大晖哥Whdysseus

Thank you uni!
In the past month, spot returns were 50%, and uni’s position ratio was 77%.
$UNI
$BNB $AAVE

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Texas + Mahjong Set
The family of 1783DAO is so powerful

The Ethereum “Glamsterdam” upgrade is about to go live, the largest protocol change since The Merge
Ethereum’s next batch of feature updates, “Glamsterdam,” is scheduled to be deployed on the mainnet, expected to launch in the second half of 2026. This is the largest-scale protocol change for Ethereum since “The Merge.”
Two core upgrades:
EIP-7732: Embedded Proposer-Builder Separation (ePBS)
Separate the responsibilities of block building and block proposing, directly embedding them into the protocol core. The goal is to eliminate reliance on trust in third-party relays, reduce the space for MEV manipulation, and improve network efficiency.
EIP-7928: Block-level Access Lists (BALs)
Introduce a new data structure that allows validators to declare in advance which accounts and contract data a set of transactions will access. This lays the foundation for parallel transaction processing, enabling the network to handle non-interfering transactions at the same time and significantly increase throughput.
Other improvements:
In terms of developer experience, EIP-7708 makes logs for ETH transfers and burning easier to track, EIP-8024 introduces new opcodes, and EIP-7954 raises the maximum contract size to about 32 KiB. For gas fees, EIP-7778 implements a new gas accounting approach with no refunds, EIP-8037 increases the gas cost for creating states, and EIP-7976 and EIP-7981 respectively increase the costs of calldata and access lists.
Three key goals:
Faster processing (parallelization), greater capacity, and preventing database bloat.
Timeline:
Mainnet launch targeted for the second half of 2026. As of June, the upgrade has entered the final development testnet stage.
Glamsterdam aims to rebuild Ethereum L1’s transaction processing from the ground up, paving the way for the next stage of scaling.
$ETH
#以太坊 #Glamsterdam #EIP7732 #EIP7928 #ETH

Market share surpasses 10%. HYPE has pulled back 32% from its peak—August’s big test is just beginning.
Market share: 10.2%
Based on open interest contract size, including all major centralized exchanges such as Binance, Bybit, OKX, etc., Hyperliquid has captured 10.2% of the global perpetual contracts market, slightly below last week’s new all-time high of 10.4%.
Price performance: down from 77 to 52, a 32% drawdown
The HYPE token has fallen from an all-time high of around $77 (set on June 16) to about $52, representing a drawdown of roughly 32%.
However, since 2026, it still remains up about 115.65%. Market cap is about $13.2 billion, and total market cap is about $50 billion.
August unlock: about 9.92 million tokens
On August 6, about 9.92 million HYPE will be unlocked to core contributors, accounting for roughly 1% of total supply. At the current price, it is worth about $516 million.
Cumulative net inflows for the HYPE spot ETF: $278 million
As of July 31, the HYPE spot ETF’s cumulative net inflows total $278 million.
$HYPE

The US Visa Now Requires a “Deposit” as Well, Up to $20,000

The U.S. State Department has announced that a visa security deposit system for citizens of 50 countries will be made permanent, with a maximum payment of up to $20,000.

The new rule takes effect on August 3 and applies to people applying for B1 (business) and B2 (tourism) visas. Consular officers may, at their discretion, require applicants to pay a security deposit as a condition for issuing the visa. Deposits are not refunded for violations; if rules are followed, the deposit will be refunded.

Changes in the amounts:

During the pilot period, the three tiers are $5,000, $10,000, and $15,000. Under the new rule, the $5,000 tier is removed, and the highest tier is increased to $20,000.

