• Multi-point support reducing single-point business risks, with the application, tool, and chain layers complementing each other

• Formation of a data closed-loop, where user behavior data feeds back into tool optimization, and distribution data guides infrastructure adjustments

• Focus on developing BetFlix, a prediction market product that leverages AI Agents to address information asymmetry and enhance trading experience

• Future plans to integrate with the x402 protocol, enabling native payment capabilities for AI Agents

While this vertically integrated model faces challenges such as overextended reach and resource dispersion, breaking through key segments could generate powerful synergies.

Let’s talk about Warden Protocol. Amid the current surge of AI Agent projects, Warden has chosen not to specialize in a vertical niche but has taken a "big and comprehensive" path. So, how does it plan to do this?

Simply put, Warden’s ambition spans a four-layer architecture—App, Studio, Hub, and Chain—covering the entire industry chain from user acquisition, development tools, and distribution to underlying infrastructure.

This approach is relatively uncommon in the AI Agent space. Most projects either focus intensely on the application layer, like Virtuals; specialize in underlying chain performance, like Kite AI; or concentrate on data analytics, like Unifai Network.

The biggest risk of specializing in a vertical direction is susceptibility to bottlenecks. For instance, when the last wave of AI Agent hype cooled, projects like Virtuals were easily impacted by short-term trends.

This may be the underlying logic behind Warden’s full-stack approach:

1. Stronger resilience to market cycles: If the application layer underperforms, development tools can continue serving builders. If on-chain transaction volumes decline, the Studio layer can still accumulate technical expertise. This multi-point support structure offers greater endurance than single-point breakthroughs.

2. Data closed-loop and synergies: User behavior data from the App layer can feed back into tool optimization in the Studio, while distribution data from the Hub can guide performance tuning in the Chain layer. Once this vertical integration is operational, it becomes difficult for competitors to replicate.

Of course, the full-stack approach is not a cure-all. The challenges are evident: an extended operational front, diluted team focus, funding, and community attention, all of which could lead to a "short-board effect" where one weak link hampers the entire ecosystem. However, if one product shines brightly enough, it could drive synergistic growth across all modules.

Clearly, Warden is now focusing its efforts on BetFlix.

Although the prediction market segment is already crowded, with platforms like Polymarket and Kalshi dominating much of the traffic, prediction markets represent one of the most promising application scenarios for AI Agents.

Consider this: AI Agent-driven prediction markets can address pain points such as information asymmetry and high-frequency trading experiences. Agents can capture real-time on-chain and off-chain data, analyze social media sentiment, and autonomously execute trading strategies.

If Warden further integrates with the x402 protocol to equip AI Agents with native payment capabilities, the narrative of breaking through via prediction markets would become even more compelling.

Core Policy Change: Canada has repealed the fuel carbon tax, but industrial carbon pricing continues to rise, creating cost pressures for energy-intensive industries like crypto mining.

Carbon Price Mechanism: Industrial carbon prices impact miner operating costs primarily through electricity rates, especially in provinces reliant on natural gas for power generation (e.g., Ontario, Alberta), where prices rise significantly with the carbon price.

Challenges for Miners:

* Carbon price adjustment clauses in Power Purchase Agreements (PPAs) increase computational power costs.

* Policy differences between provinces create uncertainty, with potential federal intervention in provinces deemed to have insufficient emission reduction efforts.

Corporate Strategy Adjustments:

* Shift towards Green PPAs or direct investment in renewable energy to avoid carbon costs and potentially earn carbon credits.

* Leverage inter-provincial policy differences to optimize electricity procurement and reduce compliance costs.

* Reduce carbon tax burden by improving energy efficiency or utilizing exemption thresholds.

Implementation Difficulties:

* Discrepancies between federal and provincial regulations complicate strategy formulation.

* Traditional cost-decision models fail to effectively quantify policy risks and the returns on green investments.

* Lack of robust compliance execution systems hinders the practical application of strategies.

Future Trend: Miners must transition from passive cost control to active compliance planning, turning carbon policy response capability into a core competitive advantage.

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Introduction

On April 1, 2025, the Canadian federal government officially repealed the fuel carbon tax, sending significant ripples through high energy-consumption industries like energy, manufacturing, and crypto mining. Superficially, this seemed to reduce the burden on businesses, and many cheered this tax benefit. However, a deeper analysis reveals that Canada has not relaxed its carbon constraints but has instead quietly tightened controls on the industrial sector, applying pressure more precisely to large-scale emission facilities. For crypto mining companies highly dependent on electricity, this marks the formal beginning of a more complex cost game.

1. Policy Change: 'Fuel Carbon Tax' Repealed, But Carbon Prices Aren't Cooling

To understand the substantive impact of this change, one must recall the basic logic of Canada's carbon pricing. According to the Greenhouse Gas Pollution Pricing Act, Canada's carbon tax system has two core components: first, the federal fuel charge targeting end-consumers and small businesses; second, the Output-Based Pricing System (OBPS) for large industrial facilities. The latter was designed to impose a carbon cost while protecting energy-intensive trade-exposed industries from direct international competition.

The repeal of the fuel charge means relief from tax pressure at the retail level. However, the industrial carbon price, which profoundly affects large energy users like mining companies, continues to climb. According to the federal plan, the price per tonne of CO₂ equivalent (CO₂e) increases by C$15 annually from 2023 to 2030, targeting a final price of C$170/tonne. Canada's strategic direction on emissions reduction remains unchanged, and rising compliance costs under carbon pricing will inevitably be transmitted downstream through energy prices.

2. Rising Carbon Prices: Inflation for Energy-Intensive Industries

From an economic structure perspective, the real impact of the industrial carbon price is not simply a blunt "emissions tax" but its efficient transmission through the electricity price chain. Crucially, power generators do not pay for all their emissions. Under Canada's prevalent OBPS, the government sets an emissions intensity benchmark. Power plants only pay the carbon cost on emissions exceeding this benchmark.

Using Ontario as an example, the industrial benchmark for natural gas power generation is set at 310 t CO₂e/GWh, while the average unit emission is around 390 t CO₂e/GWh. This means the carbon price applies only to the difference of 80 t/GWh. However, this excess cost (at a carbon price of C$95/tonne) still adds about C$7.6/MWh to the electricity cost. If the carbon price rises to C$170/tonne by 2030, this figure would climb to C$13.6/MWh. This mechanism is subsequently passed down to downstream industries like mining and manufacturing, particularly high electricity-consumption businesses like Bitcoin mining.

It's important to note that the influence of carbon pricing is not uniform across Canada; it depends critically on each province's power mix. In regions like Ontario or Alberta, which rely on natural gas as the marginal pricing source, carbon costs are more readily incorporated into wholesale electricity prices. In regions dominated by hydro or nuclear power, this pass-through effect is significantly weaker. This directly leads to cost divergence for extremely price-sensitive businesses like Bitcoin mining: in gas-dominated markets, rising carbon prices almost equate to synchronous increases in operating costs; in regions rich in low-carbon electricity, this impact is relatively lower.

3. Dual Pressures on Miners: Rising Costs and Policy Uncertainty

For the Bitcoin mining industry, which is highly dependent on electricity, Canada's industrial carbon pricing system presents a dual challenge, profoundly affecting corporate operations and decision-making.

The first challenge is the directly increased cost of power generation due to the rising carbon price. Canadian mining companies commonly use Power Purchase Agreements (PPAs). As the industrial carbon price continues to increase, the impact of the "carbon price adjustment clause" in these electricity contracts becomes more significant, leading to annually increasing computational power costs per unit. Neither floating contracts linked to market prices nor seemingly stable long-term fixed contracts can avoid this trend indefinitely. The former reflects cost increases more quickly, while the latter faces higher carbon tax premiums upon future renewal.

The second challenge stems from the complexity and uncertainty of the regulatory environment. Mining companies in Canada do not follow a single set of rules but are subject to diverse regulatory systems across provinces. For instance, some regions (like Alberta), to maintain industrial competitiveness, temporarily keep their local industrial carbon price at a lower level, not following the federal policy. While this reduces the short-term compliance burden for businesses, it also carries significant policy risk. The federal government holds the authority to assess provincial measures for "equivalency": if local initiatives are deemed insufficient by the federal standard, the higher federal system can intervene. This potential for policy change means that "low-cost" investment decisions made today might face forced adjustments in the future. This uncertainty is becoming a factor that mining companies must incorporate into their Canadian planning.

4. Evolving Miner Strategy: From Cost Control to Compliance Planning

Faced with an increasingly clear cost transmission path and a complex, volatile policy environment, the operational logic of Canada's crypto mining industry is undergoing a significant shift. Companies are transforming from passive price-takers into active compliance planners and energy structure designers.

First, companies are making structural adjustments in energy procurement. One strategy involves signing long-term Green PPAs or directly investing in renewable energy projects. The goal of these adjustments is no longer just to lock in a predictable electricity price but to fundamentally decouple from the existing price formation mechanism based on natural gas marginal pricing plus the Canadian carbon cost. Within the OBPS framework, this verifiable low-carbon electricity structure may also generate additional carbon credit offsets for the company, potentially turning compliance expenditure into a revenue source.

Second, differentiated regulatory rules between provinces are fostering complex strategies to arbitrage policy differences. Take British Columbia (B.C.) as an example: its OBPS accounting boundary primarily focuses on emissions within the provincial territory. This rule design means that imported electricity from outside the province is not subject to carbon costs. Mining companies can strategically design their electricity procurement portfolio (e.g., using a small amount of local power while purchasing large volumes from outside the province) to avoid the cost associated with local high-carbon electricity.

Furthermore, the inherent incentives within the OBPS system itself (i.e., earning reductions by improving efficiency) are becoming a new direction for corporate technical investment. This manifests at two levels: first, the scale threshold—facilities with annual emissions below a specific level (e.g., 50,000 tonnes CO₂e) can be exempt—prompts companies to pre-consider their total emissions footprint when designing capacity; second, the efficiency benchmark—for example, under Alberta's TIER system, if an industrial facility's emission intensity for power generation is better than the officially set 'high-performance benchmark,' it can legally significantly reduce or even completely avoid carbon costs—and in some cases, even generate additional revenue by selling carbon credits.

This series of strategic shifts signifies that carbon compliance is no longer just a financial line item. As the US and EU advance their Carbon Border Adjustment Mechanisms (CBAM), Canada's carbon pricing policy is evolving from a domestic issue to a key international investment cost node. A company's compliance capability is rapidly becoming a core competency within its financial and strategic planning.

5. From Strategy to Implementation: Three Major Challenges in Corporate Transformation

Based on the above analysis, the repeal of the fuel charge masks a deeper policy adjustment beneath the surface. The relaxation on the fuel end and the tightening on the industrial end represent a federal decision balancing emission reduction goals with economic resilience. For high-energy-consumption industries like Bitcoin mining, this choice clearly points to three future trends:

1. Energy costs will continue to rise, but there is room for strategic planning.

2. Policy risks are intensifying but can be managed through scientific site selection and compliance arrangements.

3. Green investment and carbon credit mechanisms will become new profit sources.

However, a gap exists between knowing these strategic opportunities and executing them. In practice, companies face three core challenges in moving from decision to action:

First, the "federal-provincial"双层结构 (double-layer structure) creates regulatory complexity, making it difficult for decision-makers to access complete information. Although a federal carbon pricing benchmark exists, provinces are allowed to design and implement their own equivalent industrial pricing systems (like OBPS or TIER). This results in companies facing not a unified standard but a situation of "one benchmark, multiple implementations." Significant differences exist between provinces in the specific execution details: the definition of "exemption thresholds," emission benchmarks for specific industries, rules for generating and using carbon credits, and even the accounting methods for imported electricity. These localized details prevent companies from simply applying a single national standard. A carbon-saving strategy proven effective in Province A might not yield reductions in Province B due to different accounting methods, creating immense difficulty in formulating an optimal strategy.

Table: Comparison of Federal, Alberta (AB), and British Columbia (BC) Carbon Tax/Fee Rates

Second, traditional cost-decision methods are no longer fully adequate. Historically, the core consideration for miner site selection was the singular immediate electricity price (/kWh). Under the new rules, companies must shift towards considering risk-weighted costs. Decision-makers must now quantify elusive variables: What premium should be assigned to the risk of policy reversal hidden behind a region's temporarily low carbon price? More complexly, investing in green energy (Trend 3) is a high capital expenditure (CAPEX) decision, while paying the carbon tax is a variable operational expenditure (OPEX)—evaluating the future profit and loss impact of these two options in decision-making is a task beyond the capability of traditional operations teams.

Finally, the lack of compliance systems within execution teams creates difficulties in implementing strategy. Even if leadership devises a perfect strategy, the execution layer faces significant challenges. The ultimate deliverable for all strategies is the compliance report submitted to regulators. This requires companies to establish an integrated cross-verification system covering legal, financial, and engineering aspects. For instance, does the data caliber of the MRV (Monitoring, Reporting, and Verification) system meet the requirements for tax audits? Are the source and attributes of cross-provincial electricity consistent across legal contracts and financial records? Without this systematic compliance capability, no brilliant strategy can translate into real financial benefit.

6. From 'Taxable' to 'Adaptable': Where Do Crypto Miners Go From Here?

Currently, Canada's carbon pricing policy is entering a more refined phase. It is no longer merely a tax collection tool but an instrument of economic governance and industrial structure planning. Within this system, competition for energy-intensive enterprises no longer depends solely on the absolute price of electricity but also on the depth of policy understanding, the sophistication of financial models, and the precision of compliance execution. For crypto mining companies, this presents both a challenge and an opportunity—those relying on outdated, single-factor cost models for site selection may find themselves losing competitiveness in future policy adjustments, while those capable of systematic planning integrating energy markets, tax policy, and compliance architecture will truly possess the ability to navigate cycles.

However, as analyzed, bridging the gap from strategy to compliance presents companies with a triple challenge: insufficient information input, lagging decision models, and deficient execution capabilities. In this context, carbon tax planning, energy structure design, and policy risk assessment have become the core logic of the new round of competition among miners. Therefore, shifting from a passive "taxable" business model to an active "adaptable" strategic choice has become a reality that mining companies can hardly avoid.

