BlockBeats will compile key industry news from the week (8.11-8.17) in this article and recommend in-depth articles to help readers better understand the market and grasp industry trends.
Important news review
This week, market fluctuations were intense, with multiple tokens reaching historical highs before retreating.
On August 13, Ethereum surged to $4,700, reaching a new high since mid-December 2021. On that day, the total market capitalization of cryptocurrencies surpassed $4.2 trillion, setting a new historical high. On the 14th, BNB briefly broke through $865, setting a new historical high. On the 15th, possibly due to disappointing PPI data, the crypto market fell across the board, with Ethereum dropping below $4,400 and Bitcoin below $118,000, while the total market capitalization of cryptocurrencies fell to $4.09 trillion. The altcoin market saw widespread declines, with Ethereum ecosystem tokens leading the drop. Related reading: (Breaking through $4,600, just 5% away from new highs, has ETH finally escaped the 'V God effect'?), (After sweeping 5 billion in 35 days, can ETH really rise to 15,000?), (How far are we from a full altcoin season? | Trader observation), (ETH ecosystem awakening: LDO surged 60% in a week, is the 'staking king' being revalued?)
Bessent: No new purchases or sales of crypto reserves; currently holding confiscated Bitcoin reserves valued at approximately $15 billion to $20 billion.
On August 14, U.S. Treasury Secretary Bessent stated that the value of Bitcoin reserves is approximately $15 billion to $20 billion, and the sale of Bitcoin holdings will cease. At the same time, regarding cryptocurrency reserves, there will be no purchases, but confiscated assets will be used. He also stated that it is unlikely to reassess the U.S. gold reserve holdings.
OKX will strategically upgrade the X Layer; OKB's epic destruction has reduced the total supply to 21 million.
On August 13, OKX officially announced that it decided to conduct a strategic upgrade to the X Layer, making it a leading public chain focusing on DeFi, payments, and RWA scenarios. The network's throughput has been increased to 5000 TPS, gas costs reduced to nearly zero, and security and compatibility with the Ethereum mainnet have been fully enhanced. OKB continues to be the only gas and native token of X Layer, and a one-time destruction of 65.25 million OKB has been completed. Following the announcement, OKB peaked at $144, with over a 186% increase within one hour. On the 15th, the destruction of OKB was officially completed, reducing the total supply to 21 million. Related reading: (Looking back at the platform token battle four years ago, is there still a tenfold space?)
Bitmine plans to increase its financing scale to $20 billion to acquire more ETH.
On August 12, Ethereum's largest institutional holder Bitmine Immersion (BMNR) plans to increase its financing scale by $20 billion to acquire more ETH. The prospectus specifies a maximum total issuance price of up to $2 billion, the first supplemental prospectus specifies a maximum issuance price of up to $2.5 billion, and the newly released second supplemental prospectus specifies a maximum issuance price of up to $20 billion, totaling $24.5 billion. Related reading: (Pantera: After sweeping 1 million ETH, how should BitMine be valued?)
Futu Securities announces the launch of retail trading services for Solana (SOL).
On August 14, according to an official announcement, Futu Securities announced the launch of retail trading services for Solana (SOL). From now on, qualified retail investors and professional investors in Hong Kong can safely trade SOL through the Futu NiuNiu app. Meanwhile, SOL simulated trading will soon be launched on the platform to help more beginner investors familiarize themselves with trading processes and master investment skills.
The Uniswap Foundation proposed the 'DUNA DAO' structure to pave the way for the fee switch.
On August 12, it was reported that the Uniswap Foundation recently proposed to establish a new legal entity named 'DUNI' under the legal framework of the 'Decentralized Non-Corporate Non-Profit Association' (DUNA) in Wyoming for its governance organization. This entity will provide a legal shell while retaining the existing governance structure of the Uniswap DAO, allowing it to retain service providers, enter into contracts, and fulfill regulatory and tax compliance obligations. If the proposal is approved, the Uniswap DAO will become the largest decentralized organization adopting this legal framework. According to the terms of the proposal, the entity will receive UNI tokens valued at $16.5 million to cover past tax obligations and establish a legal defense budget. Related reading: (Uniswap Proposal DUNA, can it unlock an annual fee switch worth over $100 million?)
