In the past week (August 26th to September 1st), the average number of active addresses on the Bitcoin blockchain was 915,400, a decrease of 5% compared to the previous week. The average on-chain transaction volume was 847,000 BTC, an increase of 21% compared to the previous week. The seven-day average hash rate was 366.95 EH/s, a decrease of 6.8%. The current price of Bitcoin is $26,003.5.

On Wednesday of this week, Grayscale achieved a legal victory in the lawsuit with the U.S. Securities and Exchange Commission (SEC), leading to a brief Bitcoin price increase to $28,000. Early on Friday, the SEC once again postponed its decision on all Bitcoin spot ETFs, including those involving BlackRock. As of the time of writing, Bitcoin has decreased by 4.7%, hovering around $26,000.

During the same period, the average number of active addresses on the Ethereum blockchain was 377,900, a decrease of 5% compared to the previous week. The seven-day average transaction value on-chain was $1.48 billion, a decrease of 35% compared to the previous week. The current price of Ethereum is $1650.74.

On Wednesday of this week, Grayscale's legal victory triggered a market rally, causing the Ethereum price to rise to the level of $1750. However, following this, Ethereum has continued to decline, and early investors in ETH have begun to liquidate their positions. This has exerted significant downward pressure on Ethereum's higher levels. With increasing bearish pressure and insufficient support, Ethereum is struggling to maintain its current price level, and the future is also full of challenges.

According to DEFILAMA data, this week, the total locked value in DeFi projects was $37.86 billion, which is nearly unchanged compared to the previous week's $37.92 billion. Among these, the on-chain locked value of DeFi projects on the Ethereum network reached $21.774 billion, marking a 2.2% increase from the previous week's $21.291 billion. This accounts for 57.4% of the total locked value and represents an increase of approximately 1.3% in overall market share.

The top five projects by total locked value this week are MakerDAO ($5.107 billion), AAVE ($3.883 billion), JustLend ($3.582 billion), Uniswap ($2.927 billion), and Curve ($2.208 billion). MakerDAO experienced a 0.31% increase, while Uniswap, CurveFinance, and AAVE saw slight decreases of 2.56%, 2.03%, and 0.13% respectively. JustLend showed strong performance with a 4.85% increase compared to the previous week.

According to DEFILAMA data, the total 7-day trading volume of decentralized exchanges (DEX) this week was $11.71 billion, which decreased by 14.4% compared to the previous week. The 24-hour trading volume was $2.056 billion. Meanwhile, the ratio of trading volume on DEX to centralized exchanges (CEX) increased from 10.97% to 18.6%, indicating that the decrease in trading volume this week was more significant on CEX.

The 7-day trading volume rankings of decentralized exchanges (DEX) for this week are as follows: Uniswap led the list with a trading volume of $5.165 billion, slightly lower than last week's $5.445 billion. PancakeSwap's trading volume was $1.459 billion, a decrease from last week's $1.839 billion. Curve Finance's trading volume this week was $739 million, down from $1.22 billion last week. Maverick Protocol's trading volume this week was $654 million, which is not much different from last week's $776 million. DODO's trading volume dropped from $583 million last week to $431 million this week. Overall, the trading volume of the top five DEXs this week all experienced declines, but the ranking order remained relatively stable.

According to the latest data from DEFILAMA, the total issuance of stablecoins remained at $124.388 billion this week. In the market, the issuance of USDT was $82.778 billion, accounting for 66.09% of the total market, slightly lower than last week's 66.55%. The issuance of USDC increased from $25.571 billion last week to $25.936 billion this week. The issuance of DAI also grew, rising from $5.114 billion last week to $5.21 billion. TUSD and BUSD also saw increases, reaching $3.438 billion and $2.961 billion this week, compared to last week's $3.18 billion and $2.87 billion respectively. Overall, except for a slight decrease in the market share of USDT, the issuance of other major stablecoins showed a growth trend.

From August 26th to September 1st, a total of 9 blockchain financing events were announced globally, with a disclosed total funding amount of $19.95 million. The funding amount has seen a significant increase, and investment institutions were more active this week. The financing rounds this week were mainly concentrated in the seed round, and the funding tracks were relatively diversified, spanning DeFi, infrastructure, payments, zero-knowledge, NFT, and other areas.

