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IOTA uses the Tangle, not blockchain
It processes transactions via a DAG structure, enabling parallel validation without miners or gas fees.

 

Feeless and scalable for IoT environments
IOTA is built for machine-to-machine interactions, allowing high-frequency, micro-value transactions at zero cost.

 

Evolving tokenomics with staking and inflation
The IOTA Rebased upgrade introduces staking rewards, validator governance, and fee-burning to support long-term sustainability.

IOTA is a feeless, scalable distributed ledger built for IoT. Powered by the Tangle, it enables secure machine-to-machine transactions and introduces a next-gen token model.

WHAT IS IOTA?

 

IOTA is a distinctive distributed ledger technology (DLT) purpose-built for the Internet of Things (IoT) ecosystem. Unlike traditional blockchains, IOTA ditches the chain entirely and instead uses a unique structure known as the Tangle—a type of Directed Acyclic Graph (DAG). This innovation addresses key blockchain limitations such as scalability and transaction fees.

 

The vision behind IOTA is ambitious: to bridge the gap between the human economy and the emerging machine economy. It aims to create a world where devices can not only communicate but also transact and exchange value securely and autonomously.

 

 

Instead of relying on miners like Bitcoin or Ethereum, IOTA enables each transaction to validate two previous ones. This minerless model eliminates transaction fees and significantly boosts scalability—an ideal fit for the fast-paced, microtransaction-heavy demands of IoT devices.

 

In short, IOTA isn’t just another cryptocurrency. It’s a foundational protocol designed to power the future of interconnected machines, enabling seamless, trustless value transfer in a truly decentralized IoT landscape.

 

>>> More to read: What is $AB? A Complete Guide

HOW DOES IOTA WORK?

 

IOTA is a fundamentally different kind of distributed ledger technology. Instead of using a traditional blockchain, it operates on a structure called the Tangle, a Directed Acyclic Graph (DAG) designed to support fast, feeless, and scalable transactions—particularly between machines in the Internet of Things (IoT).

 

.#soon is now.

The Rebased #IOTA mainnet is now live: decentralized and ready for the future.

A huge thank you to everyone who believed, built, and tested with us. IOTA is your network.

🌐 https://t.co/TzQPzZCCYB

Now… here’s everything you need to dive in 👇🧵1/7 pic.twitter.com/CYon3Q2KrB

— IOTA (@iota) May 5, 2025

✅ Why Doesn’t IOTA Use a Blockchain?

 

Blockchains like Bitcoin or Ethereum face serious limitations in machine-to-machine (M2M) applications:

 

Transaction fees are too high, making microtransactions impractical

Scalability is limited—more users often mean slower networks

Mining centralization introduces trust issues and inefficiencies

 

To solve these issues, IOTA completely abandons the traditional blockchain in favor of a new approach: the Tangle.

🔗 How the Tangle Works

 

In the IOTA network, each new transaction must approve two previous transactions and complete a small Proof-of-Work (PoW) task. This design brings several advantages:

 

No miners: Every participant helps secure the network by validating others’ transactions

 

Feeless transactions: There are no miners to reward, so there are no gas fees

 

Scalability improves with use: As more devices transact, the network becomes faster and more secure

 

For example, when a new IoT device submits a transaction, it simultaneously contributes computing power to validate two others. This means IOTA’s performance actually grows stronger as adoption increases—something traditional blockchains struggle to achieve.

🚀 Built for the Machine Economy

 

The long-term vision of IOTA is to become the foundational infrastructure for the M2M economy. That vision demands a ledger that is:

 

Feeless – Microtransactions between machines must have zero cost

High-frequency – Devices may transact dozens of times per second

Fully decentralized – No reliance on miners or centralized validators

 

These features are hard to achieve with blockchain, but the Tangle makes them possible. It enables autonomous devices to continuously exchange data and value without needing human intervention or incurring fees.

 

>>> More to read: What is Omni Network? OMNI Token Explained

IOTA ADVANTAGES

 

IOTA offers a range of technical and structural innovations that help it stand out in the crowded landscape of distributed ledger technologies (DLTs). Designed specifically for the Internet of Things (IoT), IOTA addresses many of the scalability, cost, and interoperability challenges faced by traditional blockchains.

 

🔍 Here are the key advantages of IOTA:

 

High Scalability:
Thanks to its Tangle architecture, transactions can be processed in parallel. In theory, the more devices that join the network, the faster it becomes—unlike most blockchains that slow down under heavy load.

 

Feeless Transactions:
IOTA eliminates transaction fees by removing miners and relying on a lightweight verification process. This makes microtransactions and high-frequency transactions viable, especially in IoT environments.

 

Immutability of Data:
Although it is not a blockchain, IOTA retains core blockchain features such as data immutability. Once recorded, data cannot be altered or deleted, ensuring strong security and trust.

 

Quantum Resistance:
According to its whitepaper, IOTA is designed to be resistant to quantum computing attacks—a forward-thinking feature that could protect the network from future cryptographic threats (though this has not yet been fully proven).

 

Interoperability:
IOTA enables seamless communication between different systems and devices, making it a strong candidate for powering machine-to-machine (M2M) interactions within the IoT ecosystem.

 

>>> More to read: What is XDC & XDC Network?

WHAT IS $IOTA?

 

 

 

The native token of the IOTA network is $IOTA, a core component used to enable transactions within the Tangle. While it functions as a tradable crypto asset, IOTA also powers key protocol features beyond speculation.

 

📌  Core Functions of IOTA:

 

Payment medium: All value transfers and smart contract executions on the IOTA protocol are denominated in IOTA tokens.

 

Staking mechanism: To secure the network, IOTA employs a staking model. Users lock tokens to improve the protocol’s resistance to external attacks, and receive token rewards in return, based on a fixed APY.

🪙 IOTA Tokenomics

 

IOTA (MIOTA) was initially launched via an ICO, raising 1,300 BTC (approximately $500,000 at the time). Its original supply model included a total supply of 2,779,530,283 IOTA, all distributed to early investors.

 

Later, 5% of the total supply was voluntarily contributed by the community to establish the IOTA Foundation and support further development.

