CoinRank

Meteora turned failure into foundation.Rising from the collapse of Mercurial and the FTX fallout, Meteora rebuilt itself into one of Solana’s most critical liquidity engines.

 

DLMM redefined Solana market making.Its “bin-based” structure created near-zero slippage and CEX-level precision, making Meteora the backbone of Jupiter’s routing and Solana’s trading volume.

 

Transparency became both strength and weakness.While Meteora’s open architecture gained trust, private competitor HumidiFi exploited opacity to outpace it, forcing Meteora to evolve without abandoning its principles.

IT ALL STARTED WITH A NAME EVERYONE FORGOT

 

On Solana, projects rise and vanish faster than most people can track. When the FTX collapse ripped through the ecosystem in late 2022, Mercurial was one of the many names that disappeared overnight. Its treasury was locked on the exchange, its token value evaporated, and what was once a thriving community turned into silence. For most, that was the end of the story.

 

But a small group refused to walk away. The team that would later create Meteora decided to stay and rebuild from nothing. They knew “fixing” Mercurial wasn’t an option—the only way forward was to start over completely. Their goal wasn’t restoration; it was reinvention. Solana was too fast, too volatile, too unforgiving for anything less than a clean restart.

 

That’s where Meteora was born. It wasn’t a rebrand. It was a reboot engineered for speed. The team stopped talking about “recovery” and instead asked: what does liquidity look like on a chain that moves faster than anything else in crypto?

 

Their answer was the Dynamic Liquidity Market Maker, or DLMM. Instead of a smooth curve like traditional AMMs, DLMM breaks liquidity into precise “price bins,” each with its own depth and logic. Trades inside a single bin have zero slippage; prices only move when liquidity in one bin runs out and the next activates. It’s less a pool and more an on-chain engine—built to think in milliseconds, just like Solana itself.

 

By early 2024, the results were impossible to ignore. Trading volume climbed fast, TVL stabilized, and market makers began migrating from Raydium and Orca. Jupiter, the network’s leading aggregator, started routing massive flows to DLMM because it consistently offered better quotes. By early 2025, Meteora’s monthly trading volume hit $33 billion. The protocol that everyone thought was dead had become Solana’s liquidity backbone.

 

But Solana rewards speed and punishes hesitation. The faster you rise, the sooner the next storm hits.

 

GLORY AND PRESSURE IN THE AGE OF ALGORITHMS

 

DLMM made Meteora a star. It was fast, precise, and reliable. LPs earned more, traders faced less slippage, and Jupiter’s algorithms began to treat DLMM as the default route for Solana trades. For a few months, it felt like the team had cracked the code for decentralized market making.

 

Then came HumidiFi.

 

It appeared out of nowhere: no front end, no community, no open LPs—just volume. In weeks, it was competing head-to-head with Meteora on key trading pairs, sometimes even surpassing it. Researchers soon discovered that HumidiFi wasn’t a community protocol at all but a private, proprietary AMM run by a single market-making entity. It was, essentially, a “dark pool on Solana.”

 

HumidiFi’s spreads were razor-thin—down to five basis points. Jupiter didn’t care who provided liquidity; it only cared who offered the best price. Overnight, a flood of routing traffic shifted toward the black box.

 

For Meteora, this was more than competition—it was an existential question. Should open liquidity stay open, even when secrecy performs better? DLMM was fully transparent: every bin, every depth, every fee visible on-chain. HumidiFi was the opposite, a closed system thriving in the shadows.

 

As one Solana developer quipped, “Meteora showed its engine to the world. HumidiFi covered its engine in smoke—and somehow went faster.”

 

Meteora’s transparency, once its strength, became a tactical weakness. Competitors could study its structure in real time, while HumidiFi revealed nothing. It was a new kind of race, and for the first time since its rebirth, Meteora found itself chasing a moving target.

 

And just as it was trying to adjust, another challenge hit from a completely different direction.

 

THE TGE THAT TESTED EVERYTHING

 

On October 23, 2025, Meteora held its long-awaited token launch. They called it a “Liquid Launch”—no lockups, no VC allocations, no controlled vesting. Forty-eight percent of the supply hit the market on day one. The idea was bold: let pure market dynamics set the price.

 

What happened next was chaos.

 

Solana’s lightning-fast execution meant the entire float was absorbed almost instantly. Sell pressure surged before buy orders could stabilize the book. Within days, $MET had dropped more than 70% from its peak. Community sentiment split in two. Supporters praised the team’s honesty and commitment to decentralization. Critics called it reckless and naive, a textbook example of what happens when ideals meet liquidity.

 

Then, just as the market began to catch its breath, headlines turned ugly. Cofounder Ben Chow was named in a class-action lawsuit linked to M3M3 and several controversial memecoin launches. The case wasn’t directly connected to Meteora, but timing is everything in crypto. Confidence wavered, sentiment dipped further, and the same transparency that once earned respect now exposed every crack.

 

Still, the engine kept running. DLMM performed flawlessly, routing billions in daily volume. LP yields held steady. Jupiter continued to list Meteora as a top route. But beneath the data, the question lingered: could a protocol that lived by radical transparency survive a market that rewarded secrecy and speed?

 

WHAT COMES NEXT

 

By early 2026, Meteora had made its move. Instead of retreating, the team doubled down. They announced Launch Suite 2.0, a rebuilt version of M3M3 designed to make token launches safer, more transparent, and free from controversy. They also introduced new anti-bot infrastructure and DLMM upgrades to make bin adjustments faster and fairer.

 

HumidiFi remained an ever-present rival, but Meteora didn’t aim to mimic it. Instead, it leaned deeper into its strengths: openness, design precision, and adaptability. The philosophy was clear—beat the dark pools by out-engineering them.

 

Solana’s markets haven’t slowed down, and neither has Meteora. It continues to anchor the network’s trading volume, even as competitors rise and fall around it. Its story mirrors Solana’s own rhythm—brutal, relentless, but always moving forward.

 

Born in collapse, rebuilt through innovation, and tempered by chaos, Meteora has become more than a protocol. It’s a reminder of what still drives the Solana ecosystem: speed, risk, and the stubborn belief that a better system can always be built.

 

〈Meteora: The Liquidity Machine That Crawled Out of the Ruins〉這篇文章最早發佈於《CoinRank》。

Gemini 3 introduces advanced reasoning, multimodal comprehension, and agent-like task execution, positioning it as one of Google’s most powerful intelligence systems to date.

 

The launch triggered notable reactions across the tech world, including public acknowledgment from figures like Elon Musk and Sam Altman, fueling competitive momentum.

 

With deep integration across Google products and developer platforms, Gemini 3 signals a shift toward real-world agentic workflows rather than simple conversational AI.

Google unveils Gemini 3, a major leap in reasoning, multimodality, and agentic capability—sparking industry reactions from Musk, Altman, and global developers.

INTRODUCTION

 

Google has taken a significant step forward in the global AI race with the release of Gemini 3. Announced alongside updates to Google Search and its developer ecosystem, Gemini 3 is not merely another language model upgrade—it represents a structural shift toward systems capable of reasoning, interpreting multiple forms of data, and executing tasks autonomously. The launch immediately attracted worldwide attention, not only from developers and industry analysts but also from well-known figures like Elon Musk and OpenAI’s Sam Altman, who expressed public recognition of its capability. Their reactions have amplified the perception that something unusually meaningful has arrived.

