BlockBeats will organize the key industry news content of the week (6.16-6.22) in this article, and recommend in-depth articles to help readers better understand the market and learn about industry trends.
Important News Review
Israel-Iran conflict intensifies: US intervenes to bomb Iran; crypto markets fall in response
On June 22, the U.S. military dispatched 6 B-2 bombers to bomb 3 nuclear facilities in Iran. U.S. President Trump confirmed the news on social media, saying "Now is the time to pursue peace. Iran must immediately agree to end this war." Affected by the news, Bitcoin fell by more than 2% in a short period of time, and the ETH/BTC exchange rate plummeted by 6.2% in this incident. On the same day, Trump delivered a speech saying that the goal of the United States is to destroy Iran's nuclear enrichment capabilities and prevent Iran's nuclear threat. Iran's facilities have been completely destroyed. Iran must now achieve peace. If the parties do not achieve peace, future conflicts will be more intense. Iran will either usher in peace or fall into tragedy. Many goals have not yet been achieved. Tonight's attack is the "toughest target". If peace is not achieved in the future, other targets will be accurately attacked. Related reading: "Geopolitical conflicts continue. How do traders layout their BTC positions? | Trader Observation"
Tron will be listed in the United States through a "reverse listing" and will establish a Strategy-like company with Trump's second son
On June 16, Tron will go public through a reverse merger with Nasdaq-listed SRM Entertainment. The transaction is being handled by Dominari Securities, a boutique investment bank headquartered in New York and associated with Trump's eldest son Donald Trump Jr. and Trump's second son Eric Trump. One of the people said that the newly formed company will buy and hold TRX, imitating Strategy's strategy. The person also revealed that Eric Trump is expected to hold a position in the new company, but this was denied by him the next day. It is reported that the company will be named Tron Inc. Tron is expected to inject up to US$210 million in token assets into the new company. Related reading: "Tron goes public, Sun Ge enters the capital carnival of "buying coins through a shell" in the crypto" , "In addition to the newly purchased listed company, what other companies and assets are under Justin Sun name?"
16 billion login credentials of Apple, Google and others were leaked, raising security concerns in the encryption industry
On June 19, it was reported that more than 16 billion login credentials from major online service providers such as Apple, Google, and Facebook were leaked. This massive data breach could have serious consequences for cryptocurrency holders. According to a recent report, the Cybernews research team reviewed "30 leaked data sets, each containing tens of millions to more than 3.5 billion records." The data totaled "a staggering 16 billion leaked login credentials." The report noted that "except for a "mysterious database" containing 184 million records, none of the remaining data sets had been previously public." Most databases contained an average of about 550 million records, with the smallest data set having more than 16 million. Cybernews warned that this data could be "the basis for large-scale attacks" and provide attackers with "a wealth of fresh and weaponizable intelligence." Most of the data leaks allegedly originated from unprotected Elasticsearch instances or object storage services.
Infini announced the cessation of Infini Card service; Infini Lianchuang: Due to high compliance costs and meager profits, it will focus on wealth management and asset management
On June 17, Infini announced the official cessation of its Infini Card service, including Global Card, Lite Card and Tech Card will be suspended from use and new applications from now on. Although the card service has been terminated, core functions such as recharge, withdrawal and Earn income will remain normal, and user assets will remain safe and controllable. On the same day, Infini co-founder Christine posted on social media, "Infini announced the official cessation of its crypto card business for individual users (To-C) due to high compliance costs, meager profits and complex operations. Although this business accounts for about 99% of the company's resource investment, it has not brought in significant revenue and has been strategically divested. Financial management and asset management business will become the focus of the future. At present, the annualized return of Infini's financial products is stable at around 5%, and the functions such as recharge and withdrawal are all normal." Related reading: "Exclusive interview with Infini Lianchuang Princess: Why did we shut down the U card business? "
Binance Alpha tokens ZKJ and KOGE suddenly plummeted this week. Binance: This is due to large holders withdrawing on-chain liquidity and serial liquidations
On the evening of June 15, Binance Alpha tokens ZKJ and KOGE crashed, falling by more than 50% at one point. Aunt Ai, an on-chain analyst, said on the same day that this might be a long-planned harvesting operation. ZKJ and KOGE collapsed one after another due to the dual pressure of "large withdrawal of liquidity + continuous selling" by three major addresses. On the 16th, Binance said that this situation was mainly caused by large holders withdrawing on-chain liquidity and chain liquidations in the market. On the 17th, the ZKJ team released a preliminary report on the token price plunge, saying that the main immediate causes included: a large number of token injections caused by a coordinated on-chain liquidity attack, large transfers from Wintermute to centralized trading platforms, and chain liquidations on these trading platforms. Affected by this incident, Binance Alpha's trading volume has declined for many consecutive days and has now dropped to less than $700 million per day. Related readings: "Revisiting the flash crash of ZKJ and KOGE, a liquidity harvesting "conspiracy"" , "A three-week "Binance Alpha Hunt": The plunge of ZKJ and KOGE, did the big players score and make money?"