Strategy Logic: The market experiences panic selling when policy signals are released (e.g., tariff impositions), followed by a rapid rebound when policies soften, forming a "pressure-repair" cycle.

Crypto Market Linkage: Due to high leverage and continuous trading mechanisms, cryptocurrencies react more sensitively to policy signals. For example, Trump's October 10th announcement of additional tariffs on China caused Bitcoin to plummet 8% in a single day, triggering $19 billion in liquidations. Prices quickly rebounded once policies eased.

Gray Areas and Manipulation Suspicions: On-chain analysis revealed that before the crash, whale accounts placed large short bets on Bitcoin. Fund flows were suspiciously linked to individuals associated with Trump family crypto projects, raising concerns about insider information leaks and market manipulation.

Double-Edged Impact: This strategy reflects market pricing based on policy signals, weakening the connection between assets and fundamentals. It may amplify volatility and trigger systemic risks, necessitating enhanced liquidity management and risk control from investors.

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Summary

I. The Concept of the "TACO Trade"

The term "TACO" was first coined by Financial Times columnist Robert Armstrong in May of this year, standing for "Trump Always Chickens Out." This concept stems from President Trump's typical policy style: he often starts with强硬 rhetoric or radical measures on issues like trade and tariffs to create negotiating leverage and build political pressure and media momentum. However, when market volatility intensifies or economic pressure mounts, he quickly softens his stance to avoid substantial impact on the economic fundamentals. This pattern of applying pressure first and then conceding has gradually formed a predictable policy cycle, becoming an important clue for understanding Trump's policy rhythm and its market impact.

Based on this logic, the "TACO Trade" is defined as a speculative strategy centered around policy changes, focusing on identifying short-term alignment between political signals and market prices. The "TACO Trade" typically exhibits a complete cycle: policy signal trigger, amplified market reaction, and emotional repair convergence. The process often begins with the release of strong policy signals on political issues, such as announcing tariffs, export controls, or sanctions, which quickly push up market risk premiums and trigger uncertainty. Subsequently, the market reprices within a short period, forcing leveraged and derivative positions to be liquidated, leading to sharp declines in asset prices. When the policy tone shifts toward pragmatism or signs of compromise emerge, market confidence gradually recovers, risk appetite returns, and capital flows back in, completing the cycle from emotional sell-off to rational recovery. Notably, the "TACO Trade" often has distinct timing and rhythm characteristics. Hardline signals are frequently released on weekends or overnight, exploiting liquidity gaps to create price gaps and emotional shocks, while缓和 statements usually appear on weekdays to guide expectations and repair market sentiment.

II. Crypto Market Linkage Triggered by the "TACO Trade"

As the logic of the "TACO Trade" repeatedly plays out in the market, its influence has extended beyond traditional assets, becoming particularly pronounced in the crypto market. A recent example: on October 10, President Trump posted a statement on Truth Social announcing plans to impose an additional 100% tariff on Chinese export goods and requiring the Department of Commerce to implement export controls on key Chinese software and rare earth-related products by November 1. This sudden statement was seen by the market as the biggest shift in U.S.-China trade policy since 2020, leading to a repricing of "global supply chain disruption risks." Consequently, U.S. stock futures fell rapidly, with the Dow Jones closing down 1.9% and the Nasdaq falling 3.6%. However, the White House's tone shifted significantly just two days later. On October 12, Trump emphasized in a speech that he "hopes to resolve differences through cooperation," and Vice President Vance also stated that the "tariff plan is still under assessment." On October 13, the Dow Jones rebounded 1.3%, and the Nasdaq recovered 1.6%, as market risk appetite quickly restored. This rhythm from强硬 pressure to softening repair once again confirmed the characteristics of the "TACO Trade": using political signals to create short-term panic, then releasing a trading rebound through corrections.

Compared to traditional assets, the cryptocurrency market demonstrated higher sensitivity and amplification effects during this "TACO Trade" cycle. Due to its high-leverage structure, continuous trading mechanism, and liquidity-driven nature, crypto assets became the first to react to policy uncertainty. On October 11, Bitcoin's price plunged from a high of $114,500 to $104,800, a single-day drop of over 8%; Ethereum briefly fell below $4,000. The "10·11 Crash" became one of the largest liquidation events in cryptocurrency history, with forced liquidations across the market reaching $19 billion. Major exchanges triggered automatic deleveraging mechanisms, and funding rates fell to their lowest levels since the end of the 2022 bear market. As policy tone eased and risk sentiment repaired on October 12, Bitcoin led the rebound above $115,000, and Ethereum recovered to $4,100. This indicates that the crypto market is becoming the most emotionally elastic market in the "TACO Trade" chain. Its price fluctuations not only synchronize with risk premium adjustments in traditional markets but also deepen the impact of policy signals on the market through emotional feedback.

III. The Gray Areas of the "TACO Trade"

Following the sharp volatility triggered by the "TACO Trade," the market began focusing on its underlying risks. Was this crash a natural reaction to policy expectations, or a liquidity trap meticulously designed by specific capital groups? On-chain analyst Eye's analysis pointed out significant anomalies in shorting behavior before the crash. Subsequently exposed on-chain transaction records and associated wallets further corroborated this analysis. Between October 8 and 9, a whale account named Garrett Jin sold approximately 35,000 Bitcoin cumulatively over two days on the Hyperliquid platform and simultaneously established $735 million in BTC perpetual short positions. From the evening of October 10 to the early hours of October 11, quantitative strategies on major platforms like Hyperliquid and Binance集中 triggered risk control thresholds, causing全网 liquidation amounts to soar to $9 billion within an hour, becoming the direct trigger for the "10·11 Crash." Further on-chain tracking showed that funds related to these large short positions were deliberately split before operations and transferred repeatedly through multiple layers of addresses. Hours later, some funds were remitted to multiple Binance deposit accounts. Among these transfer paths, one was confirmed to flow to the Ethereum domain name ereignis.eth, whose address activity timing highly overlapped with the aforementioned accounts, suggesting these funds likely originated from the same controlling party.

Recent developments further reveal the complexity of the gray areas in the "TACO Trade." Eye suggested that Garrett Jin might only be a proxy, and the leaker may not have provided information directly to him but through intermediaries, with this key information originating from insiders with access to the U.S. President's aides. Analysis indicates that the core operators are suspected to be Zach Witkoff and Chase Herro (both co-founders of the Trump family's crypto project, World Liberty Financial). They are believed to have exploited information in advance, organizing internal trading groups to establish highly advantageous positions before policy announcements, thereby amplifying market volatility. Eye even hinted that Trump's eldest son might be involved. On October 14, Eye stated that due to personal safety concerns, they would stop further disclosures. This alone illustrates that when policy expectations become tradable signals, the boundary between the crypto market and power information is quietly being breached.

IV. The Double-Edged Nature of the "TACO Trade"

The rise of the "TACO Trade"本质上 represents an adaptive pricing mechanism formed by the market in an environment where policies dominate and fundamentals take a back seat. Investors increasingly make judgments based on policy signals, with policies gradually replacing economic data as the primary variable affecting asset prices. Whether it's interest rate expectations, regulatory attitudes, or geopolitical statements, they are quickly translated into trading actions. Due to continuous trading hours, strong liquidity, and sensitive reactions, the crypto market has become a real-time radar for policy expectations. While this indeed enhances the market's reaction efficiency, it also brings structural issues. The connection between prices and real economic activity weakens, making trading more akin to betting on policy shifts rather than the fundamental value of protocols.

A deeper risk lies in the implicit premise of the "TACO Trade": that policies will ultimately return to stability. However, when the market universally bets on regression, trading behavior itself may inversely influence policymakers' judgments through price signals, thereby amplifying volatility and uncertainty. For the crypto market, with its high leverage levels and sensitive liquidation mechanisms, this feedback loop is particularly dangerous and could even evolve into systemic liquidity risk. In this sense, the "TACO Trade" is both a strategic framework and a mirror reflecting market behavior. In such an environment, investors may need to pay more attention to liquidity security and the resilience of risk exposure, while recognizing that true competitiveness lies not in the speed of predicting policy shifts, but in the ability to maintain stability and adaptability amid policy uncertainty.

Why Fusaka Matters Now

Ethereum is continuously evolving to support more users, transactions, and applications while maintaining security and decentralization. Each upgrade addresses a specific bottleneck. The Dencun upgrade earlier in 4Q24 introduced "blobs," a new data format providing a cheap way for Layer 2 (L2) rollups to store data on Ethereum. This was a major milestone, but demand for blobs quickly hit the cap, causing congestion and driving up fees again.

Today, Ethereum initiated the Fusaka upgrade on the Holesky testnet as the next step forward. The headline feature is Peer Data Availability Sampling (PeerDAS), a method to securely scale blob throughput by allowing nodes to verify data without downloading entire blobs. Beyond PeerDAS, Fusaka also brings improvements to gas rules, cryptographic tools, and the developer experience. For users, this means Ethereum becomes faster, cheaper, and easier to use, especially for the rollups relied upon by millions of users daily. By launching on Holesky before mainnet, Fusaka provides an opportunity for developers, validators, and application teams to prepare for Ethereum's next chapter.

From Dencun to Fusaka

To understand Fusaka's importance, it helps to look back. The Dencun upgrade introduced blobs, allowing rollups to publish batched data to Ethereum at low cost and securely. This breakthrough significantly reduced user fees on networks like Optimism, Arbitrum, and zkSync.

However, demand for blobs grew so rapidly that rollups couldn't always secure blob space, causing fees to spike again. Ethereum needed a way to further scale blob throughput without overwhelming ordinary nodes. This is precisely what Fusaka, launched on Holesky today, delivers.

PeerDAS Explained

The core of Fusaka is PeerDAS (EIP-7594), a new way for Ethereum nodes to check if blob data is truly available.

* The Problem Before Fusaka: Until now, nodes had to download entire blobs even if they only needed to confirm their existence. This was secure but inefficient. Imagine a library where every member had to read every book just to verify it was on the shelf. As more books (blobs) were added to Ethereum blocks, nodes became overwhelmed with unnecessary data, limiting blob throughput and raising fees for rollup users during high demand.

* How PeerDAS Works: PeerDAS uses erasure coding, a mathematical method that splits data into many small pieces. Nodes no longer download entire blobs but instead sample a few pieces from their peers. If enough nodes confirm their random samples, the network can guarantee with extremely high probability that the entire blob is available. It's like a book club where each member randomly checks a few chapters; if all samples agree, the whole group can be confident the entire book is intact without anyone reading it all.

Scaling by Design: The Blob Parameter Only Fork

Ethereum won't massively increase blob capacity all at once. Fusaka introduces the Blob Parameter Only (BPO) fork (EIP-7892), a method to gradually increase blob limits after PeerDAS activation.

On Holesky, the rollout is planned as follows:

* October 7, 2025 – BPO1 increases the blob target from 6 to 10 and the maximum from 9 to 15.

* October 13, 2025 – BPO2 increases the target to 14 and the maximum to 21.

This gradual approach ensures performance can be measured at each step and gives node operators time to adapt their hardware. Instead of a sudden jump, Ethereum scales in controlled, safer increments.

Beyond Blobs: Strengthening Ethereum's Base Layer

Fusaka is about more than just blobs. It also enhances Ethereum's Layer 1 (L1) foundation:

* Gas Rules: The default block gas limit is raised to 60 million (EIP-7935), while a single transaction cannot exceed about 16.7 million gas (EIP-7825). This prevents giant transactions from crowding out others and prepares for future parallel execution.

* Cryptography: Optimizations for modular exponentiation operations (EIP-7883, 7823) improve pricing for complex math. A new precompile (EIP-7951) provides native support for P-256 signatures, widely used for passkeys and device-level security.

* Networking: Removal of legacy Proof-of-Stake fields (EIP-7642) saves bandwidth and simplifies client code.

* Block Encoding: A block size cap is introduced (EIP-7934) to prevent extreme blocks from slowing down propagation.

Together, these changes enhance Ethereum's resilience and efficiency as activity scales.

Building with Fusaka

Ethereum upgrades also focus on usability. Fusaka introduces features that make developers' lives easier and users more secure:

* Passkeys: With native P-256 signature support, wallets can offer passkey login directly on Ethereum.

* Bit-Level Operations: The new CLZ opcode (EIP-7939) reduces costs for compression methods and zero-knowledge (zk) circuits.

* Transparency: Deterministic Proposer Lookahead (EIP-7917) makes the block proposer schedule known in advance, enabling transaction pre-confirmations.

* Predictability: Blob Fee Guarantees (EIP-7918) keep blob fees relatively bounded compared to execution fees, ensuring stable economics.

For developers, these are powerful new tools. For users, they translate to smoother apps, cheaper zk protocols, and more predictable fees.

Testnet Rollout: Holesky Today, Mainnet Coming Soon

Ethereum upgrades always pass through testnets before reaching mainnet. The Fusaka rollout is phased:

* Holesky: Activated on October 1, 2025. BPO1 and BPO2 will follow within two weeks.

* Sepolia: Planned for October 14, 2025.

* Hoodi: Planned for October 28, 2025.

Only after successful upgrades on all three testnets will mainnet activation be scheduled, currently expected in December 2025.

Practical Impact

These technical upgrades translate into real-world benefits:

* Rollup Users: During peak transaction periods, blob slots previously filled quickly, causing fees to spike. With PeerDAS and higher blob capacity, fees will remain more stable.

* Node Operators: Validators upgrading on Holesky today are now compatible with PeerDAS and the new gas rules. Those who do not upgrade will be forked off the chain.

* Application Developers: Wallet teams can support passkey login natively and cheaply.

* ZK Developers: Protocols can use the CLZ opcode to reduce proving costs for zk circuits.

Safety and Governance

Ethereum balances innovation with caution. Alongside Fusaka, a bug bounty program offering rewards up to $2 million has been launched to encourage testing before mainnet.

Fusaka also demonstrates Ethereum's governance model: developers propose Ethereum Improvement Proposals (EIPs), client teams implement them, and node operators decide by upgrading their software. While Fusaka is expected to be non-controversial, the final decision always rests with the community.