 

WHAT MAKES GEMINI 3 DIFFERENT

 

While previous iterations in the Gemini family focused primarily on improving language capabilities, Gemini 3 expands its intelligence outward. It processes text, images, video, and code while also demonstrating stronger logical reasoning and layered understanding. According to Google’s official release, the model was built to break down complex ideas, interpret nuance, and maintain context far beyond what earlier models could manage. It is this shift—from producing answers to forming structured reasoning chains—that marks Gemini 3 as notable.

 

Another defining characteristic is its move toward agentic workflows. Instead of functioning only as a chatbot or assistant, Gemini 3 can plan and execute multi-step tasks. Through Google’s new Antigravity platform, developers can build agents that operate within terminals, code editors, and browsers. This means that Gemini 3 is capable not only of generating instructions but also carrying them out, turning prompts into tangible action.

 

MULTIMODALITY AT SCALE

 

The ability to understand multiple types of input is at the core of the model. Earlier AI systems could generate or interpret text and images, but they rarely navigated between mediums fluidly. Gemini 3’s multimodal design allows it to analyze a document, interpret diagrams, review video frames, and connect information across formats. This becomes particularly important in practical applications like scientific research, education, finance, software engineering, and legal workflows where content is rarely single-format.

 

As a result, Gemini 3 is positioned as a tool that can not only summarise or rewrite content but evaluate, compare, identify gaps, and execute tasks based on multimodal instruction sets.

 

 

MARKET AND INDUSTRY RESPONSE

 

The launch quickly drew global attention. Several media outlets described the event as a moment where Google “finally pushed back” in an AI landscape dominated by accelerating competition. The reaction gained more intensity when Elon Musk and Sam Altman publicly acknowledged the release. Although the endorsements were short and somewhat understated, the fact that two of the most influential voices in the AI landscape responded so quickly suggests a recognition of competitive relevance.

 

Public discourse shifted rapidly: headlines referred to Gemini 3 as “an overnight breakthrough,” and online discussions highlighted how quickly user interest spiked. The launch did not feel incremental—it felt disruptive.

 

BENCHMARK PERFORMANCE AND VARIANTS

 

Google’s documentation notes that Gemini 3 Pro shows a marked improvement over the earlier Gemini 2.5 Pro across multiple reasoning and multimodal benchmarks. The enhanced version, Gemini 3 Deep Think, is designed for high-precision tasks requiring extensive reasoning and planning. The model demonstrates improvements in logic consistency, long-form analysis, and contextual reasoning performance.

 

Although not all performance metrics were disclosed publicly, the benchmarks that were revealed suggest that Gemini 3 is positioned near the top tier of available AI models. What remains uncertain is how the performance will carry over during high-volume, real-world deployment—especially in unpredictable user environments.

 

REAL-WORLD IMPLICATIONS

 

The introduction of agent-capable multimodal intelligence could reshape how AI is used across industries. Instead of interacting with AI solely through chat interfaces, users may rely on systems capable of independently managing tasks or orchestrating digital environments. For example, developers could use Gemini-powered agents to debug software, navigate codebases, and update documentation autonomously. Enterprise users might rely on AI systems that organize data workflows, compile reports, and perform audits.

 

However, this transition also raises meaningful questions. Increased autonomy means increased responsibility. Will models like Gemini 3 maintain safety, accuracy, and reliability as they gain execution power? Google states that safety evaluations and monitoring frameworks remain a core part of deployment, but industry discussion suggests that broader governance is still an open challenge.

 

WHAT COMES NEXT

 

The next few months will determine the real impact of Gemini 3. Several indicators will be worth watching closely: how widely it rolls out within Google services, how developers adopt Antigravity to build agent ecosystems, and how the technology functions under public demand. Additionally, the competitive response from other AI labs will shape whether this marks a turning point or simply accelerates an already fast-moving innovation cycle.

 

Regardless of how the broader market evolves, Gemini 3 has already reshaped expectations. It represents a transition from AI as a passive conversational tool to AI as an active problem-solving force. The shift feels foundational, and the world is now watching to see what emerges next.

〈Google’s Gemini 3: A New Era of Intelligence That Even Musk and Altman Are Praising〉這篇文章最早發佈於《CoinRank》。

Coinbase partnered with Kalshi to launch a prediction market hub with trends, categories, and onboarding support, making event-based trading more accessible.

Google Finance integrated data from Polymarket and Kalshi, marking a major Web2 entry into the prediction market space alongside leading Web3 platforms.

October metrics hit 524K users, 30M trades, and $8.7B notional volume, showing accelerating adoption and strong future growth potential.

Prediction markets are gaining momentum as Coinbase, Kalshi, and Google Finance integrate data from platforms like Polymarket, signaling rapid industry growth.

This morning at 6 AM, tech blogger @wongmjane revealed that Coinbase is partnering with Kalshi to develop a prediction market; Google also recently announced that it will integrate prediction data from Polymarket and Kalshi into Google Finance, allowing users to track the “collective intelligence” influencing event outcomes in real time. Suddenly, both Web2 and Web3 giants are heavily investing in the prediction market. What trend signals are behind this? Why are these giants making moves? Will prediction markets become a standard feature of future products? Odaily Planet Daily will guide you through this in one article.

 

When tech giants set their sights on prediction markets: new tracks, new opportunities, new opportunities.

 

The news of Coinbase partnering with Kalshi to develop a prediction market was initially revealed by tech blogger @wongmjane . In the accompanying image, we can clearly see that Coinbase’s prediction market page is similar to Polymarket’s interface, also divided into sections such as “Trends,” “Latest,” and “Crypto,” allowing users to buy and sell corresponding tokens. Furthermore, the prediction market page thoughtfully includes a series of Q&As to help users quickly familiarize themselves with the platform’s functions and begin trading.

 

 

In the bottom right corner of the screenshot, we can clearly see that the prediction market was developed and built by Coinbase using Kalshi integration.

 

It’s worth noting that the blogger who made the whistleblower is a former Meta employee who gained attention for discovering unreleased features on social media platforms through reverse engineering.

 

Besides Coinbase, earlier this month, Google Finance’s announcement of plans to integrate Kalshi and Polymarket had already drawn close attention to prediction markets in the crypto market. And these two aren’t the only giants investing in this area.

 

In October of this year, at the Token2049 event in Singapore, Robinhood CEO Vlad Tenev told the media that prediction markets are a major innovation, similar to traditional sports lotteries, active trading, and traditional media news products, but not just one of these three; rather, it’s a hybrid. Conversely, prediction markets have enormous potential to transform these three massive industries. Furthermore, Robinhood launched its prediction market business line before last year’s presidential election, and it is currently one of its fastest-growing segments, one of its nine business lines generating over $100 million in annual revenue. Robinhood’s long-term vision is to create a super financial application, becoming a home for users’ assets.

 

The root of all this lies in the fact that predicting the market is one of the few remaining sources of “market growth”.

 

Earlier this month, data analyst Dash published an article stating that October was the most active month in the history of the prediction market, including:

 

The total number of users reached 524,200, of which 40.4% were new users.

The number of transactions reached 30 million.

The nominal transaction volume reached $8.7 billion.

