Blockchain

This article provides an in-depth analysis of the USD1 stablecoin, launched by World Liberty Financial, revealing its distinctive approach across dimensions such as political endorsement, compliance framework, product mechanisms, and ecosystem expansion. By systematically comparing it with mainstream stablecoins like USDT, USDC, DAI, and FDUSD, this article explores how USD1 represents a new direction for the "nationalized digital dollar" paradigm, as well as the trust, liquidity, and regulatory challenges it faces.

This article examines major investments in Pyth Network, Hxro, SynFutures, zkPass, and other projects, revealing a forward-thinking strategy focused on liquidity infrastructure, data solutions, and compliance identity protocols. It showcases a practical approach for traditional institutions undergoing crypto transformation.

The article uses Arcium as a core case study to illustrate how Privacy 2.0 breaks through the limitations of traditional privacy tools, offering richer privacy computing capabilities and collaborative scenarios. It also introduces emerging applications based on this technology, such as the Umbra private pool, private prediction markets, and the confidential SPL standard.

The article explores the century-long confrontation between the synthetic monetary system controlled by financiers and the scarcity engine of Bitcoin championed by sovereigntists.

This article provides an in-depth analysis of why, in the long-term competition of the cryptocurrency market, mainstream Layer 1 protocols such as ETH and SOL are gradually losing monetary premium to Bitcoin. By dissecting market capitalization structures, the revenue and real economic activities of L1 protocols, their relative returns compared to BTC, and differences in monetary attributes, the article points out that as ecosystem growth slows at the margin and narratives become harder to sustain, L1s are steadily losing their dominance over the "crypto monetization" narrative, while BTC's status as a monetary asset continues to solidify.

This article provides an in-depth analysis of the real impact of capital outflows from Bitcoin and Ethereum spot ETFs on issuers' revenue following the crypto liquidation wave in October–November 2025. Using institutions such as BlackRock, Fidelity, and Grayscale as examples, it breaks down the reasons behind the sharp decline in assets under management and the 25–38% drop in ETF annualized fee income, while also exploring the differences among various issuers in terms of economies of scale, fee structures, and historical burdens. Through a systematic analysis of capital flows, fee ranges, and product structures, this article reveals how the crypto ETF business exposes cyclical vulnerabilities amid market headwinds and outlines potential directions for future product innovation by issuers.

Solana has released an official overview of 12 privacy-focused projects across its ecosystem, spanning encrypted computation, privacy infrastructure, wallets and payments, trading, prediction markets, and privacy-focused technologies. Solana is rapidly building a multi-layered privacy technology stack for DeFi, AI, payments, and on-chain applications. The lineup includes Arcium’s MPC/ZK privacy computation network and MagicBlock’s TEE scaling solution. It also features user-centric privacy-focused financial tools such as Umbra and encrypt.trade. The article provides a concise look at the latest developments in Solana’s privacy landscape and highlights key technological innovations.

Huiwang’s abrupt collapse marks the end of the informal internet expansion model. This article presents a chronological analysis of Huiwang’s rapid growth as the “Alipay of Cambodia,” its transformation into a key node for human trafficking and cross-border money laundering, the failure of the USDH stablecoin, and the breakdown of its political and business protection mechanisms. It examines Huiwang’s technical framework, the infiltration of illicit activities, the interplay of power, and its eventual downfall, providing a comprehensive overview of the conclusion of an era.

Solana has released an official review of 12 privacy-focused projects within its ecosystem, spanning cryptographic computation, privacy infrastructure, wallets and payments, trading, prediction markets, and smart contract protection. These developments showcase Solana’s rapid progress in building a multi-layered privacy technology stack for DeFi, AI, payments, and on-chain applications. The overview covers solutions like Arcium’s MPC/ZK privacy computation network, MagicBlock’s TEE scaling architecture, and user-centric privacy-focused financial tools such as Umbra and encrypt.trade. This article offers a concise guide to the current landscape and technical highlights in Solana’s privacy sector.

Hyperliquid reported $100 million in monthly revenue, Uniswap completed a $150 million buyback, and Tether earned $15 billion in annual interest. In addition, influencer-led fundraising rounds have created a new network of interests that circumvents traditional venture capital. Verifiable on-chain evidence and links to official announcements support each development.

MicroStrategy has taken the unusual step of reserving $1.44 billion in cash to cover interest and dividend payments over the next two years. For the first time, the company has also signaled a potential sale of BTC, which has caused significant market volatility. This article provides a detailed breakdown of the strategic pivot, examining the mNAV pressure, bond repayment risks, the threat of MSCI exclusion, and the structural challenges caused by the breakdown of the "issue-to-buy" flywheel. The report also examines how these reserves may function as a survival premium, enabling MicroStrategy to navigate the next cryptocurrency market cycle. The analysis offers a comprehensive view of how this major player is shifting its focus amid high leverage, tightening regulations, and volatile liquidity conditions.

In this Bitcoin bull market, several historically reliable top indicators—including Delta Top, Terminal Price, Top Cap, Pi Cycle Top, and MVRV Z-Score—have largely failed to trigger, sparking a debate about "indicator failure." This article delves into the root causes of their inefficacy: the maturation of market structures, shifts in participant demographics, declining volatility, and the increasing dominance of institutional capital. It further proposes dynamic models, such as the 6-month rolling MVRV, 30-day CDD, and 28-day SOPR changes, to more sensitively capture supply and demand shifts in the modern market. The aim is to help readers understand that the indicators are not invalid; rather, they need to adapt to Bitcoin's new structural era.

Grayscale Research has pointed out that Bitcoin's traditional "four-year cycle theory" is losing its effectiveness. While this market cycle has experienced a nearly 30% pullback, the magnitude aligns with historical averages, with no signs of the cyclical deep declines seen in the past. The research team believes that Bitcoin has the potential to reach new highs next year, supported by factors such as the absence of parabolic overheating in this cycle, the emergence of new funding structures like ETPs (Exchange-Traded Products) and DATs (Digital Asset Trusts), improving macroeconomic sentiment, and potential tailwinds from interest rate cuts and favorable regulatory developments. The article also analyzes on-chain indicators, options skew, the behavior of long-term holders, and structural shifts in sectors like privacy assets and AI, providing a systematic reference for assessing future market trends.

This report highlights that x402 is redefining internet semantics by shifting from the traditional “Request → Response” model to a new financial primitive of “Request → On-chain Atomic Settlement → Revenue Distribution.” This transformation enables native payment settlement and automated revenue splitting, positioning x402 as the execution layer for PayFi and machine-to-machine (M2M) payments. Over the past month, x402 processed more than 47 million transactions with an average value of under one dollar, signaling rapid demand growth yet still far from penetrating high-value commercial use cases. The ecosystem shows strong early concentration: Base chain consistently captures over 60% of market share, while major players such as Coinbase, Cloudflare, and Gate are accelerating infrastructure-level adoption. Short-term value continues to be driven by leading facilitators, whereas long-term potential hinges on whether x402 can establish a cross-chain revenue settlement network capable of powering per-use payment

A comprehensive analysis of MegaETH's technical architecture, performance vision, and presale highlights, with an in-depth exploration of its positioning in the Ethereum scaling roadmap, potential advantages, competitive landscape, and future development prospects.