BlockBeats will organize the key industry news content of the week (5.19-5.25) in this article, and recommend in-depth articles to help readers better understand the market and learn about industry trends.
Important News Review
Bitcoin breaks through $110,000 on the 15th anniversary of "Pizza Day", setting a new record and becoming the fifth largest asset in the world by market value
May 22 is the 15th anniversary of "Bitcoin Pizza Day". Bitcoin broke through $110,000 on that day, setting a new record high. This rise allowed Bitcoin to surpass Amazon again and become the fifth largest asset in the world by market value. "Bitcoin Pizza Day" is the day when the first commercial transaction of Bitcoin occurred. On May 22, 2010, Laszlo Hanyecz, a programmer from Florida, bought two Papa John's pizzas with 10,000 Bitcoins, which were worth about $40 at the time. 15 years later, the value of this Bitcoin has increased to nearly $1.1 billion. The stock market value of Papa John's Pizza, a listed company, is currently only $1.655 billion. Related reading: "Bitcoin breaks through $110,000 to set a new high, and the structural transformation of the purchasing power of the crypto market is accelerating" , "Will BTC enter a "10,000 yuan step-by-step" rise? The next target is $160,000" , "Why is this bull market different from the past? Six charts reveal the driving force behind Bitcoin's rise"
The protagonist of Bitcoin Pizza Day once "earned thousands of Bitcoins a day" and spent nearly 100,000 BTC on pizza in 2010
On May 22, Forbes reported that programmer Laszlo Hanyecz, who spent 10,000 bitcoins on two Papa John's pizzas in 2010, was more "profligate" on Bitcoin than the public thought. Hanyecz said in an interview in 2019 that he spent a total of nearly 100,000 bitcoins on pizza in 2010, currently worth more than $8.7 billion. He also attached his Bitcoin address as proof. Wallet records show that from April 10 to August 4, 2010, Laszlo transferred more than 79,000 bitcoins. Hanyecz is an early developer of Bitcoin. He not only designed the first MacOS Bitcoin client, but was also the first person other than Satoshi Nakamoto to discover graphics card mining. Related reading: "The "madman" who bought pizza with 10,000 bitcoins laughed and said: This is my best investment"
The Trump dinner was held in Washington on Thursday, with Justin Sun, Ronin co-founder, Magic Eden co-founder and others attending
On May 23, the TRUMP dinner was held in Washington. Trump himself delivered a speech at the dinner, but did not express any new views. Although live broadcasts or video recording equipment are prohibited at this TRUMP dinner, some participants still posted photos of the dinner on social media. In addition to Justin Sun (the highest holder of TRUMP tokens), Ronin Network co-founder Jihoz.ron, Magic Eden co-founder and CEO Jack Lu, and others also posted relevant updates on social media about their attendance at the banquet. According to community sharing, the dinner menu includes an organic garden salad, a main course of fillet steak or pan-fried flounder, served with garlic mashed potatoes and a vegetable platter. Related reading: "Trump Crypto Dinner Record: A Carefully Designed "Performance", the Intersection of Politics, Technology and Capital" , "Trump's Crypto Dinner, What Did Everyone Eat? 》 、 "The US President held a secret dinner with a crypto tycoon, and both parties in Congress blasted it as a "constitutional shame"" , "Trump's crypto dinner: The average cost per person exceeded one million US dollars, and 70% of the participants were not Americans? "
Cetus Protocol was stolen for more than $260 million, and successfully froze $160 million, but it raised questions about centralization
On May 22, Cetus Protocol, the largest on-chain liquidity protocol in the Sui ecosystem, was hacked. Multiple trading pairs plummeted in a short period of time, the depth of the liquidity pool dropped sharply, and the CETUS token plummeted from $0.25 to $0.18. According to on-chain data monitoring, the attacker stole more than $260 million in funds, and exchanged 61.47 million USDC and 1770.5 SOL (about $315,000) for 23,244 ETH (worth about $61.6 million), and then transferred 20,000 ETH (worth about $53 million) to a new address. Sui officials responded quickly and will assist in investigating the incident. Later that day, Sui co-founder Adeniyi Abiodun said that $160 million of the stolen assets had been successfully frozen and planned to be returned to the Cetus liquidity pool. Currently, Cetus is working hard to track down the remaining stolen funds. Related reading: "After being hacked for $260 million, Sui's "on-chain review" has raised questions about centralization" , "How did Sui "freeze" the hacker's address? Is decentralization a lie?"