Stablecoin concept US stocks are popular in the market. Circle's stock price has risen by more than 700% since its listing on June 6 compared with its IPO
On June 21, according to U.S. stock market, Circle closed at $240.28, a single-day increase of 20.39%, and its stock price continued to hit a new high since its listing. Previously, on June 5, Circle completed its IPO at $31 per share on the New York Stock Exchange. After rising for several consecutive days, Circle's current stock price has risen by more than 770% compared with its IPO price. Related reading: "On the Eve of the Great Change of Stablecoins: The Stablecoin Frenzy Accelerated by the Crazy Rise of Circle" , "The Crypto Bull Market, All in U.S. Stocks: Circle's Ten Days from $31 to $165" , "Cathie Wood CRCL Made 100 Million and Sold the Shipments. Short Circle Now?"
pump.fun token auction postponed again to mid-July, valuation around $4 billion
On June 20, it was reported that the pump.fun token auction was postponed again to mid-July, with a valuation of approximately $4 billion. It has been postponed several times since the end of last year; the project team is selling token quotas to crypto funds. However, according to the valuation model established by Messari researchers, PUMP FDV may reach $7 billion. Related reading: "Messari: PUMP has a reasonable valuation of $7 billion, and it is profitable to buy it in the public sale? "
The X ban wave has temporarily subsided: pump.fun and its founder, GMGN and some crypto KOLs’ X accounts have all been unbanned
On June 18, according to market news, the previously banned pump.fun and its founder Alon, GMGN platform and some crypto KOL X accounts have now been unbanned. It was previously reported that on June 12, the X platform suddenly banned a large number of Crypto users, including Eliza, GMGN Official Twitter and a number of MEME KOL accounts, including Wolfy_XBT, Wang Xiaoer @brc20niubi, Wizard @0xCryptoWizard, gape @Ga__ke, GMGN official account @gmgnai, GMGN founder account @haze0x, etc. Related reading: "Pumpfun account is gone, and the English area of crypto Twitter also welcomes collective bans"
ai16z founder: X platform said that it will no longer pursue the payment of $50,000 in corporate licensing fees per month, and is considering suing
On June 18, the founder of ai16z posted on Farcaster, “X contacted me and said that we violated certain terms of service, such as selling data and selling certain content by bypassing API keys, but we have never done these things, not now and not in the future. X said that if we pay $50,000 in enterprise licensing fees per month, we will not pursue the matter. I don’t want to be part of this system - it goes against everything I stand for. I am considering whether to take this matter to court.” It was previously reported that ElizaOS’s official X account @elizaOS and its founder Shaw’s account @shawmakesmagic were both frozen.
US Senate votes to pass GENIUS Stablecoin Act
On June 18, it was reported that on Tuesday local time, the U.S. Senate passed the landmark cryptocurrency legislation "GENIUS Act" aimed at promoting the growth of the industry. This is a historic lobbying victory for digital asset companies in the Senate's first vote on comprehensive regulatory reforms for cryptocurrencies. The U.S. Senate passed the bill with 68 votes in favor and 30 votes against, with 18 Democrats and a majority of Republicans supporting it to be submitted to the House of Representatives for deliberation. The bill, led by Republican Senator Bill Hagerty of Tennessee, will establish a U.S. regulatory framework for stablecoins pegged to the value of the U.S. dollar for the first time. Related reading: "The GENIUS Act passed the Senate. Will it have an impact on Tether?"
Texas Governor Signs Bitcoin Reserve Act SB 21 into Law
On June 22, it was revealed that Texas Governor Greg Abbott signed SB 21, the Bitcoin Reserve Act, into law. Texas is now the third state to have a Bitcoin reserve. Earlier, Texas Lieutenant Governor Dan Patrick announced that the Texas Strategic Bitcoin Reserve Act had bipartisan support and would create a fund managed by the state government and would only invest in cryptocurrencies with an average market value of at least $500 billion in the past 12 months and be eligible for state budget appropriations. In addition, the bill also established a Strategic Bitcoin Reserve Advisory Committee to provide guidance for fund management and require holdings reports to be submitted every two years.
