On Friday, eight ancient addresses that had been dormant for 14 years and collectively held 80,000 bitcoins were suddenly activated, triggering a panic sell-off in the market. According to Conor Grogan, the head of Coinbase, these addresses likely belonged to an independent miner from 2011, who had once accumulated mining rewards from 180 blocks and held as many as 200,000 bitcoins at one point. This makes them the fifth-largest whale in Bitcoin history. What unsettles the market the most is ...

Information Financialization (InfoFi) is a foundational paradigm shift underpinned by blockchain, token incentives, and AI empowerment, with the goal of "redefining the value of attention."I. Introduction: From Information Scarcity to Attention Scarcity—The Rise of InfoFiThe information revolution of the 20th century brought explosive growth in knowledge to human society, but it also created a paradox: when access to information became nearly cost-free, the true scarcity shifted from informat...

On Friday, eight ancient addresses that had been dormant for 14 years and collectively held 80,000 bitcoins were suddenly activated, triggering a panic sell-off in the market. According to Conor Grogan, the head of Coinbase, these addresses likely belonged to an independent miner from 2011, who had once accumulated mining rewards from 180 blocks and held as many as 200,000 bitcoins at one point. This makes them the fifth-largest whale in Bitcoin history. What unsettles the market the most is ...

Information Financialization (InfoFi) is a foundational paradigm shift underpinned by blockchain, token incentives, and AI empowerment, with the goal of "redefining the value of attention."I. Introduction: From Information Scarcity to Attention Scarcity—The Rise of InfoFiThe information revolution of the 20th century brought explosive growth in knowledge to human society, but it also created a paradox: when access to information became nearly cost-free, the true scarcity shifted from informat...

Autonomous Agents are driving the evolution of AI from mere tools into independent economic entities, pioneering a new paradigm of "AI as an economy" (AgentFi). Unlike traditional rigid and predictable workflows, autonomous agents possess reasoning, self-correction, and continuous evolution capabilities. They can autonomously formulate strategies, manage funds, operate communities, and drive token economies. Distinction from Workflows: Traditional workflows are suited for clear, repetitive ta...

Autonomous Agents are driving the evolution of AI from mere tools into independent economic entities, pioneering a new paradigm of "AI as an economy" (AgentFi). Unlike traditional rigid and predictable workflows, autonomous agents possess reasoning, self-correction, and continuous evolution capabilities. They can autonomously formulate strategies, manage funds, operate communities, and drive token economies. Distinction from Workflows: Traditional workflows are suited for clear, repetitive ta...

01 BitMine Immersion (BMNR)NYSE-listed BitMine has stockpiled 1.2 million ETH ($5.03 B), making it the single largest ETH treasury company. It plans to reach 5 % of total ETH supply and stake the entire stack for yield. Cathie Wood’s ARK Invest just bought $182 M of BMNR shares; Bill Miller and Peter Thiel’s Founders Fund are also on the cap table. The stock has nearly doubled in August.02 Ethena (ENA)StablecoinX division will spend $260 M to buy back 8 % of ENA float over six weeks.Fee-switc...

01 BitMine Immersion (BMNR)NYSE-listed BitMine has stockpiled 1.2 million ETH ($5.03 B), making it the single largest ETH treasury company. It plans to reach 5 % of total ETH supply and stake the entire stack for yield. Cathie Wood’s ARK Invest just bought $182 M of BMNR shares; Bill Miller and Peter Thiel’s Founders Fund are also on the cap table. The stock has nearly doubled in August.02 Ethena (ENA)StablecoinX division will spend $260 M to buy back 8 % of ENA float over six weeks.Fee-switc...

1. Narrative-Market Fit & Hype Look at last year’s top performers—HYPE, VIRTUAL, PEPE. Most had thin fundamentals, yet each rode a blazing narrative paired with a religious Twitter army.VIRTUAL mooned with the AI wave.PEPE exploded during the Q4 2024–Q1 2025 meme frenzy.Action item: map today’s hottest narratives (AI, RWA, DePIN, memes) and screen only for the tokens whose communities won’t stop tweeting about them.2. Growth Metrics With Product-Market Fit (PMF) Hype alone is fragile; hype pl...

1. Narrative-Market Fit & Hype Look at last year’s top performers—HYPE, VIRTUAL, PEPE. Most had thin fundamentals, yet each rode a blazing narrative paired with a religious Twitter army.VIRTUAL mooned with the AI wave.PEPE exploded during the Q4 2024–Q1 2025 meme frenzy.Action item: map today’s hottest narratives (AI, RWA, DePIN, memes) and screen only for the tokens whose communities won’t stop tweeting about them.2. Growth Metrics With Product-Market Fit (PMF) Hype alone is fragile; hype pl...