Chairman of the U.S. SEC: Will draft rule proposals related to cryptocurrencies, no longer afraid of innovation in the cryptocurrency field
On May 19, SEC Chairman Paul Atkins said in a speech at the SEC that the crypto market has long been in a gray area of SEC regulation. He has recently instructed the Department of Corporate Finance to strengthen transparent communication and start drafting crypto rules. At this stage, he is also clearing regulatory obstacles through statements. He hopes to allow registered institutions to custody and trade securities and non-securities assets on the same platform, reduce investor costs, and speed up the inclusion of non-securities in federal regulation. To this end, the SEC has applied to Congress to adjust the budget and incorporate FinHub into the institutional system to adapt to the trend of innovation.
The U.S. Senate passed a procedural motion, and the GENIUS Stablecoin Act entered the formal review stage
On May 20, FOX Business reporter Eleanor Terrett wrote that the U.S. Senate voted to pass a "cloture motion" to formally review the GENIUS Act, and at least 15 Democratic members changed their positions and voted in favor, including Cortez Masto, Adam Schiff, Mark Warner and others. The bill will now enter a comprehensive review process. At present, only the "cloture motion" has been passed, and the bill itself has not yet passed. The GENIUS Act will next enter the debate and amendment phase in the Senate. Related reading: "GENIUS Stablecoin Act Disassembly: Issuance Qualifications, Regulatory Red Lines and Core Uses Fully Comprehension" , "Why Don't Underestimate the Significance of the U.S. Stablecoin GENIUS Act?" , "GENIUS Stablecoin Act Goes a Step Further, Trump Family Interests Become the Focus of Senate Debate" , "Stablecoin Act Ignites DeFi and RWA Sectors, These Crypto Assets May Benefit First?"
Binance Alpha continues to launch multiple airdrops and TGE activities this week, and the Alpha points consumption mechanism continues to advance
Details are as follows:
May 19: Points ≥ 194 can receive 294 XTER, and 15 points will be deducted;
May 20: Users with points = 193 can receive 1,000 MERL and 15 points will be deducted;
May 21: Points ≥ 199 can receive 500 TGT, and 15 points will be deducted;
May 22: Those with ≥195 points can participate in ALLO (RWA) TGE, which costs 15 points.
May 23: If your points are ≥190, you can receive 180 SOON and 15 points will be deducted.
This week's hot memes: Collaterize, LABUBU, B
On May 19, possibly influenced by Solana co-founder Toly's retweet of the project on the 18th, the market value of the Collaterize token COLLAT of the Solana ecosystem RWA project exceeded US$56 million, setting a record high. On the 22nd, the market value of the Solana ecosystem meme coin LABUBU exceeded US$20 million, setting a record high. According to the relevant page information, LABUBU is based on the trendy IP Labubu under Pop Mart. It is popular worldwide, and Thailand even held a grand welcome ceremony for it. Related reading: "LABUBU crosses borders and encrypts, and the surge in the same name meme is behind it: IP effect + community consensus" On the same day, World Liberty Financial (WLFI) announced its support for the BUILDon project and purchased some B tokens. This purchase was WLFI's first purchase of meme tokens. On the same day, the market value of B tokens exceeded US$300 million, setting a record high. Related reading: Behind BUILDon's 40-fold surge, Trump and CZ launched a $2 billion cryptocurrency speculation conspiracy
Solana Labs spinoff Anza proposes Alpenglow, called "the biggest change to the Solana core protocol"
On May 20, according to The Block, Anza, a development studio spun off from Solana Labs, announced plans they call "the biggest change in the Solana core protocol ever." According to the announcement, this high-throughput Layer 1 blockchain will usher in a newly designed underlying architecture called Alpenglow. "Alpenglow is not only a new consensus protocol, but also the biggest change in the Solana core protocol since its inception," Anza's Quentin Kniep, Kobi Sliwinski and Roger Wattenhofer wrote in a white paper released on Monday. The upgrade will replace Solana's existing TowerBFT proof-of-stake consensus mechanism and historical proof timestamp system with new components called Votor and Rotor. Related reading: "Planning to "revolutionize" the Solana consensus mechanism, what is the origin of Anza?"