Iranian crypto exchange Nobitex was attacked by Israeli hackers, resulting in a loss of about $100 million
On June 18, the Iranian crypto trading platform Nobitex was hacked. The mastermind behind the attack was the pro-Israeli hacker group "Gonjeshke Darande". The organization means "predatory sparrow" in Persian and is known for its cyber attacks on Iran's critical infrastructure. Although the organization claims to be an independent hacker group, the technical complexity of its attacks and the choice of targets against the Iranian regime indicate that it may be related to the Israeli government or military. On the same day, Yu Xian, the founder of SlowMist, said that the hacker attack addresses were all "pretty numbers" and the political intention was greater than asset theft. On the 19th, the organization announced key information such as the internal architecture, system details, and source code of the Iranian crypto trading platform Nobitex on social media. On the same day, Nobitex issued an announcement stating that "the total amount of stolen assets is currently estimated to be approximately US$100 million. In addition, due to network restrictions and blocked access to external servers, the recovery of the platform may take longer than usual. But Nobitex is making every effort to speed up the repair process. All user assets are fully protected by the Nobitex reserve fund, and users will not suffer any financial losses." Related reading: "The Continuation of the War: Iranians' Cryptocurrency Wealth Was Looted by Israel" , "Israeli Hackers Stole US$81.7 Million in Crypto Assets from Iran, Has Crypto Become a New Battlefield?"
Trump Organization launches T1 smartphone for $499
On June 16, the Trump Organization launched the T1 smartphone, priced at $499, which is expected to be available in September. Earlier, US President Trump said that the Trump phone will use "American-made" phones and services. In the encryption field, the prices of Solana phones are Solana Saga ($1,000, first generation) and Solana Seeker ($450-500).
Liu Qiangdong: JD.com will apply for stablecoin licenses in major currency countries around the world
On June 17, according to Sina Finance, Liu Qiangdong, chairman of the board of directors of JD.com Group, said in a sharing session that JD.com hopes to apply for stablecoin licenses in all major currency countries in the world, and then use the stablecoin licenses to realize exchange between global companies, reducing the cost of global cross-border payments by 90% and increasing efficiency to within 10 seconds. Liu Qiangdong said, "Now it takes an average of 2 to 4 days for companies to remit money, and the cost is also quite high. After the B-end payment is completed, we will penetrate into the C-end payment. I hope that one day everyone can use JD stablecoin to pay when consuming around the world." Related reading: "Strong entry into stablecoins, Liu Qiangdong officially launched JD.com's "second payment revolution""
JD CoinChain CEO: JD Global Sales Hong Kong and Macau Station will support users to use stablecoins for shopping
On June 18, Liu Peng, CEO of JD CoinChain Technology, said in an exclusive interview recently that "the global sales of Hong Kong and Macau in the JD ecosystem will be the first to use JD stablecoins for payment and settlement. Outside the JD ecosystem, given that different industries have different scene characteristics, transaction timeliness, and fund settlement logic, we plan to "tailor-make" stablecoin payment solutions for different industries. The first to be implemented in the retail sector is JD Global Sales of Hong Kong and Macau, and users will be able to use stablecoins to shop in JD's self-operated e-commerce scenarios. JD CoinChain plans to obtain a license in early Q4 2025 and simultaneously launch stablecoins anchored to the Hong Kong dollar and other currencies. The company is currently testing in the Hong Kong Monetary Authority's stablecoin issuer sandbox, focusing on the application of stablecoins in three major scenarios: cross-border payments, investment transactions, and retail payments. "
Coinbase seeks SEC approval to launch on-chain tokenized stocks, challenging traditional brokerages such as Robinhood
On June 17, it was reported that Paul Grewal, chief legal officer of Coinbase, revealed that he was actively applying to the SEC for a no-objection letter or exemption license, and planned to launch a traditional stock trading service based on blockchain. Tokenized stocks will enable T+0 settlement, 24/7 trading and lower costs, but US investors are currently still prohibited from participating. This move will directly challenge traditional brokerages such as Robinhood and Charles Schwab, while Coinbase's competitor Kraken has launched xStocks services in Europe, Asia and Africa, including more than 50 tokenized stocks and ETFs. Coinbase is continuing to expand its non-crypto asset map following the launch of the American Express co-branded credit card and Shopify/Stripe's USDC payment cooperation last week. Related reading: "Coinbase deep integration + JPMorgan Chase pilot, which projects are worth paying attention to?" , "Coinbase wants to be the "American Binance""
JPMorgan Chase may enter the stablecoin business and will pilot the issuance of deposit tokens JPMD on the Base network
On June 18, Bloomberg reported that JPMorgan Chase will launch a token pilot called JPMD, which represents the U.S. dollar deposits of the world's largest bank, indicating that financial institutions are further deepening their layout in the field of digital assets. The deposit token JPMD will be piloted on a blockchain related to Coinbase. According to Naveen Mallela, global co-head of Kinexys, JPMorgan Chase's blockchain division, in an interview, the bank will conduct a transaction in the next few days to transfer a certain amount of JPMD from the bank's digital wallet to Coinbase Global Inc., the largest cryptocurrency trading platform in the United States. Related reading: "Base's "Onchain Summer" is finally here" , "'Stablecoin as a platform': Why every company needs a stablecoin strategy?"