The privacy leader Monero has suffered a 51% attack, with Qubic stating that this action was a technical demonstration rather than a malicious attack.
On August 12, IOTA co-founder Sergey Ivancheglo's project Qubic accumulated a significant amount of Monero (XMR) computing power through the 'Useful Proof of Work (uPoW)' mechanism, surging from less than 2% to over 27%, briefly becoming the largest Monero mining pool. That evening, Qubic temporarily controlled 52.72% of the Monero network's hash rate (approximately 3.01 GH/s). If it exceeds 51%, Qubic can reject blocks from other pools, leading to chain reorganization, double spending, or transaction censorship. The Monero community has launched resistance and defense actions, while Qubic claims this act is a technical demonstration, not a malicious attack. Related reading: (What do they really want with a $75 million attack on a $5 billion giant?)
Li Xiaolai once said, 'Look back at EOS in seven years'; on the seventh anniversary, Bullish goes public on the New York Stock Exchange and is oversubscribed.
On August 12, well-known blockchain investor Li Xiaolai expressed his feelings in a WeChat moment on August 10, 2018, saying, 'Look back at EOS in seven years' and expressing expectations for the future of the EOS ecosystem. Block.one (the blockchain company behind EOS) officially listed its digital asset trading platform Bullish on the New York Stock Exchange on August 13. Bullish's IPO was oversubscribed even after expanding its issuance scale, reflecting high market recognition for Block.one and its ecosystem. On the 14th, Bullish (BLSH.US) opened with over a 176% increase on its first trading day, with a total market value peaking above $15 billion. Related reading: (Bullish IPO, why is its valuation less than 10% of Coinbase?)
More than 788,000 ETH are queued to exit the Ethereum PoS network, setting a new historical record.
On August 15, according to data from the validator queue tracking site validatorqueue, the current Ethereum PoS network exit queue reports a total of 788,624 ETH, worth approximately $3.651 billion, setting a record for the exit scale in currency terms. Meanwhile, approximately 332,846 ETH are queued to enter the network. Previous reports indicated that this situation reflects two opposing forces in the market: on one hand, some stakers may have chosen to secure profits after Ethereum rebounded over 160% from its April low, leading to a surge in the exit queue; on the other hand, new funds driven by regulatory benefits and institutional demand are also pushing up the entry queue. Related reading: (Using six valuation methods to assess: can Ethereum reach $10,000 in this round?), (With new highs imminent, six charts analyze ETH's chip distribution status).
CMB International launched the first on-chain public fund on Solana.
On August 13, Solana's official announcement stated that a few days ago, with support from DigiFT and OnChain, leading asset management company CMB International successfully brought their flagship fund onto the Solana chain, marking the world's first publicly offered fund on the Solana chain, which has significant implications in Asian financial markets. It is reported that the tokens issued in this round are aimed at qualified investors in Singapore and are deployed on the Solana, Ethereum, Arbitrum, and Plume public chains through the DigiFT platform, supporting fiat and stablecoin subscriptions and redemptions, and allowing real-time redemption through smart contracts. Related reading: (CMB's first attempt to tokenize a fund, who is behind this RWA operation?)
The UST and Luna collapse case is coming to an end, as Terra founder Do Kwon pleads guilty to financial fraud.
On August 13, Reuters reported that South Korean cryptocurrency entrepreneur Do Kwon pleaded guilty to two counts of fraud in federal court in New York. The 33-year-old co-founder of Terraform Labs developed the TerraUSD and LUNA tokens, which collapsed in 2022, causing approximately $40 billion in losses. During the hearing, Kwon pleaded guilty to conspiracy to commit fraud and telecommunications fraud. In court, Do Kwon apologized, saying, 'I concealed the truth about the trading company's intervention in restoring the peg and made false statements. My actions were wrong.' Although the statutory maximum sentence is 25 years, prosecutors agreed to recommend no more than 12 years in prison if he pleads guilty and shows remorse. The presiding judge will render a sentencing decision on December 11.
