CoinRank

Plasma blockchain launches Beta mainnet and XPL token, reaching $2.4B valuation with strong airdrop-driven community enthusiasm and new payment products.

Bitcoin briefly dips below $109K amid U.S. tariff news, dragging ETH and altcoins lower as risk sentiment weakens.

SEC and FINRA probe “strategic crypto reserve” firms over insider trading concerns, signaling tighter oversight on corporate crypto treasury strategies.

 

PLASMA MAINNET GOES LIVE WITH $2.4B VALUATION

 

Plasma blockchain officially launched its Beta mainnet, accompanied by the debut of its native token XPL, now listed across multiple exchanges. On launch day, XPL’s market capitalization briefly surpassed $2.4 billion, with prices surging over 50%.

 

A standout feature was its generous airdrop: all participants in the pre-deposit program received 9,304 XPL — even if they didn’t ultimately buy during the ICO. At current prices, that equals about $8,390 per user. This distribution model sparked strong community enthusiasm and placed Plasma in the spotlight from day one.

 

In addition, Plasma rolled out its Plasma One native bank and card business, supporting zero-fee USDT transfers (limited to basic stablecoin transfers), strengthening its payment and usage scenarios. Backed by Tether’s liquidity and ecosystem, Plasma enters the market with significant scale, naturally attracting DeFi projects. While XPL is likely to remain a short-term hotspot for speculative flows, its long-term success will hinge on differentiation in cross-chain payments, stablecoin settlement, and community governance.

 

BITCOIN BRIEFLY DIPS BELOW $109K

 

On September 26, Bitcoin dropped below $109,000, sliding more than 4% in 24 hours. ETH extended its weekly losses to over 14%, while total crypto market cap fell back to $3.823 trillion, evaporating more than 4.5% in a single day. Altcoins faced similar pressure, with TOTAL3 (crypto market cap excluding BTC & ETH) dropping 9.3% over seven days.

 

The selloff coincided with macro headwinds. This morning, former President Donald Trump announced sweeping new tariffs effective October 1: a 25% tariff on imported heavy trucks, 50% on kitchen cabinets and vanities, 30% on upholstered furniture, and 100% on drugs made by companies that haven’t broken ground on U.S. plants.

 

The tariffs intensified concerns over global supply chains and rising consumer costs, weighing on both equities and crypto. Short term, market sentiment is likely to remain cautious, with funds pulling back from risk assets. However, if BTC can stabilize in the $108K–$110K range, technicals may still support a rebound.

 

U.S. REGULATORS PROBE STRATEGIC CRYPTO RESERVE COMPANIES

 

On September 26, the SEC and FINRA launched investigations into several publicly listed companies adopting “strategic crypto reserves.” Regulators flagged unusual surges in share prices and trading volumes just days before announcements, raising concerns over potential insider trading.

 

The probe underscores regulators’ vigilance over the growing wave of companies following MicroStrategy’s Bitcoin treasury model. Some firms appear to use crypto announcements as tools for capital maneuvers, potentially fueling stock volatility.

 

In the short run, such investigations may dampen hype-driven stock rallies tied to corporate crypto purchases, pushing markets toward more rational reactions. Over the long term, however, clearer disclosure rules from the SEC could provide companies with a more transparent path for compliant crypto accumulation, reducing regulatory gray areas.

〈CoinRank Crypto Digest (9/26)｜Bitcoin Briefly Dips Below $109K〉這篇文章最早發佈於《CoinRank》。

Market Cap offers investors a clearer view than price alone, helping them compare cryptocurrencies by size, maturity, and overall market influence.

 

Large-cap assets provide stability and attract institutions, while mid- and small-cap tokens offer growth potential but come with higher volatility.

 

Tracking total Market Cap reveals market cycles and sentiment shifts, enabling investors to adapt strategies for safety, growth, and risk balance.

Market Cap is a key metric in crypto, guiding investors in risk assessment, confidence, and market trends. Learn how it shapes strategies across all market cycles.

 

WHAT IS MARKET CAP?

 

Market Cap (Market Capitalization) is one of the most important indicators used to measure the overall value of a cryptocurrency.

 

The formula is straightforward: Token Price × Circulating Supply = Market Cap. This metric allows investors to quickly compare the scale and relative standing of different cryptocurrencies.

 

Compared to price alone, Market Cap provides a more accurate picture of a project’s market influence and maturity. In general:

 

High Market Cap: Often indicates that the cryptocurrency is more established, widely adopted, and carries stronger market confidence.

 

Low Market Cap: Usually comes with higher volatility and greater risk, but may also offer significant growth potential.

 

For this reason, Market Cap is not only a key benchmark for investors when evaluating assets but also a core indicator to track overall market development and capital flows.

 

>>> More to read: What is Crypto Market Cap & Why Should Crypto Investors Care?

WHY IS MARKET CAP IMPORTANT FOR INVESTORS?

 

In the crypto industry, rankings are largely determined by Market Cap, shaping how traders and institutions evaluate different assets.

 

✅ Risk Assessment

A higher Market Cap often signals greater stability, while smaller-cap cryptocurrencies tend to be more volatile and speculative. Risk-averse investors usually favor large-cap assets for their relative safety, while traders with higher risk tolerance may target small-cap tokens for potential high returns.

 

✅ Investor Confidence

Cryptocurrencies with a larger Market Cap are more likely to attract institutional investors, which strengthens credibility and perceived legitimacy. Assets like Bitcoin and Ethereum dominate the market thanks to their substantial Market Cap, making them more reliable choices for long-term holding.

 

✅ Market Trends and Growth Potential

Tracking overall Market Cap helps investors identify bull and bear cycles. Small-cap tokens often outperform during bullish markets, while large-cap cryptocurrencies typically serve as stronger stores of value during downturns, directly influencing investment strategies.

 

>>> More to read: Why Is Blockchain So Secure? A Deep Dive

HOW DOES MARKET CAP INFLUENCE CRYPTO INVESTMENT STRATEGIES?

 

Investors rely on Market Cap to shape their portfolios, balancing risk tolerance with current market conditions.

