正航奇旅

ETH price approaches historical high, institutional funds accelerate influx, multiple projects in the Ethereum ecosystem frequently release good news, here are the core developments of 12 Alpha projects:
01, BMNR

The US-listed company BitMine Immersion has become the largest ETH holder in the world, having accumulated 1.2 million ETH (worth 5.03 billion USD), planning to continue buying until they hold 5% of the global supply and stake for profit; endorsed by Wall Street institutions like ARK Invest, Bill Miller, Founders Fund, the stock price doubled in August.
02, Ethena

StablecoinX plans to repurchase 260 million USD ENA within 6 weeks (accounting for 8% of circulation); fee switch mechanism approved, sENA holders will share protocol income (conservatively annualized at 4%, optimistically over 10%); Coinbase supports ENA trading and collaborates with Pendle and others to embed DeFi strategies, expanding multi-chain and compliant stablecoins in the long term.

According to a report from CoinWorld, Aave (AAVE), as a leading non-custodial liquidity protocol, has established its major position in the decentralized finance (DeFi) ecosystem, controlling about half of the DeFi lending market share. However, with the cryptocurrency market thriving in a broader bull market in 2025, some issues have arisen within Aave that could have serious consequences for the entire market. The Risks Behind Aave's DeFi Dominance and Market Control According to DefiLama data, Aave's total locked value (TVL) is $36.73 billion. This accounts for nearly 50% of the total TVL of $75.98 billion. Additionally, the protocol's TVL reached a historic high of $40 billion last week. This dominance makes Aave a 'pillar' of the decentralized credit system, enabling users to lend and borrow assets without intermediaries. Nevertheless, this central position also means that if Aave encounters issues, it could trigger a chain reaction throughout the market. But what problems could arise? One key issue is the concentration of power in protocol governance. Previously, Sandeep Nailwal, founder and CEO of the Polygon Foundation, expressed concerns about Aave's governance structure. He emphasized that the protocol is managed by one person (founder Stani Kulechov). Nailwal pointed out that Kulechov has significant control over proposals and voting, effectively operating the platform based on personal preferences. The composition of the user base further exacerbates Aave's vulnerability. Data from Kaiko Research shows that by 2025, large users holding over $100,000 in collateral will rise from 29% in 2023 to 37%. Meanwhile, the proportion of small users with deposits below $1,000 has decreased from 15% to 12% over the past two years. This concentration of power among high-net-worth participants increases the likelihood of liquidity shocks and protocol instability. If these users withdraw en masse or face liquidation events, the impact could spread across interconnected DeFi platforms. Finally, overexpansion also poses significant risks. Aave's deployment across 16 chains has exhausted operational resources. A well-known analyst, Defi Ignas, emphasized on X that some of this expansion has been operating at a loss, increasing financial and technical risks. The impact of these risks goes beyond Aave itself. As one of the main players in DeFi, any disruption—whether stemming from governance failures, user concentration, or overexpansion—could undermine trust in decentralized lending and destabilize the broader ecosystem. Therefore, addressing these challenges is crucial for Aave.

PANews reported on August 17 that Steven McClurg, CEO of Canary Capital, stated in an interview with CNBC: 'Bitcoin has more than a 50% chance of rising to the range of $140,000 to $150,000 this year, after which a new bear market will arrive.' Steven McClurg attributed this rise to the growing demand for ETFs and the expansion of institutional buyer groups, including sovereign wealth funds, pensions, and corporate bonds.

But Steven McClurg does not believe that Ethereum's recent surge will continue. 'I am not a loyal fan of Ethereum, simply because it is an old technology. There are many other protocols that are faster, have lower transaction costs, and are fundamentally more secure. Despite Ethereum's excellent performance over the past five years or so, new blockchains like Solana and Sui have surpassed it. Ethereum is expected to gradually decline and will not reach new historical highs.'

Too many people fall into the pit of 'winning the market but losing the withdrawal.' It's not that they can't make money, but they don't understand this 'lifesaving operation.' The following 5 levels hide frozen card minefields, remember them to avoid 90% of the risks:

Level 1: Platform and merchant, choosing wrong will trigger a minefield

Only use major OTC exchanges: Major platforms like Binance and OKX have 10 times stricter fund audits than small platforms, the probability of dirty money coming in is extremely low. Don't be greedy for the '2% higher exchange rate' on small platforms; the risks of running away and freezing cards far outweigh the small price difference;
Trade during the day, avoid late-night transactions: Operating from 9:00 AM to 6:00 PM on weekdays is the safest—during this time, platform customer service and bank risk control are online, and any issues can be communicated in a timely manner. Try to stop after 8 PM; customer service is off duty, and if a card gets frozen, you can only worry.

PANews reported on August 17 that Steven McClurg, CEO of Canary Capital, stated in an interview with CNBC: 'Bitcoin has more than a 50% chance of rising to the range of $140,000 to $150,000 this year, after which a new bear market will arrive.' Steven McClurg attributed this rise to the growing demand for ETFs and the expansion of institutional buyer groups, including sovereign wealth funds, pensions, and corporate bonds.

But Steven McClurg does not believe that Ethereum's recent surge will continue. 'I am not a loyal fan of Ethereum, simply because it is an old technology. There are many other protocols that are faster, have lower transaction costs, and are fundamentally more secure. Despite Ethereum's excellent performance over the past five years or so, new blockchains like Solana and Sui have surpassed it. Ethereum is expected to gradually decline and will not reach new historical highs.'