🪙 Token Supply Upgrade

 

Following the mainnet upgrade on October 4, 2023, IOTA’s total supply increased to 4.6 billion tokens, with approximately 1.82 billion new IOTA minted and allocated as follows:

 

7.075% to the IOTA Foundation – 10% unlocked immediately, with the remainder vested biweekly over 4 years.

 

12% to the Tangle Ecosystem Association – same 10% initial unlock and 4-year vesting schedule.

 

12% to a UAE-based entity – also under the same vesting structure.

 

5% allocated to early contributors – 10% unlocked initially, with the rest vested biweekly over 2 years.

3.5% for airdrop incentives – same 10% upfront, 2-year biweekly vesting.

🪙 IOTA Rebased (Late 2024): A New Token Model

 

The IOTA Rebased upgrade, implemented in late 2024, introduced several major economic changes:

 

A 6% annual inflation rate, with roughly 767,000 IOTA minted per period.

 

Newly created tokens are distributed as staking rewards to validators and delegators.

 

To become a validator, one must stake at least 2 million IOTA.

 

Initially, the network allows for up to 150 validator slots, governed by an on-chain mechanism that can modify the limit if necessary.

💸 Transaction Fees & Deflationary Pressure

 

Historically, IOTA operated without transaction fees. However, under the Rebased framework:

 

An average transaction fee of 0.005 IOTA is now applied.

 

These fees are burned rather than redistributed—introducing a deflationary counterforce to the inflation from token minting.

✏️ Final Thoughts

 

With the transition to IOTA Rebased, the network has shifted toward a more mature token economy. From staking rewards and validator governance to fee burning mechanisms, IOTA now combines its feeless foundation with modern crypto-economic tools to support long-term sustainability in a decentralized, machine-driven future.

 

 

 

 

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〈What is IOTA? Token Explained〉這篇文章最早發佈於《CoinRank》。

From GameFi to DeFi:
Four evolved from BinaryX to expand beyond gaming, introducing DeFi and meme token infrastructure to its ecosystem.

 

FORM Powers the Ecosystem:
FORM is used for gameplay, governance, NFT interactions, and early access to new GameFi projects via IGO.

 

Strong Foundation on BNB Chain:
Built as a BEP-20 token, FORM maintains BNX’s supply model while supporting staking, community incentives, and platform growth.

FORM is the native token of Four, a rebranded GameFi-to-DeFi platform offering DAO governance, IGO access, and meme token launches via BNB Chain.

WHAT IS FOUR (FORM)?

 

Four is the rebranded evolution of BinaryX, a project originally focused on GameFi and blockchain gaming infrastructure. While BinaryX made its name in the Web3 gaming space, the team recognized the growing demand for a more expansive and inclusive on-chain ecosystem. This realization led to a strategic transformation—not just in name, but in direction.

 

The name Four reflects the project’s core values: inclusivity, decentralization, and constant innovation. With this new identity, the team is signaling its commitment to building a broader decentralized finance (DeFi) ecosystem, without abandoning its gaming roots.

 

 

Today, the Four ecosystem includes a mix of DeFi and GameFi initiatives, designed to foster a more open and fair Web3 environment. Key components include:

 

Four.meme: A fair-launch platform tailored for meme tokens, with no pre-mines or insider allocations—built to empower communities and creators alike.

 

IGO Launchpad: A platform that supports the Initial Game Offering (IGO) model, helping blockchain games raise capital and reach their audience in a decentralized way.

 

Together, these products form the foundation of Four’s unique on-chain ecosystem, blending creativity, fairness, and finance. At the center of it all is the FORM token, which powers governance, utility, and value transfer across the entire network.

 

📌 The Evolution of Four (FORM)

 

FORM traces its roots to BinaryX, a GameFi-focused project known for its IGO Launchpad and decentralized gaming infrastructure. Over time, the team recognized the need to expand beyond gaming and embrace a more comprehensive on-chain ecosystem.

 

The launch of Four.meme on July 3, 2024, marked a key shift—highlighting the rise of meme culture on BNB Chain and paving the way for broader innovation. This led to a community vote held between September 21–23, 2024, where $BNX holders overwhelmingly supported rebranding BinaryX to Four.

 

🚀 FORM is here! The BinaryX ($BNX) rebrand to Four ($FORM) is complete!

🔹 1:1 swap BNX → FORM completed

🔹 On-chain swap now live: https://t.co/sdi6zbZEW8

🔹 Binance deposits open | Trading starts March 19, 08:00 UTC (FORM/USDC, FORM/USDT, FORM/TRY)

🔹 More exchanges… https://t.co/426aW0VQLz

— Four (@Four_FORM_) March 19, 2025

 

By early 2025, the transition was complete: the project officially adopted the name Four, and the token ticker changed from $FOUR to FORM, symbolizing a fresh identity and renewed focus on DeFi and community-driven development.

 

Despite the team remaining anonymous, Binance interviews describe them as internationally experienced blockchain professionals, with a strong background in both centralized and decentralized exchange infrastructure, and over $100 million in managed derivatives. These credentials lend credibility to the future of FORM.

 

>>> More to read: What is Omni Network? OMNI Token Explained

WHAT IS $FORM?

 

 

 

FORM is the core utility token that powers the entire Four ecosystem. It plays a central role in every stage of the platform’s lifecycle—allowing users to participate in games, earn rewards, and access exclusive events. It also serves as the gateway for purchasing in-game assets, interacting with NFTs, and unlocking various platform features.

 

Within the DAO framework, FORM holders have a meaningful voice in shaping the platform’s future. Token holders can vote on key decisions such as new game proposals, budget allocations, and platform upgrades. This direct, community-led governance model ensures that the success of Four is driven by its users.

 

Another major use case of the token lies in its role within the Initial Game Offering (IGO) ecosystem. Through FORM, users gain early access to and investment opportunities in new GameFi projects launched via Four. This enhances the token’s practical utility while expanding its influence across the Web3 gaming landscape.

🪙 FORM Tokenomics

 

Built on the BNB Chain and following the BEP-20 token standard, FORM benefits from high-speed transactions, strong security, and seamless compatibility with a wide range of decentralized applications (dApps).

