is clear. Two rate cuts this year still seem appropriate, but if inflation rises due to tariffs, the Federal Reserve may pause rate cuts or even raise rates. Adjusting interest rate policy may be better than waiting. Unemployment data is very important, but the Federal Reserve knows that this data could be revised.
▌Federal Reserve officials hint at recent rate cuts, and the dollar expands its decline.
The U.S. dollar fell to a nine-day low against a basket of currencies after Minneapolis Fed President Kashkari hinted that the Fed might soon resume rate cuts. San Francisco Fed President Daly also hinted that a rate cut could happen soon. Last Friday's U.S. employment data was weaker than expected, boosting expectations for a Fed rate cut in September. Data from LSEG shows that the U.S. money market currently estimates a 91% chance of a rate cut in September.