 

📌 Low-Risk Approach

Those seeking minimal risk often lean toward large-cap cryptocurrencies. These assets provide greater stability and long-term security, making them the foundation of conservative investment strategies. A well-balanced portfolio may also include mid-cap assets, combining their growth potential with the safety of large caps.

 

📌 High-Risk, High-Reward Strategy

More aggressive traders tend to allocate a portion of their holdings to small-cap cryptocurrencies. While these assets are highly volatile, they can deliver substantial returns when timed correctly.

 

📌 Market Sentiment and Trend Analysis

Investment decisions are heavily influenced by understanding market cycles and price trends. Tracking the total Market Cap serves as a measure of overall industry health—rising market cap often reflects bullish sentiment, while declining market cap signals bearish pressure.

✏️ In short, Market Cap is more than just a ranking metric; it is a practical tool that guides investors in balancing safety, growth, and risk across different stages of the crypto market cycle.

 

 

 

 

 

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〈Why is Market Cap Important In Crypto?〉這篇文章最早發佈於《CoinRank》。

Crypto savings accounts offer significantly higher APYs than traditional banks, providing an attractive option for earning interest on digital assets.

 

Understanding the balance between high returns and potential risks, including market volatility and platform stability, is crucial for crypto savings success.

 

Diversifying your crypto investments across different assets and savings platforms can mitigate risks and enhance the growth of your digital asset portfolio.

Exploring crypto savings has become a favored approach for investors eager to secure passive income. This guide aims to equip crypto beginners with the knowledge to navigate the crypto savings sphere intelligently, focusing on effective strategies and understanding interest calculations.

CRYPTO SAVINGS: UNDERSTANDING THE BASICS

 

Crypto savings accounts allow you to earn interest on your digital assets by depositing them into a platform. Unlike traditional savings accounts, these can offer Annual Percentage Yields (APY) significantly higher, sometimes ranging from 10% to 15% or more.

CRYPTO SAVINGS: NAVIGATING THE PROS AND CONS

 

🚩 Pros

 

High APY: The potential to earn high interest rates is a significant advantage over traditional savings accounts.

Flexibility: Platforms like CoinW (as shown below) provide options for daily interest payouts, giving you greater control over your investment.

 

❗Cons

 

Market Risk: The value of cryptocurrencies can be highly volatile, impacting the real value of your savings.

Platform Stability: Historical instances such as Celsius and Voyager’s challenges underline the importance of choosing reputable platforms.

CRYPTO SAVINGS EXPANSION: STRATEGIES FOR GROWTH

 

Interest Calculations: Understanding how your earnings are calculated is crucial. Most crypto savings accounts use a simple interest formula: Interest = Principal × Rate × Time, where the rate is the annual interest rate, and time is the period your crypto is saved.

 

✏️  For example:

 

Principal: 1 BTC

Interest rate: 5%

Term: 30 days

Interest = 1 * 0.05 * 30 = 1.5 BTC

 

Some platforms compound interest, which means your interest earnings also earn interest over time, potentially increasing your returns significantly.

 

📌 Crypto Selection: Choose cryptocurrencies that align with your risk tolerance and investment goals. While stablecoins might offer lower volatility, altcoins could provide higher returns (with increased risk).

 

📌 Diversification: Don’t put all your eggs in one basket. Consider spreading your investment across different cryptocurrencies and savings platforms to mitigate risk.

BEYOND CRYPTO SAVINGS ACCOUNTS: OTHER WAYS TO EARN PROFIT

 

While crypto savings accounts are popular, other methods also exist for earning from your digital assets:

 

📌 Staking: Lock up your crypto to support the operation of a blockchain network and earn rewards. Staking is particularly common with cryptocurrencies that use a Proof of Stake (PoS) consensus mechanism.

 

📌 Lending: For those seeking passive income, lending your crypto via DeFi platforms earns interest. This method generates interest from borrowers, leveraging smart contracts for secure and automated transactions without the need for traditional intermediaries.

CRYPTO SAVINGS: CHOOSING THE RIGHT PLATFORM

 

Factors to consider include:

 

Interest Rates (APY): Look for competitive rates but also weigh other factors such as platform security and flexibility.

 

Supported Cryptocurrencies: More options give you greater flexibility to diversify.

 

Security Measures: Opt for platforms with robust security features and possibly insurance to protect your assets.

 

Payout and Lock-in Terms: Consider how often interest is paid out and whether you can access your crypto easily if needed.

CONCLUSION

 

Earning through crypto savings requires a balanced approach, combining knowledge of how interest is calculated with strategies for risk management. While the allure of high APYs is strong, understanding the risks and diversifying your investment can help secure and grow your digital asset portfolio responsibly.

 

>>> More to read: Choosing the Right Cryptocurrency Exchange: CEX vs DEX

 

 

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〈How to Profit from Crypto Savings?〉這篇文章最早發佈於《CoinRank》。

Community-Centric Value: Memecoins derive their value from community participation and viral trends.

 

High Volatility: These tokens experience significant price swings, offering high rewards but also high risks.

 

Investment Caution: Evaluate memecoin projects carefully to avoid rug pulls and manage investment risks.

Memecoins are humorous and satirical cryptocurrencies driven by community engagement and internet culture, featuring high volatility and significant investment risks.

 

WHAT IS MEMECOIN?

 

Memecoin, a type of cryptocurrency, originates from internet community culture and is created by tech enthusiasts using blockchain technology for the purpose of achieving humor, satire, or parody. In addition to possessing the humorous and satirical characteristics and community-driven nature of memes, as a coin, it differs from other cryptocurrencies in terms of issuance mechanisms, investment logic, and practical functions.

 

These tokens typically have a high level of community engagement and attract investors through humor or satire. Their value is primarily built on community recognition rather than technical strength. In short, memecoins are cryptocurrency projects built around the concept of jokes. Most popular memecoins are dog-themed, but many are also named after celebrities, politicians, foods, and popular movies, with content created around them. This year, the PEPE coin, themed around Pepe the Frog, quickly captured the market, sparking a wave of non-dog-themed memecoins.

