区块链早餐

Imagine the scenario you often faced at your computer at the end of last year and the beginning of this year: you discovered a highly promising emerging token on Ethereum, caught a wave of rapidly rising meme coins in the Solana ecosystem, and even sought unique arbitrage opportunities in emerging Layer 2 networks... However, when you tried to trade across these different chains, you often faced insurmountable obstacles—insufficient liquidity felt like an invisible swamp, making large transactions difficult to execute; a slight misstep could lead to significant slippage, causing the actual transaction price to fall far short of expectations. Even more frustrating, frequent cross-chain operations not only consumed time and effort but also incurred high gas fees, causing originally promising trades to become unprofitable due to these additional costs.

I. Market Recovery × SIP-3 Release - A New Chapter for Sei Under Dual Benefits

In early May 2025, the cryptocurrency market experienced a long-awaited rebound, undoubtedly injecting a dose of strong confidence into the entire industry. Amid this warm market atmosphere, a relatively young but ambitious Layer-1 public chain project - Sei Network - proposed a clear strategic adjustment: Sei Labs team member and network contributor Philip Su's proposal (SIP-3) calls for Sei to completely abandon its dual-track architecture and go all in on the EVM ecosystem.

For Sei, this is undoubtedly a bold strategic choice. Since its launch, Sei has relied on its high performance and compatibility with multi-chain ecosystems as important differentiators, while supporting the EVM and CosmWasm ecosystems, attempting to find a balance between the two. However, ideals are often full, while reality is fraught with challenges. The complexity brought by the dual-track architecture is a cost that cannot be ignored for developers, users, and infrastructure providers.

1. Starting from 'smart money'
What is smart money? You might think that smart money refers to those whales with huge amounts of cash. However, that is not entirely true. Smart money refers more to investors with a long track record of success, excellent risk management capabilities, and a keen market sense. They focus not only on short-term fluctuations but also on how to move steadily in an uncertain market.
Unlike most investors, smart money is not swayed by short-term market fluctuations; they always maintain a focus on long-term stable returns. They understand that only through reasonable risk control and asset allocation can suitable opportunities be found in an uncertain market. Therefore, smart money tends to choose assets or protocols that can provide stable returns amid market turbulence. Whether through staking, lending, or other stable income methods, they can always find long-term value instead of chasing short-term bubbles.

In the depths of the galaxy, towards the Sagittarius direction, a dim star's light flickered. At that moment, space gently twisted, and the path of light quietly changed. There was no explosive flame, no violent turbulence, only a subtle shift, like a slight breath in the deep night of the universe.

Scientists thus found a lonely traveler—a black hole wandering alone.

This lonely black hole has no companion star, no light, and even no noteworthy activities. Its existence is only captured by a subtle shift in light, detailed by sophisticated astronomical telescopes. This discovery breaks past understandings, revealing a hidden, quiet yet extremely important force in the universe.

Market volatility and challenges in the crypto industry

"145% is really too high." NPD Trump has changed his mind again and wants to significantly reduce tariffs on China, and the price of Bitcoin has risen accordingly - policy changes have a huge impact on the volatility of the crypto market. It can even be said that the volatility of the crypto market is closely related to the political environment. Trump's policy style has always been notorious for frequent changes, so during his term, the global financial market will experience significant fluctuations as he changes his policies every day.

This change in the market has also brought many challenges to the crypto industry.

#MindNetworkFully homomorphic encryption FHE reshapes the future of AI

Mind Network's TGE last week marked a new milestone for it: the entire process of Binance Wallet IDO → Alpha → Futures was completed within 48 hours. As a project invested by Binance Labs, such performance may be expected, but it is enough to show that the market's recognition of the "=AI security" track is rapidly heating up.

As a leader in the field of FHE and AI, Mind Network has not only demonstrated the cutting-edge nature of its technology, but has also received support from heavyweight investors such as Binance Labs. This endorsement undoubtedly provides Mind Network with strong market credibility, and its rapid advancement in the TGE phase proves its technical capabilities and market potential. Currently, more than 54,000 AI agents have been deployed on Mind Network, more than 12.3M $FHE tokens have been staked, and the cumulative training time has exceeded one million hours. These data mark Mind Network's successful breakthroughs in the fields of AI and privacy protection, and profoundly reflect the steady growth of its technology and ecology.

One, on-chain commerce continues to penetrate, and consumer finance is becoming a new battleground.
In recent years, the 'on-chain revolution' of Web3 has quietly changed many of our lifestyles. From decentralized finance to social networks and storage, Web3 is penetrating various industries at lightning speed. And now, the next goal of this revolution — consumer finance — is beginning to gather momentum under the push of PayFi.
If you haven't heard of PayFi, that’s impossible. But if you haven't heard anyone mention PayFi for a long time, you might have missed the key topics at the Hong Kong Web3 Festival and Consensus 2025. During these days in Hong Kong, PayFi has clearly become one of the core topics of heated discussion among major Web3 projects and investors. Why? Because it directly connects the key bridge between traditional finance and the Web3 ecosystem — the on-chain integration of payment systems, consumption scenarios, and incentive mechanisms.

How to maintain a keen market sense in 'boring markets.'
In financial markets, bear markets and sluggish conditions are often accompanied by low volatility and depressed sentiments. Many investors feel confused and inactive during such phases, which is precisely when you need to maintain high alertness and action. As this chart demonstrates, market fluctuations are always dramatic—when investors fully commit during the early stages of a price increase, minor pullbacks may lead them to believe these are merely 'healthy adjustments.' But as prices fall, investor sentiment begins to collapse, leading to regret and missed opportunities when the market finally explodes.