The Guizhou Provincial Commission for Discipline Inspection refuted rumors that a female official 'mined 327 bitcoins': it was self-media using AI generation.
On August 14, staff from the publicity department of the Guizhou Provincial Commission for Discipline Inspection stated to (China News Weekly) that the news about former Guizhou Provincial Big Data Development Management Bureau director Jing Yaping mining 327 bitcoins using government servers is 'a rumor'. According to their understanding, Jing Yaping's case does not involve bitcoin. The staff indicated that this news was initially generated by some self-media using AI, aiming for traffic. Later, it was reported by a media outlet, and relevant departments have communicated about this matter.
Two Ivy League schools hold Bitcoin worth nearly $130 million.
On August 11, according to 13F filings disclosed by the U.S. SEC, Harvard University and Brown University among the Ivy League schools have both invested in Bitcoin assets. Among them, Harvard holds $116.6 million in the BlackRock Bitcoin ETF IBIT, ranking fifth on its asset list; Brown University holds $13 million in the BlackRock Bitcoin ETF IBIT, ranking third on its asset list.
Payment company Stripe is collaborating with Paradigm to develop the 'Tempo' blockchain.
On August 12, it was reported that payment company Stripe is collaborating with Paradigm to develop the 'Tempo' blockchain. Job postings show that Tempo is currently in a secret development phase, with a team size of five. Matt Huang, co-founder and managing partner of Paradigm, is also a board member of Stripe. Insiders revealed that Tempo is a Layer 1 blockchain, meaning it is not built on other protocols and is compatible with the programming language used by the Ethereum blockchain. Last October, Stripe announced the acquisition of the stablecoin infrastructure company Bridge for $1.1 billion, marking its largest acquisition to date. In June, this payment giant also acquired crypto wallet developer Privy (price undisclosed). Related reading: (With Paradigm co-founder Matt Huang at the helm, payment giant Stripe develops new chain 'Tempo' to enter the stablecoin payment battle)
Chinese mobile game company and OSL Group reached a strategic cooperation to jointly promote new opportunities for stablecoin payment cooperation.
On August 15, global IP game operator Zhongshouyou reached a strategic cooperation with compliant digital financial infrastructure platform OSL Group. They will deeply integrate OSL Group's compliant virtual asset financial infrastructure capabilities with Zhongshouyou's rich global IP game application ecosystem to jointly promote compliant stablecoin ecosystem collaboration applications.
Coinbase has completed the acquisition of Deribit.
On August 14, Coinbase announced that it had completed the acquisition of cryptocurrency options exchange Deribit, bringing Coinbase closer to offering a full range of trading products, including spot, futures, perpetual contracts, and options. In July 2025, Deribit's trading volume exceeded $185 billion, with approximately $60 billion in open interest on the platform.
This year's crypto project financing scale has reached $20.6 billion, exceeding last year's total.
On August 11, according to CryptoRank data, as of July 31, 2025, this year's crypto project financing scale has reached $20.6 billion, surpassing last year's total and breaking previous cycle financing records. Coinbase Ventures ranked first among investment institutions with 44 transactions, Animoca Brands and Amber Group ranked second and third with 31 and 25 transactions, respectively, while Selini Capital and a16z CSX each completed 22 transactions, tying for fourth place.
This week's major financing: Transak, 1Kosmos, Shrapnel, USD.AI.
On August 12, Web3 payment infrastructure company Transak raised $16 million in strategic financing, with this round led by IDG Capital and Tether, along with participation from Primal Capital, 1kx, Protein Capital, and Fuel Ventures.
On the 12th, blockchain identity verification platform 1Kosmos completed a $57 million Series B financing round, led by Forgepoint Capital and Oquirrh Ventures under Origami.
On the 14th, the blockchain game Shrapnel announced it had raised $19.5 million in two rounds of financing, with the recent round led by Gala Games, along with participation from Griffin Gaming Partners and Polychain Capital. It is reported that the game will begin closed testing in late 2025 and open testing in early 2026. Shrapnel developer Neon Machine reported a net loss of $11.4 million in 2024.