 

The price of memecoins is usually highly volatile. Most memecoins are purely trading tools, unlike Ethereum and other utility tokens associated with specific blockchain functions, memecoins rely on community development and popularity rather than technical breakthroughs like larger tokens such as Bitcoin. However, they can also experience sudden popularity, resulting in significant price surges, sometimes by tens or even hundreds of times. Therefore, investing in memecoins carries a high level of risk and should be approached with caution.

 

🔍 Memecoin Features

 

Community-Driven: The value of memecoins comes from community participation and support. Community members drive the development of memecoins by engaging, sharing, and creating memes.

 

Low Cost: Compared to other cryptocurrencies, the purchase cost of memecoins is relatively low, making it accessible to more people.

 

Rapid Spread: Due to the characteristics of memecoins and community involvement, they can quickly spread on the internet and attract widespread attention.

HOW MEMECOIN OPERATE

 

✅ Strong Narrative and Hype Potential: For memecoins, narrative is life, and consensus is value. Entertainment and satirical culture have strong dissemination and penetration power on the internet. A photo of a cute dog gave birth to DOGE, the idea of surpassing DOGE created SHIB, and a crowdfunding event to bid for a copy of the US Constitution at Sotheby’s formed PEOPLE. Interesting, trendy, or satirical narratives can all become meme waves followed by the community.

 

✅ Large Supply and Low Cost Economic Model: Memecoins often have a huge or unlimited supply. For example, DOGE currently has a supply of over 140 billion, PEPE has 391 trillion, and BabyDoge has 14 quadrillion. Therefore, their prices are very low, with most memecoins priced below $1. Compared to other cryptocurrencies, buying memecoins feels more cost-effective and rewarding psychologically.

 

✅ Celebrity Influence and Community Maintenance: The price trends and popularity of memecoins are closely tied to community activity. Community members boost memecoins’ popularity through participation, communication, sharing, and trading. The power of the community, especially the opinions of well-known influencers, cannot be underestimated, as their views can quickly ignite trading enthusiasm. For instance, Elon Musk’s endorsements often cause DOGE’s price to fluctuate significantly with his posts on X (formerly Twitter).

 

Common community interaction tools in the crypto field include X, Reddit, Telegram, Discord, GitHub, Medium, Instagram, and Facebook. X is the main opinion tool, with DOGE and SHIB having over three million followers.

 

✅ Empowerment by Major Exchanges: Listing on major exchanges saves new coins from the complex trading process on decentralized exchanges (DEX), increases their visibility, and brings in a large number of users and funds. For example, PEPE was listed on the MEXC Exchange in just six days and on Binance in 22 days, its value multiplying 70 times in half a month, and its market cap exceeding $1 billion in less than a month.

 

✅ Wealth Effect and FOMO Sentiment: The price increases by tens or hundreds of times surprise investors, far exceeding the performance of other coins or traditional assets. Under the FOMO (Fear of Missing Out) sentiment, new memecoins constantly emerge, with investors continuously searching for the next coin with the potential to multiply.

 

✅ Exploring Practical Value: Initially, most memecoins had no practical use cases or utility value. However, following the narrative effect, memecoins began expanding practical functions or ecosystems to support their market value. For example, DOGE can be used for payments and tipping, and SHIB launched the decentralized exchange ShibaSwap, an NFT art incubator, and the game Shiboshi Game.

RISKS OF MEMECOINS

 

1️⃣ High Volatility

The value of memecoins is mainly driven by community hype, online trends, or celebrity influence rather than financial fundamentals. This makes their prices extremely volatile, often rising rapidly and then collapsing once market enthusiasm fades.

 

2️⃣ Lack of Utility

Most memecoins have no real business application or technological foundation. They are often created for entertainment or tipping within communities. Only a few, such as Dogecoin or Shiba Inu, have built ecosystems that attract long-term holders.

 

3️⃣ Scam and Fake Token Risks

Since memecoins are easy to create, they are prone to scams. One common scheme is the Rug Pull, where developers pump prices through hype and then sell off quickly, leaving investors with worthless tokens.

 

4️⃣ Liquidity Risks

Smaller memecoins usually suffer from low liquidity. This can lead to price slippage during trades, difficulty in buying or selling during downturns, and even complete loss of liquidity if exchanges delist the token.

THE MOST POPULAR MEMECOINS OF 2025

 

➤ What is PENGU | Pudgy Penguins Token

 

➤ What is M Token? MemeCore Explained

 

➤ What is $TRUMP|OFFICIAL TRUMP

 

➤ Dogwifhat (WIF) : A Dog Wearing A Hat

 

➤ PEPE : A New Memecoin Phenomenon

 

➤ Dogecoin(DOGE) : King of Memecoins

 

➤ Shiba Inu (SHIB): The Dogecoin Killer

 

➤ FLOKI : From Memecoin to Web3 Powerhouse

 

➤ $BONK: The Memecoin Revitalizing Solana

 

➤ The Rise of BOME : Supernova Memecoin

 

INVESTMENT TIPS FOR MEMECOINS

 

Cryptocurrencies are inherently high-risk, especially memecoins, which rely on community strength and hype.

 

📌 Evaluate Projects to Avoid Rug Pulls

 

Creating new cryptocurrencies is easier with standards like ERC-20 tokens. Even projects with compelling narratives might exit after a price spike, leading to a rug pull. Carefully evaluate new memecoins spreading online or listed only on DEXs, keeping in mind that available information might be scarce.

 

📌 Understand Price Volatility

 

While memecoins can offer high returns, they also come with significant risks. Extreme price volatility is a hallmark of memecoins. Assess the risks carefully when investing in these high-risk assets.

 

 

 

 

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〈What is Memecoin And Why Are They Popular?〉這篇文章最早發佈於《CoinRank》。

CoinFerenceX 2025 brings together founders, investors, regulators, and developers globally in Singapore to foster collaboration across blockchain, DeFi, gaming, and regulatory fronts.

The summit will feature deep dives into Real-World Assets (RWAs), DePIN, and sustainable token models, pushing forward real-world integration of Web3 technologies.

A stellar speaker lineup from top Web3 projects will share actionable insights on governance, security, innovation, and global adoption trajectories.

CoinFerenceX 2025 gathers over 25,000 global Web3 leaders in Singapore on September 29, spotlighting blockchain, DeFi, RWAs, gaming, DePIN, regulation, and next-gen innovation at a decentralized summit.