The U.S. SEC filed a lawsuit against Unicoin and its three executives, alleging false and misleading statements in fundraising
On May 20, the U.S. Securities and Exchange Commission (SEC) filed a lawsuit against New York City-based Unicoin and its three executives, accusing them of making false and misleading statements when selling "equity certificates" and Unicoin common stock. "Equity certificates" allegedly give investors the right to acquire a crypto asset called Unicoin in the future. The SEC alleges that Unicoin promoted equity certificates to the public through large-scale marketing campaigns, and that Unicoin and its executives allegedly made the following false and misleading statements, leading more than 5,000 investors to purchase these equity certificates. In addition, Unicoin is also suspected of selling equity certificates to the public without registration, in violation of securities laws. Related reading: "SEC sues Unicoin for hundreds of millions of frauds, are regulatory standards going to change again?"
Class action lawsuit against Strategy and its executives alleges misrepresentation of Bitcoin investment strategy
On May 19, according to the documents submitted by Strategy to the US SEC, a class action lawsuit against Strategy and its executives (including Michael J. Saylor, Phong Le and Andrew Kang) was filed in the Eastern District of Virginia Federal Court on May 16, 2025. The plaintiffs accused the defendants of violating Sections 10(b) and 20(a) of the Securities Exchange Act and its related rules between April 30, 2024 and April 4, 2025, including: making false and/or misleading statements about the expected profitability of the company's Bitcoin investment strategy; failing to disclose the risks associated with Bitcoin volatility and the significant losses that may result from the update of accounting standards. The lawsuit seeks compensation for the losses that investors may suffer as a result of the above actions.
Blum co-founder and former Binance Russia executive Vladimir Smerkis arrested in Moscow on fraud charges
On May 19, it was reported that Vladimir Smerkis, co-founder of Telegram mini-app Blum (formerly general manager of Binance Russia and CIS), was arrested in Moscow on fraud charges. The Zamoskvoretsky Court in Moscow found him suspected of "major fraud", and the specific amount involved has not yet been disclosed. The market speculates that it may involve The Token Fund and Tokenbox projects that he operated in his early years, which disappeared after raising millions of dollars. Blum's official X account has issued an emergency statement saying that Smerkis has resigned as CMO and is no longer involved in project development or co-founder affairs, and emphasized that the team's operations are not affected, and the airdrop plan is still scheduled for Q2 2025. Blum was supported by Binance Labs' "Most Valuable Builder" accelerator.
Kraken to launch over 50 tokenized stocks and ETFs, including Apple, Tesla, etc.
On May 22, the Wall Street Journal reported that cryptocurrency trading platform Kraken will launch more than 50 tokenized stocks and ETFs, including Apple, Tesla and Nvidia stocks, which will be launched first in Europe, Latin America, Africa and Asia. Related reading: "You can buy Nvidia on Kraken. What is the difference between this and stock trading at a brokerage?" , "Kraken "takes over" FTX's unfinished journey: stock tokenization, aiming at a trillion-dollar market"
Ethereum co-founder Jeffrey Wilcke transfers 100,000 ETH, sparking market concerns
On May 20, according to Lookonchain monitoring, Ethereum co-founder Jeffrey Wilcke transferred the last 105,737 ETH (worth $262 million) in his address to Kraken, and the community suspected that he was liquidating. Later, 8 new wallets withdrew the 105,737 ETH from Kraken. It is possible that Jeffrey Wilcke did not intend to sell ETH, but just transferred it to other wallets. But Jeffrey Wilcke has continued to transfer ETH to Kraken since 2016, and has transferred a total of 394,000 ETH to Kraken for sale so far. The average price is $1,295, and the total cash out amount is about $510 million.
Farcaster verification will be available soon and will be a requirement for receiving weekly rewards and participating in airdrops
On May 20, according to official news, the Farcaster verification function will be launched soon. Account verification can be completed by connecting two social accounts (X, mobile phone number or GitHub) and holding at least $25 in the wallet. Verified accounts are less likely to be marked as spam accounts and rank higher in dynamics, replies and searches. Verification is also a necessary condition for receiving weekly rewards and participating in airdrops. Related reading: "The new darling of the Farcaster community, is Noice the next Degen?"