On the 14th, the stablecoin protocol USD.AI providing credit to AI completed a $13.4 million Series A financing round, led by Framework Ventures with participation from Bullish, Dragonfly, Arbitrum, and others.
This week's popular articles.
(In 35 days, sweeping 5 billion, can ETH really rise to 15,000?)
In 35 days, BitMine has increased its ETH holdings from zero to 830,000 through PIPE financing and three rounds of large-scale accumulation, surpassing SharpLink to become the world's largest Ethereum treasury; behind this is Wall Street-style high-frequency disclosure, structured buying, and a narrative-driven fast attack strategy, contrasting sharply with SharpLink's slow accumulation and low-cost holding OG path; with the support of opinion leaders like Tom Lee, BitMine has not only reshaped its valuation but also accelerated the transfer of ETH pricing power from crypto natives to Wall Street capital adept in capital operations and narrative construction.
(Rhythm interviews Pudgy Penguins CEO: We aim to surpass Hello Kitty and Pokémon)
After Luca Netz took over, Pudgy Penguins transformed from a near-collapse NFT profile project into a dual facade of the crypto world and mainstream consumer culture: on one hand, leveraging retail channels like Walmart, high exposure on social media, and female user-driven factors, it has built a highly credible, cross-sector 'cute culture' IP, setting goals to surpass Hello Kitty and Pokémon; on the other hand, it actively enters financial and institutional scenarios, ringing the Nasdaq bell with VanEck and launching ETF-related partnerships, shaping the image of 'the face of finance'. At the same time, it builds a Web3 ecosystem around the IP, including issuing $PENGU tokens and laying out Layer2 chains Abstract centered on gaming/trading/social finance, planning to achieve global branding and expansion of the crypto ecosystem under a strategy of integrating IP, chain, and tokens.
(Looking back at the platform token battle four years ago, is there still a tenfold space?)
OKX announced a one-time destruction of 65.25 million OKB, triggering a nearly tripling of the coin price in a single day, rekindling market sentiment reminiscent of the 2021 'platform token destruction battle'; looking back, platform tokens like BNB, OKB, HT, and FTT achieved multiple to tenfold increases through massive burnings, ecosystem expansions, and market cap management, and while the industry landscape and regulatory environment have changed, platform tokens have evolved from simple fee discounts to composite assets integrating global licenses, on-chain ecosystems, public chain Gas, and capitalization attributes. BNB ignited on-chain ecosystems through Alpha, OKB added scarcity through destruction and X Layer upgrades, and BGB boosted value with both internal and external double cycles and high-frequency destruction; a new round of CEX arms race may have already quietly begun, still a game of 'who can burn the most, endure the longest, and run the fastest will win'.
(From leading to following: Why SOL struggles against ETH's offensive?)
ETH strongly broke through $4,700 under treasury strategies, ETF capital inflow, and compliant applications with stablecoins and RWA, maintaining its institutional allocation advantage due to massive capital volumes and market opinion leader effects; in contrast, SOL has weakened against ETH throughout the year due to limited capital scale and lack of heavyweight endorsements, but it is accelerating its catch-up through the introduction of Arthur Hayes, institutional increases, ETF expectations, and cross-border RWA implementation; if the SOL spot ETF is approved in October and coupled with the new narrative fermentation, it may usher in a new opportunity for rebound and ecosystem expansion.
(A crypto leader emerging from the kerosene lamp: He Yi's rise and the battle for the crypto empire)
He Yi emerged from a poor rural area in Sichuan, experiencing the early death of her father and working while studying, to become a co-founder and billionaire of Binance, the world's largest cryptocurrency trading platform, steadfastly pushing for the platform's compliance transformation amid crises such as CZ's imprisonment and a $4.3 billion fine against the company. She is known for her 'customer first' approach, personally participating in user issue resolution, requiring employees to serve as customer support first, balancing severity with support, and is seen as a key decision-maker behind Binance. In the post-CZ era, Binance still accounts for nearly 40% of global trading volume. She firmly believes that cryptocurrencies will fully integrate with traditional finance within a decade, likening this technological transformation to her journey from a childhood without electricity or water to the digital age.