 

Singapore, September 25, 2025 — LBank Labs hosted the vibrant 1001 Festival Seoul at RAUM Art Center in Gangnam, Seoul, during KBW 2025, drawing over 3,000 Web3 enthusiasts, partners, industry leaders, and 100+ global KOLs worldwide. Generating over 100 million impressions and covered by 30+ top-tier media outlets, the event cemented its place as one of 2025’s most dynamic Web3 gatherings.

 

 

The festival brought together numerous top ecosystem partners and community supporters. Co-organized by AliCloud, with epic partners Zetachain, Tencent Cloud, and edeXa and supporting partners such as SNZ, JDY Cloud, METASTONE, NEO, ΧΡΙΝΝΕΤWORK, AILiquid, SkyDAO, MultiBank, Slowmist, Dora and HyperX. It also attracted Meme powerhouses including SHIB, BABYDOGE, WIF, DOG, Brett, Turbo, MEW, Sundog, DJ Dog, and Cocoro as well as leading ecosystem leaders Avalanche, Sonic, Polygon, Kaspa, Manta Network, XDC Network, ICP, Dabl Club, and KEF. The festival provided global Web3 users with an interactive and innovative experience, further strengthening community vitality and cohesion.

 

During the event, RAUM Art Center was transformed into a “Future Playground” blending creativity and energy. Giant screens and dynamic lighting created an immersive stage as Korean hip-hop stars Gray and LOCO delivered electrifying performances, with fans cheering and waving light sticks, merging cultural vitality with Web3 enthusiasm. The interactive zone featured classic Korean games like Ddakji, Jegichagi, Tuho, and Dalgona, where attendees collected stamps, redeemed exclusive merchandise, and joined a grand prize draw amid the lively atmosphere.

 

 

The excitement extended beyond the venue, spreading across X, Instagram, and Telegram. Participants shared interactive moments and performance highlights in real time, with topics quickly gaining traction and being reshared, amplifying the festive atmosphere globally. The seamless online-offline integration made 1001 Festival Seoul more than a gathering—it became a cross-cultural global event.

 

“1001 Festival Seoul is a milestone that highlights how culture and community can accelerate Web3 adoption,” said Czhang, Head of LBank Labs. “As we wrap up this celebration, we look forward to building on this momentum — creating more cross-cultural, highly interactive experiences, and forging stronger global partnerships that will shape the future of the Web3 ecosystem.”

 

Beyond a gathering, 1001 Festival Seoul sparked a dialogue between crypto innovation and mainstream culture, forging authentic connections and injecting new possibilities into Web3’s future. Building on its success hosting the “Global Blockchain Forum”, as well as “AI in the Skyline” at Consensus Hong Kong and sponsoring Bitcoin 2025, LBank Labs remains dedicated to advancing the global Web3 ecosystem through community-focused, cross-cultural initiatives.

 

 

About LBank Labs

 

LBank Labs is a global Web3 venture capital firm with over $100 million in assets under management, focused on early-stage investments across compliant blockchain infrastructure, regulated DeFi applications, AI integration, and institutional-grade decentralized solutions. Its portfolio includes leading projects and funds that are helping develop the next generation of regulatory-aligned, scalable digital technologies.

 

〈LBank Labs Successfully Hosts 1001 Festival Seoul, Connecting the Global Web3 Community and Innovation〉這篇文章最早發佈於《CoinRank》。

CoinFerenceX 2025, billed as the world’s first decentralized summit, will take place on September 29 at Gardens by the Bay in Singapore with over 25,000 expected attendees.

 

Keynote speakers include Rachel Conlan (Binance), Sebastian Borget (The Sandbox), and Yat Siu (Animoca Brands), who will share insights on digital ownership, gaming, and mass adoption.

 

The event highlights include startup showcases, networking with investors and builders, and interactive demos showcasing the future of decentralized technologies.

 

Singapore — September 24, 2025 — The global blockchain and Web3 community will converge in Singapore for CoinFerenceX 2025, set for September 29 at Gardens by the Bay. Touted as the world’s first decentralized summit, the event is expected to draw more than 25,000 participants, including founders, investors, opinion leaders, regulators, and innovators.

 

Under the theme “Built by Builders. Powered by the Ecosystem,” CoinFerenceX 2025 will span a wide set of topics: sustainable blockchain, infrastructure, DePIN, regulation and compliance, mining, gaming, decentralized governance, RWAs, DeFi 2.0, memecoins, and blockchain security.

 

KEYNOTE SPEAKERS

 

The lineup features some of the industry’s most influential figures:

Rachel Conlan, CMO, Binance

Sebastian Borget, Co-Founder, The Sandbox

Yat Siu, Co-Founder, Animoca Brands

 

They will discuss the future of digital ownership, gaming, and how digital assets are moving toward mass adoption.

 

ESTEEMED SPONSORS

 

CoinFerenceX is backed by forward-looking sponsors blending blockchain and AI:

 

Liquid Loans — the first decentralized lending protocol on PulseChain, enabling secure, censorship-resistant borrowing.

Bullbit AI — an AI-driven platform reshaping crypto trading and investment strategies.

BrandPR — a global PR agency amplifying Web3 stories and building trusted narratives.

 

“As Web3 evolves, it’s not just about technology, it’s about trust — and trust comes from strong stories that connect people with purpose,” said Radhe Gupta, founder of BrandPR.

 

EVENT HIGHLIGHTS

 

Attendees can expect:

Keynotes and panels with top blockchain and Web3 leaders

Networking spaces to meet investors, builders, and media partners

Startup showcases and funding opportunities

Interactive exhibits and demos of next-generation decentralized tech

 

ABOUT COINFERENCE X

 

CoinFerenceX is a global Web3 summit designed to bring together builders, innovators, and communities. By combining thought leadership, live showcases, and networking, it aims to accelerate the adoption of decentralized technologies worldwide.

 

REGISTRATION

CoinFerenceX 2025 will be held on September 29, 2025, at Gardens by the Bay, Singapore.