Odaily Planet Daily Note: Other data shows that Kalshi’s trading volume reached $4.4 billion in October; Polymarket’s trading volume was $3 billion in October, and the latter’s monthly active users exceeded 477,000, setting a new record.

 

In addition, Kalshi leads in both transaction volume and number of transactions, with a market share of 45% to 55% (excluding user numbers); Polymarket follows closely behind, while other smaller projects account for only about 7% to 10%.

 

Considering that Kalshi, as the largest domestic prediction market in the US, profits from transaction fees, a fee rate of 1% to 2% already indicates a market with annual revenue of at least several billion dollars, and its trading volume is still growing rapidly. This is why Polymarket and Kalshi have attracted so much capital.

 

Recently, Polymarket received a $2 billion investment from Intercontinental Exchange (ICE), the parent company of the New York Stock Exchange, valuing the company at approximately $9 billion; while Kalshi raised $300 million from backers such as Sequoia Capital and A16z at a valuation of $5 billion. According to a report in October , Kalshi was receiving venture capital proposals with a potential valuation of up to $12 billion, more than doubling its valuation in less than two weeks.

 

It must be said that when it comes to betting on the future, capital institutions are never stingy with their funds.

 

Predicting the future direction of the market: Standard features of internet products vs. the battleground for liquidity among giants.

 

Judging from the current situation, the primary purpose of the giants betting on the prediction market is to compete for “liquidity”.

 

Prediction markets, which combine news events, financial transactions, and betting functions, not only serve as online platforms for users to profit through betting, but also, to some extent, act as “event prediction machines.” This was already evident in Trump’s victory in last year’s US presidential election.

 

In the realm of event prediction, where “everything can be bet on,” prediction markets like Polymarket and Kalshi can accommodate far more betting events than traditional sports lottery and gambling platforms. To a certain extent, the emergence of prediction markets represents a devastating blow to traditional betting platforms.

 

With the development of internet products reaching a certain level, AI and blockchain have become the undisputed “incremental markets” in the eyes of internet giants. As the penetration rate of AI gradually increases, in addition to stablecoins, PayPal, ETFs, and other means, another new way for blockchain technology to be adopted on a large scale is through prediction markets.

 

After all, as we mentioned in our previous article , “Odaily Interview with ‘Polymarket’s First Person in the Chinese Region: A Journey of 225 Times Return in 25 Days,” predicting the market is the shortest path to monetizing knowledge.

 

Taking the latest “Solomon fundraising betting incident” as an example, because Solomon Labs’ public offering on MetaDao raised $100 million at the last minute, becoming the second highest-funded project on MetaDao so far, second only to UmbraPrivacy, users on Polymarket who predicted Solomon’s fundraising amount to be between $20 million, $40 million, and $100 million were all “caught red” (lost money). Meanwhile, the suspected insider address “KimballDavies” chose the low-probability “yes” option for all bets in this event, accumulating a profit of over $500,000.

 

The previous bet on “CZ receiving a pardon from Trump” is also a prime example of monetizing knowledge. Although there may be insider information, the fact is that some people profited by betting on the correct outcome.

 

This is also one of the examples of how “collective wisdom” can be demonstrated after real money is bet.

 

In the near future, driven by competition for user attention or other considerations, prediction markets may become a standard feature on many internet information platforms, just like AI assistants and voice chat. After all, if you don’t integrate prediction markets while your competitors do, users will naturally vote with their feet, and traffic and other data will naturally be affected.

 

For ordinary users, getting involved and adapting as early as possible might be a better solution.

〈Giants are shifting their focus: Why are Coinbase and Google betting heavily on the new prediction market track?〉這篇文章最早發佈於《CoinRank》。

Daily check-in projects are becoming a major entry route for early airdrop positioning, requiring low effort but consistent engagement to maximize points and eligibility.

 

Most featured projects are backed by strong investors, credible teams, or new infrastructure narratives such as RWA, Move ecosystems, AI data layers, and tokenized assets.

 

Staying active, completing quests, and interacting beyond check-ins—such as swaps, borrowing, or gameplay—may improve qualification for future token rewards and mainnet incentives.

A curated roundup of top early Web3 projects offering daily check-in rewards. Explore Brevis, Block Street, Pharos, Irys, Linera, and Edgen — earn points while staying early.

 

BREVIS: UNLOCKING INFINITE COMPUTE FOR WEB3

 

🔍 Project Overview

 

Brevis is an off-chain computation engine powered by zero-knowledge proofs, positioning itself as the “infinite compute layer for Web3 and beyond.” In short, Brevis makes smart contracts smarter—shifting from passive execution to proactive computation. This helps reduce on-chain costs, improve computational efficiency, and enable more seamless interactions between users, assets, and protocols.

 

The project recently gained significant community attention after receiving public endorsement from Vitalik, which boosted its visibility across the ecosystem.

🚩 How to Participate

 

Visit the official interaction page:
👉 https://proving-grounds.brevis.network/

Under “Phase 1”, complete the daily check-in mission.

 

Each check-in = +10 points

 

Streak rewards:
  ✔ 7-day streak → +50 points
  ✔ 14-day streak → +100 points
  ✔ 30-day streak → +200 points

 

BLOCK STREET: A DECENTRALIZED PLATFORM FOR TOKENIZED STOCKS

 

🔍 Project Overview

 

Block Street is a DeFi protocol built to unlock utility for tokenized equities, offering decentralized lending, leverage, and yield-earning opportunities. On October 9, the project announced a $11.5M funding round led by Hack VC, with participation from Generative Ventures, DWF Labs, StudioB, and Bridge 34.

 

Block Street is also planning to launch on Monad later this year, which has further boosted community interest.

 

🚩 How to Participate

 

Visit the official site:
👉 https://blockstreet.money/dashboard

 

Connect your wallet.

On first use, log in using a Google email.

After setup, simply revisit the site daily and connect your wallet — the check-in will auto-complete and reward you with 10 BSD test tokens.

 

You can then use the daily test tokens to perform on-chain actions such as Swap, Borrow, or other interactions to potentially strengthen eligibility for future rewards.

 

PHAROS: RWA LAYER 1 WITH ANT GROUP ROOTS

 

🔍 Project Overview

 

Pharos is an RWA-focused Layer 1 blockchain backed by former leadership from the Ant Group ecosystem. CEO Alex Zhang previously served as CEO of ZAN, Ant Group’s Web3 tech subsidiary, and was CTO of AntChain. CTO Wish Wu also comes from ZAN, where he worked as Chief Security Officer.

 

Technically, Pharos features a modular design with high parallelism. Its live testnet currently reaches up to 30,000 TPS, outperforming EVM and parallel execution chains. The network also uses a GPU-inspired architecture that boosts storage efficiency by 80%, enabling scalability to billions of users.

 

On November 9, 2024, Pharos announced an $8M seed round with participation from Faction, Hack VC, SNZ Holding, Reforge, Dispersion Capital, Hash Global, Generative Ventures, Legend Star, MH Ventures, Zion, and Chorus One Ventures.

🚩 How to Participate

 

Visit the interaction portal:
👉 https://testnet.pharosnetwork.xyz/experience

 

Connect your wallet.

Complete the daily check-in to receive participation points.

 

In addition to the ongoing Season 2 program, a new campaign called “Atlantic” is now live.