(In 20 days, four statements, three bills, and two executive orders, which crypto sectors benefit from U.S. policy?)
In the past year, U.S. crypto regulation has swiftly shifted from a 'suffocation action' to a policy-friendly approach, with the Trump administration and regulatory agencies intensively releasing stablecoin bills, the CLARITY Act, anti-CBDC bills, spot ETF physical redemption, liquidity staking renaming, and banks and pensions entering the market, establishing compliance paths for stablecoins, RWA, on-chain credit, on-chain U.S. stocks, DeFi, and domestic public chains, unleashing unprecedented institutional dividends; traditional capital and institutions are accelerating their entrance, promoting the deep integration of crypto assets with the dollar, U.S. bonds, stocks, and other traditional finance, initiating what is seen as the first 'policy bull market' in history, but the true long-term direction still depends on the future standards and implementation details.
(The wave of crypto company IPOs is coming, how to play on-chain Pre IPO?)
Since the beginning of this year, on-chain Pre-IPO trading has rapidly heated up, with Robinhood launching 'stock tokens' for unicorns like OpenAI and SpaceX in Europe, sparking attention and controversy, reflecting the immense demand for investment opportunities in unlisted companies. The long-privatized private equity market is now emerging with platforms like Ventuals and Earlybird betting on valuations through tokenization, or models like PreStocks and Jarsy for real equity tokenization, even allowing company stocks to be traded on-chain. On-chain operations not only lower barriers, enhance liquidity and transparency but also align with the investment preferences of millennials and Gen Z. Once deeply integrated with traditional finance, it is expected to push private equity investment towards true mass adoption.
(Korean-American Tom Lee, bringing the 'ETH Microstrategy' wind to South Korea)
Young retail investors in South Korea are extending the cryptocurrency market frenzy to the stock market, sparking a wave of 'coin stocks' investment. Since July, Korean investors have net bought $259 million in BitMine stocks, making it the top foreign stock purchase; this mining company, supported by Peter Thiel and holding over 1.15 million ETH, is more appealing due to board member Tom Lee's Korean descent. Compared to directly buying ETH, many are chasing the more volatile 'coin stocks', as previous companies like Circle, Kakao Pay, and LG CNS have also experienced surges due to crypto themes. However, experts warn that such sentiment-driven valuations are often temporary, and the tide may reveal bubble risks.
(WLFI's countdown has started, how to reasonably evaluate it under multi-party competition?)
WLFI plans to launch token trading at the end of August, combining political narratives with financial engineering to build a closed-loop ecosystem centered on governance tokens, stablecoins USD1, treasury strategies, and cross-border investments. The project raised a total of $550 million in its early two rounds of public offerings, attracting capital from figures like Sun Yuchen and DWF Labs, with ALT 5 trading establishing a valuation anchor of $0.2 and binding political resources from the Trump family. The circulation market value of USD1 surpassed $2.1 billion two months post-launch, and despite a brief decoupling, it has connected to multiple chains and trading platforms, expanding its application with a points program. In the short term, the market will contend around TGE and unlocking ratios, while the long-term success of achieving a 'U.S.-style crypto nationalism' paradigm depends on the mainstream adoption and sustainability of the USD1 circulation mechanism.
(Under the surge of ENA, how did the USDe supply surge by $3.7 billion in 20 days?)
In the past 20 days, the supply of the stablecoin USDe has surged by $3.7 billion due to the leveraged rotation strategy PT-USDe launched by Pendle and Aave. This strategy splits USDe into principal tokens (PT) and yield tokens (YT), with PT similar to zero-interest bonds locking in fixed yields, and then magnifying positions through borrowing on Aave, potentially reaching about 10 times leverage. With Pendle's stable high returns and Aave's low borrowing costs, annualized returns can reach 40%. Aave reduces liquidation risks by linking USDe to USDT, accepting PT as collateral, and setting price discount caps and emergency stop mechanisms, but if yields plummet or oracles are attacked, it may still trigger chain risks.