More details and registration: https://coinferencex.com/

Luma Link: https://luma.com/CoinFerenceXSG

Follow updates on X (Twitter), LinkedIn, Telegram

Contact

Name: Prince Gupta

Email: [email protected]

〈CoinFerenceX 2025 Unites Global Web3 Innovators in Singapore〉這篇文章最早發佈於《CoinRank》。

Andrew Kang challenges Ethereum’s “digital oil” story, arguing stablecoins, RWAs, and institutions fail to boost network revenue or long-term valuation.

He warns ETH’s high P/S ratio, weak fees, and bearish technicals show structural problems, predicting sharp downside if narratives collapse.

Kang contrasts Wall Street optimism with crypto-native caution, saying ETH risks commodity-like stagnation unless it evolves into digital infrastructure.

 

On September 25, 2025, the crypto market saw another dramatic day. Tom Lee, co-founder of Fundstrat, said in public that Ethereum’s (ETH) “fair value” is $60,000. He called ETH “digital oil” and said it will benefit from the rise of stablecoins and real-world asset (RWA) tokenization.

 

His bullish view sparked debate. Andrew Kang (@Rewkang), founder of Mechanism Capital, pushed back hard. On X, he said Lee’s claim “is one of the dumbest, financially illiterate arguments,” and he restated his bearish view on ETH. The current ETH price has fallen below $4,000, down 13% from last week. This supports part of Kang’s concern and adds uncertainty to the market.

 

Kang is known for sharp insights. During the market correction in April 2025, he predicted ETH would drop below $1,000. It was seen as extreme then, but looks prescient in today’s weak market. This article breaks down Kang’s five bearish points and looks at ETH’s outlook after the ETF era. Is it a Wall Street bubble story, or a structural problem inside crypto?

 

POINT ONE: THE “GROWTH ILLUSION” OF STABLECOINS AND RWA — WHY ARE FEES FLAT?

 

One core question from Kang: the huge growth of stablecoins and RWA has not turned into real revenue for the ETH network. Since 2020, stablecoin volumes grew by 100–1000x. The value of tokenized RWA jumped to the trillion-dollar range. But ETH gas fees are almost the same as in 2020 and only show a small part of on-chain activity. He said: “You can tokenize trillions in assets, but if these assets are not active, they might add only $100,000 of value to ETH.” 

 

 

This view is not baseless. In September 2025, ETH daily fees moved around but mostly stayed in the $5–10 million range, far below the 2021 peak near $100 million. Even worse, Layer 2s (like Arbitrum and Optimism) are moving many transactions to cheaper chains. Solana, with stronger BD teams, has won over 20% of stablecoin activity. Kang thinks this shows a fragmented ETH ecosystem: the RWA story looks shiny, but it does not create sustainable fee growth. It may be a short-term bubble, like the post-2024 meme-coin boom that later faded.

 

From a macro view, this comes from an “open-access tragedy of the commons.” Openness brings innovation but weakens value capture. The Dencun upgrade lowered L2 costs, but mainnet fees fell further. Kang warns: if RWA adoption stays “surface-level,” ETH’s revenue model will face long-term pressure.

POINT TWO: THE “DIGITAL OIL” NARRATIVE — THE DOUBLE-EDGED SWORD OF COMMODITIZATION

 

Tom Lee compares ETH to “digital oil” to show its value as a store and medium of exchange. Kang flips it: “I agree ETH can be seen as a commodity, but that is not bullish. I have no idea what Tom is thinking!” Oil, as a classic commodity, has an inflation-adjusted real price that barely changed over the last century. It swings in cycles and often reverts to the mean.

 

This is the irony. Commodity traits mean volatility and outside dependence. If ETH is truly “digital oil,” its price will depend more on macro forces (like the Fed’s rate cycle) than on tech progress. In September 2025, the ETH/BTC ratio fell to 0.045, half of its 2021 high. Bitcoin’s “digital gold” story looks stronger. Geopolitical shocks can push oil up, but similar shocks for ETH (like tougher rules) are more likely to cause selling. 

 

 

Kang says Lee ignores mean reversion in commodity markets. Oil often falls 50% or more in bear turns. If ETH follows that path, a move from $4,000 to $2,000 is very possible. This is not only a metaphor but a warning on market psychology: romantic stories near the top often burst.

 

POINT THREE: INSTITUTIONAL ADOPTION ON PAPER — WHY WOULDN’T BANKS HOARD ETH?

 

Lee thinks institutions will stake ETH, lock supply, and drive price up. Kang answers with realism: “Do banks hoard gasoline because they must pay energy costs all the time? No. They pay as needed.” As of September 2025, big banks like JPMorgan and Citi have not put ETH on their balance sheets, and they have no public staking plans.

 

This hits the weak spot of the ETH ETF. After approval in 2024, net inflows once reached $5 billion. But in Q3 2025, net outflows topped $1 billion. The reason is clear: staking yield (about 4% APY) is below bonds and has unlock risk. Giants like BlackRock may hold ETH, but often for trading, not long holding. Kang says real institutional use needs clear rules and strong liquidity. Today, “institution-friendly ETH” looks more like marketing.

 

Since August, several top traders turned bearish on ETH and warned of multi-billion-dollar liquidations. This supports Kang’s view: shallow institutional money can amplify downside.

 

POINT FOUR: ROOTS OF AN EXPENSIVE VALUATION — THE CEILING OF FINANCIAL ILLITERACY

 

Kang says ETH’s market cap (about $480 billion) is near bubble territory, driven by “financially ignorant” thinking. Speculation can lift price in the short run, but without fundamentals it will return to reality. Unless the Ethereum Foundation makes big changes (for example, improving fee burn), ETH will likely underperform for a long time.

 

By numbers, ETH’s price-to-sales (P/S) is above 100x, far higher than tech stocks on average. Bitcoin’s P/S is only about 30x. This shows ETH’s premium comes from narrative, not cash flow. Kang predicts this “ignorance dividend” has a clear cap. When retail wakes up, selling will come.

 

POINT FIVE: BEARISH TECHNICALS — A MULTI-YEAR RANGE AS AN IRON CURTAIN

 

From charts, ETH trades in a multi-year range between $1,000 and $4,800. It hit $4,800 in September but failed to break out. RSI is now in oversold territory. ETH/BTC is in a down channel. Story fatigue plus weak fundamentals support further downside. Key support sits at $3,800–3,500. A break could open an extreme move to $2,800. 