To participate, request test tokens here and complete required testnet tasks:
👉 https://testnet.pharosnetwork.xyz/

 

IRYS: A DATA-INTELLIGENT LAYER 1 BLOCKCHAIN

 

🔍 Project Overview

 

Irys is a Layer 1 blockchain focused on data intelligence, built on top of Arweave’s permanent storage layer. Its goal is to ensure data is not only stored forever—but can also be understood, verified, traced, and programmatically used.

 

Key characteristics include:

 

Permanent, low-cost storage: Data is stored once and preserved permanently thanks to Arweave’s architecture.

 

Programmable data: Rules, logic, and automation can be embedded directly into data.

 

Verifiable and traceable information: Ensuring trust and transparency—ideal for AI systems requiring reliable datasets.

 

Developer-friendly tools: APIs and toolkits designed for rapid iteration and deployment.

 

AI-ready design: Suitable for AI, NFTs, IP protection, decentralized social networks, and other data-sensitive use cases.

🚩 How to Participate

 

Head to Irys’s mission page on Galxe:


👉 https://app.galxe.com/quest/Irys/GCo13t6RXN?refer=space_home

 

Check in daily to receive corresponding points.

 

 

Additionally, you can earn more rewards by playing the typing mini-game 5 times per day on Galxe:


👉 https://app.galxe.com/quest/Irys/GCLjLtf7zj?refer=space_home

 

LINERA: A MOVE-BASED LAYER 1 FOR HIGH-SPEED WEB3 APPLICATIONS

 

🔍 Project Overview

 

Linera is a Layer 1 blockchain built using the MOVE programming language, aiming to deliver security, scalability, and extremely low latency for next-generation Web3 applications. Its mission is to enable predictable, internet-scale performance so even the most demanding decentralized apps can run smoothly.

 

To achieve this, Linera introduces a new multi-chain model with elastic validators, addressing blockchain congestion and limited block space without sacrificing decentralization or security.

 

The founding team includes former engineers and researchers from Zcash and Meta/Novi, with founder Mathieu Baudet previously serving as an engineer at Meta.

 

According to ROOTDATA, Linera (Edgen) has raised $12M across two rounds, backed by a16z, Borderless Capital, Laser Digital, and others.

🚩 How to Participate

 

Visit the Linera quest portal:
👉 https://portal.linera.net/quests

 

Connect your wallet and log in to create an account.

Join the official Discord to unlock roles and access quests.

Complete available missions to progress and potentially qualify for future rewards.

 

EDGEN: AI-POWERED TRADING ASSISTANT FOR CRYPTO USERS

 

🔍 Project Overview

 

Edgen is an intelligent trading assistant designed to provide real-time, actionable market insights for crypto traders—from retail users to institutions. Positioned within the growing InfoFi sector, Edgen acts like a full-time financial analyst that supports users with smart signals, strategy suggestions, and market intelligence to help them navigate volatility and compete with large players.

 

According to ROOTDATA, Edgen has raised $11M across two funding rounds, backed by Framework Ventures, North Island Ventures, and other notable investors.

🚩 How to Participate

 

Visit the official site:
👉 https://www.edgen.tech/zh/aura/

 

Log in using your X (Twitter) account.

Join the Aura Program and complete the daily check-in task to earn Aura points.

 

Additional missions may unlock over time, so staying active is recommended.

 

 

 

 

 

ꚰ CoinRank x Bitget – Sign up & Trade!

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〈Don’t Sleep! 6 Daily Check-In Projects You Need to Farm Now〉這篇文章最早發佈於《CoinRank》。

Tezos upgrades itself through on-chain governance, avoiding chain splits and ensuring long-term stability.

 

XTZ powers staking, governance, fees, and ecosystem utility across DeFi, NFTs, and RWA use cases.

 

Energy-efficient DPoS and formal verification make Tezos secure, scalable, and suitable for institutional adoption.

Tezos is a self-upgrading blockchain with on-chain governance and a secure token economy powered by XTZ. It supports DeFi, NFTs, RWA, and enterprise-grade applications without relying on hard forks.

 

WHAT IS TEZOS?

 

Tezos is a blockchain built around two core ideas: on-chain governance and the ability to upgrade itself over time. Its mission is to solve long-standing challenges in traditional blockchain systems—specifically related to governance, upgrades, and security.

 

 

▶ Official X : https://x.com/tezos

 

Unlike blockchains that rely on disruptive hard forks to implement major updates, Tezos allows the entire network to upgrade directly through an on-chain voting process. This approach minimizes community fragmentation and ensures the protocol can evolve without splitting into multiple chains. In other words, rather than forcing the ecosystem to choose sides during upgrades, Tezos upgrades itself as a unified system.

 

You can think of Tezos as a blockchain capable of self-evolution—one where upgrades are planned, voted on, and executed in a formalized and transparent manner, without the drama or chaos seen in earlier blockchain governance battles.

📌 A Long-Term Infrastructure, Not Just a Token

 

While XTZ is the native asset used for staking, governance, and transaction fees, the value of Tezos goes far beyond the token. It aims to function as a long-term, adaptable blockchain infrastructure suited for real adoption, especially in areas that require stability, compliance, and high assurance execution.

 

✏️ Key focus areas include:

 

Decentralized Finance (DeFi)

Digital asset tokenization (NFTs, digital collectibles, brands, and RWA)

Enterprise-grade Web3 and financial settlement use cases

 

Because of its upgradeability and governance model, Tezos prioritizes long-term viability rather than short-term hype or speculative growth.

📌 Design Philosophy: Governable, Upgradeable, and Secure by Default

 

The design principles behind Tezos focus on reliability and sustainability.

 

Transparent Governance
All protocol changes and parameter adjustments are decided through on-chain voting by token holders—not behind closed doors or controlled by a single central entity.

 

Upgrade Without Forks
Network upgrades happen seamlessly through its governance framework, allowing Tezos to evolve smoothly like a software upgrade—not a chain reset.

 

Security First
Tezos supports formal verification, a mathematical method used to validate the correctness of smart contracts—making it particularly suitable for financial and enterprise-level applications where errors are costly.

 

This combination of governance, upgradeability, and security creates a more predictable development environment for builders and institutions.

📌 Real-World Adoption: Slowly Built, Steadily Growing

 

In recent years, Tezos has moved from theory into real-world use. It has been adopted in sectors ranging from financial settlement infrastructure to digital art and branded NFT collections. Its adoption style isn’t explosive or speculative—it’s gradual, credible, and driven by use cases that require long-term technical stability.

 

>>> More to read: What is Walrus (WAL)?

TEZOS KEY FEATURES

 

What sets Tezos apart from other blockchains isn’t just its technology—it’s the way it was architected to evolve, govern, and operate with long-term resilience. Its governance model, security framework, and upgrade mechanism together form a system designed to avoid the fragmentation and stagnation seen in many legacy chains.


Below are the 5 defining features that form the core competitive edge of Tezos.

 

1️⃣ Self-Amendment: A Blockchain That Can Upgrade Itself

 

Most blockchains—including Bitcoin and Ethereum—have historically relied on hard forks when protocol upgrades reach a point of disagreement. These forks can split communities, create competing chains, and introduce uncertainty.

 

Tezos approaches upgrades differently. Its protocol includes a built-in self-amendment mechanism, allowing upgrades to be proposed, voted on, approved, and automatically executed on-chain—without needing to fork. This design improves network continuity, stability, and long-term cohesion.