(Holding $1.1 billion in Ethereum, Vitalik is still personally hand-washing clothes)
As Ethereum approaches its historical high, Vitalik Buterin has once again made headlines for insisting on washing his clothes by hand, highlighting his consistent frugality and minimalist lifestyle. This Ethereum founder, whose net worth is in the billions, chose to live modestly in a regular apartment and take the subway after obtaining permanent residency in Singapore in 2023, often found in cafes and universities engaged in technical research and interdisciplinary communication. He lives simply yet generously in philanthropy, donating large amounts of crypto assets and advocating for blockchain to serve social welfare rather than speculation in public speeches. Vitalik deliberately distances himself from the crypto circle's glamour and personal worship, focusing on technology, philosophy, and public issues, maintaining calm observation and independent thinking amid industry clamor, a choice that reflects the core of his long-term influence.
(In seven days, 600 times, will AI Season 2.0 start because of this dog?)
$SPARK is an AI dog character launched by Illusion of Life, founded by animator Pasquale D'Silva and AI developer Kevin Fischer, aiming to create 'AI Disney' with AI, allowing virtual characters to autonomously create stories in reality and online. On August 5, Kevin transferred his personal Twitter to Spark, and on the same day, the $SPARK token was launched on pump.fun. Although the price plummeted due to an official statement denying participation in the token, the price quickly rebounded and reached a market value peak of nearly $73 million after Spark personally appeared in the community on August 9. Compared to early AI memes, $SPARK combines AI with animated storytelling, strengthening IP vitality through real-world interactions and continuous content output, seen as a potential trigger point for the 'second season' of the AI track.
(How can retail investors participate in the BNB new highs driven by institutions?)
BNB, driven by significant purchases by multiple listed companies in the U.S. stock market, ETF applications, and new price highs, is transitioning from 'platform token + public chain token' to 'institutional reserve asset', with its value center structurally elevated; retail investors can participate in DeFi, RWA, and Meme projects within the BNB Chain ecosystem, layout related concept stocks, and share the rising dividends through various activities of Binance and enjoy deflationary dividends, while the institutionalization process and expansion of payment scenarios also provide multiple support for its long-term growth.
(Old trees sprouting again: The summer counterattack of established DeFi projects)
The total locked value in the DeFi market is approaching historical highs, with this round of rebound led by veterans like Aave, Uniswap, Euler, Pendle, Fluid, and Spark, driven by accelerated institutional inflow, renewed on-chain yield demand, and technological iteration; various projects achieve TVL and coin price growth through ecosystem expansion, capital efficiency improvement, product innovation, and cross-chain layout, showcasing the resilience and growth potential of established protocols in the new round of DeFi competition.
(Building a treasury before issuing tokens, this company spent $1.5 billion to enter the WLFI treasury)
ALT5 Sigma announced it will raise $1.5 billion through direct issuance and private placement financing to acquire WLFI tokens and launch a treasury strategy, becoming the second company after BigStrategy Inc. to implement this plan; the collaboration allows ALT5 to leverage the Trump camp and NASDAQ-listed company identity to gain policy and business advantages, while WLFI can quickly finance through a listed shell and enhance token value and compliance. However, the market also warns that the crypto treasury model carries risks such as extreme stock price volatility, regulatory uncertainty, and insufficient value anchoring.
(Robinhood vs. Coinbase: A battle worth $160 billion)
Robinhood and Coinbase are competing for young investors with drastically different models: the former locks in future wealth transfer groups with low fees, seamless integration of crypto and traditional financial services, tokenized stocks, and subscription systems; the latter builds institutional-level crypto infrastructure, mastering core resources such as ETF custody, stablecoins, derivatives, and the Base chain. Financial reports show Robinhood's revenue and crypto business are growing rapidly, with stock prices soaring this year, while Coinbase, despite retail trading pressures, maintains its solid position in institutional custody and infrastructure. The two are not winner-take-all; rather, they are each betting on different financial future paths—Robinhood's mainstreamization and life-oriented approach versus Coinbase's structured and trust-oriented approach.