 

 

Some analysts still see $5,000 by year-end. But retail activity is low in September, and whale liquidations are frequent (one whale lost $36 million). This adds to a bearish mood. Kang’s long-term view: ETH will range until the ecosystem restructures.

 

CONCLUSION: COMMUNITY DIVIDE AND ETH AT A CROSSROADS

 

Kang’s bearish stance is not random noise. It is a systematic diagnosis of ETH’s pain points. It offers “exit liquidity” for crypto natives, but also triggers backlash. Some praise his accuracy. Others say he ignores Layer 2 potential. Looking to late 2025, if ETH breaks above $4,950, the $5K hope may return. If not, the “$1,000 ghost” will come back.

 

Between narrative and reality, ETH’s future depends on shifting from “digital oil” to “digital infrastructure.” Investors should watch short-term volatility and track fee data and institutional moves.

〈Andrew Kang Turns Bearish on ETH: A Deep Challenge to the “Digital Oil” Narrative〉這篇文章最早發佈於《CoinRank》。

Plasma focuses purely on stablecoin settlement, offering zero-fee USDT transfers, sub-second finality, and Bitcoin-anchored security instead of a general-purpose L1.

 

Its freemium strategy uses free transfers as the hook, while DeFi, FX, and the Plasma One neobank drive value capture and revenue downstream.

 

Success depends on three factors: flawless tech execution, migration of flows from Tron, and the ability to sustain network effects under regulatory pressure.

SETTLEMENT SOVEREIGNTY

 

The rise of stablecoins forces a clear question: which chain can carry the massive flow of global dollar settlement? In the past five years, stablecoins moved from “exchange lubricant” to “internet dollars” for emerging markets. Annual settlement volume already rivals or surpasses card networks. When cost, speed, and censorship resistance become first principles for enterprise and consumer payments, general-purpose chains show structural limits. Gas fees are volatile and crowded, execution paths are tuned for complex contracts, and small, frequent payments simply do not work on Ethereum and similar networks. Tron captured huge USDT flows with low fees, but it remains thin in DeFi depth, locking its utility at simple transfers.

 

Plasma proposes another path. It is not a “do everything” L1, but a chain built only for stablecoin settlement. Think of it as extracting the “payment engine” from a general OS and sharpening it for one job. Its promise is zero-fee USDT transfers, sub-second finality, and seamless EVM compatibility. The bet is to redefine who acts as the “clearing house” of the internet dollar. The team openly declares its philosophy: treat stablecoins as first-class citizens. Backed by Founders Fund, Bitfinex/Tether, and a web of exchanges, custodians, and regional payment partners, Plasma positions itself as a purpose-built stablecoin highway. Unlike Ethereum and L2s, it does not seek to cover all use cases. Unlike Tron, it aims to pair free transfers with a full DeFi and financial stack. The chain that becomes the “SWIFT + ACH” of stablecoins will hold real settlement sovereignty, and Plasma is built to compete for that role.

 

ENGINEERING CHOICES

 

To make free USDT transfers real, Plasma engineers trade-offs at every layer. Its consensus is PlasmaBFT, a PoS system derived from the HotStuff family, designed for sub-second finality and over 1,000 TPS at launch, with a roadmap toward 10,000+. For execution, it runs on Reth, the Rust-based Ethereum client. That decision lowers migration costs for developers — Solidity contracts, MetaMask, and tooling all work out of the box. For users and dApps, the shift feels seamless, but fees, confirmations, and throughput improve by orders of magnitude.

 

The most distinctive design is the Bitcoin anchor. Plasma writes cryptographic checkpoints to Bitcoin on a schedule, borrowing its unmatched immutability as a final arbitration layer. Any new PoS chain faces the “bootstrapping security” problem: its native token is too small to deter economic attacks. By anchoring to Bitcoin, Plasma pairs speed and efficiency with the gold standard of security. For enterprises or institutions, the question becomes: what happens on the worst day? Anchoring to Bitcoin is a credible answer.

 

Three product features stand out. Zero-fee USDT transfers are supported by a built-in paymaster that pays gas for standard P2P transfers under eligibility rules and rate limits. Custom gas tokens free users from stocking the native coin; ERC-20s like stablecoins can be used for gas, converted to XPL in the background. A native BTC bridge brings Bitcoin into EVM as pBTC, with a roadmap for confidential payments to hide sensitive details like salary amounts or B2B flows. Together, these choices show Plasma is not promising speed and cost out of thin air — it grounds them in deliberate engineering.

 

FREEMIUM MODEL

 

Zero-fee transfers are not the business; they are the entry point. Plasma embraces a freemium strategy: attract flows by subsidizing the most common action, then monetize where margins are thicker. Once USDT and users arrive, DeFi swaps, lending, FX trades, and B2B settlements will generate normal gas fees, which are burned to offset inflation. On top, Plasma One — the stablecoin-native neobank — bundles free transfers with cards, fiat on-/off-ramps, and yield products. It earns interchange, FX spreads, and treasury yield. Unlike most L1s that only build highways, Plasma also opens the first service station, creating a closed loop for adoption and revenue.

 

XPL sits at the center. It secures the network through staking, powers transactions as a fee unit, and anchors governance as a vote token. Team and investors vest on a three-year schedule, while inflation starts at 5% and tapers to 3%. Fees are burned, aiming for net deflation at scale. The valuation story shifts from “discounted cash flow of protocol fees” to “monetary premium.” XPL’s worth is tied not to tolls on each transfer, but to the scale of the stablecoin economy it secures. In effect, it is a bet that Plasma becomes the central bank or clearing layer of the internet dollar.

 

The risks are obvious. Can free remain sustainable? Will users flow into higher-margin actions? Can Plasma One scale beyond being just a demo app? The answers lie in metrics: net migration from Tron, fee burn from DeFi and FX, and user traction in Plasma One. If those form a self-reinforcing flywheel, the freemium bet pays off. If not, free becomes a costly subsidy with no return.