 

To ensure a smooth transition from its predecessor, BNX, FORM maintains the same maximum token supply. This continuity helps prevent inflation while preserving trust among existing holders. The allocation model also remains consistent—with portions designated for governance, staking rewards, ecosystem growth, and community incentives.

 

Together, these mechanisms form a robust tokenomics structure designed to support long-term value and sustainable growth for FORM within the Four ecosystem.

 

>>> More to read: What is XDC & XDC Network?

FORM FAQ

 

✅ Q1: What is FORM Token?

A: FORM is the native utility token of the Four ecosystem—an integrated Web3 platform that combines GameFi, DeFi, and meme token launch infrastructure. It is used for in-game transactions, DAO governance, and participation in Initial Game Offerings (IGOs).

 

✅ Q2: What is the origin of FORM?

A: FORM originated from BinaryX, a project initially focused on blockchain gaming. To expand its scope and strengthen its commitment to DeFi, the BinaryX team rebranded to Four after a successful community vote in early 2025, and the token ticker was changed from $FOUR to FORM.

 

✅ Q3: What is FORM’s relationship with Binance?

 

A: On July 14, 2025, Binance announced a partnership with Four (FORM) to launch a bonding curve-based token distribution model. BNB is required for participation, significantly increasing FORM’s liquidity and market exposure.

 

✅ Q4: What can I do with FORM Token?

A: FORM can be used to play games within the Four platform, earn rewards, purchase in-game assets, interact with NFTs, vote on DAO proposals, and gain early access to GameFi projects via IGOs.

 

✅ Q5: What is the future potential of FORM?

A: FORM holds strong long-term potential, thanks to its innovative GameFi features, deep integration with BNB Chain, a team experienced in both TradFi and DeFi, and upcoming plans to expand into staking, yield farming, and other DeFi mechanisms.

 

 

 

 

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〈What is FORM & How Does it Work?〉這篇文章最早發佈於《CoinRank》。

ERC-404 standard enables liquid, tradable NFTs while “Loss Mining” rewards players for participation, not just victory.

ANOME’s expansion across Southeast Asia is rooted in compliance-driven localization and real-world community engagement.

ANOME Chain will power NFT-based DeFi lending and user-generated NFT creation, with a bold goal of $1B in TVL.

VP of Creator & Community Strategy at ANOME AL shares  plans at Malaysia Blockchain Week 2025, unveiling ANOME 2.0, ERC-404-powered NFTs, and a roadmap toward a $1B lending ecosystem.

REDEFINING GAMEFI THROUGH ERC-404 AND LOSS MINING

 

 At Malaysia Blockchain Week 2025, ANOME’s VP of Creator & Community Strategy AL delivered a compelling vision for the future of GameFi, revealing how the platform aims to challenge traditional Web3 gaming models by offering real asset ownership, seamless liquidity, and gameplay-driven rewards.

 

“Web3 games often promise innovation but fail to deliver sustainable value,” AL noted during the interview with CoinRank. “At ANOME, we designed a system where users truly own their assets—and can trade them instantly like tokens.”

 

This system is powered by the ERC-404 standard, which enables NFTs to behave like fungible tokens. “Let’s say you buy a $100 NFT card in our game—you can sell it at any time, no buyer matchmaking required,” AL explained. This model introduces a level of flexibility and financial control rarely seen in GameFi.

 

Another cornerstone of ANOME’s design is its “Loss Mining” mechanism. Players receive activity-based points, called vNOME and xNOME, even when they lose matches. These points are later convertible into $bNOME, ANOME’s native token. “Whether you win or lose, you’re still rewarded for playing,” said AL. “It keeps the ecosystem active and fair.”

 

 

LOCALIZATION FIRST: SOUTHEAST ASIA AS A STRATEGIC HUB

 

 When asked why ANOME chose to make a major appearance at Malaysia Blockchain Week, AL was quick to point out the region’s Web3 potential. “We see Southeast Asia as one of the most promising frontiers for blockchain adoption,” he said. “Malaysia, Vietnam, and Indonesia offer a unique blend of tech-savviness, youth engagement, and a rising appetite for digital asset ownership.”

 

ANOME has already established two branches in Vietnam, where it works closely with livestreamers and influencers to run community campaigns. “We’re not just tweeting announcements. We’re streaming, interacting, and engaging users where they already are,” AL emphasized.

 

The company is also deeply aware of regulatory dynamics. “We localize every touchpoint—from compliance to KOL marketing to fiat on-ramps. Every country is different, and we treat it that way,” he added. ANOME’s ability to adapt to local legal frameworks gives it a major edge in navigating the fragmented regulatory landscape of Asia.

 

LOOKING AHEAD: ANOME CHAIN, UGC, AND A $1 BILLION DEFI LAYER

 

 ANOME’s ambitions go far beyond gaming. The team is preparing to launch its own blockchain—ANOME Chain—an EVM-compatible chain designed to support rapid game interactions, low latency, and seamless asset migration for users.

 

“The chain is purpose-built for our ecosystem,” AL explained. “Not only will it enhance gaming performance, but it will also serve as the foundation for our next-generation lending platform.”

 

Currently ANOME enables users to collateralise in-game assets—such as NFTs or staked tokens—for loans with up to 95% loan-to-value (LTV). AL believes this model introduces true capital efficiency into GameFi. “You’re not just holding assets—you’re unlocking liquidity from them,” he said.

 

On top of that, ANOME is preparing to roll out a robust user-generated content (UGC) toolkit that will allow players to create, sell, and even lend their own NFTs within the ecosystem. “Imagine building your own card deck and generating income from it—that’s where we’re heading,” AL said.

 

The team’s long-term vision blends elements of GameFi, DeFi, and SocialFi into one cohesive platform. “We want to be what Clash of Clans was to mobile—but in Web3,” AL remarked.

 

About ANOME

 

ANOME is a decentralized GameFi and DeFi platform built around the principles of ownership, fairness, and capital efficiency. With full on-chain transparency, innovative token economics, and an expanding ecosystem, ANOME empowers users to play, earn, lend, and build in the next era of Web3.

〈ANOME VP AL UNVEILS GAMEFI STRATEGY AT MALAYSIA BLOCKCHAIN WEEK〉這篇文章最早發佈於《CoinRank》。

Ethereum Foundation’s “Lean Ethereum” plan aims to achieve massive scalability, quantum resistance, and 100% uptime through foundational upgrades across all protocol layers.