Virtuals agent staking is now online, staking can earn points
On May 19, Virtuals Protocol officially announced that proxy staking is now live. Staking has now become the standard way to earn points in the Virtuals ecosystem. After May 22, only staked proxy tokens are eligible to earn points. Eligible contracts include: staking contracts issued by Virtuals; whitelisted contracts with a 14-day unlocking cooldown period. The team will publicly confirm after the exclusive staking qualification takes effect. Virgens can now stake their proxy tokens and start earning points. Related reading: "Virtuals' arbitrage code: How to use the first release to achieve a hundredfold return?"
Coinbase faces lawsuit for alleged privacy violations and is working with the U.S. Justice Department to investigate hacked customer data
On May 19, several Coinbase users from Illinois filed a class-action lawsuit against it, alleging that its identity checks violated the state's Biometric Information Privacy Act. On the 20th, it was reported that Coinbase was working with law enforcement to investigate the recent hack. The attack resulted in the theft of customer data, and the attackers demanded $20 million worth of Bitcoin in exchange. Coinbase confirmed that it had begun assisting federal agencies in the investigation after the incident was disclosed, and shared a statement from Chief Legal Officer Paul Grewal. Coinbase previously stated that the hack involved criminals bribing employees and contractors in India to obtain customer data. Related reading: "The "insider" who was at work and Coinbase who "turned a deaf ear" for 5 months" , "$COIN landed on the S&P 500, but Coinbase was not happy"
Cardano founder denies allegations of misappropriation of $600 million, promises to release audit report
On May 19, Cardano founder Charles Hoskinson responded to the community's allegations of misappropriation of ADA tokens worth about $600 million, promising to release an audit report. The focus of the dispute is on a transfer record of 318 million ADA (currently worth about $229 million) during the Allegra hard fork in 2021. NFT artist Masato Alexander accused Hoskinson of using the genesis key to tamper with the ledger. Hoskinson clarified in a tweet on May 6 that the vast majority of ADA has been redeemed by the original purchaser, and the remainder has been donated to the Intersect organization.
Blackstone Group makes its first bet on Bitcoin, holding $1.08 million worth of IBIT
On May 21, Blackstone seemed to finally start getting involved in Bitcoin. As the "world's largest alternative asset management company" with more than $1 trillion in assets under management, Blackstone purchased just over $1 million of the BlackRock Spot Bitcoin ETF (IBIT), while the fund size exceeded $60 billion. According to the filing documents released on Tuesday, Blackstone held this asset in its portfolio as of the end of the fiscal quarter on March 30. This is the first time that Blackstone has publicly disclosed an investment in assets related to cryptocurrencies.
Solana Mobile's second phone, Seeker, will be shipped on August 4, launching the native token SKR
On May 21, Solana Mobile officially announced on social media that its second mobile phone, Seeker, will start shipping on August 4, 2025. At the same time, the Solana Mobile ecosystem will introduce the native token SKR to incentivize developers and users to participate in the construction of the mobile Web3 ecosystem.
The Hong Kong Legislative Council passed the Stablecoin Bill in the third reading, and applications for compliant issuance will be accepted from the end of the year
On May 21, Hong Kong Legislative Council member Wu Jiezhuang tweeted that the Hong Kong Legislative Council has passed the "Stablecoin Bill" for the third reading. It is expected that before the end of this year, institutions can apply to the HKMA to become compliant stablecoin issuers. Wu Jiezhuang said that global companies are welcome to apply to Hong Kong, and emphasized that the development of application scenarios and the release of stablecoin interest are the subsequent priorities. Related readings: "Following the US GENIUS, what are the new highlights of the stablecoin bill passed by Hong Kong?" , "Web3 lawyer interpretation: What impact will the "Stablecoin Bill" passed by Hong Kong have on the Chinese crypto?"