Looking Ahead: Ethereum After Fusaka

Ethereum's roadmap unfolds in phases: Dencun, Pectra, Fusaka, and beyond. Each upgrade clears a bottleneck and paves the way for the next. The significance of Fusaka lies in its secure scaling of blob throughput, enabling rollups to handle more transactions while maintaining reasonable node requirements.

* For users, it means cheaper, more reliable L2 experiences.

* For developers, it unlocks tools like passkey authentication and zk efficiency.

* For validators, it proves Ethereum can scale while preserving decentralization.

Conclusion

The Fusaka upgrade launched on Holesky today is more than just another name on the roadmap. It marks the beginning of scaling blobs beyond current limits, powered by PeerDAS and secured through phased forks. It also strengthens Ethereum's foundation from the aspects of gas, cryptography, and networking.

As Fusaka rolls out from Holesky to Sepolia and Hoodi, and then to mainnet, it showcases Ethereum's philosophy: evolve cautiously, inclusively, and with a focus on long-term usability. For the millions of users, developers, and validators worldwide, Fusaka is a concrete step towards a faster, cheaper, and more usable Ethereum.

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Author: Nancy, PANews

Bitcoin has Michael Saylor. Ethereum has Tom Lee. These two are undoubtedly the most influential spokespersons for the crypto treasury narrative this cycle, often regarded by their communities as the ultimate "evangelists" for BTC and ETH, respectively. But Solana has been missing a vocal advocate for its treasury initiatives.

As Wall Street turns its attention to Solana, a wave of DAT (Digital Asset Treasury) players is entering the arena. Kyle Samani, co-founder of Multicoin Capital and newly appointed Chairman of SOL treasury company Forward Industries, might just become Solana’s DAT代言人 (spokesperson).

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Slowing Direct Investments, Multicoin Orchestrates DAT Strategy

Recently, bullish sentiment around SOL has been growing, with its price approaching all-time highs. Meanwhile, the world’s largest Solana treasury is taking shape.

Not long ago, global design company Forward Industries announced a $1.65 billion private placement to launch its Solana financial strategy. Behind this capital gathering stand heavyweight investors Galaxy Digital, Jump Crypto, and Multicoin Capital, with these anchor investors committing over $100 million. Several other investment firms and angel investors are also participating.

As a core Solana bull, Samani has not only co-led the investment in Forward Industries through Multicoin but also personally added $25 million and taken on the role of Chairman. At a time when doubts about the sustainability of crypto treasuries persist, he is backing his confidence in Solana’s treasury with real capital.

Multicoin has been an early supporter of Solana. Public records show that from 2018 to 2021, Multicoin participated in three rounds of Solana funding: the May 2018 seed round, the July 2019 Series A, and the $314 million round in March 2021. In the May 2018 seed round, Solana Labs sold 79.25 million tokens at $0.04 each, with Multicoin as one of the primary buyers—a bet that ultimately yielded over 5,000x returns.

As Solana’s market cap grew from zero to hundreds of billions, Multicoin not only published numerous investment theses advocating for Solana but also deeply engaged in ecosystem development, investing in dozens of key projects like io.net, Pyth, Jito, Render, and StepN. Multicoin is also known for its "hype power"—after each investment, it publishes articles explaining its rationale, often elevating the project’s narrative.

Notably, Multicoin has significantly reduced its investment frequency recently. In the first half of this year, it publicly disclosed only six investments, far fewer than in previous cycles. Since June, it has not announced any new investments.

Beneath the surface calm, Multicoin is brewing a new strategy focused on DAT.

With years of experience in the Solana ecosystem, Multicoin has a natural advantage. Samani claims he has the ability to help Forward Industries explore additional strategies. The company will be uniquely positioned to acquire SOL at discounts or with lock-ups through its investor network, which has been established since the 2018 seed round. Beyond traditional on-chain activities like staking and DeFi participation, Forward Industries may also arbitrage the difference in funding costs between traditional financial institutions and DeFi platforms. This strategy can be implemented in various ways and operated flexibly with different counterparties.

Additionally, leveraging the experience of its investors, the scale of its treasury, and its close ties to the Solana ecosystem, Forward Industries can strike deals with major Solana protocols and applications to enhance liquidity. Multicoin emphasizes that its core goal is to increase "per-share SOL value" through customized strategies and active management of treasury assets.

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Declaring SOL the Ultimate DAT Asset: A High-Stakes Bet

From capital allocation to industry debates and DAT strategy, Samani’s presence permeates Solana’s entire narrative landscape, making him one of its most steadfast advocates.

Before founding Multicoin, Samani started Pristine, a health IT startup focused on smart glasses solutions for frontline workers. The company raised over $5 million in venture funding and was acquired by Upskill in 2017.

After entering the crypto space, Samani co-founded Multicoin, a research-driven investment firm known for its frequent publication of investment theses. His strategies have proven highly effective: according to official disclosures last year, Multicoin generated a 9,281% return for early investors since its inception in 2017. This track record has made Samani a highly influential figure in the industry. Even competitors acknowledge his prowess—Dragonfly partner Haseeb Qureshi once said, "I don’t like Samani, but his investment results speak for themselves. He is a top-tier investor and one of the few non-consensus thinkers in the industry."

Samani’s initial wealth came from Ethereum. In 2016, he entered crypto inspired by the vision of smart contracts and permissionless finance, earning his first significant fortune from ETH’s early rise. However, as Ethereum struggled with scalability, his confidence waned.

In Solana, he saw another possibility. He has repeatedly stated publicly that "Solana will surpass Ethereum to become the leading public chain supporting internet capital markets." In his view, as more users, capital, and applications migrate to Solana, this ecosystem will nurture the big winners of the next cycle.

To some extent, Multicoin and Solana are "bound at the hip."

This deep alignment once led Multicoin to a setback. In 2022, the collapse of FTX—a major Solana supporter—caused Multicoin’s assets to drop 55% in two weeks, resulting in a 91.4% loss that year, its worst performance since inception. Despite this, Multicoin remained firmly supportive of Solana, continuing to engage in ecosystem development and playing a key role in Solana’s resurgence.

He also pointed out that BTC, lacking staking and real yield, is entirely unsuitable for DAT scenarios. This difference makes SOL a natural choice for building DAT. Forward Industries can use SOL’s real yield to fulfill obligations, something BTC DAT simply cannot do.

However, Samani lacks a Wall Street background, so his role in the Solana DAT narrative may not directly parallel the Wall Street influence of Michael Saylor or Tom Lee. Instead, he is closer to being a Sharplink Gaming’s Joseph Lubin—an early steadfast supporter, capital driver, and narrative evangelist.

Key Features:

• Smart Debt & Collateral: Borrowed debt generates yield, while deposited collateral earns both lending interest and trading fees, maximizing capital utilization.

• Unified Liquidity Layer: Multiple protocols share liquidity, supporting up to 95% LTV with low liquidation penalties (0.1%) and a batch liquidation mechanism to mitigate risks.

• Expansion & Partnerships: Fluid DEX ranks among the top DEXs by trading volume. Recent launches include DEX Lite and the upcoming V2, introducing automated strategies. A collaboration with Jupiter expands into Solana, with Jupiter Lend’s beta TVL exceeding $250 million.

• Token Buyback Plan: With annual revenue surpassing $10 million, the protocol will initiate a token buyback in October to enhance value capture.

Through modular design and multi-chain expansion, Fluid continues to optimize user experience and capital efficiency, positioning itself as a key player in DeFi.

Summary
Author: Castle Labs
Compiler: AididiaoJP, Foresight News

Money markets are central to DeFi, enabling users to gain exposure to specific assets through diverse strategies. This sector has grown significantly in Total Value Locked (TVL) and functionality, with protocols like @MorphoLabs, @0xFluid, @eulerfinance, and @Dolomite_io expanding the possibilities of lending.

This report focuses on Fluid, a protocol that stands out with features like Smart Debt and Smart Collateral. Beyond traditional lending, Fluid combines DEX capabilities to offer enhanced services. Its growth is evident in a total deposit size exceeding $2.8 billion.

How Fluid Works
Fluid employs a Unified Liquidity Model where multiple protocols—including lending, vaults, and DEX—share liquidity.

• Fluid Lending: Users supply assets to earn interest, which are utilized across the ecosystem for higher efficiency.

• Fluid Vaults: These single-asset, single-debt vaults allow up to 95% LTV, with a low liquidation penalty (0.1%) and batch liquidation inspired by Uniswap V3.

• Fluid DEX: Generates additional yield from trading fees, reducing borrowing costs and improving capital efficiency.

Users can deposit collateral into the DEX to earn both lending and trading fees (Smart Collateral) or borrow productive debt (Smart Debt) that generates yield to offset interest.

Recent Developments
Fluid DEX ranks 4th by 7-day trading volume, behind Uniswap, PancakeSwap, and Aerodrome. Key updates include:

• DEX Lite: Launched in August, it reduces gas costs by 60% and has already facilitated over $40 million in volume.

• DEX V2: Introduces modular, permissionless expansion with features like Smart Collateral/Debt Range Orders (similar to Uniswap V3), hooks for custom logic, and on-chain yield-accruing limit orders.

• Token Buyback: Approved by governance, a buyback will begin October 1 due to $10M+ annual revenue.

Expansion to Solana via Jupiter
Partnering with Jupiter (Solana’s largest DEX aggregator with $970B+ cumulative volume), Fluid has entered Solana’s lending market (TVL >$3.5B). Jupiter Lend’s public beta TVL exceeds $250 million, making it the second-largest money market on Solana. Smart Collateral and Smart Debt will launch on Jupiter Lend later this year, with 50% of revenue shared with Fluid.

Conclusion
Fluid’s unique offerings—Smart Collateral, Smart Debt, and Unified Liquidity—drive capital efficiency. Its expansion to Solana and iterative DEX improvements (Lite and V2) reinforce its competitive edge in DeFi. With DEX V2 slated for Solana later this year, Fluid is poised to capture broader market share across chains.

The Federal Reserve, despite regularly publishing reports and meeting minutes, has never undergone a comprehensive independent audit of its core operations—such as emergency lending programs and foreign exchange swap facilities. Citing national security and decision-making independence, sensitive details remain undisclosed.

Market and Regulatory Impact:

• Bitcoin’s on-chain data provides regulators with tools to track illicit activities (e.g., recovering ransom payments) while bolstering long-term investor confidence.

• The Fed’s "selective transparency" relies on policy guidance rather than data verification, potentially triggering market volatility. Its global influence makes the lack of transparency a matter of international concern.

Fundamental Difference:
Bitcoin enforces transparency through technology, whereas the Fed, as a traditional central institution, prioritizes controlling information flow to maintain policy flexibility and market stability. This contrast reflects a fundamental divergence in accountability mechanisms between decentralized finance and traditional financial systems.

Summary
Bitcoin, leveraging open-source ledger technology, enables real-time public verification of all transactions. In contrast, the 112-year-old Federal Reserve, while regularly publishing reports, has never undergone a full audit. Key details of its emergency lending programs and foreign exchange swap operations remain undisclosed. Why?

This featured content, translated by Running Finance · Web3.0 Reading Room from Ankish Jain’s "Why 16-year-old Bitcoin has an audit trail while the 112-year-old Fed does not," compares their auditing mechanisms, market impact, and regulatory efficiency. It reveals the essential differences in transparency paradigms between central banking and digital currency, analyzing the practical effects of this divergence on investors, policymakers, and the global financial system.

1. Bitcoin’s Self-Auditing Mechanism
Bitcoin is often described as a peer-to-peer digital currency, but one of its most underappreciated features is its self-auditing capability. The network confirms a new block every 10 minutes through proof-of-work, validated by thousands of independent nodes globally.

Since January 2009, it has maintained a continuous public record spanning over 900,000 blocks and nearly 1.2 billion transactions. Anyone with internet access can verify the data in real time without permission.

In contrast, the 112-year-old Federal Reserve, a pillar of the U.S. financial system—managing interest rates, money supply, and economic stability—has never undergone a fully independent audit. While it regularly releases policy meeting minutes, balance sheets, and financial statements, core operations such as emergency lending details, foreign exchange swap facilities, and interactions with private banks remain shielded from external scrutiny.

The comparison is striking: 16-year-old Bitcoin maintains a fully public financial trail, while the century-old institution controlling the world’s largest economy avoids equivalent审查.

2. The Logic of Bitcoin’s Self-Verification
Bitcoin’s continuous auditing is a natural byproduct of its open-source design.

All network participants have equal rights to verify rules, breaking down the information hierarchy inherent in banking—where insiders enjoy privileged access, and the public only receives what regulators disclose.

The concept of full nodes is central to the system’s operation; they act as independent referees. Nodes require no special permission or political approval—anyone can run one using consumer-grade hardware and obtain a complete copy of the ledger. This "don’t trust, verify" principle ensures the 21 million Bitcoin supply cap is enforced without relying on trust in authorities.

Each newly mined block contains a fixed amount of newly created Bitcoin, reduced approximately every four years through a "halving" mechanism. From the initial 50 BTC per block in 2009 to 3.125 BTC after the April 2024 halving, every unit of currency in circulation can be traced back to its birth block.

Blockchain analytics firms like Chainalysis, Elliptic, and Glassnode have built entire business models around Bitcoin’s public ledger. Regulators also leverage the network’s transparency to track criminal activities, such as the U.S. Department of Justice’s 2021 recovery of 63.7 Bitcoin paid as ransom in the Colonial Pipeline cyberattack by tracing blockchain wallet addresses.

The reliability of this auditing stems not only from transparency but also from redundancy. Copies of the Bitcoin ledger are distributed across Europe, Asia, and the Americas. Even if a government shuts down exchanges or data centers in one region, the data remains accessible elsewhere, ensuring the auditing process is continuous and censorship-resistant.

3. The Federal Reserve’s Global Role
The Fed holds a unique position in global finance. While it only sets U.S. monetary policy, its influence extends far beyond national borders. According to IMF data, the U.S. dollar accounts for about 58% of global foreign exchange reserves, and nearly 90% of global trade transactions use the dollar in some form.

Given this influence, the Fed’s transparency is not just a domestic issue but an international concern. The agency regularly publishes its weekly H.4.1 balance sheet, the Beige Book on economic conditions, and detailed Federal Open Market Committee meeting minutes. It also releases annually audited financial statements disclosing assets, liabilities, and income.