The former president of Serbia issued a statement confirming that he is the CEO of AB Foundation and is carrying out philanthropy
On June 16, former Serbian President Boris Tadić posted on the X platform, “As CEO of AB Foundation (@ABCharityFund), I am happy to share that, although AB’s philanthropy is still in its early stages, our first donation, focusing on aid for poor children, has been successfully sent to Timor-Leste! This act of kindness has been highly praised and awarded a certificate of honor from Timor-Leste’s President Jose Ramos-Horta. We look forward to extending our mission to all parts of the world, not just Timor-Leste.” Related reading: “AB DAO, which is full of “European dignitaries”, will take over ZKJ and become the next Binance Alpha God Plate? ”
The central bank will set up a digital RMB international operations center; Governor Pan Gongsheng first talked about stablecoins
On June 18, according to CCTV News, at the 2025 Lujiazui Forum, Pan Gongsheng, governor of the People's Bank of China, announced the establishment of the Digital RMB International Operation Center. Promote the international operation of the digital RMB and the development of financial market business, and serve digital financial innovation. Set up a personal credit reporting agency. Provide financial institutions with diversified and differentiated personal credit reporting products to further improve the social credit reporting system. Pan Gongsheng also said that new technologies are accelerating their application in the field of cross-border payments. New technologies such as blockchain and distributed ledgers have promoted the vigorous development of the central bank's digital currency stablecoin, realizing the reshaping of the traditional payment system from the bottom up in terms of payment and settlement, greatly shortening the chain of cross-border payments, and at the same time posing huge challenges to financial supervision. Technologies such as smart contracts and decentralized finance will also continue to promote the evolution and development of the cross-border payment system.
Binance Alpha continues to launch multiple airdrops and TGE projects this week; the average daily profit of mainstream trading users from airdrops in the past 30 days is about $14.6
The following are the airdrop details:
June 16
· If your points are ≥242, you can receive 5,000 VELO airdrops, which costs 15 points.
· If your points are ≥242, you can receive 2543 ULTI (Ultiverse) airdrops without consuming points.
June 17
· Points ≥ 238 can participate in BOMB TGE, which costs 15 points.
· If you have ≥240 points, you can receive 2,000 SPK (Spark) airdrops, which costs 15 points.
June 18
· Points ≥ 234 can participate in DAOBase TGE, which requires 15 points.
June 19
Alpha launched Matchain (MAT), and the airdrop was distributed in two phases: Phase 1 (first 18 hours): users with points ≥ 243 can claim it; Phase 2 (last 6 hours): users with points > 210 can claim it on a first-come, first-served basis, 16 MAT per person; claiming in each phase consumes 15 points.
June 20
Alpha launches Avail (AVAIL): Phase 1: Points ≥ 243 can claim; Phase 2: Points ≥ 199 can participate, 2667 AVAIL per person; each phase consumes 15 points.
· Points ≥ 238 can participate in the League of Traders (LOT) TGE, which requires 15 points.
June 21
Alpha launches Redbrick (BRIC): Phase 1: Users with points ≥ 251 can apply; Phase 2: Users with points ≥ 226 can apply on a first-come, first-served basis, 900 BRICs per person; each phase consumes 15 Alpha points.
On June 16, Binance announced that it would adjust the calculation rules for Alpha Points. From June 17, 2025, the trading volume of Alpha token pairs will no longer be included in the calculation of Alpha Points. BlockBeats to BlockBeats, after adopting the new rules of Binance Alpha, the daily trading loss is about $4, the expected return in 30 days is $560, the expected cost in 30 days is $120, and the expected profit in 30 days is $440, with an average daily value of about $14.6.
Trump's company quietly reduces its stake in crypto project WLFI
On June 19, Forbes reported that, based on an analysis of the details of World Liberty's official website, a company owned by Donald Trump has reduced its stake in the crypto project World Liberty Financial from 60% to 40% in the past 11 days. This change, which has not been publicized, is another sign that Trump himself or those acting on his behalf are still secretly making behind-the-scenes deals during his tenure. Related reading: "The White House discloses Trump's financial situation: the main business of the resort has an annual income of more than 100 million; WLFI sales reached 57 million US dollars"
DoorDash CTO, the largest food delivery platform in the United States, responded to Base co-founder Jesse's proposal on stablecoins
On June 18, Jesse Pollak, co-founder of Base, posted on the X platform that he hopes to cooperate with mainstream platforms such as DoorDash, ChatGPT, Uber, Lyft, Spotify, Starbucks, Amazon, Whole Foods, Chipotle, etc. to promote the support of stablecoin payments, saying "This will increase my happiness in life by 10 times", and said that Base currently has Shopify-level technical integration capabilities, and publicly invites those with resources to privately message for cooperation. After that, Andy Fang, co-founder and CTO of DoorDash, the largest food delivery platform in the United States, sent a private message request to him, and Jesse, co-founder of Base, confirmed that he had established contact with him, and the two parties may cooperate on stablecoin payments.