Recently, I have been seeing MCP everywhere; it's really popular! MCP acts like a plug-in for large models; whoever uses it speaks highly of it. It allows AI models to flexibly access various external data, tools, and computing resources just like plugging in a USB to a computer, transforming the originally closed AI into an open and powerful one. Developers can access more features, and businesses can use it more efficiently and cost-effectively.
But you also understand that 'openness' has always been a double-edged sword.
As more data and tools are integrated into large models, AI capabilities are enhanced, but privacy and security issues are also rapidly surfacing. Especially in environments with multi-party collaboration of AI Agents, your data may be 'shared' with third parties you are unaware of.

When a protocol's income has reached 40% of Pendle's, but its market value is only 4% of the latter's; when its income has already surpassed Tornado Cash and Moonwell yet remains underpriced by the market; when it is using income to repurchase its tokens, and all tokens are unlocked without sell pressure risks—we know that this is no longer just an 'undervalued' protocol, but a verified, rising lending infrastructure.
This is Gearbox. As the DeFi market gradually enters the institutionalization stage, the credit market is becoming a key infrastructure for every asset to expand liquidity and capital efficiency. For emerging assets such as liquid staking (LST) and liquidity re-staking (LRT), the lending market not only determines the usage scenarios of assets but also affects the expansion capacity of the entire ecosystem. Traditional DeFi lending protocols clearly can no longer meet this multidimensional institutional demand.

In the past few years, although DeFi has developed rapidly, truly large institutions have only been 'watching from a distance.' Not because they are uninterested, but because this field is too 'wild': unclear regulations, large risk exposures, and a lack of infrastructure that meets their risk control and compliance needs. Stablecoins like USDT and USDC are more tools built around exchange ecosystems, making them difficult to support real institutional-level financial settlement and fund management.

Ethena did not initially intend to solve these institutional-level challenges. It chose a more pragmatic and robust path—first creating a synthetic stablecoin USDe aimed at all users, attracting market participants through a unique yield model, and establishing a foothold in the DeFi world. As of now, the TVL of USDe has reached $6.56 billion, making it the fourth largest stablecoin globally, which itself is a strong endorsement of product design and risk management capabilities.

Recently, the Trump family's World Liberty Financial (WLFI) has been making frequent moves in the crypto space, particularly their continued investment in the SEI ecosystem has garnered widespread market attention. After purchasing 547,990 SEI for 125,000 USDC last month, WLFI has recently acquired $100,000 worth of SEI. This series of actions not only indicates WLFI's long-term optimism for SEI but may also signal that in-depth cooperation between the two parties in the SEI ecosystem is about to unfold.

Meanwhile, SEI's DeFi ecosystem also shows strong growth momentum, with key indicators such as TVL and trading volume steadily increasing, and on-chain capital inflows reaching an all-time high. This series of data further consolidates SEI's influence in the DeFi sector. However, SEI's ambitions do not stop at DeFi. With the gradual deepening of RWA financialization exploration, SEI is expanding the boundaries of on-chain finance, and WLFI's continued investment may be a recognition of this long-term value.

Our crypto market is known for its high volatility and uncertainty, akin to a magnifying glass that infinitely amplifies the greed and fear within investors. During a bull market, FOMO makes people blindly chase prices, while in a bear market, FUD causes panic exits. Trading psychology tells us that the market's fluctuations are essentially a collective reflection of human emotions.

Downward cycles especially test investors' patience. Many projects lose attention and even stagnate when the market cools, while those that continue to grow indicate that their teams are not swayed by short-term sentiment but are focused on building long-term value. Just like excellent traders, they choose to overcome fear and continue moving forward amidst uncertainty.

Currently, AI Agents are rapidly rising to become key driving forces in the Web3 ecosystem. From automated trading, DeFi analysis, to intelligent governance and data prediction, AI Agents are pushing Web3 towards a more intelligent era. However, AI computing security in decentralized environments still faces significant challenges—how to achieve efficient, secure, and trustworthy AI computing while ensuring data privacy?
This is precisely why Mind Network, with FHE (Fully Homomorphic Encryption) + AI + Web3 at its core, is building the AI computing security infrastructure. As the world's first FHE project to launch on the mainnet, Mind Network is about to welcome its TGE and has become the focus of market attention. So, why is Mind Network's TGE so eye-catching? Let's take a closer look.

President Trump's every move has always stirred the nerves of the cryptocurrency market. Recently, he announced the inclusion of five cryptocurrencies—Bitcoin, Ethereum, Solana, XRP, and Cardano—into the United States' new digital asset strategic reserve list. This news quickly caused market turbulence, with the market capitalization of related cryptocurrencies soaring. This move not only signifies an important shift in U.S. cryptocurrency policy but also reaffirms Trump's profound influence on the crypto market.

However, Trump's cryptocurrency layout did not start today. As early as before and after his inauguration, his family and associated entities quietly conducted extensive layouts in the cryptocurrency field through a series of operations. Among them, Ethena Labs' governance token ENA is particularly noteworthy, becoming one of the key crypto assets that the Trump family focuses on after Bitcoin and Ethereum.

Every move of President Trump always influences the nerves of the crypto market. Recently, he announced that Bitcoin, Ethereum, Solana, XRP, and Cardano would be added to the new digital asset strategic reserve list of the United States. This news quickly caused market turbulence, leading to a surge in the market capitalization of these cryptocurrencies. This move not only signifies an important shift in U.S. cryptocurrency policy but also reaffirms Trump's far-reaching influence on the crypto market.

However, Trump's cryptocurrency layout did not start today. As early as around the time he took office, his family and associated institutions had quietly begun deep layouts in the cryptocurrency field through a series of operations. Among them, the governance token ENA of Ethena Labs is particularly noteworthy, becoming one of the key crypto assets of interest to the Trump family after Bitcoin and Ethereum.