SEC’s “Project Crypto” proposes regulatory modernization to attract crypto activity onshore, enabling super apps and fostering innovation through tailored exemptions.

Puffer Finance’s UniFi AVS upgrade delivers sub-second rollup execution using validator-powered gateways, enhancing Ethereum’s Layer 2 speed and decentralization.

ETHEREUM FOUNDATION UNVEILS “LEAN ETHEREUM” VISION FOR THE NEXT DECADE

On July 31, the Ethereum Foundation (EF) published an article titled “Lean Ethereum”, authored by EF researcher Justin Drake. The piece outlines a long-term vision for Ethereum over the next ten years. Key goals include scaling the base layer to 10,000 transactions per second (TPS), scaling Layer 2 networks to 1 million TPS, maintaining decentralization, and achieving 100% uptime.

Significant upgrades are planned across the consensus, data, and execution layers, such as Beacon Chain 2.0, post-quantum Block 2.0, and a potential EVM 2.0 built on the open-source RISC-V architecture. On the cryptographic front, Ethereum will shift entirely to hash-based signatures, hash-root data commitments, and native hash-based zero-knowledge virtual machines to ensure post-quantum resilience.

Analysis

The “Lean Ethereum” vision reflects Ethereum’s deep strategic commitment to scalability, decentralization, and long-term sustainability.

By targeting exponential performance improvements and quantum-resistant architecture, Ethereum positions itself as a future-ready global computing platform. This roadmap showcases Ethereum’s intent to remain at the forefront of blockchain innovation, offering a more efficient, secure, and decentralized infrastructure for developers and users alike.

SEC LAUNCHES “PROJECT CRYPTO” TO POSITION THE U.S. AS GLOBAL WEB3 HUB

SEC Chairman Paul Atkins announced a new regulatory initiative, “Project Crypto,” aimed at modernizing securities regulations to bring more crypto activity onshore and align with President Trump’s vision of making the U.S. a global crypto hub.

The project will focus on clear rules for crypto issuance, custody, and trading, and on updating current regulations to accommodate on-chain software systems. It also introduces the idea of allowing “super apps” to provide bundled services under a single license and explores innovative exemptions to encourage emerging business models.

Analysis

“Project Crypto” marks a significant shift in the SEC’s stance toward digital assets, signaling a willingness to embrace the blockchain economy through regulatory modernization.

By promoting regulatory clarity, encouraging super apps, and facilitating innovation through tailored exemptions, the U.S. could regain competitive ground in the global crypto industry. If implemented effectively, this initiative may reverse the trend of crypto firms moving offshore and catalyze the next wave of financial innovation domestically.

PUFFER FINANCE UPGRADES UNIFI AVS FOR FASTER, MORE COORDINATED ROLLUPS

Puffer Finance has announced an upgrade to its Puffer UniFi AVS (Actively Validated Service), built on EigenLayer and backed by over $13 billion in restaked ETH. The upgrade enables sub-second execution and economic alignment between Rollup operators and Ethereum proposers, using validator-powered gateways and real-time pre-confirmation. UniFi AVS now offers L2 execution preloading, millisecond-level throughput, and economic coordination mechanisms.

Analysis

The upgrade to Puffer UniFi AVS is a meaningful advancement in Ethereum’s Layer 2 performance architecture. By combining high-throughput execution with restaked validator security, Puffer enhances the user experience for decentralized applications while preserving decentralization. This reflects the Ethereum ecosystem’s ongoing pursuit of scalable and responsive infrastructure, and sets the stage for broader adoption of low-latency, high-volume on-chain applications in both DeFi and beyond.

 

〈CoinRank Crypto Digest (8/01)｜Ethereum Foundation Unveils “Lean Ethereum” Vision for the Next Decade〉這篇文章最早發佈於《CoinRank》。

Rolling Pressure Mechanism: Binance Alpha’s 15-day rolling points system creates continuous engagement pressure, transforming occasional users into daily active participants through loss aversion motivation.

Strategic Involution Success: Despite DOOD project’s $1,024 daily trading requirements causing user cost escalation, the controversy paradoxically drives explosive growth and market dominance.

Volume Breakthrough Achievement: Rising participation thresholds filter casual users while committed participants generate $5 billion daily volume, securing Binance’s commanding 95.3% market share position.

Binance Alpha’s 15-day rolling points system drives $5B daily volume despite rising costs. DOOD project requires $1,024 daily trading + $1,000 holdings, creating involution that achieves 95.3% market share.

Binance Alpha’s revolutionary 15-day rolling points system has fundamentally transformed Web3 user behavior, creating an unprecedented paradox in the cryptocurrency ecosystem. Despite generating significant controversy over escalating participation costs and narrowing profit margins, this gamified approach has propelled Binance Wallet to achieve a staggering $5 billion in single-day trading volume while capturing an extraordinary 95.3% market share. This phenomenon reveals how strategic involution costs can paradoxically drive ecosystem growth through powerful flywheel effects.

 

THE 15-DAY ROLLING POINTS MECHANISM: ENGINEERED URGENCY

 

Binance Alpha’s core innovation lies in its 15-day rolling points calculation system, which creates continuous pressure for user engagement. Unlike traditional loyalty programs with static accumulation periods, this dynamic timeframe ensures that user participation must be consistent and sustained to maintain competitive positioning for airdrop eligibility.

 

The rolling mechanism functions as a sophisticated behavioral modification tool, transforming occasional users into daily active participants. Users cannot simply accumulate points and remain dormant; they must continuously engage with the platform to prevent their scores from declining as older activities roll off the calculation window. This design creates what behavioral economists call “loss aversion motivation”—users work harder to prevent losing existing points than they would to gain new ones.

 

This temporal pressure fundamentally restructures how users approach Web3 participation, shifting from sporadic high-value transactions to consistent daily engagement patterns that generate more predictable revenue streams for the platform.