However, these disclosures only scratch the surface of its operations. The central bank’s most powerful tools remain outside independent scrutiny.

Take emergency lending programs, for example: During the 2008 financial crisis, the Fed created facilities to lend trillions of dollars to domestic and foreign banks. The Levy Economics Institute later estimated total support across these programs exceeded $29 trillion. But details of these interventions were only disclosed years later due to lawsuits and congressional pressure.

Similar secrecy surrounds the Fed’s extensive use of foreign exchange swap lines—tools that allow foreign central banks to borrow U.S. dollars during global liquidity crunches.

Calls for greater transparency have persisted. Representative Ron Paul’s 2009 "Audit the Fed" bill passed the House but was significantly diluted before becoming law. Senator Rand Paul renewed efforts in 2015 but again faced defeat in the Senate.

The Fed has consistently opposed these attempts, with officials arguing that full transparency could politicize its decisions and undermine independence. Former Chair Ben Bernanke warned in 2010 that auditing monetary policy deliberations could "seriously threaten the independence of monetary policy and financial stability."

This has led to what some economists call "selective transparency": The Fed discloses enough information to maintain market credibility but keeps the most sensitive details hidden from public view.

4. Implications of the Transparency Gap
The transparency difference between Bitcoin and the Fed impacts markets, regulation, and public accountability in three key ways:

First, at the level of market behavior.

Glassnode data shows that in 2023, over 68% of Bitcoin’s circulating supply was held for more than a year—a metric used to gauge long-term investor conviction. Unlike Bitcoin, where on-chain data directly reflects holder behavior, the U.S. dollar supply lacks comparable statistics—the central bank’s disclosures focus on macro aggregates, not individual actions.

The Fed instead creates a reverse mechanism:

It communicates monetary policy through announcements and press conferences, and market participants react to guidance rather than verifiable data.

Traders rely quarterly on the dot plot to interpret interest rate prospects, even though these are merely committee views, not firm commitments. The gap between expectations and reality can trigger trillions of dollars in global market volatility within minutes, highlighting the weight of selective communication versus direct visibility.

The regulatory sphere similarly reflects this contrast in values. Bitcoin’s fully open ledger enables global regulators to achieve compliance via the blockchain.

Chainalysis reported that in 2023, U.S. authorities seized $3.4 billion in Bitcoin related to criminal cases through on-chain tracing. In contrast, the Fed’s dealings with troubled institutions during crises—such as its 2019 overnight repo market intervention—were initially opaque. Only aggregate volumes were disclosed, and the identities of borrowing banks remained confidential.

The credibility gap also affects international relations. Countries heavily reliant on the dollar for trade or reserves must accept Fed decisions without full knowledge of its strategy, fueling interest in alternatives.

According to the Atlantic Council’s 2025 Central Bank Digital Currency Tracker, the BRICS group is discussing reducing dollar dependency, and over 130 central banks are experimenting with digital currencies.

The transparency gap matters because it reshapes perceptions of financial fairness. Both models have their merits, but as digital systems redefine standards of financial accountability, this对比 is becoming increasingly stark.

Bitcoin’s Path to $500K: Key Takeaways

The report, How to Position for the Bitcoin Bull Market, led by economist and early Bitcoin investor Tuur Demeester, projects a 4–10x price surge from current levels, implying a long-term target above $500,000:

"We believe Bitcoin is in the middle of what could become one of its most consequential bull markets. From today’s range, we see 4–10x upside potential, translating to a price exceeding half a million dollars."

On-Chain Data Supports Mid-Cycle Optimism

Multiple metrics indicate strong holder conviction:

• Whale Behavior: Large investors continue holding rather than distributing. Net holder position changes show no signs of mass capitulation in 2025—a pattern typically seen at market tops.

  "While whales moved some coins during the U.S. election volatility in 2024, daily net transfers in 2025 have never exceeded 100K BTC—a threshold historically linked to late-cycle frenzy."

• NUPL (Net Unrealized Profit/Loss): 50%–70% of Bitcoin’s supply is in unrealized profit, consistent with healthy mid-cycle momentum, not euphoria.

Limited Risks to the Bull Run

The report acknowledges potential pullback catalysts but downplays their threat:

• Exchange Hacks: While damaging to sentiment, past incidents (e.g., Bitfinex’s 120K BTC theft in 2016) had negligible price impact.

• Mt. Gox Distributions: Market absorbed 80K BTC released in July 2025 with just a 4% price fluctuation.

• Coinbase Centralization: Despite holding ~10% of BTC supply, ETF custodians are diversifying, and U.S. policy shifts reduce confiscation risks.

Even macro crashes may cause short-term volatility, but Bitcoin is expected to outperform commodities and inflation long-term.

"Bitcoin Only" Strategy: A Stark Shift

The report abandons its 2015 recommendation to allocate to altcoins, now advocating exclusive Bitcoin exposure:

"Avoid diluting capital into projects vastly inferior to Bitcoin—they lack its network effects, security model, and monetary purity."

Demeester compares Bitcoin to the internet’s foundational protocol, predicting competitors like Ethereum, Ripple, and Cardano will fade in relevance.

Drivers of Bitcoin’s Next Leg

• Store-of-Demand Demand: Fueled by:

  • Persistent inflation and fiscal deficits.

  • Erosion of bonds’ safe-haven status.

  • Declining appeal of real estate hedging.

  • Capital rotation into high-liquidity, low-counterparty-risk assets.

• U.S. Policy Tailwinds:

  • Strategic national Bitcoin reserves.

  • Pro-Bitcoin legislation (e.g., GENIUS Act).

  • Rapid ETF adoption (holding 1.4M BTC).

These moves are triggering a global domino effect, pushing other nations to formulate Bitcoin strategies.

Allocation Guidance: From Insurance to Early Retirement

Recommended Bitcoin exposure varies by risk appetite:

• 5%: "Insurance" against systemic risk.

• 10%: Speculative hedge in a diversified portfolio.

• 20%–50%: High-conviction "early retirement" play.

For custody, collaborative multisig setups are endorsed as the optimal balance of security and self-sovereignty.

Conclusion: Far From the Peak

Demeester and Adamant Research conclude that Bitcoin’s bull run is far from over, with institutional adoption, macro tailwinds, and unwavering holder resolve laying the groundwork for historic appreciation.

The current phase is a mid-cycle consolidation, not a top. If Bitcoin fulfills its store-of-value promise, the coming years could redefine its role in the global financial system.

End of Report

Crypto builders spent July poaching seasoned operators from Wall Street and Big Tech, plugging gaps in trading, revenue, legal, and growth ahead of a more regulated market cycle.
Open roles clustered around stablecoins, tokenized assets, DeFi, and on-chain infrastructure—with RWA platforms and NYDFS-regulated fintechs leading the charge.

Stablecoins & Tokenized Assets: The Talent Magnet

• Bastion bolstered its NYDFS-compliant stack with two heavyweights:
  – Vince Tejada (ex-Ripple, JPM, IBM) as Head of Finance & Strategic Finance.
  – Jared Klee (ex-Vouch, IBM Blockchain) as Head of Revenue.

• Veda and Stellar Development Foundation each added legal, growth, and marketing chiefs to ride the treasury-tokenization wave.

• Chainlink, NEAR, ReserveOne doubled down on ecosystem expansion and institutional messaging.

Regulatory Chairs in Motion

Washington’s revolving door spun just as fast:

• SEC requested PCAOB Chair Erica Williams’ resignation.

• Jonathan Gould (Jones Day) tapped as new Comptroller of the Currency.

Meanwhile, several crypto-native execs stepped back to advisory roles or quietly exited—signalling a slow but deliberate talent reshuffle as firms adapt to shifting compliance, market structure, and capital needs.

The Newest Names on the Door

Promotions & Sideways Moves

• PayPal: Frank Keller expands remit to lead all blockchain, crypto, and digital-currency initiatives.

• SharpLink: Rob Phythian transitions from CEO to President, remains on the board.

• Uniswap Labs: Mary-Catherine Lader steps from President & COO to Advisor while prepping new business lines.

Exits & Appointments in Washington

• Variant: Derek Walkush departs after three years to become COO at a portfolio company.

• Office of the Comptroller of the Currency: Jonathan Gould (Jones Day) named new Comptroller.

• PCAOB: Erica Williams steps down 22 July at SEC Chair Paul Atkins’ request.

Bottom Line

July’s talent map shows a sector professionalising at warp speed.
Traditional-finance operators are no longer dipping toes—they’re diving in, bringing compliance playbooks, treasury know-how, and institutional credibility.
For crypto natives, that means stiffer competition, but also a once-in-a-cycle chance to build the on-ramps that the next billion users will trust.

Financial Secretary Paul Chan Mo-po stated that Policy Declaration 2.0 reflects the government’s vision for digital asset development, demonstrating practical applications of tokenization and diversifying use cases. By balancing prudent regulation with market innovation, Hong Kong seeks to build a thriving digital asset ecosystem integrated with the real economy and social life, reinforcing its status as a leading international financial center.

With the release of Policy Declaration 2.0, several questions arise:

• What was Policy Declaration 1.0?

• How does 2.0 relate to 1.0?

• What are the key points of 2.0?

• What is Hong Kong’s stance on digital asset development?

The Crypto Salad team will dissect the critical aspects of Policy Declaration 2.0 across multiple dimensions, tracing Hong Kong’s evolution from "Virtual Assets 1.0" to "Digital Assets 2.0."

I. Hong Kong’s Digital Asset Policy Declarations

1. Policy Declaration 1.0 (2022)

The Policy Declaration on Virtual Asset Development in Hong Kong (Policy Declaration 1.0), issued in 2022, outlined the HKSAR government’s vision for fostering a dynamic virtual asset ecosystem. Key elements included:

• Regulatory frameworks for virtual assets.

• Pilot projects like green bonds and the digital Hong Kong dollar (e-HKD).

• Future prospects for virtual assets.

2. Policy Declaration 2.0 (2025): A Major Upgrade

Policy Declaration 2.0 builds upon its predecessor with significant advancements:

• Terminology shift: "Virtual assets" → "Digital assets."

• Stablecoin upgrade: From "utility tokens" to "infrastructure currency," with a regulatory regime for issuers effective August 1, 2025.

• RWA focus: Tokenization of real-world assets (RWAs) as a core industry direction, bridging digital and physical economies.

(Table: Key differences between Policy Declaration 1.0 and 2.0 omitted for brevity.)

The transition to "digital assets" reflects broader acceptance among policymakers, institutional investors, and crypto-native players—signaling a new era for the industry.

II. The LEAP Framework: Four Core Pillars

To address regulatory gaps in emerging sectors like RWAs and digital assets, Policy Declaration 2.0 introduces the LEAP framework:

1. Legal and Regulatory Streamlining

Hong Kong is establishing a unified regulatory framework covering:

• Digital asset trading platforms.

• Stablecoin issuers.

• Digital asset service providers (e.g., trading, custody).
  The Securities and Futures Commission (SFC) will lead licensing, while the Financial Services and the Treasury Bureau (FSTB) and Hong Kong Monetary Authority (HKMA) will review laws to facilitate RWA tokenization.

2. Expanding Tokenized Products

Initiatives include:

• Routine issuance of tokenized government bonds.

• Tax incentives (e.g., stamp duty exemptions for tokenized ETFs).

• Broader asset tokenization (precious metals, renewables, etc.).

3. Advancing Use Cases & Cross-Sector Collaboration

Key actions:

• Stablecoin licensing (effective August 1, 2025).

• Public-private partnerships: Regulatory agencies, tech providers, and law enforcement collaborating on digital asset infrastructure.

• Funding for blockchain startups via Cyberport’s pilot grant scheme.

4. Talent and Partnership Development

Hong Kong aims to:

• Position itself as a hub for digital asset knowledge-sharing.

• Attract global talent through programs like "Top Talent Pass."

• Foster joint research and international regulatory cooperation.

III. Key Highlights of Policy Declaration 2.0

1. Unified Regulatory Framework

Four critical entities are regulated:

• Digital asset exchanges (requiring SFC licenses).

• Stablecoin issuers (governed by the Stablecoin Ordinance).

• Digital asset service providers (under the Securities and Futures Ordinance).

• Custodians.

2. Tokenization Laws and Regulatory Review

Focus areas:

• Tokenized bond issuance, trading, and settlement.

• HK$6.8 billion in tokenized green bonds already issued by the government.

3. Incentives for RWA and Financial Asset Tokenization

• Digital Hong Kong dollar (e-HKD) development prioritized.

• Tokenization of commodities (e.g., gold, renewables) for supply chain finance.

• London Metal Exchange (LME) now recognizes Hong Kong as a delivery location.

4. Hong Kong’s First Digital Asset Indices

The Hong Kong Exchanges and Clearing Limited (HKEX) has launched digital asset indices to serve as benchmark prices for Bitcoin and Ethereum in Asia.

5. Advisory Services by FSTB and SFC

Ongoing consultations aim to streamline operations for digital asset service providers.

Conclusion

Hong Kong’s Policy Declaration 2.0 marks a strategic leap from experimental virtual asset policies to a structured digital asset economy. By integrating RWAs, stabilizing regulations, and fostering talent, Hong Kong is cementing its role as a global digital finance leader.

Key Dates:

• August 1, 2025: Stablecoin licensing takes effect.

• 2025–2026: Expansion of tokenized government bonds and ETFs.

(Charts: RWA market size, regulatory timelines omitted for brevity.)

Data Snapshot:

• Stablecoin reserves: Regulated under Stablecoin Ordinance.

• Tokenized green bonds: HK$6.8B issued.

• Digital asset indices: Launched by HKEX.

From "Crypto Wild West" to institutional-grade infrastructure—Hong Kong’s 3-year pivot is reshaping finance.

1. ETH’s "MicroStrategy Playbook": A Short-Term Boost, but Long-Term Uncertainties

• Institutional FOMO is real. Following Bitcoin’s blueprint, U.S. public companies are now piling into ETH as a treasury asset, injecting traditional capital into Ethereum and breaking its prolonged stagnation. This marks a shift from retail-driven crypto hype to Wall Street-backed demand—a validation of ETH’s appeal beyond niche crypto narratives.

