In July 2025, the number of Crypto Assets venture capital projects significantly decreased, but the total financing amount reached a historical high of $5.361 billion. CeFi and artificial intelligence projects accounted for the largest share, with investors preferring to support large projects, particularly those involving Bitcoin businesses and strategies.

The arbitrage chain triggered by Ethena leads to high returns by borrowing stablecoins through collateralization and purchasing YT/PT, resulting in the leverage of the lending market and a surge in the utilization rate of stablecoins, which increases system vulnerabilities. The exit mechanism faces challenges, and lending platforms along with Ethena implement risk control measures to address potential shocks. Investors need to follow key risk indicators and establish corresponding risk management frameworks to enhance the system's resilience to risks.

The company's stock has risen significantly since 2020 due to its Bitcoin reserve strategy. Analysis shows that out of the 35-fold increase in stock price, 25-fold is attributed to the treasury strategy. This strategy increases the amount of Bitcoin held per share through various financing methods, and it has a significant impact on the stock price, especially evident in Ether.

The Future of Crypto Assets under Hong Kong's New Stablecoin Regulations
When Hong Kong announced new regulations requiring stablecoin users to verify their identities, the reaction from the Crypto Assets community was one of uproar. Many expressed strong dissatisfaction and disappointment, even considering it a sign of the end of the decentralization ideology.
As a veteran of the Crypto Assets space who has experienced the early days of Bitcoin, the ICO boom, and the rise of DeFi, I deeply understand the origin of this sentiment. It is not just a dislike for cumbersome procedures, but a steadfast commitment to the core principles of Crypto Assets.
However, let's put emotions aside for a moment and carefully examine this new regulation to see whether it is a poison that stifles innovation or a necessary pain in the development of the industry.
The roots of Crypto Assets users' opposition to identity verification.
Crypto Assets users have a deep-rooted resistance to identity verification.
First of all, from a conceptual perspective, the original intention of Bitcoin's creation was to establish a permissionless, censorship-resistant, peer-to-peer electronic cash system. The core

Recently, the MEME Token launch platform has undergone new changes, with emerging platforms surpassing established leaders in market share and trading volume, becoming the focus. The new platform's token "graduation rate" is also significantly higher than that of its competitors, demonstrating its strong appeal. The influence of the founders and operational transparency are key factors to its success, and future competition will be even more intense.

The leadership of the United States in the digital financial revolution
Good afternoon everyone. Thank you all for the warm welcome. I am very pleased to be here with you to discuss the critical moment when the United States is demonstrating leadership in the cryptocurrency asset market. Before sharing some thoughts, I would like to thank the organizers for convening this timely discussion. The views I express here today are solely my own and do not necessarily represent the position of any institution or other committee members.
Today, I want to talk about what we call the "Crypto Plan", which will serve as a guide to assist in the historic effort to make the United States the "Global Crypto Capital". But before discussing our plans for dominance in the crypto market, I would like to review some pivotal moments in the history of capital market development, as they are quite similar to the juncture we are at now, and the future we shape should be worthy of the legacy we inherit.
From the Phoenix Tree to Blockchain: The Evolution of Capital Markets
The wind of innovation is always sweeping through our capital.

Hainan Huatie's Web3 attempt has sparked heated discussions, launching the "Wasp Brother NFT" and a 10 million yuan non-financial RWA product. On the surface, it seems innovative, but it hides legal risks. Issues such as unclear equity structure, difficulties in user rights protection, and speech control infringing on autonomy need urgent resolution. True Web3 innovation requires Compliance and transparency.

Solana Decentralization Physical Infrastructure Network ( DePIN ) Development Report
Decentralization Physical Infrastructure Network ( DePIN ) is rapidly rising, becoming a bridge for real-world assets to be on-chain. Whether it's shared GPUs, telecommunications networks, or street map collection, DePIN is reshaping the construction and operation of infrastructure through cryptographic incentive mechanisms. Solana is gradually becoming the core platform of this trend, with its high-performance network providing an ideal ground for the expansion of DePIN projects.
This article provides an in-depth analysis of the development status, market performance, and on-chain data of multiple core DePIN projects on Solana. The data is current as of April 22, 2025, providing us with a clear picture of this emerging ecosystem and revealing its underlying verifiable growth trajectory.
The concept of DePIN and the advantages of Solana
What is De

The United States has imposed sanctions on the Aeza Group and its affiliated entities in Russia for providing accomplice services for cybercrime. This action marks a shift in the focus of global regulators to target the technical support behind cybercrime, reminding businesses and service providers to strengthen compliance to avoid secondary sanctions.

Recently, the USD0++ stablecoin of the Usual project experienced a de-pegging event, causing a strong market reaction. The article analyzes Usual's product system and the reasons for the de-pegging, pointing out that the centralization of project governance and the users' lack of attention to documentation are underlying issues. The re-pegging of USD0++ is still uncertain in the future.

Is Aave's value underestimated? Unveiling the reasons for its role as a core pillar of Decentralized Finance and on-chain economy.
On-chain lending, as one of the most critical markets in the crypto industry, is undoubtedly led by Aave, which has strong competitive advantages and user stickiness. We believe that Aave's true value has not yet been fully recognized by the market, and its growth potential is enormous.
Since its launch on the Ethereum mainnet in January 2020, Aave has been around for nearly 5 years. Today, it has become the largest lending protocol, with a total active loan amount reaching $7.5 billion, which is 5 times that of the second-ranked lending platform.
The protocol indicators continue to grow, surpassing the previous bull market peak.
Aave is one of the few DeFi protocols whose metrics have surpassed the levels of the 2021 bull market. Notably, its quarterly revenue has already exceeded the peak of the bull market in the fourth quarter of 2021. Even more remarkably, even in 2

In the wave of Bitcoin inscriptions, although new projects emerge endlessly, those that can truly endure in the long term are infrastructure projects. These projects cover various fields such as Wallets, trading markets, and cross-chain protocols, becoming indispensable components of the Bitcoin ecosystem, reflecting long-term development potential and value.

Trump recently launched his personal memecoin, attracting global investors' attention and accelerating the tokenization wave. Hong Kong is actively promoting RWA tokenization, but the participation of Financial Institutions remains low, requiring an open mechanism to attract innovation. Focusing on standardized financial assets, Hong Kong is expected to gain an advantage in the tokenization market.

Some validators in the Solana network are delaying block generation in pursuit of rewards, resulting in increased median block time and slower transaction processing speeds. This strategy has sparked controversy within the community, affecting network performance and the compound interest opportunities of staking rewards. The community is seeking solutions to balance network efficiency with the interests of validators.

In recent years, social engineering scams have become frequent, particularly targeting users of certain platforms, resulting in significant financial losses. The scams are sophisticated, using insider information to induce users to transfer assets, and experts warn that the threat is escalating. To protect users, it is recommended to enhance awareness of prevention, optimize security mechanisms, and strengthen customer service verification.

Bit Deer released its Q1 financial report for FY2025, with a revenue of $70.1 million, a decrease of 41.3% year-on-year. Despite losses due to rising electricity prices, a recovery is expected in Q2. The company's Mining Rig sales have started, and global electricity infrastructure development is progressing smoothly. Future Mining Rig research and development, as well as the expansion of self-operated Mining Farms, will be the key focus for investors.