 

AIRDROP THRESHOLD INVOLUTION: THE DOOD PROJECT CASE STUDY

 

The DOOD project exemplifies how Binance Alpha’s points system has driven threshold involution to extreme levels. To qualify for the DOOD airdrop, users must maintain an average daily trading volume of $1,024 while holding a minimum of $1,000 in qualifying assets. These requirements represent a significant escalation from earlier projects and demonstrate how competitive dynamics within the points system drive ever-increasing participation costs.

 

This involution pattern creates a self-reinforcing cycle where each new project establishes higher participation barriers, forcing users to allocate increasing amounts of capital and time to maintain their competitive positions. The result is a dramatic increase in user participation costs—not for the platform, but for the users themselves. Participants find themselves caught in an escalating commitment spiral where participation costs grow faster than potential rewards.

 

However, this apparent inefficiency serves a crucial function within Binance’s ecosystem strategy. Higher participation thresholds naturally filter out casual users, creating a more committed user base willing to engage in sustained, high-value activities that drive platform metrics and revenue generation.

 

COST ESCALATION VERSUS REWARD COMPRESSION

 

The most controversial aspect of Binance Alpha’s system is the simultaneous increase in participation costs and compression of potential rewards. As threshold requirements rise with each new project, users must deploy larger amounts of capital while the relative scarcity of successful airdrops means individual reward expectations must be adjusted downward.

 

This dynamic creates what economists call “tournament economics”—a competitive structure where many participants incur costs, but only a select few receive significant rewards. While this might seem unsustainable from an individual user perspective, it generates enormous value for the platform through increased trading volume and capital deployment.

 

The psychological impact proves particularly significant. Users experience mounting pressure to increase their engagement levels to maintain their relative positions, even when rational analysis suggests that expected returns may not justify the additional investment. This behavioral pattern mirrors traditional gambling psychology, where fear of missing out drives continued participation despite diminishing odds.

 

THE $5 BILLION BREAKTHROUGH: CONTROVERSY DRIVES VOLUME

 

Despite widespread user complaints about rising costs and shrinking rewards, Binance Alpha’s points system has achieved remarkable market success. The platform’s single-day trading volume breakthrough of $5 billion represents a quantum leap in Web3 engagement levels, demonstrating the raw power of well-designed gamification systems to drive user behavior regardless of user satisfaction levels.

 

This trading volume explosion cannot be attributed solely to market conditions or organic user growth. Instead, it reflects the fundamental behavioral changes induced by the points system’s structure. Users who previously engaged in sporadic, large transactions now participate in daily trading activities to maintain their point accumulation rates. This shift from episodic to continuous engagement patterns has multiplied the platform’s transaction frequency while dramatically increasing overall user lifetime value.

 

The psychological anchoring effect of the 15-day rolling window creates urgency that translates directly into trading activity. Users cannot defer their engagement without consequences, leading to more consistent platform utilization and exponential revenue generation.

 

MARKET DOMINANCE THROUGH STRATEGIC INVOLUTION

 

Perhaps the most striking validation of Binance Alpha’s strategy is its achievement of 95.3% market share in the competitive Web3 wallet space. This near-monopolistic position demonstrates how strategic involution—deliberately increasing user costs to filter and commit participants—can create insurmountable competitive advantages.

 

The high participation thresholds serve as both barrier to entry for competitors and switching costs for existing users. Once users have invested significant capital and time into achieving competitive point totals, the opportunity cost of migrating to alternative platforms becomes prohibitively high. This creates powerful network effects that compound over time, making it increasingly difficult for competitors to attract users away from the Binance ecosystem.

 

ECOSYSTEM FLYWHEEL EFFECTS: CONTROVERSY DRIVING GROWTH

 

The apparent contradiction between user complaints and explosive growth reveals the sophisticated nature of Binance Alpha’s ecosystem flywheel. Controversy itself becomes a marketing mechanism, generating attention and discussion that drives platform awareness and user acquisition. Even users who criticize the system often continue participating, driven by fear of missing out on potential opportunities.

 

This controversy-driven engagement pattern creates multiple feedback loops that strengthen the platform’s position. Media coverage of rising thresholds and user frustrations paradoxically increases platform visibility, attracting new users curious about the opportunities that justify such high levels of engagement. Meanwhile, existing users’ investments in the system create sunk cost psychology that encourages continued participation despite mounting frustrations.

 

IMPLICATIONS FOR THE FUTURE OF WEB3 ENGAGEMENT

 

Binance Alpha’s success with involution-based user engagement suggests a new paradigm for Web3 platform design. Rather than competing solely on lower costs or higher rewards, platforms can achieve market dominance by creating sophisticated commitment mechanisms that increase user switching costs while generating superior engagement metrics.

 

This model challenges conventional wisdom about user-friendly design in favor of strategically complex systems that create deeper user investment and longer-term platform loyalty. The success metrics—$5 billion daily volume and 95.3% market share—provide compelling evidence that users will accept higher costs and increased complexity in exchange for access to exclusive opportunities and potential rewards.

 

The broader implications extend beyond any single platform, suggesting that successful Web3 ecosystems may increasingly rely on sophisticated psychological and economic mechanisms that create sustainable competitive advantages through strategic user behavior modification rather than simple feature competition.

〈How Binance Alpha’s 15-Day Rolling Points System Restructures Web3 User Behavior: The Paradox of Rising Costs and Market Dominance〉這篇文章最早發佈於《CoinRank》。

 

On July 31, 2025, blockchain data platform Sealaunch announced surprising news: token issuance on the Base blockchain exceeded Solana for four consecutive days starting July 26, marking a historic first. This shows Ethereum’s Layer-2 network Base has emerged strongly in the token issuance space, challenging Solana, long known for high throughput and meme coin ecosystems. The main driver behind this shift is Zora, a platform on Base, whose social token model triggered the issuance boom. Meanwhile, Pump.fun and LetsBonk in Solana’s ecosystem remain competitive but have significantly lost market share.

 

 

THE RISE OF BASE: VICTORY THROUGH LOW COST AND ECOSYSTEM INTEGRATION

 

Base, an Ethereum Layer-2 incubated by Coinbase using Optimism’s OP Stack technology, combines Ethereum’s security with low transaction costs. Since its launch in 2023, Base attracted many developers and users with fees under $0.01 and hundreds of transactions per second. As of July 2025, Base had over 3 million monthly active users, nearly $1 billion in daily trading volume, and more than 500 decentralized apps (DApps).