The affected 50 countries:

Africa (30 countries): Algeria, Angola, Benin, Botswana, Burundi, Cabo Verde, Central African Republic, Côte d’Ivoire, Djibouti, Ethiopia, Gabon, Gambia, Guinea, Guinea-Bissau, Lesotho, Malawi, Mauritania, Mauritius, Mozambique, Namibia, Nigeria, São Tomé and Príncipe, Senegal, Seychelles, Tanzania, Togo, Tunisia, Uganda, Zambia, Zimbabwe

Asia (12 countries): Bangladesh, Bhutan, Cambodia, Georgia, Kyrgyzstan, Mongolia, Nepal, Papua New Guinea, Tajikistan, Turkmenistan, Tuvalu, Vanuatu

The Americas (6 countries): Antigua and Barbuda, Cuba, Dominica, Grenada, Nicaragua, Venezuela

Oceania (2 countries): Fiji, Tonga

Countries such as China, India, and Russia are not on the list.

What will the impact be?

Pilot period data: In 2024, about 45,500 people from these 50 countries overstayed or remained illegally. After the pilot, the number of people who overstayed fell to fewer than 50.

The cost is that about 20,000 people were asked to pay a security deposit; nearly half of them directly gave up on their applications, and the number of B1/B2 visas issued dropped by 83%.

There is quite a bit of controversy:

The burden on citizens of poor countries is too heavy, and it hinders legitimate travel. Some U.S. cities that rely partly on the tourism industry could also be affected.

The bar has been raised, fewer people come, and the number of overstayers does drop as well.

After playing in the crypto coin circles for so many years, I’ve seen too many “innovative solutions” ultimately die because of trust issues—either the custodian runs off, or the cross-chain bridge gets hacked. In the end, it’s all about adding another layer and introducing a new attack surface.

So when I saw that Babylon @BabylonLabs_io is doing this time a trustless Bitcoin Vault (TBV), my first reaction was: “Finally, someone is seriously solving this problem,” not just putting together yet another wrapped-asset scheme.

With TBV, native BTC is used directly as collateral—no wrapping, no bridge. The first use case is native BTC lending in collaboration with Aave v4.

For veteran players who’ve been through a few rounds of bridge-hack incidents, the four words “trustless” indeed carry real weight.
$BABY
#baby #BTC #Aave

July New Energy Vehicle Company Delivery Data Released: Leapmotor First Surpasses 100,000; Xiaomi Steadily Exceeds 30,000
Geely Auto: July sales reached 250,161 vehicles, setting a new record for the same period.
Leapmotor: July deliveries first exceeded 100,000 units, up 102% year on year—this figure means it has already caught up with, or even surpassed, the combined totals of Li Auto, NIO, and XPeng.
Xiaomi Auto: July deliveries have continued to stay above 30,000 units. Among the new automakers, it’s the steadiest performer.
NIO: Deliveries of 35,934 units, up 71% year on year.
XPeng: Deliveries of 38,027 units, up 4% year on year.
Li Auto: Deliveries of 30,468 units.
ARCFOX (Jihu) Motors: Deliveries of 23,517 units, up 150.45% year on year.
Deepal (Changan Deepal): Global sales of 29,213 vehicles, up 7.52% year on year.
VOYAH: Deliveries of 13,189 units.
Overall, in July, Leapmotor was the biggest dark horse; NIO, XPeng, and Li Auto performed steadily, while Xiaomi has continued to reliably break the 30,000 mark.

The first half of the summer travel season data is released: Xinjiang is hot, Qinghai is cool, and Beijing remains steady
DAST under Flight Butler has released civil aviation data for the first half of the 2026 summer travel season. Here are a few highlights:
Regions with the highest capacity growth:
Xinjiang: up 10.3% year-on-year
Beijing: up 7.2% year-on-year
Yunnan: up 6.6% year-on-year
Regions with strong tourism appeal are clearly stepping up capacity deployment.
Regions with capacity declines:
Qinghai: down 16.5% year-on-year
Ningxia: down 10.6% year-on-year
Inner Mongolia: down 7.2% year-on-year
For less popular destinations in the western regions, the number of flights is actually shrinking.
As for ticket prices:
In July, the average fare in economy class for the top 20 domestic routes was about RMB 844.9. Only 3 routes had average fares above RMB 1,000, and all were Beijing Capital-related routes.
Compared with the same period in previous years, only 4 routes saw year-on-year positive growth in fares; the other 16 saw declines of varying degrees. Among them, 8 routes—including Shenzhen Bao’an to Beijing Capital, Chengdu Shuangliu to Beijing Capital, and Guangzhou Baiyun to Beijing Capital—had fare drops of more than 10%.
In short: overall ticket prices are getting cheaper. Beijing remains the high-priced hub, Xinjiang and Yunnan continue to stay hot, while Qinghai and Ningxia are cooling off.