Two projects that stand out are Builder Dao and FirstMate, which received attention from prominent investors such as Sequoia Capital and Coinbase Ventures, respectively.

On August 29th, a ruling by a US federal court brought confidence back to the market as Grayscale emerged victorious in its lawsuit against the US Securities and Exchange Commission (SEC), which had previously rejected its application for a Bitcoin spot ETF. The appellate court found the SEC's reasons for denying a Bitcoin spot ETF to be insufficient and ordered the SEC to reconsider Grayscale's application. This victory injected confidence into the market, resulting in a strong rebound across the cryptocurrency market. Bitcoin briefly surged above $28,000, and ETH also appreciated to $1,750.

Simultaneously, driven by the positive news, Grayscale's crypto trusts regained investor attention. The Grayscale Bitcoin Trust (GBTC) saw a trading volume of 20 million shares, reaching its highest level since June 2022. The GBTC net asset value discount narrowed from -25% to -18%, marking the lowest level this year.

In October 2021, Grayscale initially applied to convert its closed-end Bitcoin trust fund (GBTC) into a Bitcoin ETF. However, this application was met with SEC's rejection, citing concerns about market manipulation and fraud prevention. Despite allowing Bitcoin futures ETF trading in 2021, the SEC has remained hesitant to approve Bitcoin spot ETFs due to fears of market manipulation and fraud. The SEC's rejections for all ETF applications have cited investor protection and market manipulation concerns under securities law. Grayscale argued that the logic for approving Bitcoin futures ETFs should apply to Bitcoin spot ETFs as well. Last year, Grayscale filed a lawsuit against the SEC, seeking a review of its administrative actions.

The ruling on August 29th granted Grayscale's request and overturned the SEC's denial. The court ruled that the SEC's differentiated treatment of similar ETF products lacked basis, and its rejection of Grayscale's application was arbitrary and capricious, violating administrative law.

Regarding the market's reaction to Grayscale's victory against the SEC's lawsuit, it seems to have had a positive impact on the cryptocurrency market. It signals progress towards the eventual arrival of a Bitcoin spot ETF and offers a respite for the currently sluggish market. However, it's important to note that this ruling only requires the SEC to "reconsider" the application, not to directly approve it. The SEC can still file an en banc appeal within 45 days, and if determined, they could still find another reason to reject Grayscale's application. While Grayscale's victory represents a significant turning point in cryptocurrency regulation, the market remains challenging until a definitive outcome is reached, and investors should exercise caution.

01 Thailand May Promote Blockchain-Based Digital Wallets and Airdrop Tokens Worth $285 to Citizens

Thailand's ruling party is in discussions with the central bank to develop a blockchain-based digital wallet. The infrastructure for this project is expected to launch in six months, and users will need to complete the KYC process and pay a fee of 100 Thai Baht. Additionally, the project requires approval from the Thailand Securities and Exchange Commission. The plan aims to airdrop Utility Tokens worth 10,000 Thai Baht (approximately $285) to Thai citizens aged 16 and above. However, these tokens are not equivalent to legal tender and come with limitations on usage and expiry. It's noteworthy that Thailand's incoming Prime Minister, Srettha Thavisin, was formerly the CEO of real estate giant Sansiri, which issued its own real estate-backed token called SiriHub in 2022.

02 Chinese People's Court Article: Virtual Currency is Legitimate Property and Protected by Law

An article titled "Recognition of the Property Nature of Virtual Currency and Issues Concerning Handling of Involved Property" was published by the Chinese People's Court. The article analyzes the criminal nature of virtual currency, stating that virtual currency possesses economic attributes that can be classified as property. The current legal policy does not categorize virtual currency as illegal items. Therefore, within the framework of existing legal policies, virtual currency held by relevant entities in China is still considered legitimate property and is protected by law.

01 JPMorgan Chase Submits New Trademark Application Related to Virtual Currency Financial Transactions

Mike Kondoudis, a trademark attorney licensed by the United States Patent and Trademark Office (USPTO), announced on the X platform that JPMorgan Chase Bank has submitted a new trademark application for "CHASE TRAVEL." The application outlines plans for virtual currency financial transactions and travel intermediary services.