• However, ETH ≠ BTC. Bitcoin’s "digital gold" narrative offers stability and predictable scarcity, while Ethereum’s value hinges on network utility (e.g., gas fees, DeFi adoption, staking yields). Any major technical failure or regulatory crackdown (e.g., on staking or DeFi) could destabilize ETH’s reserve asset thesis far more than BTC’s.

Key Takeaway: ETH’s MicroStrategy wave may fuel short-term gains, but its volatility and dependency on ecosystem health make it a riskier long-term bet compared to BTC.

2. Ethereum’s "Yield-Bearing Asset" Edge—and Its Implications

• Staking as a game-changer. ETH’s ~3-4% native yield (via staking) positions it as crypto’s "on-chain Treasury bond," appealing to institutions seeking productive assets. This temporarily overshadows Bitcoin’s efforts to create yield-generating layers (e.g., BTC L2s), but long-term, it could pressure Bitcoin’s ecosystem to accelerate infrastructure development.

• A paradigm shift in narratives. Crypto projects can no longer rely solely on tech-centric storytelling for VC and retail audiences. With Wall Street in the mix, proof of real adoption (revenue, user growth, PMF) becomes non-negotiable—a challenge previously highlighted by Solana’s competition with Ethereum.

3. The "MicroStrategy Summer" Players: Opportunists or Visionaries?

Companies like SharpLink Gaming, Bitmine Immersion Tech, and BTCS Inc.—largely traditional firms with stagnant growth—are driving this ETH accumulation spree. Their aggressive moves exploit regulatory gray areas:

• Accounting loopholes (ambiguous crypto asset classification)

• Lax SEC disclosures

• Tax ambiguities

While MicroStrategy thrived on BTC’s bull run, these latecomers face higher risks:

• No first-mover advantage

• ETH’s unproven reserve asset status

• Potential regulatory crackdowns

Caution: This hype cycle mirrors past crypto-native speculation—just with institutional branding. Investors should tread carefully.

4. The Big Picture: A Crypto Narrative Reset

The "MicroStrategy Summer" signals a broader industry pivot:

• From "tech promises" to "business metrics": Projects must now demonstrate tangible value to institutional players.

• From BTC’s scarcity to ETH’s utility: Yield-bearing assets could redefine crypto valuation frameworks—if Ethereum’s ecosystem delivers sustained growth.

• Regulatory arbitrage won’t last: As U.S. crypto regulations solidify (e.g., via the CLARITY Act), the window for opportunistic maneuvers will narrow.

Conclusion: ETH’s Moment—But Not Without Risks

Ethereum’s yield narrative and institutional FOMO have momentarily disrupted Bitcoin’s dominance in corporate treasury strategies. Yet, ETH’s path hinges on:

• Ecosystem resilience (avoiding DeFi/staking regulatory blows)

• Proving "digital bond" durability (maintaining yield attractiveness amid competition)

• Navigating Wall Street’s scrutiny (delivering real revenue, not just hype)

For now, ETH’s "MicroStrategy Summer" is a bullish catalyst—but whether it can rewrite crypto’s valuation playbook remains an open question.

Final Note: As with all crypto trends, DYOR—this cycle blends institutional legitimacy with speculative gambles.

1. Telegram Integration: Access to 1 Billion Users

Through its partnership with TON, Telegram's official blockchain, Ethena has embedded USDe and its yield-bearing variant tsUSDe (TON Staked USDe) into Telegram's wallet ecosystem. This move achieves three critical objectives:

• Lowering barriers to entry: Telegram users can purchase, stake, and transfer USDe as easily as sending a message.

• High-yield incentives for early adopters: tsUSDe offers an 18% APY (partially subsidized by the TON Foundation), combining with protocol base yields to deliver double-digit returns.

• Emerging market penetration: Telegram's massive user base (1B+) across Asia, Africa, and Latin America—regions with strong demand for dollar savings—provides fertile ground for USDe's expansion.

This integration not only broadens USDe's utility but also positions it as the first yield-bearing stablecoin truly accessible to non-DeFi-native users.

2. Converge: Bridging TradFi Capital On-Chain

In collaboration with Securitize (RWA partner to BlackRock, KKR, and others), Ethena is launching Converge, a blockchain designed to merge TradFi with DeFi through:

• Institutional-grade iUSDe: A regulated wrapper for sUSDe, enabling compliant holdings by traditional finance players.

• Tokenized RWA integration: Including assets like BlackRock’s USDtb (backed by its BUIDL Treasury fund), adding liquidity to USDe.

• Institutional DeFi ecosystem: Protocols like Pendle, Morpho, and Aave are already building on Converge.

Converge aims to become the primary gateway for TradFi capital entering on-chain markets, with potential to funnel billions into Ethena’s ecosystem in coming years.

3. Deep DeFi Integrations: Aave, Pendle & Beyond

Ethena’s growth is turbocharged by strategic DeFi partnerships:

• Pendle: Over $2.6B TVL for USDe/sUSDe, offering users high yields via PT-sUSDe tokens.

• Aave: USDe surpassed $1.2B TVL within three weeks of launch, becoming one of the platform’s fastest-growing assets.

• Morpho & Spark: Expanding lending and yield strategies for USDe holders.

These integrations enhance USDe’s liquidity while establishing it as DeFi’s highest-yielding stablecoin, attracting significant capital inflows.

4. CEX Adoption: Bybit’s Success & a $60B Opportunity

Ethena’s Bybit integration validated USDe’s viability as exchange collateral:

• Bybit adoption: Users earn 11% APY on USDe (vs. 0% for USDT/USDC), driving balances past $700M—surpassing USDC on the platform.

• Expansion to Binance, OKX, Kraken: With $60B in stablecoin holdings across major CEXs, capturing just 10% market share could unlock $5–6B in new demand.

• Transparency boost: Real-time proof-of-reserves with Chaos Labs bolsters trust.

CEX adoption remains Ethena’s most powerful lever for multi-billion-scale growth.

Conclusion: Ethena’s Convergence Playbook

Ethena’s strategy creates a full-spectrum financial flywheel:

• Telegram drives mass retail adoption;

• Converge opens the TradFi capital floodgates;

• DeFi delivers high-yield utility;

• CEXs provide liquidity infrastructure.

As these pillars advance, Ethena is poised to become crypto’s core dollar-native infrastructure by 2025, bridging DeFi, CeFi, and TradFi capital flows.

Translated with precision for nuanced financial and technical accuracy

The market is indeed strong at present, and being bullish is undoubtedly the right choice, with room for further upward movement. In the short term, if Bitcoin tests the 105 level without breaking down, the market may continue to rebound upward to around 107, offering nearly 2,000 points of bullish potential. The first drop to near 100,000 is a good entry point for bulls and an excellent position to capture the rebound.

After all, the 100,000 support level is quite strong. Whether you are looking to go long-term bullish or just to capture a short-term rebound, it is an appropriate position. For short-term trades, opening long positions to capture the rebound makes it easy to set stop-losses, so the bulls who entered during this rebound are very confident.

If the price breaks down below 105, the next support level would be around 103. The market is essentially searching for direction within a range of about 2,000 points up or down. For most of this week, the market has been fluctuating within this range. Earlier this month, I mentioned paying attention to a larger consolidation range between 100,000 and 107. The market is unlikely to break below the lower limit or above the upper limit. The smaller range is between 102 and 105. I also reminded everyone that this would be the trend for the next three to five days. As time goes on, the fluctuations will increase because the market cannot stay in this consolidation forever. It will eventually need to break out in one direction or another. There will be a result, either up or down, and it will not remain range-bound indefinitely.

However, many traders are impatient and cannot bear to stay out of the market for a day. But these small-range fluctuations are not easy to trade. With daily movements of less than 1,000 points, participating is not very meaningful. It is better to wait for a market that moves by three to five thousand points, where profits and losses are more significant. I believe that most people do not lose all their positions in one go; instead, they are gradually eroded by the constant back-and-forth in the consolidation.

For example, Bitcoin may only fluctuate by 3,000 points, but you end up losing 8,000 points. This is due to constantly chasing rallies and selling on dips. Even if you open positions in the right direction, it is hard to hold on. When there is no clear market movement, it is better to rest and at least avoid losses. You keep thinking about trading and open several positions every day, but you are not making money. Why not wait for a significant market move before opening positions? Even if you lose money when a big move comes, it is because you misjudged the direction. However, if you get the direction right and seize the opportunity, the profits you make will definitely be more than what you gain from constant trading over a few days.

To capture a large-scale trade, you need to consider one question: What kind of position can you hold on to? The answer is short positions at high levels and long positions at low levels. Positions opened in the middle range are definitely not sustainable because any minor fluctuation can force you out of the market. Therefore, the entry point is crucial for profit and loss. If we make a mistake in entry, we accept the loss, but we should not lose money blindly.

Weekend Market Insights

The market fluctuations were relatively small over the weekend. If Bitcoin rebounds to around 107, it is advisable to enter short positions without hesitation. Do not be deceived by the strong rebound momentum, which may give the illusion of strong bullish energy. In reality, the market makers are already selling off and exiting. A significant drop is just one more bullish trap away. Two days ago, after closing my short position at the bottom, I opened another short position around 104, which was stopped out with a loss of 1,000 points. Since then, I have been reluctant to open any more positions due to the limited market movement.

Data indicates that the major players are fleeing the market, and there is no positive news on the horizon. In the current market state, the absence of positive support is equivalent to negative news. Moreover, the exhaustion of good news without any significant negative news is the biggest negative factor. This market is merely maintaining the price level, waiting for the next significant plunge. However, the specific entry point should be determined based on Monday's market movement. If there is an upward spike on Monday, preferably reaching around 107, and if a short-selling opportunity arises, one can enter the market with a wide stop-loss set at 110,000, waiting for a significant downward trend.

Ethereum Outlook

As for Ethereum, my stance remains the same. When you are bullish and looking to trade, Ethereum is the asset to choose. Once Ethereum establishes a bullish trend, achieving a 20% increase is not difficult. From the current position, a 20% rise would bring it to 3,000. Given Ethereum's long period of consolidation at this level, a significant move is imminent. Of course, if Bitcoin plummets and drags Ethereum back below 2,000, it is not impossible. However, I remain optimistic about Ethereum's upward movement. Over the past few months, I have repeatedly emphasized that "Ethereum will lead the next trend," whether it is a rebound followed by an increase or a direct upward surge.

The current market trend depends on Bitcoin's behavior: whether it will break new highs or continue to consolidate before plunging below 100,000.

Bitcoin at the 100,000 Mark: The Last Chance to Get In or Get Out

Let me explain.

Bitcoin at the 100,000 mark represents both your last chance to get in and your last chance to get out. If you miss the entry opportunity, you can still enter after it breaks above 108, and it won't be too late. However, if you fail to seize the topping opportunity, you may have to wait until the market drops by 10,000 points to see it again. Once the market turns bullish, opening long positions in Ethereum will yield higher returns than Bitcoin.

At present, I am bearish on Bitcoin and plan to open short positions on the rebound. If the market changes direction, I will directly open long positions in Ethereum. Based on the current price, Bitcoin only needs to rise by 7% to reach a new high. At that time, even if Ethereum does not reach 3,000, it will at least hit above 2,800. In terms of percentage increase, Ethereum's gain will be double that of Bitcoin. I believe that institutional players are selling off, and following the trend should not be a problem. Therefore, I consider this a topping opportunity.

Key Takeaways

1. Liquidity Exit to Industrial Ecosystem: South Korea’s Web3 market reached an inflection point, transitioning from a speculative "liquidity exit" to a self-sustaining ecosystem.

2. Corporate Account Deregulation: Institutional entities are gradually permitted to trade crypto via corporate accounts under the FSC’s roadmap.

3. Global Project-Led Development: Avalanche, TON, Ripple, and Solana are building long-term foundations through developer communities and hackathons.

1. Is South Korea Still Just a Liquidity Exit?

Despite retail participation and liquidity, institutional infrastructure remains underdeveloped. Regulatory focus on investor protection over ecosystem growth has slowed broader industry expansion.

Key Barriers:

• Restrictions linking corporate accounts to crypto exchanges.

• High barriers to VASP licensing, creating legal uncertainties for large projects.

These constraints reinforce Korea’s perception as a "liquidity exit." However, recent regulatory improvements (e.g., corporate crypto trading) signal structural progress. Global projects are fostering local ecosystems, suggesting Korea is at a pivotal transition toward long-term value creation.

2. Institutional Progress: Corporate Crypto Trading

Background: Since the 2017 "Park Sang-ki ban," corporate crypto trading was restricted, creating a dual system where individuals could trade but businesses could not.

FSC’s 2025 Roadmap:

• Phase 1 (Q2 2025): Allows asset liquidation for law enforcement, nonprofits, and exchanges.

• Phase 2 (H2 2025): Permits trading by listed companies and professional investors.

• Phase 3 (Long-term): Opens market access to all enterprises.

Most Web3 projects fall under Phase 3 and face high entry thresholds (e.g., ₩10B financial product holdings). While immediate benefits are limited, the roadmap indicates gradual deregulation.

2.1 Benefits of Corporate Accounts

• Establishes legal foundations for Web3 businesses.

• Enhances market stability via institutional investors.

• Diversifies financial services (e.g., crypto funds, custody).

Corporate participation could reduce volatility, mitigate the "Kimchi Premium," and expand crypto-linked financial products.

2.2 Risks

• Phased deregulation may create sell-side pressure.

• Tighter tax enforcement as institutions enter.

• Bitcoin dominance may drain altcoin liquidity, impacting retail-heavy markets.

3. Industry Shift: Global Web3 Projects’ Strategies

Korea has become a strategic market for global Web3 players, with projects shifting from marketing to ecosystem building.

3.1 Project Support

• Avalanche: Collaborates with local teams (e.g., MapleStory developers) and hosts demo days.

• TON Foundation: Launched "TON Society Korea Builder" with structured support for local projects.

These initiatives provide tangible growth pathways for Korean developers.

3.2 Hackathons as Catalysts

• Ripple’s DE-BUTHON 2025: 24 teams, 203 participants.

• Solana’s SEOULANA HACKATHON: 300+ attendees.