(How will Circle make money next? The CEO responds to profitability models, banking competition, and Arc chain strategy)
Circle's first financial report after going public shows that the company had revenues and reserve earnings of $658 million in the second quarter, a year-on-year increase of 53%, with an adjusted EBITDA of $126 million, but recorded a net loss of $482 million due to non-cash expenses related to the IPO; the circulation of USDC reached $61.3 billion, accounting for 28% of the stablecoin market, driven by accelerated global adoption, expansion of cross-border remittance cooperation, and deep integration with exchanges, payment networks, and bank infrastructure. Management emphasized the introduction of high-margin models such as subscription fees, service fees, and transaction fees to reduce dependence on single platforms; (GENIUS Act) implementation has sparked institutional interest, but competition and cooperation with banks have only just begun; at the same time, it launched the Arc chain, using USDC as the native Gas, positioning itself as a dedicated financial infrastructure for stablecoins, supporting the Circle Payments Network and opening new revenue streams, marking the company's transition from a stablecoin issuer to a complete financial technology stack platform.
(BIO launches V2, can the new Launchpad reignite the DeSci enthusiasm?)
The BIO Protocol has seen its market value shrink by 95% from its peak after receiving backing from top investors at the beginning of the year; due to high FDV, functional delays, and a dispersed ecosystem, it has lost market confidence; recently, the V2 launch introduced mechanisms such as low FDV fixed-price launches, BioXP points, staking governance, and liquidity engines, with staking surpassing 100 million BIO, doubling its market value and accelerating research landing (VitaRNA, VitaFAST clinical progress, and collaboration with Pfizer on IPT models), attempting to reignite DeSci enthusiasm through Launchpad 2.0, research automation, and capital flywheels, but continued rebounds will still depend on the pace of implementation and market conditions.
(Is Zora reaching new highs because of real content or Coinbase's efforts?)
$ZORA surged nearly tenfold over 20 consecutive days, driven by Binance's perpetual contract launch and Base App integration, with a market cap approaching $480 million, significantly amplifying individual users' token output and network effects by binding content publication with token issuance. The integration of Base App and Noice has streamlined the creation, distribution, and monetization process, along with the introduction of external creators and multi-platform promotion, enhancing attention and adoption rates. A diverse array of projects such as zxbt (AI art), FakeTaxi (adult entertainment IP), Visualize Value (art education), and 11AM (Web3 live streaming) have emerged within the ecosystem, indicating that content is becoming an important entry point for on-chain liquidity, also suggesting that the on-chain creator economy may face a comprehensive explosion.
(Reviewing six major on-chain pillar protocols, HyperEVM is facing off against Ethereum)
Ethereum, driven by circular loan protocols like Aave, Pendle, and Ethena, is reshaping the DeFi growth pattern, forming a highly connected 'six-protocol' network centered around BTC, ETH, Pendle, Aave, Ethena, and HyperEVM: BTC/ETH represent value and ecological cornerstones respectively, Aave serves as the lending infrastructure for leverage amplification, Pendle enters yield splitting and interest rate derivatives, Ethena builds a stablecoin third pole with USDe, and HyperEVM deeply binds mainstream protocols to expand trading and liquidity. The high degree of collaboration significantly increases capital utilization rates, which also means that gains and losses are interconnected; in the future, the anchoring shifts of ETH and stable assets like USDe in the DeFi stack will affect leverage curves and cycle trends, and those who can occupy key nodes in this protocol network will have the opportunity to enter the 'crypto pantheon'.
(Ethereum treasury companies: are they 'disruptors' or 'builders' in the on-chain ecosystem?)
Ethereum digital asset reserves (DATs) are rapidly expanding, with companies accumulating 2.2 million ETH since July (accounting for 1.8% of total supply), growing at a rate far exceeding the net issuance during the same period, raising supply-demand tension. Unlike Bitcoin reserves, ETH reserves can enhance returns through staking and DeFi, and some companies have actively engaged in on-chain operations, potentially improving network security and liquidity, but also bringing about risks of centralization, leverage, and operational challenges. As the scale of holdings and on-chain participation increases, these companies' financial health and market behavior will directly influence Ethereum's supply dynamics, on-chain activity, and long-term network stability.