PoL v1 in One Breath – Liquidity, Governance, and FlywheelsBerachain’s Proof-of-Liquidity (PoL) is a mash-up of:Proof-of-Stake for security,liquidity mining for depth, andCurve-style vote-escrow games for governance.The chain issues two native assets:BGT – governance and incentive-dispatch token.BERA – gas & validator collateral.Actors & FlowProtocols bribe validators with yield to win BGT emissions.Validators stake BERA to produce blocks and receive: • base rewards + • a variable “Boost” sli...

PoL v1 in One Breath – Liquidity, Governance, and FlywheelsBerachain’s Proof-of-Liquidity (PoL) is a mash-up of:Proof-of-Stake for security,liquidity mining for depth, andCurve-style vote-escrow games for governance.The chain issues two native assets:BGT – governance and incentive-dispatch token.BERA – gas & validator collateral.Actors & FlowProtocols bribe validators with yield to win BGT emissions.Validators stake BERA to produce blocks and receive: • base rewards + • a variable “Boost” sli...

Executive Summary Treasury-driven alt-coins have turbo-charged this bull run. Ethereum has risen from US$1 800 to US$4 700 (+160 %) as listed “mini-MSTRs” like SBET and BMNR relentlessly buy ETH. Solana, BNB and HYPE have spawned copy-cat treasuries of their own. But the same flywheel that lifts prices can spin backwards. WINT—once a BNB-treasury poster-child—was delisted by Nasdaq and fell 91 %. Lion Group just trimmed US$500 k of its own HYPE stack. If mNAV (market-to-NAV ratio) drops below...

Executive Summary Treasury-driven alt-coins have turbo-charged this bull run. Ethereum has risen from US$1 800 to US$4 700 (+160 %) as listed “mini-MSTRs” like SBET and BMNR relentlessly buy ETH. Solana, BNB and HYPE have spawned copy-cat treasuries of their own. But the same flywheel that lifts prices can spin backwards. WINT—once a BNB-treasury poster-child—was delisted by Nasdaq and fell 91 %. Lion Group just trimmed US$500 k of its own HYPE stack. If mNAV (market-to-NAV ratio) drops below...

Foreword: 8 % on DAI, 12 % on sUSDe In August 2023 Spark, MakerDAO’s lending arm, briefly offered an 8 % APY on DAI. Justin Sun swept in with 230 k stETH—at one point 15 % of Spark’s deposits—forcing an emergency vote that cut the rate to 5 %. What was meant to be a subsidy for DAI usage almost became Sun’s personal yield farm. Two years later, in July 2025, Ethena is running a “coin-stock-bond” treasury strategy that has pushed sUSDe’s headline yield to ~12 % and sent ENA up 20 % in a day. B...

Foreword: 8 % on DAI, 12 % on sUSDe In August 2023 Spark, MakerDAO’s lending arm, briefly offered an 8 % APY on DAI. Justin Sun swept in with 230 k stETH—at one point 15 % of Spark’s deposits—forcing an emergency vote that cut the rate to 5 %. What was meant to be a subsidy for DAI usage almost became Sun’s personal yield farm. Two years later, in July 2025, Ethena is running a “coin-stock-bond” treasury strategy that has pushed sUSDe’s headline yield to ~12 % and sent ENA up 20 % in a day. B...

For millions of young Koreans, cryptocurrency is, in the words of researcher Eli Ilha Yune, “financial despair in digital form.” --- From Martial Law to Policy Revolution On a surreal December night in 2024, President Yoon Suk-yeol declared martial law, sent troops into the National Assembly and even considered striking North Korea. He could hardly have guessed that this political suicide would, within weeks, give birth to one of the world’s most radical crypto-policy agendas—yet that is exac...

For millions of young Koreans, cryptocurrency is, in the words of researcher Eli Ilha Yune, “financial despair in digital form.” --- From Martial Law to Policy Revolution On a surreal December night in 2024, President Yoon Suk-yeol declared martial law, sent troops into the National Assembly and even considered striking North Korea. He could hardly have guessed that this political suicide would, within weeks, give birth to one of the world’s most radical crypto-policy agendas—yet that is exac...

HIP-3: Reshaping On-Chain DerivativesAmid the RWA boom, Pre-IPO demand, and intensifying CEX competition, Hyperliquid's HIP-3 proposal is poised to redefine on-chain derivatives. By transitioning from a closed platform to open infrastructure, it unlocks new business logic and investment opportunities. In May 2025, Hyperliquid's HIP-3 proposal garnered widespread attention in DeFi, with its MVP now live on testnet. This isn't just a protocol upgrade—it's a strategic leap that could reshape the...

HIP-3: Reshaping On-Chain DerivativesAmid the RWA boom, Pre-IPO demand, and intensifying CEX competition, Hyperliquid's HIP-3 proposal is poised to redefine on-chain derivatives. By transitioning from a closed platform to open infrastructure, it unlocks new business logic and investment opportunities. In May 2025, Hyperliquid's HIP-3 proposal garnered widespread attention in DeFi, with its MVP now live on testnet. This isn't just a protocol upgrade—it's a strategic leap that could reshape the...