Such events validate Korea’s builder ecosystem and bridge prototyping to deployment.

4. From Investment to Industry: Korea’s Inflection Point

Q1 2025 marked Korea’s transition toward a mature Web3 ecosystem, driven by:

• Regulatory advances: Corporate accounts, potential "one exchange-multi bank" system.

• CBDC progress: "Han River Project" completed its first retail trial; banks exploring KRW stablecoins.

After years of constraints, Korea is entering a phase of policy alignment, institutional participation, and industrial-scale growth.

Conclusion: While challenges persist, Korea’s Web3 market is evolving beyond speculation. With sustained global collaboration and regulatory clarity, it could emerge as a hub for substantive innovation.

Source: Tiger Research, Avalanche Korea, FSC

From NFTs to Real Estate Blockchain Games: Mapping Trump’s Crypto Empire

Will Trump Build a "Crypto Monopoly"? (Related Reading: "Monopoly" Fan Trump Enters Blockchain Gaming, Adding Another Move to the Crypto Arena)

While Trump’s presidency has stirred global unrest, it’s undeniable that, personally, he is the most financially adept president in recent history. Beyond his well-known real estate empire, media ventures, and controversial stock market maneuvers, he has carved out a new profit channel: cryptocurrencies, from which he has earned at least $1 billion.

To this day, Trump’s crypto empire has continued to expand, spanning from initial NFTs to DeFi, meme coins, stablecoins, and now mining. A new crypto empire bearing Trump’s name appears to be on the rise. Most recently, according to Fortune, the Trump family is suspected of setting its sights on blockchain gaming.

Tracing Trump’s crypto journey, the earliest chapter begins with digital cards. In June 2021, Trump advocated for the "Great American Dollar" and lambasted cryptocurrencies as a "scam" undermining the dollar’s value, calling for strict regulation. Yet, less than a year and a half later, Trump embraced the irony.

On December 15, 2022, Trump announced the launch of Trump Digital Trading Card NFTs via TruthSocial, his social media platform. Minted on the Polygon blockchain, the series initially comprised 45,000 NFTs priced at $99 each. Purchasing 45 cards granted a dinner with Trump. Despite initial ridicule, fueled by the ex-president’s star power, the series sold out in under a day. According to OpenSea, it generated 17,115 ETH in trading volume, with 14,411 holders.

From NFTs to Real Estate Blockchain Games: Mapping Trump’s Crypto Empire

In short, the first venture netted Trump 4.45million.Encouraged,onApril18,2023,hequicklyreleasedasecondseries:∗TrumpDigitalTradingCardsSeries2∗.Usingthesamemarketingstrategybutincreasingthetotalto47,000(symbolizinghisambitionfora47thterm),pricedat99, the series sold out in five hours but plummeted the next day, signaling market fatigue.

Undeterred, Trump soon launched the third series: MugShot Edition NFTs, this time with 100,000 units at the same price. Special perks included a 10,000receptioninviteandalimited−editionordinalcard.ThisseriesreignitedtheNFThype.Combined,thethreeseriesrakedin19 million, with actual profits reaching millions, according to financial disclosures.

NFTs were just the beginning. In September 2024, the Trump family announced World Liberty Financial (WLFI), a DeFi venture. Despite lackluster DeFi performance, WLFI garnered attention for its 1billionintokenpurchases,currentlyholdinga0.87550 million in March, with Tron founder Justin Sun contributing $75 million.

From NFTs to Real Estate Blockchain Games: Mapping Trump’s Crypto Empire

Documents reveal that after deducting operating costs, Trump and his partners receive 75% of WLFI’s net revenue, including token sales. Of the funds raised, 30millionisearmarkedforcompanyexpenses.Theremaining75390 million, goes to Trump and his partners at DT Marks DEFI LLC for marketing, including using his name and image.

Shortly after Trump’s White House crypto summit, WLFI launched the USD1 stablecoin, pegged to the dollar and backed by U.S. Treasuries and cash equivalents. Minted on Ethereum and BSC, with plans to expand, USD1’s trading volume has surpassed $44.91 million, according to CoinGecko.

From NFTs to Real Estate Blockchain Games: Mapping Trump’s Crypto Empire

Next came mining. With Trump advocating for "Made in America" Bitcoin, his family seized the opportunity. In late March, Eric Trump and Hut 8 Mining formed American Bitcoin. Hut 8 injected most ASIC miners into American Data Centers, renamed American Bitcoin post-transaction, with Hut 8 holding 80%.

While mining and stablecoins are nascent, Trump’s meme coin, TRUMP, made headlines. Launched in January, it soared from 70to7.89, a 90% drop from its peak, creating a rollercoaster for investors and tightening liquidity.

From NFTs to Real Estate Blockchain Games: Mapping Trump’s Crypto Empire

Due to unlocking issues, actual profits are smaller. With 1 billion tokens initially, only 200 million circulated, with the rest unlocking linearly over three years. Trump’s companies, CIC Digital LLC and Fight Fight Fight LLC, control 80%, with a book profit of $6.344 billion.

Overall, a vast Trump crypto empire is emerging, spanning NFTs, mining, stablecoins, DeFi, and meme coins. With infrastructure and applications covered, Bloomberg reports the family has earned over $1 billion. A new venture, a real estate blockchain game akin to MONOPOLY GO!, is reportedly in the works, though denied by Bill Zanker’s spokesperson.

From NFTs to Real Estate Blockchain Games: Mapping Trump’s Crypto Empire

Trump’s philosophy revolves around monetizing traffic, aligning well with crypto’s speculative nature. With policy leverage, he can manipulate markets or enter lucrative sectors, a form of political corruption and insider trading. His crypto布局 (strategic positioning) often follows government signals, with利益集团 (interest groups) forming swiftly. A notable example is WLFI co-founder Zach Witkoff, son of Trump’s Middle East envoy Steve Witkoff.

Not everyone is pleased. Democrats and independents question Trump’s crypto enrichment. Elizabeth Warren argues the SEC’s lax enforcement aids Trump’s crypto gains, while Kedric Payne of the Campaign Legal Center notes Trump’s advocacy for crypto-friendly laws.

This isn’t baseless. Under Trump, the SEC and DOJ have eased crypto regulations, with stakeholders facing fewer prosecutions. For instance, after Sun’s $75 million WLFI investment, the SEC dropped its 2023 fraud case against him.

From NFTs to Real Estate Blockchain Games: Mapping Trump’s Crypto Empire

While Trump’s policies seem solid, lax regulation risks political backlash, especially given America’s complex political climate. TD Cowen warns Trump’s crypto ventures could delay U.S. regulatory progress, despite legislative acceleration.

Conflicts of interest extend beyond crypto. Amid recent tariffs, Trump’s allies profited. Georgia congresswoman Marjorie Taylor Greene bought stocks before tariff delays, while Pennsylvania’s Rob Bresnahan sold U.S. Steel Dynamics shares before tariff announcements. Both deny wrongdoing but face market suspicion.

With family profiting in crypto and allies in stocks, Trump’s actions raise conflict-of-interest concerns. Democrats have urged the SEC to investigate, though the new chair, a Trump ally, may thwart such efforts.

Visibly, Trump’s family’s profit-seeking continues. Earning billions in months, the question remains: How much more will he amass in four years? As the U.S.’s most profitable president emerges, his governance evaluation lingers.

Introduction to the Mint Project Mint is a Layer 2 blockchain built on the OP Stack architecture, focusing on innovation and development in the NFT field. The platform connects global NFT creators and collectors through a decentralized network, committed to promoting the evolution of NFT protocol standards and the expansion of application scenarios.

Features of Mint

• Layer 2 Solution Focused on NFT Ecology

• Optimized for efficient circulation design based on advanced scaling technology architecture

• Full Lifecycle Management Support

• Provides a complete solution from creation, interaction, circulation to rights verification, covering the entire process

• Multi-chain Interoperability

• Built-in secure and efficient cross-chain interaction protocols to achieve free data flow between different blockchain networks

• Developer-Friendly Environment

• Equipped with a full suite of development tools, including smart contract templates, test network support, and debugging tools

Mint Economic Model The total supply of MINT is 1 billion tokens, allocated to four main parts:

• MintDAO: 50%

• Launch Contributors: 20%

• Community Airdrop: 12%

• MintCore (Core Team): 18%

• 
  

  

Mint Team

• Shier is the co-founder and COO of NFTScan, and also the co-founder of Mint.

• Rose Quan is the head of ecosystem development at Mint, and the chief strategist at NFTScan.

Mint Financing On May 31, 2024, Mint completed a $5 million seed funding round.

Summary of Mint The development of NFT technology is still in its early stages, with vast room for growth in terms of large-scale application, innovative breakthroughs, and integration with physical scenarios. In this evolutionary process, Mint is committed to building a distributed network system focused on full-process management. From NFT issuance to interaction, settlement, and on-chain data indexing, it fully supports the development of the NFT ecosystem.

I. Preface: The Return of Safe-Haven Demand in a New Cycle

Since the beginning of 2025, frequent geopolitical conflicts, persistent inflationary pressures, and sluggish growth in major economies have once again increased the demand for safe-haven assets. Gold, as the traditional "safe asset," has once again become the focus, with gold prices repeatedly setting new highs and breaking through the $3,000 per ounce mark, becoming a global safe haven for capital. At the same time, with the accelerated integration of blockchain technology and traditional assets, Tokenized Gold has become a new frontier in financial innovation. It not only retains the value-preserving attributes of gold but also possesses the liquidity, composability, and smart contract interaction capabilities of on-chain assets. An increasing number of investors, institutions, and even sovereign funds have begun to include tokenized gold in their investment portfolios.

II. Gold: The Irreplaceable "Hard Currency" in the Digital Age

Despite the fact that humanity has entered a highly digitized financial era with the emergence of various financial assets, from fiat currencies, government bonds, and stocks to the more recent digital currencies, gold has maintained its status as the "ultimate store of value" due to its unique historical depth, value stability, and cross-sovereign currency attributes. The reason gold is called "hard currency" is not only because of its natural scarcity and physical non-forgery but also because it is backed by a long-term consensus of human society over thousands of years, rather than the credit endorsement of a specific country or organization. In any macroeconomic cycle where sovereign currencies may depreciate, fiat currency systems may collapse, and global credit risks accumulate, gold is always seen as the last line of defense and the ultimate means of payment under systemic risk.

Over the past few decades, especially after the collapse of the Bretton Woods system, gold was once marginalized, with its role as a direct settlement tool being replaced by the US dollar and other sovereign currencies. However, it has been proven that fiat currencies cannot completely escape the fate of cyclical crises, and gold's status has not been erased. Instead, it has been re-endowed with the role of a value anchor in each round of currency crises. The 2008 global financial crisis, the global monetary easing wave after the 2020 pandemic, and the high inflation and interest rate hikes since 2022 have all led to significant increases in gold prices. Especially after 2023, with the combination of multiple factors such as geopolitical frictions, US debt default risks, and the persistence of global inflation, gold has once again reached the important threshold of $3,000 per ounce, triggering a new round of global asset allocation logic shifts.

The behavior of central banks is the most intuitive reflection of this trend. Data from the World Gold Council shows that over the past five years, global central banks have continuously increased their gold holdings, with "non-Western countries" such as China, Russia, India, and Turkey being particularly active. In 2023, the global central banks' net gold purchases exceeded 1,100 tons, setting a new historical record. This round of gold repatriation is essentially not a short-term tactical operation but a deep consideration of strategic asset security, the multipolarization of sovereign currencies, and the increasing instability of the US dollar system. Against the backdrop of the continuous restructuring of global trade patterns and geopolitics, gold is once again seen as the most trusted reserve asset. From the perspective of currency sovereignty, gold is replacing US Treasury bonds as an important anchor for several countries' central banks to adjust their foreign exchange reserve structures.

More structurally significant is that gold's safe-haven value is being re-recognized by the global capital market. Compared to credit assets such as US Treasury bonds, gold does not rely on the issuer's ability to repay and does not have the risk of default or restructuring. Therefore, in the context of high global debt and expanding fiscal deficits, gold's "counterparty risk-free" attribute is particularly prominent. Currently, the debt-to-GDP ratio of major global economies generally exceeds 100%, with the United States being over 120%. The sustainability of fiscal policies is increasingly questioned, making gold irreplaceably attractive in an era of weakened sovereign credit. In practice, large institutions, including sovereign wealth funds, pension funds, and commercial banks, have increased their gold allocation ratios to hedge against systemic risks in the global economy. This behavior is changing gold's traditional "countercyclical + defensive" role, giving it a long-term positioning as a "structurally neutral asset."

Of course, gold is not a perfect financial asset. Its relatively low transaction efficiency, difficulties in physical transfer, and the natural drawbacks of being difficult to program in the digital age make it seem "heavy." However, this does not mean it will be eliminated but rather prompts gold to undergo a new round of digital upgrades. We observe that the evolution of gold in the digital world is not static value preservation but an active integration with fintech logic towards "tokenized gold." This shift is no longer a competition between gold and digital currencies but a combination of "value anchor assets and programmable financial protocols." The on-chain transformation of gold injects liquidity, composability, and cross-border transfer capabilities, making gold not only a wealth carrier in the physical world but also a stable asset anchor in the digital financial system.

It is particularly worth noting that gold, as a store of value, has a complementary rather than an absolute substitutable relationship with Bitcoin, the "digital gold." Bitcoin has a much higher volatility than gold and lacks sufficient short-term price stability. In environments with high macroeconomic policy uncertainty, it is more likely to be seen as a risky asset rather than a safe-haven asset. In contrast, gold, with its vast spot market, mature financial derivatives system, and widespread acceptance by central banks, still maintains the triple advantages of being countercyclical, low-volatile, and highly recognized. From an asset allocation perspective, gold remains one of the most important risk-hedging factors in constructing a global investment portfolio and has an irreplaceable underlying "financial neutrality" status.