02 OKEx Plans to Enter the Indian Market, Recruit Local Employees, and Explore Web3 Use Cases

Haider Rafique, Chief Marketing Officer of OKEx, stated that the company is planning to enter the Indian market and recruit local employees to explore potential Web3 use cases. OKEx does not have a global headquarters but has regional centers in Hong Kong, Singapore, Dubai, and the Bahamas. Rafique mentioned that the company aims to "exponentially" expand its wallet services by leveraging India's vibrant developer community. Currently, OKEx has around 200,000 wallet users in India, accounting for only 5% of the country's Web3 users. Additionally, India has not yet introduced any legislation in parliament concerning Web3 or cryptocurrencies, but it imposes strict taxation on transactions and implements anti-money laundering regulations.

01 Ethereum Core Developers Meeting Sets Istanbul Upgrade Fork Testing Order and Next Meeting Date

The latest Ethereum All Core Developers' meeting (ACDE) has determined the testing order for the Istanbul upgrade fork, which will be tested on the Holesky, Goerli, and Sepolia testnets. Ethereum Core Developer Tim Beiko summarized the meeting, discussing the latest developments on the Dencun testnet and the roadmap for Verkle Trie and State Expiry. Tim Beiko also mentioned that the Istanbul upgrade fork will be tested in the sequence of Holesky, Goerli, and Sepolia testnets. The next ACDE is scheduled for September 14th at 22:00 Beijing time.

02 StarkWare: STARK Prover StoneProver Open-Sourced

StarkWare has announced that StoneProver (previously known as STARK Prover) has been open-sourced. The StarkWare team conducted a live code review of Stone Prover at the Starknet Summit. StarkWare stated that with StoneProver being open-sourced, developers will be able to independently review, utilize, and build upon it without requiring permission. StarkWare emphasized that the open-source Prover is a crucial step towards the decentralization of Starknet.

03 Friend.tech's Daily Trading Volume Drops Over 95% from $16 Million on August 21 to $700,000 Today

According to Arkham data, the daily trading volume of friend.tech has sharply decreased from $16 million observed on August 21 to approximately $700,000 today, marking a decrease of over 95%.

In the past week (August 26th to September 1st), the average number of active addresses on the Bitcoin blockchain was 915,400, a decrease of 5% compared to the previous week. The average on-chain transaction volume was 847,000 BTC, an increase of 21% compared to the previous week. The seven-day average hash rate was 366.95 EH/s, a decrease of 6.8%. The current price of Bitcoin is $26,003.5.

On Wednesday of this week, Grayscale achieved a legal victory in the lawsuit with the U.S. Securities and Exchange Commission (SEC), leading to a brief Bitcoin price increase to $28,000. Early on Friday, the SEC once again postponed its decision on all Bitcoin spot ETFs, including those involving BlackRock. As of the time of writing, Bitcoin has decreased by 4.7%, hovering around $26,000.

During the same period, the average number of active addresses on the Ethereum blockchain was 377,900, a decrease of 5% compared to the previous week. The seven-day average transaction value on-chain was $1.48 billion, a decrease of 35% compared to the previous week. The current price of Ethereum is $1650.74.

On Wednesday of this week, Grayscale's legal victory triggered a market rally, causing the Ethereum price to rise to the level of $1750. However, following this, Ethereum has continued to decline, and early investors in ETH have begun to liquidate their positions. This has exerted significant downward pressure on Ethereum's higher levels. With increasing bearish pressure and insufficient support, Ethereum is struggling to maintain its current price level, and the future is also full of challenges.

According to DEFILAMA data, this week, the total locked value in DeFi projects was $37.86 billion, which is nearly unchanged compared to the previous week's $37.92 billion. Among these, the on-chain locked value of DeFi projects on the Ethereum network reached $21.774 billion, marking a 2.2% increase from the previous week's $21.291 billion. This accounts for 57.4% of the total locked value and represents an increase of approximately 1.3% in overall market share.

The top five projects by total locked value this week are MakerDAO ($5.107 billion), AAVE ($3.883 billion), JustLend ($3.582 billion), Uniswap ($2.927 billion), and Curve ($2.208 billion). MakerDAO experienced a 0.31% increase, while Uniswap, CurveFinance, and AAVE saw slight decreases of 2.56%, 2.03%, and 0.13% respectively. JustLend showed strong performance with a 4.85% increase compared to the previous week.