Tether has released its latest reserve report as of June 30, 2026.
After reading it, the biggest takeaway is:
Tether is becoming less like a stablecoin company and more like a global financial institution.
A few key figures:
1\USDT supply reached $184.6 billion, with a market share of over 60%;
2\Net operating profit is about $1.5 billion, mainly from U.S. Treasury holdings and repurchase (repo) businesses;
3\Total assets are $187.751 billion, and total liabilities are $183.642 billion;
4\Assets exceed liabilities by about $4.11 billion;
5\New users worldwide added more than 30 million.
At the same time, Tether continues to adjust its asset allocation:
1\Secured loan exposure decreased by $2.38 billion, a drop of about 15%;
2\It increased its holdings by 14 tons of physical gold, bringing total gold reserves to over 146 tons.
Tether CEO Paolo Ardoino said that even if the gold and Bitcoin markets experience significant volatility, USDT still maintains 100% reserve backing, and the company continues to advance its audit work involving the four major accounting firms.
Why is Tether becoming harder to understand?
Because its business model is increasingly not like an internet company.
Many people think Tether’s revenue comes from issuing USDT.
But in reality, USDT is more like the entry point—the real money is made by the asset management capabilities behind it.
When users hold USDT, Tether allocates a large portion of its reserves into interest-bearing assets such as U.S. Treasuries and repurchase agreements to generate steady interest income.
As the scale of USDT issuance keeps expanding, this model is entering a virtuous cycle:
The larger the issuance scale → more assets available to allocate → higher interest income → stronger profitability.
So now, when you look at Tether, it is no longer just the world’s largest stablecoin issuer.
It is more like a global financial institution managing nearly $190 billion in assets, serving tens of millions of users, and continuously generating cash flow.
Perhaps this is also why more and more people are starting to reassess Tether.
It sells USDT, but it runs a global business in dollar asset management.

OpenAI is preparing a new model series, tentatively named “Astra”.
Core positioning:
A new class of model following Sol, Terra, and Luna, focused on long-term multi-agent collaboration to handle especially challenging tasks such as advanced mathematics problems or complex projects.
Key updates:
Altman has already presented the model in Washington this week to policymakers. The model’s specific release plan has not yet been determined; it may be labeled GPT 6, or an additional model in the GPT 5 series (e.g., GPT 5.7).
Regulatory outlook:
Astra is expected to become one of the first models submitted under the Trump administration’s new AI review framework. The framework requires review by the federal government before it is released to the public, with the government setting a deadline for this weekend.
Near-term highlights:
OpenAI plans to release a report explaining how it will solve 10 previously unsolved math problems to demonstrate the most advanced AI capabilities.
$OPENAI

Alibaba Group chairman Tsai Chongxin divorces his wife Wu Minghua, whom he married 30 years ago.
For the capital markets, there are three key takeaways:
1\No plans to sell Alibaba shares
2\Tsai Chongxin will continue to serve as chairman of the board
3\It will not affect corporate governance or day-to-day operations
Alibaba’s equity structure will not change as a result.
Tsai Chongxin married Wu Minghua in 1996, and they have two sons and a daughter together.
Tsai Chongxin graduated from Yale University. He co-founded Alibaba in 1999 and has served as CFO and executive vice chairman—he is truly Alibaba’s “No. 2” executive. He currently holds about 1.46% of Alibaba’s ordinary shares, worth approximately US$4.278 billion, making him one of the largest individual natural-person shareholders at Alibaba.
In addition, he is the owner of the NBA’s Brooklyn Nets, the owner of the WNBA’s New York Liberty, and a co-founder and major investor of Blue Pool Capital.
Wu Minghua also boasts an impressive background—an undergraduate degree from Stanford, an MBA from Harvard, and she comes from a well-known family of entrepreneurs.
A dignified split with no equity tug-of-war—no impact on Alibaba.
Unlike the divorce case of Choi Tae-won, chairman of SK Group, which dragged on for nearly a decade and at one point unsettled the market. Ultimately, the court ruled on a cash division, avoiding changes to equity and disputes over control of SK Group.
Some divorces are quiet; others are enough to stir up the capital markets.