2️⃣ On-Chain Governance: Decisions Made Transparently

 

All protocol-level decisions in Tezos are handled through an open, structured on-chain governance framework. Token holders vote directly—or via delegates—on upgrades, economic parameters, and improvements.

 

This system ensures that:

 

Upgrades are community-backed

Development direction remains legitimate and transparent

Network evolution is predictable rather than chaotic

 

Instead of political debates happening off-chain, the governance process is encoded into the protocol itself.

3️⃣ Delegated Proof-of-Stake (DPoS): Efficient, Decentralized, and Energy-Friendly

 

Tezos uses a Delegated Proof-of-Stake (DPoS) consensus model. Token holders can choose to validate blocks by running their own node, or delegate their XTZ to a validator—known in the ecosystem as a “baker.”

 

This model strikes a balance between efficiency and decentralization:

 

Lower energy consumption compared to Proof-of-Work

Faster finality and higher scalability

Participation without requiring technical expertise

 

DPoS allows Tezos to remain accessible while still securing the network through stakeholder alignment.

4️⃣ Formal Verification: Mathematical Contract Security

 

Smart contracts introduce risk—and history has shown how contract bugs can lead to catastrophic financial loss. To address this, Tezos supports formal verification, a mathematical method used to prove the correctness of smart contract logic before deployment.

 

For applications like:

 

DeFi

Tokenized assets

Financial infrastructure

Regulated digital securities

 

Formal verification adds an extra level of safety that most blockchains simply do not provide.

5️⃣ Modular and Scalable Architecture: Built for the Future

 

Instead of rigid technical architecture, Tezos uses a modular framework where its execution layer, consensus logic, and economic model can evolve independently. This allows the protocol to adopt new innovations—whether for scalability, new asset types, or emerging Web3 primitives—without disruptive changes.

 

As a result, Tezos can support growing use cases such as:

 

NFTs and digital collectibles

DAOs and decentralized governance models

Regulated asset issuance and RWA deployment

Enterprise blockchain integrations

 

All without needing to reset the chain or start over.

 

>>> More to read: What is Momentum (MMT)?

WHAT IS XTZ?

 

 

 

XTZ is the native token of the Tezos network — and it serves as much more than just a transactional asset. The token supply is capped at 900 million units in circulation, and Tezos adopts an inflation-based funding model designed to sustain the network without diluting value over time. In practice, the protocol mints roughly 80 XTZ per block (about every 1 minute), resulting in an annual inflation rate of around 5.51%.

 


However, this inflation isn’t arbitrary — it is structured to incentivize staking participation and reinforce long-term alignment between token holders, validators, and the network’s economic security. Because a significant portion of newly issued tokens is distributed to active participants, the design encourages XTZ holders to stake rather than speculate or leave tokens idle.

 

✅ Payments and Network Incentives

 

XTZ is used to pay for on-chain actions such as transactions and smart contract execution. It also functions as a reward mechanism for validators and delegators who help secure the network. This ensures that participation is rewarded and that the ecosystem remains economically active.

✅ Staking for Security

 

XTZ holders can stake their tokens either by running a node themselves or by delegating to a validator — known as a baker. Staking strengthens network security and provides holders with predictable rewards, creating a built-in economic incentive structure that supports network integrity.

✅ Governance and Decision-Making Power

 

Governance is a native feature of Tezos, and XTZ holders play a direct role in shaping the protocol. Token holders can vote on upgrades, feature proposals, and network parameter changes — making XTZ more than a passive asset. It represents a stake in the network’s evolution.

✅ Utility Across Applications and Assets

 

Beyond staking and governance, XTZ is widely used across the Tezos ecosystem. It serves as collateral in DeFi protocols, a settlement asset for NFTs, and a core currency in RWA tokenization and institutional blockchain deployments.

 

 

✏️ Putting it all together, XTZ operates as the economic backbone of the Tezos ecosystem — powering governance, rewarding participation, securing the chain, and enabling real applications. It’s not just a token; it’s a participation model intertwined with the protocol’s growth and long-term sustainability.

 

 

 

 

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〈What is Tezos (XTZ)?〉這篇文章最早發佈於《CoinRank》。

Bitcoin ownership is concentrated among early miners, ETFs, corporations, and governments—groups that heavily shape liquidity and market behavior.

 

Satoshi Nakamoto remains the largest holder with an estimated 1.1 million untouched BTC, reinforcing the mystery and decentralization narrative.

 

Institutional adoption continues to rise as ETFs, public companies, and national reserves accumulate Bitcoin, signaling its transition into a mainstream global asset.

Curious about what is crypto trading? Learn about Bitcoin trading, its basic steps, and essential considerations for new investors, from choosing exchanges to understanding risks and funding methods via CoinRank!

 

INTRODUCTION

 

The total supply of Bitcoin will forever be capped at 21 million. This built-in scarcity is one of the core reasons it’s viewed as a form of digital gold. As global adoption accelerates and Bitcoin becomes increasingly woven into mainstream finance, one question keeps resurfacing:

 

🔍 Who actually owns the most Bitcoin?

 

The answer isn’t as straightforward as simply pointing to the richest individual wallet. The ownership landscape is shaped by a mix of early miners, anonymous pioneers, corporations, institutional investors, ETFs, governments, and major centralized exchanges. Together, these entities influence liquidity, market psychology, and even price stability—sometimes without making a single transaction.

 

Some hold Bitcoin out of conviction or ideological alignment with decentralization. Others treat it as a strategic hedge, a store of value, or part of a broader asset allocation strategy. And in recent years, regulatory acceptance and the launch of spot Bitcoin ETFs have introduced an entirely new class of large-scale holders.

 

Understanding how Bitcoin is distributed isn’t just a matter of curiosity—it provides insight into who holds influence in the ecosystem, how concentrated supply really is, and what potential risks or advantages may emerge as the market matures.

 

This story of ownership is still evolving, shaped by belief, strategy, and global economic forces—and it continues to unfold block by block.

 

>>> More to read: What is Bitcoin’s Fee-to-Reward Ratio?

THE LARGEST INDIVIDUAL HOLDER: SATOSHI NAKAMOTO

 

As of November 2025, the single largest known individual holder of Bitcoin remains its mysterious creator — Satoshi Nakamoto.

 

Satoshi is the anonymous author of the 2008 Bitcoin whitepaper and the miner of the earliest blocks in the network’s history. Based on blockchain research and mining pattern analysis, Satoshi is believed to own approximately 1.1 million BTC, valued at more than $120 billion USD. This amount represents close to 5% of the total supply, giving the creator an unparalleled position in Bitcoin’s ownership landscape.

 

📌 How the Coins Were Mined

 

Satoshi’s holdings originate from the first months of Bitcoin, between 2009 and 2010, when mining difficulty was low and mining rewards were 50 BTC per block.

 

Research suggests:

 

22,000+ blocks mined

Coins distributed across thousands of wallet addresses

No coins ever transferred, sold, or spent

 

This lack of movement has contributed greatly to Satoshi’s legend — and mystery.

📌 The Patoshi Pattern

 

The estimated 1.1 million BTC figure is based on a widely referenced analysis known as the Patoshi Pattern, discovered by researcher Sergio Demian Lerner. By studying time signatures and block spacing from early mining activity, Lerner concluded that one entity — believed to be Satoshi — mined a large cluster of early blocks in a consistent, recognizable pattern.