The blockchain game Ember Sword closed due to insufficient funds and raised $203 million through NFT sales
On May 23, Decrypt reported that Ember Sword, a massively multiplayer online role-playing game based on Ethereum, announced its closure. The developer Bright Star Studios said it was forced to stop development because it could not obtain the funds needed to continue operations. The game rose during the metaverse boom in 2021 and attracted $203 million in funds through NFT land purchases. The game has received $2 million in financing from well-known investors including game anchor Dr. Disrespect and The Sandbox co-founder Sebastien Borget, and has hired game industry veterans such as World of Warcraft chief designer Rob Pardo as consultants. Related reading: "Chain Game "Battle Royale" in 2025: 17 Web3 games are shut down, who is killing blockchain games? "
Movement "fight" continues, consultant reveals former co-founder used insider trading to obtain 60 million MOVE airdrops
On May 22, Movement's "shadow consultant" Sam Thapaliya revealed that former co-founder Cooper Scanlon obtained 60 million Move tokens through a rat warehouse airdrop. Sam said that Cooper insisted on issuing the highest proportion of token airdrop shares to a group of 75,000 wallets, and at the same time instructed to raise the GAS fee for airdrops, causing most retail investors to never receive airdrops. Sam complained that he had invested a lot of time and energy in the past three years, but has not received any compensation so far. And Sam is "not a good person". Two previous business memoranda showed that Movement Labs signed an agreement with two "shadow consultants" (including Sam Thapaliya), promising to provide up to 10% of the MOVE token supply (worth more than 50 million US dollars). Consultant Sam Thapaliya claimed that the agreement has not been abolished and is seeking legal means to recover 2.5% of the total supply of tokens. Related reading: "Working for nothing for three years, Movement's consultant reveals shocking news" , "Behind the Movement incident: a 10,000-word analysis of the game and breakthrough between project owners, market makers and VCs"
Wuhan police in China cracked a new type of virtual currency fraud case called "Doubi" and successfully recovered 200,000 yuan
On May 21, according to relevant reports, the Qingshan District police in Wuhan City recently cracked a virtual currency transaction fraud case using the "Chop Coin" method. The suspects Ye and Li lied that they had not received the virtual currency after the victim Mr. Liu transferred it, attempting to refuse to pay 200,000 yuan. After technical verification and evidence presentation by the Cyber Security Brigade, the two finally confessed to the fraud and have been detained. The funds involved have been fully recovered. It is reported that "Chop Coin" is a new type of virtual currency fraud method. Its core is that after completing the virtual currency transfer, the recipient falsely claims that it has not been received, thereby refusing to fulfill the payment obligation, in order to achieve the purpose of defrauding the other party's assets.
Hangzhou cracked a cryptocurrency extortion case targeting enterprises, involving more than 300,000 yuan
On May 19, according to Xinhuanet, the Shangcheng District People's Court of Hangzhou, Zhejiang Province, recently sentenced a special extortion case in the first instance. Engineers who were originally engaged in network security used Trojan viruses to "hack" the company's network system and demanded cryptocurrency as a "ransom". At the end of 2023, the head of the technical department of a medical institution in Hangzhou received calls from various departments one after another, reflecting that the system could not log in normally. After verification, a total of 89 servers of the company could not run and the business was completely paralyzed. According to statistics, a total of three victimized companies spent a total of more than 330,000 yuan to purchase cryptocurrency from a third party to pay the other party in order to resume normal operations. After the suspect was brought to justice, he admitted the crime of extortion using Trojan viruses. Recently, four defendants were sentenced to fixed-term imprisonment ranging from three years to seven years and six months at the first instance, and fined. The judgment has now come into effect.
Shenzhen printer company Tiansheng Intelligent's official driver was found to have a backdoor, and hackers stole 9.3 bitcoins
On May 19, according to Blue Dot Network, the official drivers provided by Procolored, a Shenzhen printer company in China, were found to carry backdoor programs to steal cryptocurrencies. Data showed that hackers stole 9.3 bitcoins. The reason for the infection was that Procolored used a USB flash drive to transfer these drivers, and after being infected with the backdoor program, Procolored uploaded it to a network disk for global users to download.