Tokenized Gold Deep Research Report: Shaping a New On-Chain Paradigm for Safe-Haven Assets

Overall, whether from the perspective of macro-financial security, currency system reshaping, or global capital allocation restructuring, gold's status as hard currency has not been weakened by the rise of digital assets. Instead, it has been enhanced by the strengthening of global trends such as "de-dollarization," geopolitical fragmentation, and sovereign credit crises. In the digital age, gold is both the stabilizing force of the traditional financial world and a potential value anchor for future on-chain financial infrastructure. The future of gold is not to be replaced but to continue its historical mission as the "ultimate credit asset" in both old and new financial systems through tokenization and programmability.

III. Tokenized Gold: The On-Chain Expression of Gold

Tokenized Gold is essentially a technological and financial practice that maps gold assets onto a blockchain network in the form of cryptographic assets. It represents the ownership or value of physical gold through smart contracts as tokens on the chain, allowing gold to no longer be confined to static records in vaults, warehouse receipts, and banking systems but to freely circulate and combine in a standardized, programmable form on the chain. Tokenized Gold is not the creation of a new type of financial asset but a reconstruction of injecting traditional commodities into a new financial system in digital form. It embeds this hard currency, which has spanned historical cycles, into the "decentralized financial operating system" represented by blockchain, giving birth to a new value-bearing structure.

This innovation can be understood at the macro level as an important part of the global asset digitization wave. The widespread adoption of smart contract platforms such as Ethereum has provided the underlying programmable foundation for the on-chain expression of gold. The development of stablecoins in recent years has also verified the market demand and technical feasibility of "on-chain value anchor assets." Tokenized Gold is, in a sense, an extension and elevation of the stablecoin concept. It not only pursues price anchoring but also has real, credit-default-risk-free hard assets behind it. Unlike fiat-anchored stablecoins, gold-anchored tokens naturally摆脱单一主权货币的波动性与监管风险，具备跨境中立性和长期抗通胀能力。这一点在当前美元主导的稳定币格局日益引发监管与地缘敏感问题的背景下，显得尤为重要。

From a micro-mechanism perspective, the creation of tokenized gold typically relies on two pathways: one is the "100% physical collateral + on-chain issuance" custody model, and the other is the "programmatic mapping + verifiable asset certificate" protocol model. The former, such as Tether Gold (XAUT) and PAX Gold (PAXG), both have physical gold custody institutions behind them, ensuring that each token corresponds one-to-one with a certain amount of physical gold and undergoes regular audits and off-chain reporting. The latter, such as Cache Gold and Digital Gold Token projects, attempts to enhance the verifiability and liquidity of tokens by binding programmable asset certificates with gold batch numbers.

Regardless of the approach taken, the core goal is to establish a mechanism for the credible representation, liquidity, and settlement of gold on the chain, thereby achieving real-time transferability, divisibility, and composability of gold assets, breaking the traditional gold market's fragmentation, high barriers to entry, and low liquidity.

The greatest value of tokenized gold is not just the progress of technical expression but its fundamental transformation of the gold market's functionality. In the traditional gold market, the trading of physical gold is usually accompanied by high transportation, insurance, and storage costs. Paper gold and ETFs, on the other hand, lack true ownership and on-chain composability. Tokenized gold attempts to provide a new form of gold that is divisible, real-time settled, and cross-border mobile through its on-chain native asset form, transforming this "static asset" into a "high liquidity + high transparency" dynamic financial instrument. This characteristic greatly expands the use cases of gold in DeFi and the global financial market, enabling it not only to serve as a value reserve but also to participate in multiple layers of financial activities such as collateral lending, leveraged trading, yield farming, and even cross-border clearing and settlement.

Furthermore, tokenized gold is driving a shift in the gold market from centralized to decentralized infrastructure. In the past, the value flow of gold heavily relied on traditional centralized nodes such as the London Bullion Market Association (LBMA), clearing banks, and vault custody institutions, with issues of information asymmetry, cross-border delays, and high costs. Tokenized gold, with on-chain smart contracts as the carrier, has built a permissionless and trustless gold asset issuance and circulation system. It transparentizes and streamlines the traditional gold's entitlement, settlement, and custody processes, significantly lowering market entry barriers and allowing retail users and developers to equally access the global gold liquidity network.

Overall, tokenized gold represents a profound value reconstruction and system integration of traditional physical assets in the blockchain world. It not only inherits the safe-haven attributes and store-of-value functions of gold but also expands the functional boundaries of gold as a digital asset in the new financial system. Against the backdrop of global financial digitization and the multipolarization of currency systems, the on-chain reconstruction of gold is destined to be not a temporary experiment but a long-term process accompanying the evolution of financial sovereignty and technological paradigms. Whoever can establish a tokenized gold standard that combines compliance, liquidity, composability, and cross-border capabilities in this process may hold the discourse power of the future "on-chain hard currency."

IV. Analysis and Comparison of Mainstream Tokenized Gold Projects

In the current crypto-financial ecosystem, tokenized gold, as a bridge connecting the traditional precious metal market and the emerging on-chain asset system, has given birth to a number of representative projects. These projects explore from multiple dimensions such as technical architecture, custody mechanism, compliance path, and user experience, gradually building a market prototype of "on-chain gold." Although they all follow the basic principle of "physical gold collateral + on-chain mapping" in their core logic, their specific implementation paths and focuses are different, reflecting that the tokenized gold track is still in a stage of competition and undetermined standards.

The most representative tokenized gold projects currently include Tether Gold (XAUT), PAX Gold (PAXG), Cache Gold (CGT), Perth Mint Gold Token (PMGT), and Aurus Gold (AWG), among others. Tether Gold and PAX Gold can be regarded as the current industry's duopoly, leading other projects in terms of market value and liquidity. They also enjoy a more advantageous position in user trust and exchange support due to their mature custody systems, higher transparency, and stronger brand endorsements.

Tether Gold (XAUT), launched by the stablecoin leader Tether, is characterized by its one-to-one anchor with the standard gold bars of the London gold market. Each XAUT corresponds to 1 ounce of physical gold custodied in Switzerland. The project relies on the Bitfinex ecosystem behind Tether, offering first-mover advantages in terms of liquidity, trading channels, and stability. However, Tether Gold is relatively conservative in terms of disclosure and transparency. Users cannot directly view the binding information of each token with specific gold bar numbers on the chain. This black-box asset custody approach is controversial in the decentralized crypto community. Additionally, XAUT's compliance layout is mainly aimed at international offshore users, and the entry barrier remains high for investors who wish to invest in tokenized gold through legitimate financial channels.

In contrast, PAX Gold (PAXG), launched by the licensed US fintech company Paxos, has gone further in terms of compliance and asset transparency. Each PAXG also represents 1 ounce of London standard gold, and through verifiable gold bar serial numbers and custody data, it provides users with on-chain queryable asset correspondence information. More importantly, Paxos, as a trust company regulated by the New York Department of Financial Services (NYDFS), has its gold asset custody and issuance mechanism subject to regulatory scrutiny, which enhances the compliance endorsement of PAXG to a certain extent. The project has also actively expanded its DeFi compatibility and has been integrated into multiple DeFi protocols such as Aave and Uniswap. This allows PAXG to be used as collateral for lending and liquidity mining, thereby releasing the compound value of gold assets on the chain.

Cache Gold (CGT) represents another attempt at tokenized gold that leans more towards decentralization and verifiable asset certificates. The project uses a "Token Wrapper + gold bar number registration" system, with each CGT representing 1 gram of physical gold and being bound to the batch number of gold in an independent custody warehouse. Its biggest feature is the strong binding mechanism between on-chain and off-chain, that is, each gold collateral must generate a corresponding Proof of Reserve and record batch information and flow status on the blockchain. This mechanism allows users to more transparently track the physical assets behind the tokens. However, it also poses challenges for the project in terms of custody efficiency and liquidity organization, and it has not yet been widely promoted to mainstream DeFi scenarios.

Perth Mint Gold Token (PMGT) is the official tokenized gold product launched by the Perth Mint, a state-owned precious metal minting institution in Australia. The gold assets behind the project are guaranteed by the Australian government and custodied in a national vault, making it theoretically one of the most creditworthy tokenized gold projects. However, due to its low participation in the cryptocurrency market, scarce trading pairs, and lack of DeFi compatibility, the project, despite its high security and official endorsement, lags far behind Tether Gold and PAX Gold in terms of market liquidity and user popularity.

There are also innovative projects such as Aurus Gold (AWG) and Meld Gold, which attempt to build a new paradigm for tokenized gold through diversified custodians, NFT packaging, and cross-chain issuance. For example, Aurus Gold adopts a joint issuance by multiple mints and integrates with multiple exchanges and wallets to enhance the anti-centralization dependence of gold tokens. It also introduces NFTs as gold packaging certificates to provide flexibility in asset management. These projects are more in line with the Web3 native asset system in concept but are still in their early stages and have not yet established widespread market consensus.

Overall, the current tokenized gold market presents a bipolar pattern: on the one hand, there are "centralized + high-trust" projects represented by Tether Gold and PAX Gold, which quickly occupy the mainstream market share with the endorsement of large institutions, mature custody structures, and exchange access advantages; on the other hand, there are "decentralized + verifiable" projects represented by Cache Gold and Aurus Gold, which emphasize asset transparency and on-chain autonomy but are still limited in actual use by market acceptance, custody coordination efficiency, and DeFi integration levels. The competition between the two also reflects the ongoing博弈 between "trust threshold" and "technical ideal" in the entire crypto-financial ecosystem.

From the perspective of industry evolution, the future tokenized gold standard is likely to evolve towards a convergence of "compliance, verifiability, composability, and cross-chain capabilities." On the one hand, only assets that establish transparent custody systems in a strong regulatory environment and pass audits and on-chain verification can gain the long-term trust of mainstream institutions and users. On the other hand, projects must truly integrate into DeFi and Web3 infrastructure to achieve the "asset primitivization" of gold tokens. Otherwise, they will merely be "gold certificates in financial packaging," unable to release sufficient value and network effects.

V. Tokenized Gold from an Investor's Perspective: Value, Opportunities, and Risks

Tokenized gold, as an emerging financial instrument that combines traditional value anchoring with on-chain asset characteristics, is gradually becoming an alternative asset option in investors' portfolios. Unlike traditional gold ETFs or physical gold bars, its core value lies not only in the safe-haven attributes represented by gold itself but also in the enhanced liquidity, improved transaction convenience, and expanded composability achieved through the digitization of assets via blockchain infrastructure. From an investor's perspective, the appeal of tokenized gold lies in its ability to find a relatively balanced entry point between "financial stability anchor" and "technological innovation dividend," becoming a practical path to configuring "on-chain hard currency" in the highly volatile crypto market.

Firstly, tokenized gold naturally inherits the basic investment logic of gold as a global safe-haven asset. Historical experience shows that during cycles of increased macroeconomic uncertainty, intensified inflationary pressures, or rising geopolitical risks, gold typically receives a risk premium from the capital market, becoming the preferred target for institutions and individual investors to hedge against the depreciation of fiat currency

purchasing power and severe market fluctuations. Tokenized gold continues this attribute, especially during periods of violent crypto market fluctuations, providing investors with asset allocation opportunities that have low or even negative correlations. During several crypto market downturns in 2022 and 2023, the price fluctuations of tokens such as PAXG and XAUT were significantly smaller than those of mainstream crypto assets, and they even became a "short-term safe-haven port" for capital on the chain.

Secondly, tokenized gold endows gold assets with unprecedented liquidity and accessibility. Traditional gold investment has several pain points, including high transaction barriers, limited trading hours, inconvenient deposit and withdrawal, and strong geographical restrictions. In contrast, tokenized gold, as an ERC-20 or cross-chain asset, can be instantly transferred in any wallet that supports public chains worldwide and can also perform a variety of advanced financial operations such as high-frequency trading, DeFi staking, and cross-border settlement. This leap in liquidity greatly expands the operational space of gold assets, no longer confining them to the "asset storage" function but making them a dynamically manageable "on-chain cash flow base asset."

More importantly, with the gradual maturation of DeFi and Web3 infrastructure, tokenized gold is acquiring the financial attribute of composability, making it not just "digital gold" but gradually becoming a component module of on-chain native assets. Investors can obtain stablecoins by staking PAXG, thereby releasing liquidity to participate in other investment opportunities; they can also add gold assets to liquidity pools to earn income; or they can even transfer tokenized gold across chains through multi-chain interoperability protocols to serve global payment and settlement needs. This "asset-as-protocol" concept is an innovative path that cannot be realized in the traditional gold financial system.

However, despite its many advantages, tokenized gold still has certain structural risks and development bottlenecks that investors need to weigh carefully when participating. First is the custody and redemption risk. The vast majority of tokenized gold projects still rely on centralized physical custody systems, and investors must trust the issuer to properly store the gold and provide physical redemption when necessary. The redemption process for most projects is currently cumbersome, with high barriers to entry and geographical restrictions. Especially in extreme market conditions, whether users can successfully complete the exchange from on-chain assets to physical gold remains uncertain in terms of law and operations. In addition, some projects lack sufficient information disclosure in terms of custody audits and asset proof, and this lack of transparency can reduce user confidence and is not conducive to its long-term construction as an "on-chain safe-haven anchor."

Second is the external risk of compliance and regulation. Since gold itself is a high-value sensitive asset, its tokenization process involves multiple regulatory requirements such as the precious metal market, securities law, and KYC/AML. The legality and regulatory path of tokenized gold are not unified across different jurisdictions, which means that the legal risks faced by projects have a high degree of uncertainty. Especially for institutional users who wish to use this type of asset for cross-border settlement or large transactions, how to operate steadily within the compliance framework is a key factor in determining their acceptance.

Finally, from a market game theory perspective, the status of tokenized gold in an actual investment portfolio is still in an "auxiliary configuration" role and is unlikely to become a dominant asset. Although its safe-haven and stability characteristics have significant value in downturn cycles, its performance in a bull market is often inferior to that of riskier crypto assets such as Bitcoin and Ethereum. This "stable value but limited growth" characteristic makes tokenized gold more suitable as a tool for hedging volatility and stabilizing portfolio returns, rather than a core investment target for pursuing high growth.