 

Its low costs and high scalability made Base ideal for token issuance. Between July 26 and 29, Base issued up to 100,000 tokens daily, far exceeding Solana’s average of around 25,000 tokens per day.

 

 

Coinbase’s strong brand and seamless integration with Coinbase Wallet increased Base’s appeal, providing users an easy entry point. In contrast, Solana, famous for handling over 4,000 transactions per second, lost some competitiveness due to multiple network outages in 2024, including a 5-hour outage in February, and a 15-million SOL token unlock (worth about $2.5 billion) in March 2025, adding pressure to SOL’s price. Base’s rise highlights both technical advantages and the importance of ecosystem integration.

 

 

ZORA: SOCIAL TOKEN INNOVATION AND SPECULATIVE FEVER

 

Zora is undoubtedly the main driver behind the token issuance boom on Base. Since July 23, Zora has continuously led the market share on Base and Solana. On July 29 alone, it issued 49,989 tokens, capturing a 63% market share, surpassing the combined totals of LetsBonk (19,593) and Pump.fun (4,764) on Solana.

 

Zora’s core innovation is its “social token” model, allowing users to tokenize social media content (such as X posts, images, and videos). These tokens function similarly to NFTs but have lower transaction costs, typically below $0.05.

 

 

This model lowers the barrier for creators to monetize content, attracting many creators and speculators. For example, users can mint an X post into a tradable token, earning money from token sales. Zora also deeply integrated with Base App (Coinbase’s social DApp), allowing users to create and trade tokens directly via mobile apps, greatly enhancing user experience.

 

In July, Zora reached over 2 million monthly active users, gaining 77,000 new users within one week. Its native token, $ZORA, surged over 800% between July 23 and 30, reaching a market cap of $251 million.

 

However, Zora’s success is controversial. Around 93% of users are traders, with only 7% creators, showing high speculation. Solana co-founder Anatoly Yakovenko publicly criticized Zora’s tokens as “purely speculative,” lacking ties to real assets or future cash flows.

 

The $ZORA token is not a governance token; instead, it’s used for tipping, accessing premium features (such as customized token templates), or exclusive content, deriving value mainly from meme culture and market sentiment. Additionally, numerous low-quality tokens on Zora may temporarily boost issuance numbers but could hurt long-term user trust. Nonetheless, Zora’s innovative model effectively captured Web3’s content economy wave, and its deep integration with Base provides continued growth potential.

 

 

PUMP.FUN: SOLANA’S MEME COIN FACTORY—GLORY AND CHALLENGES

 

Within Solana’s ecosystem, Pump.fun was previously dominant in token issuance, known as the “meme coin factory.” Pump.fun allowed users to create tokens cheaply (about 0.02 SOL, roughly $3) through a simple interface. Users could upload token names, logos, and descriptions, automatically deploying them onto Solana.

 

Tokens used a bonding curve pricing model, raising prices as demand grew, rewarding early buyers and giving creators liquidity. Pump.fun also integrated with decentralized exchanges like Raydium and Jupiter for fast token promotion. In 2024, Pump.fun had 70% of Solana’s token issuance market, creating over a million meme coins and earning about $500,000 daily from a 0.5% trading fee and token creation fees.

 

 

However, by July 2025, Pump.fun’s market share drastically dropped to 10.6%, with only 4,764 tokens issued on July 29—far behind Zora and LetsBonk. Reasons include Solana’s network stability issues, LetsBonk’s rise, and the poor quality of tokens (over 90% become worthless within a week).

 

Although Pump.fun still attracts meme enthusiasts through social media integration (such as X promotions), its reliance on low-quality tokens and lack of innovation diminished its competitiveness. Pump.fun’s decline shows that simply providing easy token creation isn’t enough for long-term success. It must introduce technical upgrades or community incentives to regain competitiveness.

 

 

LETSBONK: THE NEW STAR IN SOLANA ECOSYSTEM

 

In contrast to Pump.fun’s decline, LetsBonk rapidly rose within Solana’s ecosystem in early 2025. By July, LetsBonk captured 82.6% of Solana’s token issuance, issuing 19,593 tokens on July 29, far exceeding Pump.fun. LetsBonk stood out due to community-driven incentives, including airdrops and staking rewards to encourage token promotion and liquidity.

 

Creators can flexibly allocate token distribution, for instance, reserving 50% for community rewards to enhance user participation. LetsBonk also introduced dynamic fees, adjusting charges based on token market performance, incentivizing high-quality tokens and distinguishing itself from Pump.fun’s fixed-fee model.

 

 

Additionally, LetsBonk deeply integrated with social platforms like X and Discord, allowing users to launch crowdfunding and promotions via social media, amplifying its reach. In July, LetsBonk surpassed 500,000 monthly active users, adding roughly 100,000 new users. Some meme coins issued through LetsBonk (such as $BONK2) generated excitement on X, reaching over $100 million in daily trading volume.

 

Despite its strong growth, LetsBonk must face broader challenges within the Solana ecosystem, including network stability issues and external competition from Base. While community-driven models energize LetsBonk, long-term sustainability depends on balancing speculation and practical use cases.

 

 

CONCLUSION

 

Base surpassing Solana in token issuance is a historic turning point reflecting technological and ecosystem competition, and rapid evolution of the Web3 token economy. Zora leads the market with social token innovations, while Pump.fun and LetsBonk compete fiercely within Solana.

 

The future success of these platforms will depend on their ability to achieve sustainable development amidst speculative fervor, creating genuine value for users and creators. This milestone serves as a warning to the blockchain industry: innovation, stability, and user trust will determine the winners.

〈Base Chain Token Issuance Surpasses Solana: Competition Between Zora, Pump.fun, and LetsBonk〉這篇文章最早發佈於《CoinRank》。

Focuses on what Project Crypto is and its leadership goal

Emphasizes the regulatory shift and departure from previous approach

Details the five priority areas and scope of the initiative

SEC Chairman Paul Atkins unveils Project Crypto on July 31, 2025, marking dramatic shift from enforcement to innovation-friendly crypto regulation. Initiative aims to make America global digital asset leader.