 

While this analysis is widely accepted, it is still considered an informed estimate rather than verified fact.

🚩 The Genesis Address

 

Among the wallets attributed to Satoshi, one address remains iconic:

 

1A1zP1eP5QGefi2DMPTfTL5SLmv7DivfNa

 

This is the Bitcoin Genesis Address — the wallet tied to the very first block mined on January 3, 2009. It contains just over 104 BTC, preserved for historical significance.

🔍 Why It Matters

 

Satoshi’s untouched holdings represent:

 

A symbol of early decentralization

A reminder of Bitcoin’s origins

A unique economic variable, should they ever move

 

More than a decade later, Satoshi’s silence — and the untouched Bitcoin — remain one of the most fascinating unresolved elements in digital asset history.

 

>>> More to read: What is Bitcoin Layer 2 Network?

OTHER MAJOR HOLDERS OF BITCOIN

 

While Satoshi Nakamoto remains the largest individual holder of Bitcoin, the broader ownership landscape includes whales, institutional products, corporations, and even governments. Together, these groups hold a significant portion of the circulating supply and play a key role in market structure and liquidity.

 

✅ Individual Bitcoin Whales

 

In the crypto ecosystem, a Bitcoin whale refers to any individual or entity holding at least 1,000 BTC. Most whales remain anonymous, but several well-known figures fall into this category — including early adopters, miners, and well-known investors such as Tim Draper and the Winklevoss twins.

 

Some whales are private individuals, while others represent investment firms or custodians managing client assets. Because Bitcoin transactions are pseudonymous and funds circulate frequently, the ranks of whales evolve over time. However, many long-term holders continue to influence liquidity conditions — often providing stability during downturns and contributing to major market moves.

 

>>> More to read: What is a Crypto Whale? How Do They Impact Crypto Markets?

✅ Bitcoin ETFs

 

Since gaining regulatory approval in the U.S. in early 2024, Bitcoin ETFs have rapidly become some of the largest custodial holders of Bitcoin. These products allow traditional investors to gain exposure to Bitcoin price movements without directly holding or securing the asset themselves.

 

🔍 As of late October 2025, the three largest ETF holders include:

 

BlackRock iShares Bitcoin Trust (IBIT)
Holds approximately 804,944 BTC, making it the single largest ETF product by inflows and holdings.

 

Fidelity Wise Origin Bitcoin Fund (FBTC)
Manages around 207,151 BTC, offering regulated exposure to institutional and retail investors.

 

Grayscale Bitcoin Trust (GBTC)
One of the oldest and most recognizable products in the market, now operating as a spot Bitcoin ETP with approximately 177,952 BTC held.

 

These ETFs have increasingly become central to Bitcoin capital flows, institutional access, and market liquidity.

 

>>> More to read: What is IBIT? The BlackRock Bitcoin ETF Explained

✅ Public Companies Holding Bitcoin

 

A growing number of publicly traded companies now hold Bitcoin as part of their treasury strategy — treating it as a store of value and potential hedge against inflation.

 

As of October 2025, more than 100 publicly listed companies reportedly hold over 100 BTC each. The largest include:

 

Strategy (formerly MicroStrategy)
Led by executive chairman Michael Saylor, the company holds approximately 640,808 BTC, acquired through a mix of direct purchases and financing strategies.

 

MARA (Marathon Digital Holdings)
A mining and infrastructure company holding roughly 53,250 BTC, accumulated primarily through mining output and acquisitions.

 

XXI
Holds approximately 43,514 BTC, representing one of the largest corporate reserves outside Strategy.

 

Metaplanet
A Tokyo-listed firm holding around 30,823 BTC, signaling rising corporate adoption across Asia.

 

These companies position Bitcoin as a long-term reserve asset rather than a speculative trade.

 

>>> More to read: Who is Michael Saylor? Founder of MicroStrategy

✅ Government Holders

 

Several governments now control meaningful amounts of Bitcoin, primarily through law enforcement seizures, state-backed mining operations, or direct acquisition strategies.

 

🚩 Key estimated holdings include:

 

United States — ~326,588 BTC
Mostly seized from legal cases including the Silk Road investigation (2013) and the Bitfinex hack recovery (2016). In March 2025, President Trump signed an executive order establishing a Strategic Bitcoin Reserve, using seized assets to form a long-term national store of value.

 

China — ~190,000 BTC
Believed to be holdings recovered from the PlusToken fraud case.

 

United Kingdom — ~61,245 BTC
Linked to law enforcement actions tied to financial crime investigations.

 

UAE — ~6,420 BTC
Reportedly accumulated through government-backed mining programs.

 

El Salvador — ~6,363 BTC
The only nation known to have directly purchased Bitcoin. After naming Bitcoin legal tender in 2021, the policy shifted to voluntary use in 2025, while the nation continued holding its reserve.

 


>>> More to read: What is Bitcoin Strategic Reserve & How It Works

SUMMARY

 

Together, these whales, financial institutions, corporations, and sovereign entities contribute to a diverse — but increasingly structured — ownership landscape. Their strategies and accumulation patterns continue to shape the future of Bitcoin, both as an asset and as a part of the global financial system.

 

 

 

 

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Looking for the latest scoop and cool insights from CoinRank? Hit up our Twitter and stay in the loop with all our fresh stories!

〈Who Owns the Most Bitcoin & Why It Matters for the Market〉這篇文章最早發佈於《CoinRank》。

Ethereum is moving toward protocol stability while shifting innovation to Layer 2 and application layers.

 

Decentralization remains essential, especially after centralized platform failures.

 

Long-term planning includes quantum-resistant cryptography and reduced governance dependence.

Vitalik Buterin’s Devconnect keynote signals a major shift for Ethereum: a stable L1 foundation, innovation on Layer 2, and a long-term decentralized roadmap.

THE SHIFT TOWARD A MORE STABLE ETHEREUM

 

At Devconnect 2025 in Buenos Aires, Vitalik Buterin delivered one of the most defining messages Ethereum has heard in years. Instead of promoting another wave of rapid protocol upgrades, he argued that the next phase of Ethereum’s evolution requires something surprising in a traditionally experimental industry: the base layer should become harder to change.

 

Vitalik described this as “ossification,” a term that has been circulating among developers for years but rarely appeared as the central theme of a keynote. His message was clear: the foundation that now secures billions in value must prioritize reliability and predictability. Just as the internet’s underlying protocols stabilized over time, Ethereum’s L1 should shift from active construction to long-term stewardship.

 

However, this does not signal the end of progress. Instead, Vitalik emphasized that innovation should increasingly occur on Layer 2 systems, infrastructure tooling, and emerging decentralized application frameworks. These layers can continue evolving rapidly without compromising the stability of the core protocol.

 

WHY LESS CHANGE CAN MEAN MORE PROGRESS

 

In a space defined by speed and experimentation, the idea of slowing core protocol changes may feel counterintuitive. Yet Vitalik argued that Ethereum has reached a stage where stability becomes a competitive advantage. A mature blockchain requires clear expectations for developers, institutions, and users. Constant rule changes threaten confidence, while a reliable protocol strengthens it.