According to DEFILAMA data, the total 7-day trading volume of decentralized exchanges (DEX) this week was $11.71 billion, which decreased by 14.4% compared to the previous week. The 24-hour trading volume was $2.056 billion. Meanwhile, the ratio of trading volume on DEX to centralized exchanges (CEX) increased from 10.97% to 18.6%, indicating that the decrease in trading volume this week was more significant on CEX.

The 7-day trading volume rankings of decentralized exchanges (DEX) for this week are as follows: Uniswap led the list with a trading volume of $5.165 billion, slightly lower than last week's $5.445 billion. PancakeSwap's trading volume was $1.459 billion, a decrease from last week's $1.839 billion. Curve Finance's trading volume this week was $739 million, down from $1.22 billion last week. Maverick Protocol's trading volume this week was $654 million, which is not much different from last week's $776 million. DODO's trading volume dropped from $583 million last week to $431 million this week. Overall, the trading volume of the top five DEXs this week all experienced declines, but the ranking order remained relatively stable.

According to the latest data from DEFILAMA, the total issuance of stablecoins remained at $124.388 billion this week. In the market, the issuance of USDT was $82.778 billion, accounting for 66.09% of the total market, slightly lower than last week's 66.55%. The issuance of USDC increased from $25.571 billion last week to $25.936 billion this week. The issuance of DAI also grew, rising from $5.114 billion last week to $5.21 billion. TUSD and BUSD also saw increases, reaching $3.438 billion and $2.961 billion this week, compared to last week's $3.18 billion and $2.87 billion respectively. Overall, except for a slight decrease in the market share of USDT, the issuance of other major stablecoins showed a growth trend.

From August 26th to September 1st, a total of 9 blockchain financing events were announced globally, with a disclosed total funding amount of $19.95 million. The funding amount has seen a significant increase, and investment institutions were more active this week. The financing rounds this week were mainly concentrated in the seed round, and the funding tracks were relatively diversified, spanning DeFi, infrastructure, payments, zero-knowledge, NFT, and other areas.

Two projects that stand out are Builder Dao and FirstMate, which received attention from prominent investors such as Sequoia Capital and Coinbase Ventures, respectively.

On August 29th, a ruling by a US federal court brought confidence back to the market as Grayscale emerged victorious in its lawsuit against the US Securities and Exchange Commission (SEC), which had previously rejected its application for a Bitcoin spot ETF. The appellate court found the SEC's reasons for denying a Bitcoin spot ETF to be insufficient and ordered the SEC to reconsider Grayscale's application. This victory injected confidence into the market, resulting in a strong rebound across the cryptocurrency market. Bitcoin briefly surged above $28,000, and ETH also appreciated to $1,750.

Simultaneously, driven by the positive news, Grayscale's crypto trusts regained investor attention. The Grayscale Bitcoin Trust (GBTC) saw a trading volume of 20 million shares, reaching its highest level since June 2022. The GBTC net asset value discount narrowed from -25% to -18%, marking the lowest level this year.

In October 2021, Grayscale initially applied to convert its closed-end Bitcoin trust fund (GBTC) into a Bitcoin ETF. However, this application was met with SEC's rejection, citing concerns about market manipulation and fraud prevention. Despite allowing Bitcoin futures ETF trading in 2021, the SEC has remained hesitant to approve Bitcoin spot ETFs due to fears of market manipulation and fraud. The SEC's rejections for all ETF applications have cited investor protection and market manipulation concerns under securities law. Grayscale argued that the logic for approving Bitcoin futures ETFs should apply to Bitcoin spot ETFs as well. Last year, Grayscale filed a lawsuit against the SEC, seeking a review of its administrative actions.

The ruling on August 29th granted Grayscale's request and overturned the SEC's denial. The court ruled that the SEC's differentiated treatment of similar ETF products lacked basis, and its rejection of Grayscale's application was arbitrary and capricious, violating administrative law.