Telegram founder allowed to go to Dubai; he has made a will to divide his wealth among his six children and 100 children born through sperm donation
On June 19, Cointelegraph reported that Telegram founder Pavel Durov was allowed to leave France for 14 days starting from July 10, but only to Dubai and subject to continuous judicial supervision. On the same day, Pavel Durov said he wanted to distribute his $17.1 billion fortune to his six children with three partners and 100 children born in 12 countries through sperm donation in the past 15 years. "They are all my children and have equal rights! I don't want them to tear each other apart after I die." Durov, 40, said he didn't want his children to use his wealth in 30 years.
Reddit is negotiating to use Worldcoin's iris scanning device Orb, WLD rose more than 5.5% in a short period of time
On June 20, it was reported that Reddit was in talks to use Sam Altman's Worldcoin's iris scanning device Orb. According to two people familiar with the matter, World ID may soon become a way for Reddit users to verify that they are unique individuals while maintaining anonymity on the platform. On the same day, affected by this news, WLD rose by more than 5.5% in a short period of time.
X CEO: Users will soon be able to invest or trade on the X platform
On June 19, the Financial Times reported that Linda Yaccarino, CEO of social media platform "X", said that users will soon be able to invest or trade on the platform. X is also exploring the introduction of credit or debit cards.
Bank of America names Bitcoin one of the greatest innovations of the past thousand years
On June 17, Cointelegraph reported that Bank of America rated Bitcoin as one of the greatest innovations of the past thousand years, comparing its influence to the Internet and electric vehicles.
A criminal gang in Danzhou, Hainan, was sentenced to prison for illegally absorbing tens of millions of yuan in public deposits by using virtual currency speculation as bait
On June 18, the Danzhou City Procuratorate in Hainan Province, China reported that a criminal gang recently illegally absorbed more than 10 million yuan in public deposits by luring people with high returns from investing in virtual currencies. The amount was huge and they were prosecuted for the crime of illegally absorbing public deposits. After trial by the Danzhou City Court, it was determined that the gang constituted a joint crime of illegally absorbing public deposits. In 2023, the criminal gang conspired to illegally absorb public deposits for virtual currency speculation for profit by "contract speculation". In just a few months, the gang illegally absorbed a total of more than 10 million yuan from 32 "customers" to speculate on virtual currency on the virtual currency trading platform. Because the purchased virtual currency has been depreciating, it is unable to continue to rebate to "customers" until the "explosion".
This week's big rounds: Ubyx, Gradient Network, EigenCloud, TAC, Units Network
On June 17, Ubyx, a stablecoin startup founded by former Citigroup executive Tony McLaughlin, completed a $10 million seed round of financing, led by Galaxy Ventures, with participation from Founders Fund, Coinbase Ventures, Paxos and VanEck. The company is committed to building a clearing system that connects stablecoin issuers with banks and fintech companies to solve interoperability issues in payment scenarios.
On the 17th, the decentralized AI infrastructure project Gradient Network announced today that it has completed a $10 million seed round of financing. This round of financing was led by Pantera Capital and Multicoin Capital, and HSG (formerly Sequoia China) and a number of well-known angel investors and consultants from AI, encryption and other cutting-edge fields participated. Related reading: "Gradient raised $10 million in the seed round. Why did Multicoin and Pantera take a fancy to Gradient?"
On the 17th, Eigen Labs announced the launch of EigenCloud, an Ethereum re-staking protocol. a16z crypto will invest $70 million by directly purchasing EIGEN tokens, which is an additional investment after a16z invested $100 million in EigenLayer in February 2024. Related reading: "a16z leads the investment of $70 million. What core problems does EigenCloud solve?"
On the 18th, it was reported that the blockchain project TAC announced that it had raised a total of $11.5 million in seed and strategic rounds of financing, with the latest $5 million strategic round of financing led by Hack VC. The project aims to provide EVM-compatible DeFi infrastructure for the TON and Telegram ecosystems, and plans to gradually open up functions through phased mainnet launches.
On the 19th, according to official news, Units Network, a modular blockchain ecosystem built on the Waves protocol, announced the completion of a US$10 million financing round led by Nimbus Capital.
This week's hot articles
100,000 people left the market, those who lost money in Binance Alpha
After the flash crashes of ZKJ and KOGE, Binance Alpha users lost a large number of users, the cost-effectiveness of arbitrage by brushing points declined rapidly, and the new rules for obtaining Alpha points also made the original strategy invalid. Users who once relied on multiple accounts and low-cost arbitrage chose to withdraw or wait and see, and some users suffered huge losses due to misjudgment of the market or operational errors. At present, Alpha's incentive mechanism is shifting from brushing to emphasizing real interaction and value capture. In the future, participants need to pay attention to risk control and strategy adaptation, otherwise they are likely to bear sunk costs in the rule switching or even be forced to take over.
