This issue's cover: Photo by Debby Hudson on Unsplash
This report revolves around a 'intent execution network' centered on modular combination + decentralized architecture—Enso, deploying quadruple path verification:
① Whether the combination model centered on Shortcut can truly enhance on-chain interaction efficiency
② Whether the upgrade from centralized components to a 'shared network' can be implemented
③ Whether real use cases have been validated in projects such as Onplug, Berachain, DeFAI, etc.
④ Whether there is differentiated capability against competitors such as CowSwap, dappOS, UniswapX
We have also included the key point structure diagram, Shortcut schematic diagram, Boyco liquidity migration flow chart, routing strategy breakdown, and Token incentive mechanism overview.
Enso Network's comprehensive research report: Can the new forces in the intended track achieve the Web3 MCP moment? A panoramic analysis of its development background, technical solutions, competitive landscape, pros and cons, and future prospects.
On June 12, the U.S. Senate overwhelmingly passed (the guidance and establishment of the U.S. Stablecoin National Innovation Act) with 68 votes in favor and 30 against, establishing the first federal regulatory framework for dollar-pegged stablecoins. So, in this stablecoin 'gold rush' ignited by the GENIUS Act, who has taken the lead? Who will rise? This article discusses and provides a quick read.
Reshaping global finance 'utilities': How does the (GENIUS Act) ignite a regulatory bull market for Circle and stablecoins?
On June 17, Liu Qiangdong first placed the stablecoin strategy at the core of the company's layout, allowing the outside world to glimpse JD's global financial blueprint. For JD to replicate 'local JD' in mainstream global markets, it needs to equip each node with local settlement capabilities. This internal compliance demand has spurred a rigid pursuit of 'local stablecoin licenses'. This article delves into the discussion.
Cobo Market Observation: JD's ambitions for stablecoins go beyond cross-border payments
The different development paths of stablecoins in the U.S. and Hong Kong are rooted in their divergent market environments and strategic starting points of participants. Taking Circle and JD Coin Chain as examples, the former represents a top-down, mainstream compliance long battle, while the latter represents a bottom-up, industry-driven B-end breakthrough. This article delves into the discussion.
The path of stablecoins in China and the U.S.: Hong Kong's B-end breakthrough and America's mainstream conspiracy
Today, we stand at a new starting point of a 'channel revolution'. Many countries around the world are promoting stablecoin legislation to open up the main arteries leading to the real financial system for the on-chain world. In other words, it has opened a fast track for traditional commerce to on-chain finance. It is predicted that by 2025, the global stablecoin market value will reach $250 billion. This article discusses for a quick read.
Mankun Lawyer: From JD's trial of stablecoins, looking at the next growth blue ocean for Web3 practitioners
In the current state of the Web3 industry, DeFi-related products occupy an absolute market share. Among them, AMM (Automated Market Maker) is a key player and a powerful driver of changes in Web3 finance. This article introduces several important AMM implementations in the Solana ecosystem for your quick reading.
Research on Solana ecosystem AMM
On May 21, the (Hong Kong Stablecoin Regulation) passing in the Hong Kong Legislative Council marked a critical turning point in regulation and is set to officially take effect on August 1, 2025. Activities involving fiat-pegged stablecoins within Hong Kong, those issued outside of Hong Kong, or involving HKD are no longer in a gray area but are incorporated into a formal legal framework regulated by institutions. This article discusses.
Mankun Research: Interpreting Hong Kong's new stablecoin regulations, how will it reshuffle the industry landscape?
Recently, the U.S. Senate passed the nomination of Michelle Bowman as Vice Chair for Supervision at the Federal Reserve with 48 votes in favor and 46 against. This Republican from Kansas will replace Michael Barr and take on the highest position in the supervisory field of the Federal Reserve, directly responsible for regulating stablecoin issuers and crypto-related institutions. This article discusses.
The Federal Reserve welcomes a new regulatory chief; will the last hawkish stronghold loosen?
Lily Liu of the Solana Foundation is considered the proponent of the PayFi concept, which she defines as 'the process of creating new financial markets around the time value of money'. PayFi is not a completely independent concept but integrates innovative applications of Web3 crypto payments, decentralized finance (DeFi), and real-world assets (RWA). This article discusses.
Web3 Research: The role and limitations of OKX Pay in the PayFi ecosystem
There are two huge levers in the Web3 world: exchanges and public chains. Just as every country has its cultural foundation, each public chain has a unique 'soul'. For the rising Morph blockchain, 'consumer applications' are its soul and the key to finding positive externalities and breaking through in the Web3 industry. This article discusses.
The breakthrough path of consumer-grade blockchain Morph: linking payment and finance, moving towards consumption
10 news items worth paying attention to this week
CCTP V2 is launched on the Solana blockchain
Source: Circle
U.S. SEC meets with Dinari to discuss details of the multi-chain tokenized securities trading system proposal
Source: SEC
Lido V3 Testnet-2 is now online
Source: Lido
Japan's Financial Services Agency considers incorporating crypto assets into (Financial Instruments and Exchange Act)
Source: Coinpost
Iran's exchange Nobitex announces a recovery roadmap after a security incident
Source: Nobitex
zkLend announces service closure
Source: zkLend
Hong Kong Cyberport launches blockchain and digital asset pilot funding program
Source: cyberport
DeFi infrastructure company Veda completes $18 million financing, led by CoinFund
Source: CoinDesk
Decentralized exchange GTE completes $15 million Series A financing, led by Paradigm
Source: The Block
DeFi startup Blueprint Finance completes $9.5 million financing, led by Polychain Capital
Source: Fortune
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