Paul Atkins announces sweeping regulatory overhaul to make America the “crypto capital of the world” in landmark July 31 speech

 

In a pivotal moment for American cryptocurrency regulation, Securities and Exchange Commission Chairman Paul Atkins delivered a groundbreaking speech on July 31, 2025, announcing the launch of “Project Crypto” – an ambitious initiative designed to fundamentally transform how the United States approaches digital asset regulation. Speaking at the America First Policy Institute in Washington D.C., Atkins outlined a comprehensive strategy to establish America as the global leader in cryptocurrency markets.

 

The announcement represents a dramatic departure from the previous administration’s enforcement-heavy approach under former Chairman Gary Gensler. Atkins characterized the previous approach as “regulation-by-enforcement” and “Operation Chokepoint 2.0,” which resulted in crypto businesses fleeing American shores. The new initiative aims to reverse this trend by creating clear, business-friendly regulations that will attract digital asset companies back to the United States.

 

PROJECT CRYPTO: A COMPREHENSIVE REGULATORY OVERHAUL

 

Project Crypto represents “a commission-wide initiative to modernize the securities rules and regulations to enable America’s financial markets to move on-chain”, as Atkins explained in his speech. This initiative goes far beyond simple policy adjustments – it constitutes a complete reimagining of how traditional securities regulations can accommodate blockchain technology and digital assets.

 

The timing of this announcement is particularly significant, coming just one day after the White House released its comprehensive 166-page digital asset report. This coordination between the executive branch and the SEC demonstrates the Trump administration’s commitment to making cryptocurrency regulation a top priority. Atkins emphasized that “Under my leadership, the Commission will encourage our nation’s builders rather than constrain them with red tape and one-size-fits-all rules”.

 

The initiative builds upon the work of the SEC’s Crypto Task Force, which was established in January 2025 under then-Acting Chairman Mark Uyeda and is led by Commissioner Hester Peirce, widely known as “Crypto Mom” for her supportive stance toward digital assets. The task force was created to develop “a comprehensive and clear regulatory framework for crypto assets” after years of relying primarily on enforcement actions.

 

FIVE KEY PRIORITIES FOR DIGITAL ASSET REGULATION

 

Chairman Atkins outlined five critical areas where the SEC will focus its regulatory modernization efforts, each designed to address longstanding industry pain points and encourage innovation within appropriate guardrails.

 

Asset Distribution Framework: The SEC will establish clear guidelines for crypto asset distributions within the United States, including comprehensive rules for initial coin offerings (ICOs), airdrops, and network rewards. Atkins said he has “asked staff to propose purpose-fit disclosures, exemptions, and safe harbors” for these activities. This represents a significant shift from the previous approach, which often left market participants uncertain about compliance requirements.

 

Custody Modernization: A key priority involves modernizing the SEC’s custody requirements for registered intermediaries, addressing recommendations from the President’s Working Group Report. The previous administration’s Staff Accounting Bulletin 121 (SAB 121) created significant barriers for traditional financial institutions seeking to offer crypto custody services. Atkins has directed staff to consider exemptive relief and rule changes to facilitate institutional crypto custody.

 

Self-Custody Rights: Atkins strongly endorsed Americans’ right to self-custody, stating “I believe deeply in the right to use a self-custodial digital wallet to maintain personal crypto assets and participate in on-chain activities like staking”. This philosophical stance represents a fundamental shift toward recognizing cryptocurrency ownership as a property right rather than a regulated activity.

 

Super-App Innovation: The SEC will explore allowing “super-apps” where securities intermediaries can “offer a broad range of products and services under one roof with a single license”. This approach would eliminate the need for complex corporate structures and multiple regulatory licenses that have historically made compliance burdensome for crypto companies.

 

Tokenization Support: The regulatory framework will accommodate firms seeking to tokenize both their own securities and those of third parties, bringing innovation back from offshore markets to the United States. This includes support for tokenizing traditional assets like stocks and money market funds.

 

PHILOSOPHICAL SHIFT FROM ENFORCEMENT TO ENABLEMENT

 

The contrast between the current and previous approaches to crypto regulation could not be more stark.

 

Atkins offered a rhetorical reversal from former Chairman Gary Gensler’s position, stating “Despite what the SEC has said in the past, most crypto assets are not securities”. This fundamental reframing of how crypto assets are classified will have profound implications for the entire industry.

 

Under Gensler’s leadership, the SEC pursued an aggressive enforcement strategy against major crypto companies including Coinbase, Gemini, and Binance. The agency argued that many digital assets qualified as securities and that crypto companies were operating outside established securities laws. This approach created significant uncertainty and drove many crypto businesses to relocate offshore.

 

The crypto industry responded by raising hundreds of millions of dollars to support pro-blockchain candidates in the 2024 election, including Donald Trump, who embraced the sector on the campaign trail. This political mobilization proved successful, leading to Trump’s victory and his subsequent appointment of crypto-friendly officials like Atkins.

 

IMMEDIATE POLICY CHANGES AND INDUSTRY IMPACT

 

The SEC has already begun implementing changes that signal its new direction.

 

In January 2025, the agency rescinded SAB 121, which had treated crypto holdings as balance sheet liabilities for banks and effectively blocked institutional adoption. Commissioner Peirce celebrated the rollback on social media, writing “Bye, bye SAB 121! It’s not been fun”.

 

The agency has also taken concrete steps to resolve outstanding enforcement actions. Most recently, on May 29, 2025, the SEC announced it had agreed to dismiss its lawsuit against Binance Holdings Limited and other entities, following Binance’s agreement to pay substantial fines as part of a criminal plea deal.

 

These actions have created immediate positive sentiment in crypto markets. Bitcoin has reached record highs, and Fortune 500 companies are increasingly exploring blockchain projects. The regulatory clarity provided by Project Crypto is expected to accelerate this institutional adoption trend.

 

CHALLENGES AND CRITICISM OF THE NEW APPROACH

 

Not everyone supports the SEC’s dramatic policy shift.

 

Critics worry that a more permissive regulatory approach could lead to increased fraud and market instability reminiscent of the FTX collapse in 2022. Dennis Kelleher, CEO of the consumer advocacy organization Better Markets, warned that “Wall Street’s megafirms and politically favored companies will be protected while investors will be left to protect themselves”.