Justin Sun announced that he would take over SRM Entertainment through a reverse acquisition to allow Tron to go public on the Nasdaq, join as an advisor and include TRX in the listed company's balance sheet. This $100 million deal not only bypassed the IPO compliance barriers, but also had a deep connection with the Trump family network. Donald Trump Jr. and Eric Trump were behind the operation of Dominari Securities. This move means that TRX has officially entered the Wall Street narrative system, marking that Justin Sun has joined the "listing and buying coins" wave, and started a new cycle of "coin-stock binding" with BTC, SOL, ETH, and XRP. He used capital and politics as dual drivers to build a breakthrough for Tron to enter the mainstream financial market.
The war continues: Iranians’ cryptocurrency wealth looted by Israel
Iran's largest crypto trading platform Nobitex was attacked by an Israeli hacker group, and about 80 million US dollars of stablecoins were stolen. Against the backdrop of the Middle East war, this incident went beyond the technical dimension and became the intersection of crypto finance and geopolitics. For the Iranian people, stablecoins have long been more than just investment tools, but a necessity for survival in the face of hyperinflation, financial sanctions and capital control. Now they have become targets of war. This attack not only reveals the real role of stablecoins in conflict areas, but also highlights the extension of the financial front brought about by the war. For ordinary Iranians, it is a heavy blow.
"Cathie Wood sold CRCL after making 100 million, short Circle now?"
Since its IPO in June, Circle's stock price has soared by more than 500%, and its market value has exceeded US$48.4 billion, making it a star target of US crypto stocks. Institutions such as ARK cashed out nearly 100 million yuan in profits at high levels, but still held heavy positions. Although some people in the crypto have questioned its valuation, believing that its revenue structure is single and competition is intensifying, the US stock market's enthusiasm for "stable currency compliant financial platforms" has pushed its stock price far beyond the traditional crypto's cognition. Although short voices have arisen, they are difficult to compete with the emotional premium and lock-up period restrictions after the IPO. The bullish logic temporarily dominates market expectations.
《Base's "Onchain Summer" is finally here》
The United States officially passed the GENIUS Act, recognizing the compliance of crypto assets in legislation for the first time, triggering the accelerated layout of on-chain infrastructure by financial giants. JPMorgan Chase launched the deposit token JPMD based on the Base chain, trying to improve the efficiency of institutional settlement in an on-chain form; Coinbase applied for a tokenized stock trading license to build an integrated closed loop from stablecoin payment to stock trading, and continued to expand stablecoin e-commerce payment, on-chain perpetual contracts and other scenarios to create a compliant financial operating system. With the deep integration of traditional finance and the crypto ecosystem, the crypto market is entering a period of institutional reconstruction driven by regulations, platforms and assets.
"A 400-fold surge in 24 hours, what is Gorbagana hyping?"
The Solana chain's $GOR token was unexpectedly born in a debate about blockchain legitimacy and trademark control, and soared 400 times in 48 hours, with a market value of over $40 million. The incident started when Delphi Labs legal counsel Gabriel Shapiro questioned the legitimacy of "decentralization". Solana co-founder Toly responded, which led to the community co-creating the meme coin "Gorbagana", symbolizing brand satire and decentralized experimentation. In this feast of the crypto, the on-chain whale entered the market accurately for arbitrage, while some retail investors and KOLs chased high prices and were trapped, reflecting the tension between narrative drive and on-chain game.
Liu Qiangdong announced that JD.com will fully enter the field of stablecoins, and plans to apply for licenses in major currency countries around the world, use blockchain to achieve cross-border payments in 10 seconds, reduce costs by 90%, and promote the reconstruction of the payment system from B-end to C-end. This is not only a reflection on the missed golden period of domestic payments, but also a key step in JD.com's internationalization strategy. Compared with traditional banks and third-party payments, stablecoins have the advantages of higher efficiency, lower cost, and easier compliance, and are becoming the core infrastructure in JD.com's global e-commerce layout. Stablecoins will also become a new engine for JD.com to try to reverse the "lost five years".
Arthur Hayes predicts that Bitcoin is expected to hit $250,000 by the end of the year, and is pessimistic about most Altcoin because they lack product-market fit and real yield. He believes that the market will usher in asset revaluation due to money printing and fiscal stimulus in various countries, and Bitcoin will stand out due to its scarcity and decentralization. Compared with complete decentralization, users care more about the liquidity and product experience of trading platforms. He pointed out that the current Alpha is overheated but lacks fundamental support, and when selecting coins, attention should be paid to narrative and cash flow feedback. The relationship between Chinese and American capital will gradually drift apart, and emerging markets may benefit. His fund values stable returns and long-term layout, and is preparing to acquire profitable crypto companies through SPAC.