Regarding the market's reaction to Grayscale's victory against the SEC's lawsuit, it seems to have had a positive impact on the cryptocurrency market. It signals progress towards the eventual arrival of a Bitcoin spot ETF and offers a respite for the currently sluggish market. However, it's important to note that this ruling only requires the SEC to "reconsider" the application, not to directly approve it. The SEC can still file an en banc appeal within 45 days, and if determined, they could still find another reason to reject Grayscale's application. While Grayscale's victory represents a significant turning point in cryptocurrency regulation, the market remains challenging until a definitive outcome is reached, and investors should exercise caution.

01 Thailand May Promote Blockchain-Based Digital Wallets and Airdrop Tokens Worth $285 to Citizens

Thailand's ruling party is in discussions with the central bank to develop a blockchain-based digital wallet. The infrastructure for this project is expected to launch in six months, and users will need to complete the KYC process and pay a fee of 100 Thai Baht. Additionally, the project requires approval from the Thailand Securities and Exchange Commission. The plan aims to airdrop Utility Tokens worth 10,000 Thai Baht (approximately $285) to Thai citizens aged 16 and above. However, these tokens are not equivalent to legal tender and come with limitations on usage and expiry. It's noteworthy that Thailand's incoming Prime Minister, Srettha Thavisin, was formerly the CEO of real estate giant Sansiri, which issued its own real estate-backed token called SiriHub in 2022.

02 Chinese People's Court Article: Virtual Currency is Legitimate Property and Protected by Law

An article titled "Recognition of the Property Nature of Virtual Currency and Issues Concerning Handling of Involved Property" was published by the Chinese People's Court. The article analyzes the criminal nature of virtual currency, stating that virtual currency possesses economic attributes that can be classified as property. The current legal policy does not categorize virtual currency as illegal items. Therefore, within the framework of existing legal policies, virtual currency held by relevant entities in China is still considered legitimate property and is protected by law.

01 JPMorgan Chase Submits New Trademark Application Related to Virtual Currency Financial Transactions

Mike Kondoudis, a trademark attorney licensed by the United States Patent and Trademark Office (USPTO), announced on the X platform that JPMorgan Chase Bank has submitted a new trademark application for "CHASE TRAVEL." The application outlines plans for virtual currency financial transactions and travel intermediary services.

02 OKEx Plans to Enter the Indian Market, Recruit Local Employees, and Explore Web3 Use Cases

Haider Rafique, Chief Marketing Officer of OKEx, stated that the company is planning to enter the Indian market and recruit local employees to explore potential Web3 use cases. OKEx does not have a global headquarters but has regional centers in Hong Kong, Singapore, Dubai, and the Bahamas. Rafique mentioned that the company aims to "exponentially" expand its wallet services by leveraging India's vibrant developer community. Currently, OKEx has around 200,000 wallet users in India, accounting for only 5% of the country's Web3 users. Additionally, India has not yet introduced any legislation in parliament concerning Web3 or cryptocurrencies, but it imposes strict taxation on transactions and implements anti-money laundering regulations.

01 Ethereum Core Developers Meeting Sets Istanbul Upgrade Fork Testing Order and Next Meeting Date

The latest Ethereum All Core Developers' meeting (ACDE) has determined the testing order for the Istanbul upgrade fork, which will be tested on the Holesky, Goerli, and Sepolia testnets. Ethereum Core Developer Tim Beiko summarized the meeting, discussing the latest developments on the Dencun testnet and the roadmap for Verkle Trie and State Expiry. Tim Beiko also mentioned that the Istanbul upgrade fork will be tested in the sequence of Holesky, Goerli, and Sepolia testnets. The next ACDE is scheduled for September 14th at 22:00 Beijing time.

02 StarkWare: STARK Prover StoneProver Open-Sourced

StarkWare has announced that StoneProver (previously known as STARK Prover) has been open-sourced. The StarkWare team conducted a live code review of Stone Prover at the Starknet Summit. StarkWare stated that with StoneProver being open-sourced, developers will be able to independently review, utilize, and build upon it without requiring permission. StarkWare emphasized that the open-source Prover is a crucial step towards the decentralization of Starknet.

03 Friend.tech's Daily Trading Volume Drops Over 95% from $16 Million on August 21 to $700,000 Today

According to Arkham data, the daily trading volume of friend.tech has sharply decreased from $16 million observed on August 21 to approximately $700,000 today, marking a decrease of over 95%.