 

These concerns reflect ongoing tensions between innovation and investor protection in rapidly evolving markets. The challenge for Chairman Atkins will be crafting regulations that provide sufficient flexibility for innovation while maintaining adequate safeguards against fraud and market manipulation.

 

Additionally, the SEC must coordinate its efforts with other regulatory bodies, including the Commodity Futures Trading Commission (CFTC), which may receive expanded authority over spot markets for non-security digital assets under proposed Congressional legislation.

 

GLOBAL COMPETITIVE IMPLICATIONS

 

Atkins drew parallels between today’s crypto revolution and previous market innovations, from the original Buttonwood Agreement that established the New York Stock Exchange to electronic trading systems in the 1990s. This historical perspective underscores his belief that embracing technological innovation is essential for maintaining American financial market leadership.

 

The international implications of Project Crypto extend far beyond domestic policy. As other major economies including the European Union, United Kingdom, and various Asian jurisdictions develop their own comprehensive crypto regulatory frameworks, the United States faces pressure to provide competitive regulatory clarity.

 

The initiative’s success could position America as the preferred jurisdiction for crypto innovation, potentially reversing the trend of companies relocating to more crypto-friendly markets. This regulatory competition among major financial centers will likely intensify as countries recognize the strategic importance of digital asset markets.

 

CONCLUSION: A NEW ERA FOR AMERICAN CRYPTO REGULATION

 

Chairman Atkins’ announcement of Project Crypto marks a watershed moment in American cryptocurrency regulation.

 

The initiative represents “more than a regulatory shift — it is a generational opportunity” to establish American leadership in digital finance.

 

The success of this ambitious undertaking will depend on the SEC’s ability to craft regulations that balance innovation with investor protection while coordinating effectively with other agencies and international partners. As the regulatory framework takes shape over the coming months, market participants will be watching closely to see whether Project Crypto can deliver on its promise to make America the crypto capital of the world.

 

For the cryptocurrency industry, this represents a remarkable transformation from the adversarial relationship that characterized the Gensler era to a collaborative approach focused on enabling innovation. The ultimate test will be whether this new regulatory paradigm can foster sustainable growth in digital asset markets while maintaining the investor protections that remain essential for market integrity.

〈SEC Chairman Unveils ‘Project Crypto’: America’s Bold Plan for Digital Asset Leadership〉這篇文章最早發佈於《CoinRank》。

Ancient Bitcoin whales selling BTC indicates market maturity; institutional participation has increased liquidity, limiting price volatility despite massive sell-offs.

Short-term BTC price drops from whale sales are normal market adjustments, providing entry points for new investors amid Bitcoin’s reducing post-halving supply.

Whales sell BTC for various reasons; institutional buying balances market sentiment, reflecting a matured market rather than systemic crisis or loss of confidence.

 

MARKET RESILIENCE INCREASES

 

Recently, ancient Bitcoin whales selling large amounts of BTC has drawn significant attention in the crypto market. Some holders who bought Bitcoin in 2011 or earlier decided to cash out when BTC reached an all-time high of $123,000 in July 2025. This selling reflects the growing maturity of the market. Such moves should be seen as rational investment decisions rather than signs of panic or loss of faith in Bitcoin.

 

Unlike previous years, when even small events caused huge market crashes, the recent sale of 80,000 BTC (worth over $9 billion) resulted in only around a 10% price fluctuation. This indicates improved market liquidity and stability, largely due to increased participation from institutional investors like Galaxy Digital. Clearly, the Bitcoin market is becoming more mature, investor structure is more stable, and resilience is stronger than before.

 

 

SHORT-TERM IMPACT OF THE SELL-OFF

 

In the short term, large whale sales naturally put some pressure on the market. For instance, the sale concentrated on exchanges like Binance and Coinbase on July 4th caused Bitcoin’s price to drop more than $3,000 quickly. However, this short-term volatility is generally viewed as normal market adjustment. Today’s market depth and liquidity are sufficient to quickly absorb such shocks.

 

More importantly, from a long-term perspective, whale selling actually helps redistribute Bitcoin supply. Previously dormant coins returning to circulation can provide entry opportunities for new investors, both retail and institutional. Given the decreasing supply due to Bitcoin’s halving, this redistribution could form a solid foundation for the next upward trend.

 

 

DIVERSE WHALE MOTIVES AND MARKET SENTIMENT

 

The motives behind ancient whale sales are diverse. Some whales sell their entire holdings due to personal financial needs, diversifying investments, or reducing risk. Others might make small sales to test market reactions, possibly preparing for larger transactions later. Similarly, miners who sold heavily in mid-July were primarily motivated by operational costs or high market prices rather than doubts about Bitcoin’s long-term value.

 

Additionally, sudden reactivation of early miner wallets raised concerns about potential selling pressure. However, these wallets may simply be preparing for staking or DeFi activities rather than large-scale sell-offs. Such diverse behaviors lead to mixed market sentiments. Some investors see whale selling as a “top signal,” while others see institutional buying as evidence that the bull market continues.

 

 

HOW TO RATIONALLY VIEW WHALE SALES

 

Overall, whale selling is part of a normal market cycle. It shouldn’t be exaggerated as a sign of market collapse or systemic crisis. Compared to previous downturns like the 2018 mining crash or the 2020 pandemic sell-off, today’s market environment has fundamentally changed. Institutional involvement has increased, regulations are clearer, and market infrastructure is more robust.

 

Therefore, reactions to whale selling have become calmer and more rational. Investors should remain calm and closely monitor on-chain data (such as exchange inflows and miner reserves) and institutional activities to accurately assess short-term risks and long-term opportunities. It’s also essential to watch broader economic conditions, regulatory developments, and new capital inflows like Bitcoin ETFs. Balancing short-term volatility and long-term trends is key.

 

In conclusion, the ancient whales’ BTC sell-off reveals a more complex and mature Bitcoin market. Although short-term pressure exists, the long-term outlook remains positive. Investors should remain rational, cautious in handling market fluctuations, and actively seek investment opportunities in the future.

〈How to View Ancient Bitcoin Whales Selling BTC〉這篇文章最早發佈於《CoinRank》。