Mai Gang, an investor who was once regarded as an "outlier" by the mainstream VC circle, is not only the first angel investor of Pop Mart, but also firmly preached Bitcoin in the early days and invested in OKCoin, which led to the birth of two crypto giants, OKX and Binance. He has crossed over into the trendy toys and crypto tracks, and with his early judgment of trends, deep insight into human nature, and long-term trust in entrepreneurs, he has incubated a number of projects that have changed the landscape of the industry. Behind his "non-mainstream" investment philosophy is his adherence to the original intention of entrepreneurship and the value of character.
"Exclusive interview with Infini Lianchuang Princess: Why did we shut down the U card business?"
Infini announced the closure of its U card business, marking its official shift from crypto payments to on-chain financial services. Co-founder Junzhu recalled that although the U card had quickly gained customers, it gradually became a resource black hole due to problems such as high compliance costs, low refund efficiency, and misjudgment of business models. The team realized that "transferring" stablecoins back to the traditional banking system was not a real breakthrough, and decided to return to the original intention and focus on simplifying complex DeFi returns into user-friendly financial products. In the future, Infini will focus on building an anti-cyclical, high-yield, decentralized crypto financial platform. The long-term goal is to use stablecoins for direct consumption and promote real on-chain payment innovation.
More and more US-listed companies, especially small and medium-sized companies, are imitating the Strategy model and incorporating crypto assets such as Bitcoin and Ethereum into their balance sheets, attempting to reshape valuation logic and financing capabilities through crypto reserves, and forming a new narrative path for short-term stock price explosions. Although this trend has attracted attention and hype in the capital market and has been endorsed by some giants, it has also brought with it manipulation doubts, leverage risks and regulatory concerns. How to find a balance between crypto configuration and sound operations has become a key test for long-term sustainability in the future.
The ICM (Internet Capital Market) narrative triggered by $Launchcoin is returning to "product-driven" after a short bubble and trust crisis. Although there were chaos such as deletion of push and loss of contact with founders in early projects, with the rise of high-quality projects such as $Kled, Polycule, Knet, Jatevo, Fitted, etc., market sentiment has regained confidence, and the market value of the platform currency $Launchcoin has returned to US$200 million. These projects are respectively deployed in AI data intermediaries, on-chain predictive transactions, AI game development, LLM reasoning and AI fashion consumption, and have actual landing capabilities and ecological flywheel design, representing the evolution direction of the ICM model under the Believe platform. The resonance of narrative promotion and product verification is opening up a new paradigm for on-chain entrepreneurial financing. The ICM ecosystem is expected to enter a new stage where continuous construction and structural opportunities coexist.
Tether has regained its voice in the stablecoin chain through three major strategic layouts: the first is to launch the Plasma public chain, realize USDT zero-fee transfers and open up a closed loop between Bitcoin reserves and stablecoin settlements, with annual additional profits exceeding US$1 billion; the second is to launch a Stable chain for institutions, deeply involved in commodities and cross-border settlement scenarios; the third is to prepare to issue payment-type stablecoins in the United States, cutting into the core field of bank wire transfers. Against the backdrop of increasingly serious "taxation" by public chains such as Tron and imbalanced value capture on the USDT chain, Tether is trying to establish a complete stablecoin clearing network and create a closed-loop ecosystem that controls the entire process of issuance, circulation and recovery.
Tether CEO Paolo Ardoino emphasized at the Bitcoin Conference and in an interview with CNBC that USDT has covered about 420 million users worldwide, especially in countries where the local currency has depreciated severely, and is used as a savings tool. He said that Tether's investment in agriculture, dairy, AI, brain-computer interface and other fields is to build a long-term stable asset base and promote the widespread use of stablecoins in Africa and Latin America through a ground-based model. After being asked about compliance, audit transparency and the Genius Act, he responded that Tether has moved its registered place to El Salvador and has started active dialogues with the Big Four accounting firms to promote complete audits. He emphasized that Tether serves 3 billion people in the world who are ignored by banks, which is fundamentally different from the stablecoin projects of the traditional financial system.