 

RISKS AHEAD

 

The path from “Tron killer” to “stablecoin clearing house” will test Plasma across technology, adoption, and regulation. Tron still commands the main USDT flow, and Ethereum and its L2s keep their grip on the broader DeFi economy. Issuer-led chains like Circle’s Arc add pressure from the institutional side. Plasma’s differentiation is openness, neutrality, and integration of Bitcoin-grade security. But competition is fierce.

 

Risks multiply. A bug in consensus, the paymaster, or the BTC bridge could break trust. Failure to convert hype into network effects could leave XPL illiquid and volatile. Global regulators are rewriting the rulebook for stablecoins, and Plasma will need flexibility to adapt. Free transfers may invite farming and abuse unless rate limits and anti-fraud measures are effective.

 

The team’s mitigation is to start with credibility: audited HotStuff consensus, Reth execution, Bitcoin anchoring, and early partnerships with blue-chip DeFi, exchanges, and custodians. Plasma One serves as both distribution and monetization channel, with app-layer cashflows supporting base-layer subsidies. The next twelve months will decide the story: stability of zero-fee transfers, real USDT migration from Tron, traction of pBTC in DeFi, adoption of Plasma One cards and accounts, and progress in decentralization of governance.

 

If milestones light up, Plasma moves from “Tron killer” as narrative to “stablecoin clearing house” as fact. If not, it risks the familiar L1 curve of hype, scatter, and decline. In the stablecoin era, the winning chain is not the one with the most features. It is the one that does one job to the extreme. Plasma has chosen the hardest — and potentially most rewarding — job: making stablecoin settlement a near-frictionless internet layer. Execution, adoption, and compliance will tell if it can deliver.

〈Plasma: Building the Future of Global Stablecoin Settlement〉這篇文章最早發佈於《CoinRank》。

Bitcoin dropped 4–6% as traders revised expectations for U.S. interest rates, with concerns about sticky inflation prompting capital to flow back into safer assets.

 

The failure to break above $115,000 and crowded long positions in derivatives created structural weakness, leaving the market vulnerable to a sharper downturn.

 

More than $1.5 billion in liquidations amplified selling, but the true drivers were macro headwinds, technical resistance, and tightening global risk appetite.

Bitcoin fell 4–6% this week, driven by interest rate expectations, technical rejection, and risk aversion. Liquidations accelerated the move but were not the root cause.

A WEEK OF WEAKNESS

 

Over the past week, Bitcoin slipped from its attempt to break above $115,000 and now trades closer to the $109,000–$110,000 range. This represents a 4–6% decline, significant given the broader context. Unlike sharp sell-offs triggered by sudden shocks, this downturn stems from deeper macroeconomic and structural forces.

 

The cascade of liquidations that dominated headlines was less a cause than a consequence.

 

 

THE ROLE OF INTEREST RATE EXPECTATIONS

 

At the heart of Bitcoin’s decline lies a shift in expectations surrounding U.S. monetary policy. Investors spent much of the summer anticipating Federal Reserve rate cuts. However, recent inflation signals—particularly the upcoming PCE price index—suggest inflation may not be easing as quickly as expected. As a result, markets have adjusted to a “higher for longer” rate outlook.

 

This matters because Bitcoin, despite its long-term narrative as a hedge against fiat debasement, is still treated by institutions as a high-risk asset. When interest rates are expected to remain elevated, liquidity tightens and risk appetite falls. In such conditions, capital tends to flow back into Treasuries or cash, leaving Bitcoin exposed.

 

 

Read More:U.S. JOBLESS CLAIMS SIGNAL LABOR MARKET RESILIENCE

 

TECHNICAL RESISTANCE AND MARKET STRUCTURE

 

Beyond macro forces, Bitcoin’s technical setup also played a role. For weeks, the $115,000 level acted as a stubborn ceiling. Each attempt to break higher met heavy selling pressure, reinforcing the perception that the market lacked momentum.

 

This repeated rejection weakened trader confidence. Short-term participants, seeing resistance hold, reduced exposure or turned to short positions. Combined with macro headwinds, this created conditions for a meaningful pullback.

 

The derivatives market amplified the weakness. Funding rates earlier in the week showed overly bullish positioning, with traders paying premiums to stay long. Once spot prices slid, these leveraged bets became the first casualties.

 

FROM CAUSE TO CONSEQUENCE: LIQUIDATIONS

 

This is where the story turned to liquidations. More than $1.5 billion in positions were wiped out, mostly long bets. While striking, these numbers reflect the downstream effect of the initial decline. Prices fell first due to shifting rate expectations, technical rejection, and risk aversion. The liquidations simply accelerated the move.

 

It is critical to note that liquidations are not why Bitcoin turned lower, they were the accelerant that transformed a manageable retreat into a sharper correction.

 

 

RISK AVERSION AND CAPITAL FLOWS

 

Another factor was a broader retreat from risky assets. Political uncertainty in the U.S., including budget deadlock concerns, reminded investors of fiscal fragility. Normally, such news might boost Bitcoin’s hedge narrative. Yet when liquidity is tight, traders often prefer cash over volatility.

 

This reflects Bitcoin’s dual identity. It can act as digital gold during monetary expansion, but in times of contraction it often behaves like a high-beta risk asset. That duality was clear this week as institutions trimmed exposure.

 

LOOKING FORWARD

 

What happens next depends on the same forces that drove the downturn. If inflation data shows moderation, the Fed may soften its tone, boosting risk assets. Bitcoin could then stabilize and attempt another push toward resistance. Conversely, if inflation proves sticky, the higher-for-longer narrative will keep crypto under pressure.

 

On the technical side, the $108,000–$110,000 range is an important support zone. A break below could accelerate losses, while a defense might restore enough confidence for another attempt upward. In either case, near-term volatility is likely.

 

CONCLUSION

 

Bitcoin’s latest decline is not simply about traders being liquidated. It is the product of shifting monetary policy expectations, structural resistance levels, and falling risk appetite. Liquidations amplified the move but did not cause it.

 

For long-term investors, the downturn shows that macro forces remain decisive in shaping Bitcoin’s path. For traders, it is a reminder that excessive leverage is dangerous in a market where sentiment can turn quickly.