Uniswap unleashed four moves within a week
This week, Uniswap’s actions were a bit intense:
Launched a liquidity pool that requires permission—more flexible at the protocol level
Robinhood Chain trading volume surpassed $10 billion—rapid growth for the new chain
Launched the Launches aggregator platform—directly integrates traffic from the issuance track
Launched the Earn savings/investment feature—now going after the “Yu’e Bao” business
From trading to issuance to wealth management, Uniswap pushed its product line forward by a big step within a week.
$UNI

Without packaging, without cross-chain bridges—how is native BTC actually used directly?
Let’s explain it in plain language.
Traditional approach:
If you want your BTC to enter the Ethereum ecosystem, you first hand it over to a custodian and receive a 1:1 “IOU” (for example, wBTC).
That IOU is what actually becomes the liquid asset on Ethereum—your BTC itself never really moved; only that ticket did.
The idea proposed by @BabylonLabs_io for the trustless Bitcoin Vault (TBV) is completely different:
No IOUs are created. Native BTC directly participates as collateral—your private key isn’t transferred, and there’s no need for a custodian or a cross-chain bridge.
The core logic can be summarized in one sentence: you’re not “moving” the BTC over, you’re “mapping” the collateral value of the BTC over.
The first deployment scenario is a collaboration with Aave v4—deposit native BTC and borrow USDC/USDT on Ethereum. Throughout the whole process, no “synthetic bitcoin” is involved, and you keep the private keys from start to finish.
If this strategy works, the entire BTC lending market could end up operating on a completely different logic.
$BABY
#Babylon #baby #BTC #DeFi

Fed rate hike expectations for September have heated up again.
The latest CME FedWatch data shows:
The probability of a 25-basis-point hike in September has risen to 67%, up from 63.4% yesterday;
The probability of keeping the interest rate unchanged has fallen to 30.5%.
This means the market is further raising its expectations for a September rate hike.
However, the increase from 63.4% to 67% is a modest revision and not a fundamental change in expectations.
Judging by this week’s Fed meeting, although there was a rare internal split in the 9–3 vote unheard of in nearly a decade and hawkish voices have clearly strengthened, the market will still focus on economic data such as inflation and employment over the next two months.
Whether September sees a rate hike or not still depends on the data.
$KORU $SOXL

24-year-old OpenAI researcher Leopold Aschenbrenner is getting married this weekend.
His fiancée, Avital Balwit, is the chief of staff to current Anthropic CEO Dario Amodei, and also his only direct report. The two previously worked together at the FTX Future Fund, founded by SBF. After the collapse of FTX, Leopold went to OpenAI, while Avital went to Anthropic.
On the eve of the wedding, Leopold’s fund had just sold most of its stock holdings to Citadel. It lost 67% in the month of July, forcing it to liquidate. Over the past 24 hours, Citadel reportedly moved to buy most of the remaining $16 billion in publicly traded stock positions.
Leopold is busy with his wedding, while the already divorced Ken Griffin is busy making money.
$OPENAI
$ANTHROPIC