 

Still, stability does not imply stagnation. A layered architecture allows Ethereum to preserve its role as a secure settlement layer while encouraging experimentation elsewhere. Scaling improvements, privacy solutions, account abstraction, and new execution models can continue advancing, but without depending on disruptive L1 modifications.

 

Over time, this structure reinforces Ethereum’s identity: the protocol becomes a permanent pillar, while the application ecosystem continues moving quickly.

 

 

SECURITY, TRUST, AND THE POST-FTX REALITY

 

Another theme of Vitalik’s talk reflected on failures of centralized systems. He noted that events like the collapse of custodial platforms demonstrate why decentralization matters. A trustless system exists specifically to prevent single points of failure, regardless of reputation or scale.

 

Vitalik referenced the principles behind the recently discussed “Trustless Manifesto,” which argues that systems cannot rely on privileged intermediaries, hidden custodianship, or unverifiable components. A truly decentralized network must resist fragility, even when centralized solutions appear efficient.

 

This reinforces why ossification is not just technical—it is ideological. A stable, transparent foundation supports the long-term goal of minimizing trust in intermediaries.

 

QUANTUM RISK AND THE LONG-TERM VIEW

 

Vitalik also addressed a challenge that remains distant but unavoidable: quantum computing. While no one can predict the exact timeline, he stressed that Ethereum should not assume today’s cryptographic standards will remain secure forever. Preparing for a migration to quantum-resistant systems requires foresight, research, and patience.

 

This is not an urgent crisis, but a strategic responsibility. By planning ahead, Ethereum can evolve smoothly rather than reactively.

 

ETHEREUM’S ROLE IN A GLOBAL DIGITAL ECONOMY

 

Beyond technical direction, Vitalik described Ethereum’s expanding role in digital infrastructure. As applications like decentralized finance, digital identity, tokenized assets, and public goods funding continue to grow, Ethereum increasingly resembles an essential global network rather than an experimental blockchain.

 

Scaling through rollups, improving onboarding experiences, and enabling privacy-preserving transactions are all part of making Ethereum accessible to broader audiences. The network’s evolution now involves balancing usability with decentralization—ensuring growth does not compromise core principles.

 

A NEW GOVERNANCE PHILOSOPHY

 

Vitalik also challenged assumptions about governance. Instead of building more formal authority structures over time, he argued that a well-designed base layer should require less governance intervention. Constant decision-making risks consolidating power, and centralized direction undermines Ethereum’s long-term decentralization goals.

 

A mature protocol should operate with minimal adjustments, while community-led innovation continues at the edges.

 

WHERE INNOVATION MOVES NEXT

 

With L1 stability becoming a priority, innovation will increasingly move into areas such as:

 

Layer 2 scaling ecosystems

Developer infrastructure and tooling

Wallet and identity improvements

Zero-knowledge technology and privacy research

New marketplace and coordination models

 

This shift does not limit creativity—it focuses it.

 

WHY THIS MOMENT MATTERS

 

The tone of Vitalik’s Devconnect keynote was grounded and forward-looking. Rather than chasing rapid reinvention, Ethereum is transitioning into a resilient, long-term system—built not just for the next market cycle, but for decades of use.

 

Ethereum is entering a new phase: less about rebuilding the foundation, and more about building on top of it.

〈Vitalik’s Vision: A Stable Ethereum Base, Innovation on L2〉這篇文章最早發佈於《CoinRank》。

Societe Generale completed its first onchain digital bond issuance in the United States using Broadridge’s tokenization technology on the Canton network, marking a major step for regulated digital securities.

 

The issuance shows how traditional financial institutions can issue and manage real financial instruments onchain with the same regulatory rigor found in legacy markets.

 

The collaboration among Societe Generale FORGE, Broadridge, Digital Asset, BNY, and DRW signals growing institutional confidence in tokenized assets and opens the door for wider adoption across capital markets.

Digital bonds improve efficiency. They help issuers reach new markets and increase asset liquidity.

 

Societe Generale has completed its first onchain digital bond issuance in the United States. The issuance used tokenization technology from Broadridge Financial Solutions Inc and took place on the Canton public chain. The bonds were issued as security tokens registered by Société Générale FORGE, the bank’s digital asset subsidiary. DRW, a trading firm known for its work in market innovation, purchased the bonds. These bonds are short term floating rate debt instruments linked to SOFR.

 

This issuance is one of the early digital security offerings for institutional investors in the United States. It marks another step in Societe Generale’s expansion in the digital asset space. Since 2019, SG FORGE has completed several tokenized issuances in Europe. It provides full lifecycle support from issuance to management for financial products recorded on blockchain.

 

The digital bonds issued in the United States were built on the Canton network. The network was created by Digital Asset to support instant onchain transfers while allowing issuers and registrars to follow existing capital market rules and practices.

 

These bonds are also the first securities to use Broadridge’s tokenization system. The system allows companies to issue financial instruments in digital form. It improves transparency and traceability, and it makes transactions and settlement faster. Broadridge and SG FORGE run nodes on the Canton network’s Global Synchronizer infrastructure. They use IntellectEU’s Catalyst Blockchain Manager for node operations. These tools enabled Societe Generale to complete the first tokenized bond issuance in the United States. They also open the way for future issuances and new applications.

 

BNY acts as the paying agent for the bonds. It is one of the major third party intermediaries in global debt capital markets. Mayer Brown served as the legal advisor to Societe Generale for this issuance.

 

This successful transaction in the US market is an important step toward the future of tokenized asset issuance, including structured products. It shows how Societe Generale can combine its financial design expertise with the technical capabilities of SG FORGE to deliver value added services for clients.

 

SG FORGE CEO Jean Marc Stenger said: “This successful issuance highlights our leadership in the tokenization of securities. It also shows our ability to bring new financial instruments onchain in a complex legal and regulatory environment.”

 

Cumberland Global Head at DRW, Chris Zuehlke, said: “Issuing these landmark digital bonds is an important step in building the future of finance. As long time supporters of innovation in financial markets, we believe tokenization can improve efficiency and transparency and expand access across the ecosystem. This also reflects the growing pace of institutional adoption of digital native assets.”

 

Broadridge Head of Digital Innovation, Horacio Barakat, said: “By enabling onchain issuance of corporate debt on a public chain, we are opening new distribution channels for issuers and partners. This development extends our tokenization capabilities from US Treasuries to a wider range of assets. It increases liquidity and improves collateral value for these assets in margin and secured financing. Broadridge is moving tokenization into its next phase by building core infrastructure for onchain capital markets. It expands liquidity and increases investor access.”

 

Digital Asset CEO and Co founder Yuval Rooz said: “We congratulate Societe Generale for advancing the digital transformation of capital markets. The issuance shows how regulated institutions can issue and manage real financial instruments onchain with the same discipline and confidence seen in traditional markets. By combining mature market structures with the transparency, efficiency, and interoperability of digital infrastructure, this issuance demonstrates how tokenization can improve market operations and create new opportunities for institutions and investors.”

 

BNY Head of Trust, Cécile Nagel, said: “The market needs execution, not only vision. Our capabilities allow issuers like Societe Generale to turn innovation into reality. Digital bonds improve efficiency. They open new markets for issuers and increase liquidity. With BNY’s trusted services and operational reliability, we are helping reshape finance. We provide smooth access to digital markets with the support of traditional market infrastructure.”