〈BITCOIN’S LATEST DOWNTURN: UNDERSTANDING THE REAL DRIVERS〉這篇文章最早發佈於《CoinRank》。

Ethereum’s Layer 2 networks like Arbitrum, Base, and zkSync have become the main hubs of activity, offering faster and cheaper transactions after the Dencun upgrade slashed costs by 99%.

 

Fragmentation, centralized sequencers, and weak token models reveal hidden risks that could undermine L2 growth despite their rapid adoption.

 

The long-term vision is the “Superchain”: unifying L2 islands into a coherent network with shared governance, liquidity, and seamless user experience.

FROM BOTTLENECK TO BREAKTHROUGH: THE RISE OF L2

 

For almost a decade, the story of Ethereum has been a tug-of-war between congestion and scaling. In 2017, CryptoKitties froze the network. In 2021, DeFi and NFTs pushed gas fees to painful levels. At the base layer, Ethereum can process only a few dozen transactions per second. This physical limit means it cannot carry mass-market apps on L1 alone. The community reached a conclusion: instead of forcing everything through one “highway,” move to a modular, multi-layer design. L1 would secure and settle. L2 would execute.

 

The core mechanism is the rollup. It batches many transactions off-chain, compresses them, and posts the data back to L1. Optimistic rollups use “assume valid, challenge later.” Arbitrum and Base are leading examples. ZK rollups use cryptographic validity proofs to attest that off-chain computation is correct. zkSync is a key example. Vertical L2s also appeared. Immutable X optimizes for NFTs and gaming. For users, this brings lower fees and faster confirmations. For builders, it restores room to experiment.

 

The real turning point came with Dencun in early 2024. EIP-4844 introduced blob space so rollups could post data cheaply. Costs fell by up to 99%. Base soon recorded days with more than 4.2 million transactions. Active addresses on major L2s climbed. Daily activity moved to L2, while Ethereum L1 stayed the ultimate referee. L2s pulled Ethereum back from an “elite game” to something everyday users can afford.

 

THE COST OF FRAGMENTATION: LIQUIDITY AND UX CRACKS

 

Under the surface, a new tension grew: fragmentation. Each L2 is an island. Assets on Arbitrum do not tap Base liquidity by default. Users must use bridges. That cuts capital efficiency and hurts the experience. On Optimistic rollups, withdrawals back to L1 can take up to seven days. The contrast with chains like Solana—where settlement feels instant—is sharp.

 

Bridges add risk and friction. Interfaces are confusing. Waiting is long. Past exploits loom large in user memory. For many people, this split experience is at odds with “Web3 for the next billion.” Capital stuck on islands cannot form a deep ocean of liquidity. It sits in lakes.

 

The deeper issue is sequencer centralization. To hit performance targets, most L2s rely on a single or small set of operator-run sequencers. In 2024, several L2s suffered outages—even while Ethereum L1 stayed healthy. Starknet, Linea, and Polygon saw downtime tied to sequencer issues. The system-level risk is shifting. It is less about a 51% attack on L1 and more about a realistic L2 outage, exploit, or censorship. In practice, the “Ethereum” that users feel now depends on a handful of L2 operators and their uptime.

 

REMADE ECONOMICS: THE DUAL DILEMMA FOR ETH AND TOKENS

 

EIP-1559 gave ETH a strong burn narrative. High fees drove supply reduction and a path to “ultrasound money.” EIP-4844 weakened that engine. With L2 data now cheap, the L1 fees that fueled burns dropped. Lower on-chain activity made it worse. ETH supply turned less deflationary, sometimes inflationary. Scaling worked. But it also trimmed ETH’s monetary premium.

 

L2 tokens have their own struggle. Many do little beyond governance. Users move to L2s for speed and cost, not for token utility. After airdrops fade, some networks face the same question: how to keep users and fund real value capture? Competition among dozens of rollups makes strong network effects hard to build. Meanwhile, high-performance L1s offer a simple story: one chain, no seven-day waits, no mental tax from bridging. For many users, simplicity wins.

 

Still, institutions remain optimistic. Some models project L2 networks could reach a combined market cap near $1 trillion by 2030. But that future depends on fixing the core issues: fragmented liquidity, centralized sequencers, and weak value capture. Without that, L2 prosperity risks looking like a temporary incentive boom, not a durable public-goods flywheel.

 

FROM ARCHIPELAGO TO CONTINENT: A PATH TO THE SUPERCHAIN

 

Today’s Ethereum looks like an archipelago of bright L2 islands. To turn islands into a continent, the ecosystem needs both engineering and governance. On the tech side, decentralizing sequencing, building shared sequencing layers, and standardizing cross-L2 messaging are now priorities. Modular stacks like OP Stack and ZK Stack lower the cost of launching L2s. A common message bus can make contracts talk across domains. In time, developers should be able to route across L2s as easily as calling an API.

 

On the governance side, clarity and alignment matter most. How do we expand sequencer sets? Who holds emergency powers, and under what limits? Who arbitrates bridge disputes? Who funds public goods, and how are outcomes measured? These choices will determine whether a “superchain” can emerge as a network of networks, not just a loose collection of chains. Base, built by Coinbase on the OP Stack, works with the Optimism Collective toward shared upgrades, governance, and revenues—a practical step toward that vision.

 

End users will not care which chain they touch. They will care that it is fast, safe, and cheap. When cross-chain routing becomes invisible, when wallets auto-detect context and switch domains without prompts, and when assets move across layers like browser tabs, modular complexity will fade from view. At that point, Ethereum will no longer feel like a mainnet plus many satellites. It will feel like one unified continental shelf—able to compete with any high-performance L1 on product experience, while keeping Ethereum’s core promises of credible neutrality and security.

 

The endgame is not “Ethereum defeats Solana.” It is “Ethereum evolves.” It keeps the root guarantees of decentralization and finality, while closing the UX gap that centralized systems use to win. Prosperity and risk will rise together. The outcome depends on whether the ecosystem can finish the journey from fragmented islands to a coherent, governed, value-sharing superchain.

 

〈Ethereum L2: Prosperity and Hidden Risks〉這篇文章最早發佈於《CoinRank》。