Overall, for investors, tokenized gold is both a "value storage tool" for a new type of asset and a configuration option prioritizing "security" in the digital economy. Its underlying logic is built on the millennia of stable value of gold, reshaping its trading, custody, and composability through blockchain technology. As the DeFi ecosystem further develops, cross-chain infrastructure improves, and compliance paths become clearer, tokenized gold may play a more important role in the "full lifecycle management of digital assets." For individual users, it is a practical path to enhancing asset risk resistance and engaging in countercyclical configuration. For institutions, it may become a "core asset" in building on-chain portfolios, thereby ushering in a new era of "on-chain asset management" in the true sense.

VI. Conclusion: The On-Chain Upgrade of Gold Is Not a Replacement but a Continuation

In an era of unstable credit, increased volatility of the US dollar, and reshaping of the global monetary landscape, gold is undergoing a process of "digital rediscovery." It is not being replaced by digital assets such as Bitcoin but is being tokenized, programmable, and smart-contracted, thereby participating more flexibly in the construction of the new financial system. For users, this evolved gold remains "hard currency," just in a different on-chain form. It still provides a sense of security, value preservation, and risk resistance, becoming a true "stability anchor" in the digital world.

Bitcoin (BTC): Today's price stands at US$76,228.01, with a 24-hour trading volume of US$51,051,897,866. The price has dropped by -5.25% over the past 24 hours and by -10.48% over the past 7 days. With a circulating supply of 19.85 million BTC, Bitcoin's market cap is US$1,513,024,234,107.

Ethereum (ETH): Today's price is US$1,444.81, with a 24-hour trading volume of US$19,143,247,674. The price has fallen by -9.95% over the past 24 hours and by -23.64% over the past 7 days. With a circulating supply of 120.68 million ETH, Ethereum's market cap is US$174,464,560,865.

Ripple (XRP): Today's price is US$1.78, with a 24-hour trading volume of US$5,896,241,783. The price has decreased by -7.31% over the past 24 hours and by -15.42% over the past 7 days. With a circulating supply of 58.27 billion XRP, Ripple's market cap is US$103,938,840,787.

How the Tariff-Induced Crash Could Be a Boon for the Crypto Market

1. Accelerating the De-bubbling of the Altcoin Sector and Aiding Subsequent Market Recovery

The tariff event has come as a "timely rain," occurring at a moment that perfectly aligns with current market sentiment and acting as a powerful catalyst for the de-bubbling of altcoin valuations.

Looking back over the past few months, a flood of projects entered the market with inflated fully diluted valuations (FDVs), significant liquidity mismatches, and valuations that were severely detached from reality.

Now, as the market returns to rationality, it helps to filter out truly valuable projects. Once the market regains its risk appetite, these high-quality assets, which have been through a reshuffling, will actually have greater room for appreciation.

2. Long-term Investment Opportunities in Mainstream Assets Begin to Emerge

A key piece of information from Web3-related activities: several large investors with institutional backgrounds are actively positioning themselves in Bitcoin (BTC). Observing from the perspective of capital flows, we can see that these perceptive "smart money" players are not choosing to sit on the sidelines but are instead boldly seeking out quality chips amidst the market's panic.

For holders with medium to long-term investment strategies, now is an excellent time to reconfigure their mainstream asset portfolios.

3. Rising Expectations of Easing, Creating a Favorable Policy Environment for the Second Half of the Year

Currently, market expectations for the Federal Reserve to cut interest rates in the second half of the year are growing stronger. Compared to previous assessments, the timing of rate cuts may come earlier, and the magnitude of the cuts could be greater. This trend suggests that global liquidity will once again head towards easing, which is undoubtedly a significant boon for crypto assets, a category of assets known for their high volatility and elasticity.

Once market expectations clearly shift, sentiment could quickly recover. The current phase is more like a healthy "de-bubbling + emotional release." Although there is short-term pain, the long-term value has not been destroyed.

Key Focus Areas for the Future Market

1. US CPI Data on April 10th

The upcoming US CPI data on April 10th has become a focal point for the market. If the inflation data exceeds expectations, it means that price pressures are further increasing. To control inflation, the Federal Reserve may further delay interest rate cuts.

2. Bitcoin Halving Countdown (Expected on April 20th)

The Bitcoin halving is a significant event in the cryptocurrency market. The next Bitcoin halving is expected on April 20th, at which point the production of new Bitcoins will be halved.

3. Details of Trump's Policy

The subsequent details of Trump's tariff policy are also crucial. If the tariffs are expanded to sectors such as semiconductors and new energy, it could severely impact the mining machine supply chain, affecting the Bitcoin mining industry and the entire cryptocurrency market ecosystem.

Hong Kong, as a global fintech hub, hosted the World Internet Conference Asia-Pacific Summit and FinTech Week, spotlighting cutting-edge topics like blockchain, DeFi, and RWA (Real-World Asset tokenization). Chinese tech giants such as Tencent and Ant Digital Technologies lead in blockchain adoption, with consortium chains, cross-chain interoperability, and privacy computing taking center stage.

As regulatory frameworks mature worldwide, blockchain is rapidly converging with AI and IoT, driving the digital economy toward a more secure and efficient future.

Global Policy & Regulatory Developments

April 2025 has been a defining month for blockchain regulation, as governments worldwide refine policies to foster compliance and innovation.

• China: The Ministry of Justice is deepening research on virtual currency legislation to establish a robust digital asset regulatory framework. Meanwhile, the digital yuan (CBDC) pilot expands further, testing cross-border payments and smart city applications to bolster RMB internationalization.

• U.S.: New "reciprocal tariffs" took effect on April 2, sparking market volatility. The SEC has intensified scrutiny on crypto exchanges and stablecoin issuers, with regulatory decisions impacting global crypto sentiment.

• EU: The European Blockchain Action Plan prioritizes balancing blockchain innovation with data privacy, exploring applications in cross-border payments and digital identity verification.

• South Korea: The central bank launched a digital won (CBDC) pilot, with convenience store chain 7-Eleven offering 10% discounts to users, accelerating retail adoption.

These shifts present both compliance challenges and clearer guidance for blockchain’s future.

Global Summits & Industry Forums

April saw a series of high-profile blockchain summits, uniting experts, industry leaders, and developers to explore the latest trends.

• Paris Blockchain Week 2025 (April 8-10): Held at the Carrousel du Louvre, Europe’s premier Web3 event drew 10,000+ attendees. Key themes included AI-blockchain integration, Bitcoin investment strategies, RWA, and DePIN (Decentralized Physical Infrastructure Networks). Speakers like Anthony Scaramucci (SkyBridge) and Charles Hoskinson (IOHK) debated open finance and enterprise Web3. A historic AI-agent-led panel explored decentralized AI.

• ETHTaipei 2025 (April 1-6): Vitalik Buterin headlined discussions on Ethereum’s sustainability, ZK-Rollups, and quantum-resistant cryptography. The event featured a 48-hour hackathon with 500+ developers tackling DeFi and cross-chain innovations.

• Crypto Content Creator Camp (Bali, April 10-13): 150 top KOLs and leaders gathered to shape Web3 content creation and monetization strategies.

These forums have become vital platforms for global blockchain collaboration.

Market Trends & Macroeconomic Impact

Amstid macroeconomic uncertainty and regulatory shifts, blockchain markets displayed nuanced dynamics in April.

• Macro Watch: U.S. non-farm payrolls (April 4) and China’s Q1 GDP (April 10) swayed crypto sentiment. Bitcoin ETF inflows slowed as institutional investors turned cautious.

• Tech Breakthroughs: Ant Digital and Tencent Cloud advanced BaaS (Blockchain-as-a-Service) and privacy computing, while ZK-Rollups and cross-chain solutions gained traction. At ETHTaipei, Vitalik emphasized quantum-resistant encryption.

• RWA & AI Surge: Real-World Asset tokenization stole the spotlight at Hong Kong FinTech Week. Meanwhile, BNB Chain’s MVB accelerator featured AI+DePIN projects like Datai Network (on-chain AI data layers) and Echopy (AI-powered portfolio tools).

Despite regulatory headwinds, innovation in interoperability, privacy, and AI-blockchain fusion continues to redefine the industry.

Conclusion

April 2025 underscored blockchain’s resilience amid policy, tech, and market forces. With China’s digital yuan, U.S. SEC rulings, and the EU’s Blockchain Action Plan, the industry is transitioning from wild growth to structured maturity.

Cross-chain interoperability, privacy tech, and RWA are unlocking real-world use cases, while AI integration—from smart contracts to decentralized data networks—is reshaping the ecosystem. Global events like Paris Blockchain Week and ETHTaipei have catalyzed collaboration.

Looking ahead, blockchain’s convergence with IoT and cloud computing will drive a more efficient and secure digital economy. Despite volatility, the path forward is clear: compliance, innovation, and ecosystem growth will power the next phase of global transformation.

In 2025, gold has once again made headlines, reaching new all-time highs driven by surging demand for safe-haven assets. The price of gold broke through $3,000 per ounce for the first time, marking a strong return of this "king of precious metals." Concerns about the devaluation of fiat currencies and global instability have led investors to flock back to gold.

Bitcoin is often referred to as "digital gold," leading many to question whether physical gold still matters. However, the latest data speaks for itself: gold remains crucial for asset diversification and stability. As of March 2025, gold's annual return rate reached 36%, outperforming major stock indices as well as Bitcoin.

Lower Volatility than Bitcoin

Compared to Bitcoin's wild price swings, changes in the price of gold are much more moderate. For instance, as of 2024, Bitcoin's annual volatility was about 47%, while gold's was only 12%. This means that Bitcoin's price fluctuations can average nearly four times that of gold. This difference is crucial for investors who focus on risk control.

We have seen this at the beginning of 2025: while tech stocks (Nasdaq Index) fell nearly 15% within a few weeks, gold remained relatively flat (up about 1%), while Bitcoin fell about 20%, moving almost in sync with the stock market. Gold's low volatility makes it a valuable asset for preserving capital during market turmoil, while Bitcoin behaves more like a high-beta risk asset.

Surging Demand for Safe-Haven Assets: An Analysis of Tokenized Gold and Yield Opportunities

Low Correlation with Bitcoin

In the recent market cycle, the trends of gold and Bitcoin have diverged. Over the past year, gold has steadily risen, driven by inflation concerns and war tensions, reaching new highs; Bitcoin, on the other hand, has fluctuated within a wide range, its trend more influenced by investor risk preferences. Notably, gold has a low correlation with traditional assets, even negative, which is ideal for diversification in asset allocation. In fact, gold has shown a negative correlation with Bitcoin, meaning that holding both can further enhance the diversification of an investment portfolio.

Tokenized Gold in 2025

One of the most exciting developments is that gold itself has joined the wave of the blockchain revolution. So-called "tokenized gold," digital tokens fully backed by physical gold, is experiencing rapid growth. In March 2025, the market value of gold-backed cryptocurrency tokens reached a record high of $1.4 billion. This sector is mainly dominated by two tokens: PAX Gold (PAXG) and Tether Gold (XAUt). These tokens allow investors to hold gold in digital form, combining the stability of gold with the flexibility of cryptocurrency assets.

PAXG (Paxos Gold)

PAX Gold (PAXG) is issued by Paxos Trust Company, a regulated financial institution based in New York. Each PAXG token represents one ounce of refined gold stored in London Bullion Market Association (LBMA) certified vaults. Importantly, Paxos operates under strict regulation—the token is fully backed by physical gold on a 1:1 ratio and is subject to third-party monthly audits to verify its reserves. Paxos is authorized by the New York State Department of Financial Services (NYDFS), thus offering strong compliance and providing full confidence to holders.

XAUt (Tether Gold)

Tether Gold (XAUt) is another major gold-backed token issued by TG Commodities, a company associated with Tether. Each XAUt represents one ounce of gold stored in Swiss vaults that meet London Good Delivery standards. As of 2025, XAUt has a market value of about $770 million.

However, XAUt's regulatory structure differs from PAXG's. In 2023, Tether relocated its gold token business under Salvadoran regulation, with TG Commodities obtaining a stablecoin issuance license in El Salvador, thus operating within the country's regulatory framework. Tether Gold regularly releases gold reserve reports and claims its tokens are fully backed by physical gold, but unlike Paxos, it has not yet undergone a complete independent audit of its reserves. This has raised some market concerns about its transparency.

Yield Opportunities in DeFi

In addition to simply buying and holding, tokenized gold has also opened up new use cases in decentralized finance (DeFi). Crypto investors can deploy gold-backed tokens into various yield-generating strategies, making gold an asset that can generate passive income. Historically, gold has typically just lain in vaults, generating little to no income; now, without moving physical gold, DeFi protocols can create returns.

Liquidity Pools and Automated Market Makers (AMMs)

For example, the PAXG/USDC pool on Uniswap allows users to trade between tokenized gold and the US dollar. Liquidity providers (LPs) in this pool can profit by earning transaction fees.

This mechanism allows LPs to earn passive income while maintaining exposure to gold, which is particularly attractive during periods of high gold interest and active trading.

Impermanent Loss (IL)

Impermanent loss (IL) is a core concept in DeFi, especially for users who provide liquidity on automated market makers (AMMs) like Uniswap. When the prices of the two tokens in a liquidity pool change relative to holding them separately, LPs may incur a decrease in asset value, known as "impermanent loss." It is called "impermanent" because if prices return to their original ratio, the loss may decrease or disappear; however, if liquidity is withdrawn while prices are divergent, this loss becomes "permanent."

The magnitude of IL mainly depends on two factors: the volatility and correlation of the paired assets.

In the PAXG/USDC pool, one side is the stablecoin PAX Gold (PAXG) pegged to the price of gold, and the other side is the stablecoin USDC pegged to the US dollar. Since gold prices are much less volatile than crypto assets, and USDC always maintains a value of $1, the price ratio between these assets is relatively stable, significantly reducing the risk of impermanent loss.

In contrast, in the PAXG/WETH pool, PAXG is paired with WETH. PAXG has a smaller fluctuation, while the ETH market is highly volatile, sometimes rising or falling by 20-50% in a short period. This sharp fluctuation triggers the AMM's "constant product" algorithm, causing the pool's assets to rebalance, reducing the proportion of the performing well asset (such as PAXG when it rises) and increasing the proportion of the poorly performing asset (such as ETH). Ultimately, LPs are left with fewer high-value assets than simply holding the assets would have resulted in, leading to a larger scale of impermanent loss.