This week's big rounds: Slash, True Markets, Catena Labs, Roxom Global, World
On May 20, fintech startup Slash completed a $41 million Series B financing round led by Goodwater Capital. Slash allows companies to exchange between fiat currencies and cryptocurrency assets and manage their various cryptocurrency assets. On the 20th, Solana's crypto trading application True Markets completed an $11 million Series A financing round, with participation from PayPal Ventures, Variant and others. The company currently has 10 full-time employees and is mainly a centralized matching engine for institutional users. It recently launched a real-time trading function for customers. On the 20th, Catena Labs, newly founded by Circle co-founder Sean Neville, completed an $18 million seed round of financing, led by a16z Crypto, aiming to build an AI native bank. Catena Labs has developed an open source protocol to standardize AI payment and digital identity authentication processes. Related reading: "a16z leads Catena Labs' $18 million seed round, the crypto industry bets on stablecoin AI payments"
On the 22nd, it was reported that Roxom Global is building a bitcoin-denominated securities trading platform and a 24/7 media network focused on bitcoin content. Roxom has raised $7.9 million in investment for its trading platform project, and also secured $10 million in funding for RoxomTV through a round of private financing. On the 22nd, according to official news, World Assets Ltd., a subsidiary of the World Foundation, has sold $135 million worth of WLD tokens to a16z and Bain Capital Crypto, early supporters of the project, at market prices. Affected by this news, WLD rose 11.35% in a short period of time.
This week's hot articles
"The evil insider and Coinbase's 5-month "deaf-mute" behavior"
In the recent user data leak incident, Coinbase was exposed to have sold user identity data to fraud gangs as early as the end of 2024, resulting in the theft of tens of millions of dollars, but the relevant information was not officially disclosed until May 2025. Although the company claimed to be "unknown about the leak", there are signs that it has long been aware of it and modified the user agreement at a critical time to block the path of class action lawsuits. Multiple warnings from the community and security experts have been ignored, and a large number of user feedback has been systematically ignored. The low cost of outsourced customer service and the lack of high-risk management constitute the core of the vulnerability, while Coinbase executives are highly paid and have tight security. Although the incident has far-reaching implications and involves celebrities including Sequoia Capital partners, the US regulatory system has limited penalties for similar leaks. Coinbase may pass the test painlessly with its market value, compliance packaging and political lobbying, and continue to sit firmly at the top of the industry.
"You can buy Nvidia on Kraken now. How is it different from trading stocks at a brokerage firm?"
With the advancement of the stablecoin bill, Trump's coming to power, and Coinbase's inclusion in the S&P 500, the crypto industry is experiencing an explosion of securities tokenization. Institutions such as Kraken, Ondo, and Securitize have launched on-chain stock and RWA platforms, with Solana, Base, and Ethereum becoming the core issuance chains. Traditional brokerages such as Robinhood and Futu have also accelerated their entry, launching plans for currency charging, cross-border transactions, and on-chain US stocks. For traditional high-net-worth users, compliant brokerage platforms have more trust advantages. As a medium of exchange, stablecoins form a closed loop in payment, clearing, and asset docking, and are becoming a new infrastructure for the financial system. Although supervision has not yet been fully implemented, the on-chain "Nasdaq" is taking shape, and the integration of crypto and traditional finance has entered the fast lane.
《After listing on Nasdaq, Amber Group issued a "Memecoin"》
After Amber Group landed on Nasdaq through its subsidiary, it launched the AI Agent project MIA and gave it an official identity and a token-driven economic model, becoming the first AI virtual person to serve as an ambassador for a listed company. MIA's token issuance adopts a unique AICO model, emphasizing price support and community consensus to promote the long-term growth of AI Agent. At the same time, Amber uses this project to strengthen the "AI+Crypto" capital narrative, trying to replicate or even surpass MicroStrategy's "coin-stock linkage" path, reshape the market's perception of its valuation system, and explore a new paradigm for the transformation from a traditional asset management company to a highly valued AI company.
The meme coin PAYAI on Solana unexpectedly became popular due to the attention of Cuy Sheffield, the head of Visa Crypto, but what is really worth paying attention to is the Visa crypto strategy promoted by Sheffield. This key figure who has grown from a marginal product manager to the helm of Visa Crypto is leading Visa's transformation from a traditional payment intermediary to a backbone node of the on-chain credit and clearing network. Since 2019, Visa has been advancing the layout of stablecoin settlement, on-chain payment, and asset tokenization in stages. In 2025, it joined the stablecoin alliance USDG and promoted the implementation of system-level cross-border real-time clearing, Latin American anti-inflation cards, VTAP, etc. Visa is not trying to become a crypto-native company, but actively reshaping its role at the institutional and architectural levels, using stablecoins as the foundation to build global standards and trusted paths for on-chain finance. This is a low-key but far-reaching systematic evolution.
"Crypto companies flock to the U.S. stock market. Has the investment logic of the crypto changed?"