July’s global stock market scoreboard released: Hang Seng up 13% to take the top spot, STAR Market 50 down 26% at the bottom
On the last trading day of July 2026, the global stock markets showed extreme polarization, with a huge gap between them.
Top decliners: Deleveraging sectors became the worst-hit
China A-share STAR Market 50: -25.9% — a stampede-style pullback in the semiconductor and computing power industry chain, dragging it to a miserable bottom
China A-share ChiNext: -23.0% — high-valued growth stocks ran into a major shuffle of capital
South Korea KOSPI: -22.19% — regulators cracked down hard on leveraged products, with frequent monthly circuit breakers
Top gainers: Chinese concepts and Hong Kong stocks claim victory against the trend
Hang Seng Index (Hong Kong): +13.13% — undervaluation + high dividends; stood out while markets around the world plunged
NASDAQ Golden Dragon China Index: +11.2% — overseas Chinese-concept stocks staged an independent, short-squeeze-like rally
Hang Seng Tech Index (Hong Kong): +7.98% — as the global AI chain collapsed, Hang Seng Tech ended up as a safe haven
The logic behind the global divergence is clear:
Overvalued tech growth → down
Undervalued value pockets → up
The more aggressive the deleveraging → the worse the decline
The stronger the safe-haven attributes → the more it rises
There’s only one winner in July: cheapness.

Hong Kong stock market’s “token first stock”: Xunce’s 2026 first-half revenue reached US$142 million, up 389%, setting a new high for the same period. Attributable net profit was US$10.68 million; in the same period of 2025 it recorded a loss of US$13.17 million—this is Xunce’s first time achieving half-year profitability. Adjusted net profit was US$9.87 million, and the same period of 2025 was also loss-making.
The main reasons for the profit are: increased enterprise AI demand, expanding industry coverage, faster rollout of the TokenOS product, the billing model getting into working order, and ongoing progress on overseas business.
Xunce’s issue price was HK$48; its historical high was HK$382.8—up by nearly 8 times. It is currently at HK$104, a pullback of about 73% from its peak. Market capitalization is HK$28.406 billion, or about US$3.671 billion.
From losses to profits, this truly represents a phased turning point. Next, it remains to be seen whether this trend can be sustained.

Chasing highs in the A-share market in the morning—now everyone’s up on the mountaintop, blowing wind.
Put the data side by side and feel it:
InnoLight (中际旭创): peaked at 14% → now 5%
Tianjin Changxin (长鑫科技): peaked at 14% → now 2%
Zhaoyi Innovation (兆易创新): limit-up → now 3%
NAAS (新易盛): peaked at 16% → now 7%
Cambricon (寒武纪): peaked at 13% → now 6%
Demingli (德明利): limit-up → turned green
Fenghua High-Tech (风华高科): limit-up → down 3%
Yangke Technology (雅克科技): near limit-up → down 1%
Binwei Storage (佰维存储): peaked at 13% → now 3%
PuRan Shares (普冉股份): peaked at 20% → now 2%
Those who bought in chasing the limit-up early in the morning—before the close, they were already questioning life.
Chase highs and it feels great—by the close, it’s a funeral pyre.

2007 PetroChina vs 2026 SK Hynix: Will history repeat?
Two charts, two eras, the same script.
In 2007, PetroChina’s A-share listing came on the back of a super cycle driven by a surge in oil prices. In 2026, SK Hynix’s U.S. listing arrives atop the wave of soaring memory chip prices.
They both make their debut when the industry is at its hottest. They both are products of fully priced-in market expectations.
But one detail is worth paying attention to:
PetroChina’s stock price peaked 8 months before oil prices did. Commodity prices were still rising, but the stock had already finished running ahead of the future.
“Expectations run ahead” is a classic feature of cyclical stocks. Industry conditions may still be strong, yet the stock has already priced in the gains for the next one or two years.
Is SK Hynix in the same position now? This isn’t a forecast—just a reminder.
When cyclical stocks are at their most dangerous, it’s often when everyone thinks, “This time is different.”

$SKHY

UNI is the next HYPE
On July 29, 106,000 UNI were destroyed in a single day, the third-highest in history. Annualized burn amounts to $170 million, with a deflation rate of 6.1%.
The key is the chip/holdings structure: UNI is fully tradable, while 70% of HYPE is still unlocked.
With the same burn logic, a cleaner market structure—UNI will only be stronger than HYPE.
$UNI $HYPE