 

ABOUT SOCIETE GENERALE

 

Societe Generale is one of the leading banks in Europe. It has about 119000 employees and serves more than 26 million clients in 62 countries. For 160 years, the bank has supported economic development and offered financial solutions for companies, institutions, and individuals. Strong client relationships, advanced expertise, innovation, ESG capabilities, and leading business lines form the core of its identity. The goal is to create sustainable value for all stakeholders.

 

The group operates three main business areas and provides ESG related services for all clients:

 

French retail banking, private banking, and insurance: including the retail bank SG, the insurance business, the private banking arm, and the digital bank Boursorama.

 

Global banking and investor solutions: a top tier wholesale bank offering customized financial solutions, with leadership in equity derivatives, structured finance, and ESG.

 

Mobility, international retail banking, and financial services: covering full service banks in Europe and Africa, Ayvens in the sustainable mobility sector, and specialized financing activities.

 

Societe Generale aims to build a sustainable and better future with its clients. It seeks to be a leading partner in environmental transition. The group is included in major ESG indices such as DJSI Europe, FTSE4Good Global and Europe, Bloomberg Gender Equality Index, Refinitiv Diversity and Inclusion Index, Euronext Vigeo Europe and Eurozone, STOXX Global ESG Leaders, and MSCI Low Carbon Leaders.

 

ABOUT SOCIETE GENERALE FORGE

 

Societe Generale FORGE is the bank’s digital asset subsidiary. It holds an investment firm license and is authorized under MiFID II and MiCA in the European Economic Area. It is supervised by the ACPR and the AMF in France. It is also licensed as an electronic money institution. SG FORGE issued the EUR CoinVertible and USD CoinVertible stablecoins under MiCA rules.

 

SG FORGE has built an open, secure, institution grade digital asset platform with bank level security and compliance. Its digital solutions and assets follow the CAST open standard for interoperability and secure market operations.

 

〈Societe Generale Completes the First Onchain Digital Bond Issuance in the United States〉這篇文章最早發佈於《CoinRank》。

Horizen, once a privacy-focused PoW chain, is dismantling its original network and migrating entirely to Coinbase’s Base, marking one of the most radical rebrandings in blockchain history.

 

The project is transforming privacy from an anti-regulation stance into a compliance-ready infrastructure layer through zkVerify and a confidential execution environment built on Base.

 

Horizen’s success will determine whether “compliant privacy” can become a standard for institutions seeking to operate securely within public blockchain ecosystems.

 

When anonymity lost its market value, Horizen chose to rewrite what “privacy” means

 

THE FAITH IN PRIVACY AND THE FRACTURE OF REALITY

 

In the early years of privacy coins, Horizen stood as one of the movement’s purest believers. Back then it was called ZenCash, a network born in 2017 to defend digital autonomy through cryptography. Its founders wanted to prove that privacy could be a basic right in a transparent financial world. The chain relied on zero-knowledge proofs for anonymity, PoW mining for security, and a two-layer node system to maintain decentralization. It was a project built by engineers, elegant in structure and heavy with ideals.

 

For a while, that belief worked. Privacy meant resistance, decentralization meant freedom, and Horizen became a model of technical rigor in an industry driven by faith. But as regulation tightened across major markets, the foundation began to shift. Governments demanded traceability, exchanges delisted privacy assets, and institutional money moved toward compliant infrastructure. Ethereum’s ecosystem exploded through DeFi, Rollups, and modular architectures, while the “privacy narrative” slowly faded from relevance. Horizen’s system remained stable, but its growth stalled. The network was alive yet losing meaning.

 

Inside the team, a realization emerged: the problem was not technology, but context. Privacy could no longer survive as an act of defiance; it had to exist within a framework that regulators and institutions could understand. The challenge was to turn privacy from a defensive mechanism into a functional service.

 

DISMANTLING THE OLD CITY

 

In early 2025, a DAO vote marked a turning point. The proposal was bold—retire Horizen’s native PoW chain and migrate entirely to Coinbase’s Base network. It meant ending mining, shutting down node rewards, removing the Zendoo side-chain framework, and rewriting the ZEN token as an ERC-20 asset. For a seven-year-old blockchain, it was nothing less than deconstruction.

 

The decision was pragmatic. Base offered what Horizen could no longer maintain on its own: a compliant environment, institutional credibility, and direct access to Ethereum’s liquidity and developer base. By building on Base, Horizen could abandon the burden of consensus and focus solely on privacy execution and verification.

 

The team reorganized its technology around a new foundation called zkVerify—an independent zero-knowledge validation network that lowers proof-verification costs for Rollups, app-chains, and enterprise applications. On top of that, Horizen launched an L3 confidential execution layer, a modular environment that allows developers to deploy smart contracts without exposing sensitive data.

 

Internally, the process was described as de-chainization—transforming Horizen from a standalone network into a service module that plugs directly into the broader Ethereum ecosystem. The project was no longer a self-contained city; it was becoming part of the infrastructure that connects others.

 

ENGINEERING COMPLIANT PRIVACY

 

Horizen’s migration was not just technical—it was philosophical. In its new form, the project redefined privacy as something “verifiable but unreadable.” Data remains encrypted during computation, while results are proven correct through zero-knowledge proofs. This design blends privacy protection with the transparency required for audit and compliance.

 

The approach resonates with how institutions now view blockchain utility. Banks, supply-chain operators, and cross-border payment companies all face the same dilemma: how to operate on public networks without exposing sensitive data. Horizen’s confidential execution environment offers a middle ground. Businesses can verify every step of a transaction without disclosing its contents, and regulators can audit processes without accessing proprietary information.

 

Meanwhile, zkVerify extends Horizen’s reach beyond its own ecosystem. Any project requiring efficient proof validation—DeFi protocols, identity frameworks, gaming chains—can integrate it as a backend service. The network’s capacity is expected to exceed ten thousand verifications per second once fully operational, positioning Horizen as one of the key infrastructure layers of the ZK economy.

 

In this architecture, privacy is no longer rebellion—it becomes part of the system’s design logic. As one engineer described it, “We are not weakening privacy; we are making it legitimate again.”

 

NAVIGATING THE INSTITUTIONAL WAVE

 

The reconstruction is still underway. According to DAO records, Horizen’s legacy chain will shut down by the end of 2025. zkVerify is scheduled to launch its mainnet in Q4, followed by enterprise testing of the confidential execution environment in early 2026. The migration process involves asset mapping, contract deployment, and community restructuring—one of the most complex transitions ever attempted by a live network.

 

The risks are clear. Any technical flaw could compromise funds or trust. Competing modular systems such as Celestia, Avail, and Zircuit are also racing for dominance in the same infrastructure layer. To succeed, Horizen must prove that its version of privacy is not a niche, but a necessary component of compliant blockchain operations.

 

Yet even with uncertainty, the project reflects a broader structural shift. The crypto industry is moving from ideology to integration, from isolation to cooperation. Privacy technology is evolving from opposition to inclusion, becoming part of the regulated architecture of digital finance.

 

Horizen’s experiment captures that transformation in real time. It may succeed and define a new standard for compliant privacy—or fail and become a cautionary tale of transition. Either way, its willingness to dismantle itself shows where the industry is heading: toward a world where technology survives not by resisting systems, but by learning to coexist with them.

 

〈Horizen: Rebuilding Privacy in a New Age of Compliance〉這篇文章最早發佈於《CoinRank》。