In 2025, the United States will see a surge in the listing of crypto companies. Coinbase will soon be included in the S&P 500, and companies such as Antalpha, Amber, and American Bitcoin will successively go public or go public on the Nasdaq through backdoor listings, igniting investor enthusiasm. Behind this is the Trump administration's support for cryptocurrencies, a loose regulatory environment, and the accelerated layout of Wall Street giants such as Morgan Stanley and Bank of America, marking that the crypto industry is moving from the margins to the mainstream. Bitwise predicts that this year will be the "first year of crypto IPOs," and Circle, Kraken, and others are also preparing to go public. Although valuation bubbles and regulatory risks still exist, this craze is driving the deep integration of crypto assets and traditional finance and reshaping the capital market landscape.
"Pharos, which has deep cooperation with Ant Chain, is about to go online. How can I get it?"
Pharos is a new public chain focusing on RWA. It has attracted widespread attention because most of its core team members are from Ant Group and jointly developed the virtual machine DTVM with Ant Chain. The project has completed $8 million in financing and has allocated $20 million to incentivize the developer ecosystem. Users can participate in interactive tasks such as daily signing, swaps, pledges, and transfers through the test network, and the process is clear and simple. The core behind Pharos' current popularity lies in the resources and endorsements brought by its "Ant System" background. Its future potential depends on whether it can truly open up the channel for high-quality RWA assets to be on-chain.
"USD1 releases a big move, the increase tells you who is the hottest "Trump concept" target?"
With Bitcoin hitting a record high and the GENIUS Act progressing smoothly, the stablecoin USD1 backed by the Trump family quickly became popular, with its market value soaring to US$2.1 billion, and was officially launched on Binance; World Liberty Financial (WLFI) behind it has promoted a surge in USD1-related concept coins such as BUILDon, LISTA, and STO through large investments and ecological layout, triggering the market's high attention to the new narrative of "US dollar hot money + Trump's crypto label", becoming the hottest sector with the most Alpha potential.
《Arthur Hayes: When the market is discussing SOL, why do I insist on betting on ETH? 》
Arthur Hayes believes that the US fiscal policy continues to release liquidity, which will drive the rise of Bitcoin, and is expected to hit $200,000 this year and reach $1 million by 2028. He expects that after Bitcoin breaks through $110,000, the Altcoin market will start in the third quarter, but is not optimistic about old projects that lack fundamentals. He allocates 20% of gold to hedge the risk of global debt depreciation, and believes that ETH will perform better than SOL in the future bull market. Despite being pardoned by Trump, he reminded the market that it should not overestimate politicians' priority for encryption, and still needs to wait patiently for policies to be fulfilled.
"Rumors of a change of banker are rife. Who is Ethereum's mysterious new whale Abraxas Capital?"
Abraxas Capital is becoming one of the most active institutions in the Ethereum ecosystem, accumulating more than 270,000 ETH in a short period of time, investing heavily in LST assets and deeply participating in DeFi protocols such as Aave; its core fund HEKA Funds was once one of Tether's main customers, but has recently been questioned for abnormal fund flows and opaque identities. Overall, the institution is shifting its strategy from arbitrage to long-term profit exploration in the Ethereum ecosystem, highlighting the transformation of asset allocation under the financialization trend of the crypto market.
"AI in Crypto: After the Meme craze, will it be a mess or a rebirth?"
Since ChatGPT ignited the AI craze, the exploration of AI in the Web3 field has experienced five waves from meme hype to real application landing: from the emotional hype caused by projects such as Fetch.AI and TURBO, to the successive popularity of projects with agent narratives and platform building visions such as GOAT, AI16z, and Zerebro. Today, the fifth wave of enthusiasm is focusing on AI tools and platforms with more practical use scenarios, such as Zerebro's Agent Launchpad, Metis's high-performance AI chain Hyperion, and data value chain LazAI, marking the beginning of the "AI + Web3" track from storytelling to practical landing. Although it is still accompanied by a lot of hype and uncertainty, the ecosystem is gradually maturing.
"Stablecoin bill makes progress, why is FRAX the biggest winner?"