《Arthur Hayes: Stablecoin IPO is a "dead end", but I advise you not to short it》
The stablecoin market is undergoing a grand narrative reconstruction: on the surface, it looks like a tool for technological innovation and the export of US dollars, but in fact it is a financial power game dominated by distribution rights, regulatory arbitrage and macro interest rate differentials. The article reveals from a satirical and critical perspective how Tether uses the crypto arbitrage ecosystem in Greater China to complete cold start, product fit and network effects, while Circle, without real distribution capabilities, went public with the help of Coinbase at a high valuation, reflecting the fragility of the stablecoin track's external dependence. With the entry of Web2 social platforms and traditional banks, players with native user distribution channels will have a decisive advantage, and new entrants will have almost no chance of winning; but driven by speculators and bubble logic, rounds of financing, listing, and refinancing will continue. Ultimately, the core of the profitability of stablecoin issuers lies in how to control NIM and distribution channels, rather than the technology itself.
Hyperliquid, which was once embroiled in controversy after the $JELLYJELLY incident, has now won market recognition again with the new high price of $HYPE and the continued expansion of the HyperEVM ecosystem. As its core lending protocol, Hyperlend co-founder @0xNessus detailed the innovative path to tokenize liquidity, positions, and perpetual contracts, emphasizing that Hyperliquid places more emphasis on on-chain transparency and composability than Binance. The team responds quickly to community feedback and continues to optimize performance and user experience. In Nessus's view, $HYPE is still undervalued. As the on-chain ecology and repurchase efforts continue to strengthen, it has the potential to rise several times in the future, and is expected to become a representative asset with dual value support from exchanges and public chains.
《Web3 KOL Marketing Evolution: From Grassroots to Platform, Which One is More Effective? 》
This article systematically analyzes the current status and trends of KOL marketing in the Web3 field. Although mainstream marketing agencies manage thousands of KOLs, the core accounts that really produce results are often less than a hundred people, and high-quality KOLs are extremely scarce. Compared with the number of fans, content quality and audience stickiness are the criteria. Traditional advertising channels have limited effects. Tools such as Kaito and Cookie DAO are promoting decentralized experiments in micro-KOLs and ambassador mechanisms, but they also face problems such as audience overlap and inefficient exposure. The author believes that truly effective marketing relies on long-term trust building, natural interaction, and multi-platform reach. He emphasizes the importance of high-noise platforms such as Telegram and Substack, and calls on Web3 projects to break out of the misunderstanding of "winning by shouting."
"From silence to breaking out of the circle, what are the high-quality targets on Letsbonk.fun?"
After the community's doubts and retreat on the Launchpad project in April, the Bonk ecosystem has recently been restarted under the leadership of founder Tom. The platform has rekindled community enthusiasm through hackathons and token repurchases. Among them, $USELESS broke through the $100 million market value with its self-deprecating narrative of "uselessness is faith", $HOSICO built a unique meme universe with the image of an orange cat, $IKUN connected the Chinese community, $NYLA focused on on-chain AI Agent operations, and $DEL emerged as a dark horse in the hackathon. The Bonk ecosystem is completing a self-healing and growth closed loop from the levels of consensus, products, and funds, becoming a rare endogenous potential in the current bear market.
"I will eventually convert to Bitcoin": Why are even the founders of Altcoin selling them for BTC? "
Cardano founder Hoskinson's recent speech has attracted attention. He hinted that the Altcoin treasury should be converted into Bitcoin, recognizing the irreplaceable nature of Bitcoin in long-term value. This view reflects the widespread penetration of the Bitcoin "speculative attack" theory, which is to sell other assets in exchange for Bitcoin in order to seek appreciation. The excellent performance of Bitcoin Treasury Company further confirms this trend. More and more institutions are concentrating their assets on Bitcoin, indicating that Bitcoin is gradually becoming one of the core assets of the capital market.
Huang Tianwei, a crypto veteran who founded BitTimes and AEX platforms, disappeared after AEX collapsed in 2022 and swept away huge amounts of user assets. He was arrested at a Thai airport recently for a 44 million yuan fraud case. This arrest not only revealed his two-year escape trajectory, but also once again aroused the rights protection demands of tens of thousands of victims. Huang Tianwei built a Ponzi scheme with high-yield financial management, and fled abroad after the platform collapsed. He is now facing the possibility of extradition to China for being involved in another scam in Thailand. The AEX crash has thus entered the stage of judicial accountability, which also reflects the real dilemma of the chaos of crypto trading platforms and cross-border law enforcement games.
"a16z Partner: There is no moat in the AI era, only speed"
The new consumption cycle driven by AI is reshaping product logic and business models. Traditional social products centered on "connecting people" are gradually being replaced by tool products for "completing tasks". ChatGPT, Runway, etc. represent this trend. Although the monetization capabilities of AI tools have been significantly enhanced, truly AI-native social platforms have not yet been born, and social connection structures, individual expression mechanisms, and personality modeling are still in the early stages of exploration. In the future, the social paradigm may be reconstructed in the form of "digital self", "AI avatar", "voice agent", etc., and the core of platform competition is also shifting from user networks to model capabilities, iteration speed, and system integration depth. In this structural change, speed has become the most critical moat in the AI era.
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