After the US Senate passed the GENIUS Act, Frax Finance became the biggest beneficiary of the market's heated discussions. Its token FXS (up more than 100% in the month) is expected to be the first to obtain regulatory approval because its founder is deeply involved in the legislative process and its product is transformed into a compliant fully-collateralized stablecoin frxUSD. Frax is also building a stablecoin ecosystem consisting of frxUSD, FraxNet, and Fraxtal, and reconstructing the token function into FRAX to strengthen its competitiveness in the future compliant stablecoin landscape.
What is the controversial Bitcoin Improvement Proposal BIP-177 and what is its impact?
The BIP-177 proposal has reignited the discussion on Bitcoin unit reform. The proposal intends to change the display unit of Bitcoin from the decimal form of BTC to the integer form of "bitcoins", with the aim of simplifying user cognition, reducing "unit fear", and enhancing popularity; although the total supply has not changed, it is equivalent to "increasing" the display. Supporters believe that this will help promote and lower the psychological threshold, while opponents worry that it will weaken "Satoshi culture", cause confusion, and even damage the brand recognition of Bitcoin's high value. This reform is more like a "face-saving project" in the bull market.
《ETFs are outdated? Wall Street is betting on "stocks on the blockchain"》
Stock tokenization is rapidly emerging as a bridge between traditional finance and the crypto world. By anchoring real company shares to on-chain tokens, it brings 24/7 trading, instant settlement and a lower threshold investment method. The entry of institutions such as Coinbase, Citi, and JPMorgan Chase marks that this model is moving from concept to implementation. For crypto users, stock tokens are not only asset allocation tools, but also provide a new path for hedging; for traditional capital, it is a new channel to enter the on-chain market. Against the backdrop of increasingly clear supervision, stock tokenization is expected to become the next outbreak point of crypto finance.
《Analysis of the Mechanism and Risks of the PT Leverage Income Flywheel of AAVE, Pendle, and Ethena》
Recently, a "PT leveraged mining" strategy has emerged in the DeFi circle. It combines Ethena's sUSDe, Pendle's PT fixed-income certificates and AAVE lending to earn interest rate spreads through cyclic leverage. Some whale have participated with up to 9 times leverage, but this strategy is not risk-free. The core is that PT assets have discount rate risks. Once interest rates rise structurally or oracle prices change drastically, large-scale liquidations may be triggered. Therefore, it is necessary to rationally evaluate the leverage ratio and dynamically control risk exposure.
"Bitcoin becomes the new favorite of corporate finance. Why are people rushing to imitate Strategy?"
Companies are transforming Bitcoin from a speculative asset into a core financial strategy tool. Representative company Strategy holds more than 560,000 BTC and has launched the "42/42 Plan", aiming to raise $84 billion to promote the construction of the Bitcoin financial system. Its financial indicators are also fully BTC-based, and it even attempts to use Bitcoin as collateral for corporate debt, striving to create a new credit market framework based on digital assets, leading Bitcoin from hoarding to mainstream financial standards.
In 2025, the total market value of stablecoins exceeded 245 billion US dollars, becoming the core track of the crypto market. Fierce competition gradually spread from currencies to the public chain ecosystem. Ethereum relies on USDC to hold half of the market, but USDT's share has declined and it has been overtaken by TRON; TRON has become the largest issuing chain of USDT due to its low fees and high efficiency, and has been supported by the Trump project; Solana has achieved a 600% growth with high TPS; BSC has achieved explosive growth with zero Gas and USD1; Base, Hyperliquid and other upstarts have grown rapidly, Aptos and Sui have achieved 24 times and 230 times surges respectively, becoming dark horses; although TON has gained momentum rapidly relying on Telegram, it has weak stamina. Stablecoins have become a key indicator for measuring on-chain activity, ecological health and capital precipitation. Competition among public chains has entered a white-hot stage, and a new pattern is being reshaped.
"Solana REV explodes, is the chain value really underestimated?"
REV (Real Economic Value) measures the total fees paid by users for on-chain transactions and is considered a proxy for the overall currency demand of the blockchain. Although Solana's current REV is several times that of Ethereum and has been leading for many periods, REV cannot be directly equated to the value of the chain's native token. Although the FDV/REV ratio is analogous to the price-to-earnings ratio, blockchains are essentially different from companies, and tokens and equity are not comparable. REV can only be used as a dimension to observe the activity and potential value capture of the chain, rather than the only basis for evaluating prices.
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