BlockBeats will summarize key industry news from the week of August 4 to August 10 in this article, and recommend in-depth articles to help readers better understand the market and grasp industry trends.
Important News Review
Ethereum Breaks $4200 to Set New Year High, Ethereum-based Altcoins Surge
On August 9, Ethereum surged past $4200, rising 2.92% within three minutes. At the same time, Ethereum-based altcoins also experienced a broad rally, including SSV up 13.24% in 24 hours; ENA up 12.46% in 24 hours; EIGEN up 11.88% in 24 hours, etc. Eric Trump, the son of former President Trump, tweeted, "It's a great relief to see Ethereum shorts being crushed. Stop betting against Bitcoin and Ethereum—otherwise, you'll be ruthlessly run over by the market." Related reading: “Why the Top Ethereum Bull Says ETH Can Reach $15,000?”
Trump Signs Executive Order Allowing 401(k) Pension Funds to Invest in Cryptocurrency
On August 7, Trump signed an executive order allowing 401(k) pension funds to invest in alternative assets such as private equity, real estate, and cryptocurrency. As of the end of the first quarter of 2025, the total assets of 401(k) plans offered by U.S. employers are approximately $8.7 trillion, while the total assets of the entire U.S. retirement market reach as high as $43.4 trillion. Related reading: “Full Text of Trump's Executive Order: Making Alternative Assets More Accessible to 401(k) Investors”, “New Destination for $8.7 Trillion U.S. Pension Funds: Trump's New Policy Allows 401(k) Investment in Cryptocurrency”
Trump Begins Interviews for Next Federal Reserve Chair, Waller Emerges as a Top Candidate
On August 7, Trump stated that the interview process for the next Federal Reserve Chair has begun, with a candidate list narrowed down to three, all of whom are from Wall Street. Sources revealed that Federal Reserve Governor Waller has become a popular candidate for the Fed Chair position. They noted that Trump's advisors are impressed with Waller due to his willingness to base policy on predictions rather than current data, and his deep understanding of the entire Federal Reserve system. They also mentioned that Waller has met with the presidential team regarding the position but has not yet met with Trump himself. Related reading: “Why is Waller the Most Popular Candidate for Fed Chair?”
National Security: Foreign Company Collecting Global Users' Iris Information Under the Guise of Cryptocurrency Distribution Poses Information Security Threat
On August 6, the Ministry of National Security issued a statement indicating that in the wave of the digital age, biometric recognition technology has rapidly developed and been widely applied, but the risks of data collection behind it cannot be ignored. The iris, the colored ring surrounding the pupil, is filled with complex texture details such as spots, filaments, crown structures, stripes, and pits. These features are highly stable and difficult to replicate, possessing high precision and uniqueness, making them a focus of attention for criminals in high-security fields, potentially being collected and stolen under "false pretenses." Public cases have shown that a foreign company has scanned and collected users' iris information worldwide under the pretext of distributing cryptocurrency tokens, transferring the data source and posing threats to personal information security and even national security.
Tornado Cash Case Reaches Partial Verdict: Illegal Operation of Unlicensed Remittance Business Established
On August 7, a partial verdict was reached in the case of Tornado Cash co-founder Roman Storm: the charge of illegal operation of an unlicensed remittance business was established, while the charge of conspiracy to launder money remains undecided, and the third charge of "violating sanctions" was found not guilty. Roman Storm is being tried in the Southern District of New York Federal Court, and this case will set a legal precedent regarding how much responsibility developers should bear when their decentralized software is used illegally. U.S. prosecutors believe Tornado Cash facilitated over $1 billion in money laundering transactions and helped the sanctioned North Korean hacking group Lazarus Group launder millions of dollars. The prevailing view in the crypto community has been that technology is innocent, and Storm has received support from Ethereum co-founder Vitalik Buterin.
British Man Abandons Search for Hard Drive Containing 8000 BTC, Plans to Tokenize Lost Bitcoin
On August 5, it was reported that James Howells, an IT engineer from Newport, UK, has ended his 12-year search for a hard drive he believes contains 8000 bitcoins (currently worth about $920 million) buried in a municipal landfill in South Wales. On that day, the man announced that he would tokenize the lost bitcoins in his wallet, converting them into 800 billion Ceiniog Coins (INI), locking the value at a 1:1 ratio with satoshis. As early as May 29, he had also stated that he would tokenize 21% of the lost 800 bitcoins into LTT tokens and raise $75 million through multiple issuance tiers. Related reading: “The Lost 800 Bitcoins That Have Trapped This Man's Life”, “8000 Bitcoins Hard Drive Buried in Landfill? British Man: No Digging, Just Issuing Coins”
Crypto Exchange Bullish Expected to Go Public on NYSE on August 13, Holding 24,000 Bitcoins and Other Crypto Assets
On August 7, the crypto exchange Bullish, backed by billionaire Peter Thiel, is expected to officially list on the NYSE on August 13. The company stated in regulatory filings submitted on Monday that it will sell 20.3 million shares at a price of $28 to $31 per share, raising up to $629.3 million. Additionally, underwriters have 30 days from the date of the prospectus to purchase an additional 3.045 million shares. In terms of assets, Bullish noted in its filing that the company currently holds over $3 billion in liquid assets, including 24,000 bitcoins; 12,600 ETH; and $418 million in cash and stablecoins. Related reading: “Bullish Races to Go Public: Former NYSE President at the Helm, Backed by 24,000 Bitcoins”
Vitalik: Ethereum Treasury Company Expands ETH Investment Channels, but Mismanagement Could Lead to "Over-Leveraged Game"
On August 8, it was reported that Ethereum founder Vitalik stated that the Ethereum treasury company has expanded the channels for broader investors to access ETH, but warned that if mismanaged, this trend could evolve into an "over-leveraged game."
Ripple Ends Four-Year Legal Battle with SEC, Upholds First Instance Ruling; Acquires Payment Platform Rail for $200 Million
On August 8, the four-year legal battle between the U.S. Securities and Exchange Commission (SEC) and Ripple Labs officially came to an end. The two parties submitted a joint statement to the Second Circuit Court of Appeals on Thursday, announcing their voluntary withdrawal of the appeal against the July 2023 first instance ruling. It is reported that both sides will bear their own litigation costs and uphold the original ruling by District Court Judge Analisa Torres, which states that Ripple's sale of XRP to institutional investors constitutes a violation of securities laws; a fine of $125 million is imposed; and a permanent injunction is issued to prohibit future violations. Following this news, XRP surged over 11% on the same day. Ripple also announced that it agreed to acquire the stablecoin-based global payment platform Rail for $200 million. Through this acquisition, Ripple and Rail will jointly develop stablecoin payment solutions, aiming to enhance Ripple's position as a "digital asset payment infrastructure."
Blockchain Lending Company Figure Technology Submits IPO Application
On August 5, The Information reported that blockchain lending company Figure Technology has secretly submitted an IPO application. Related reading: “RWA Milestone, the First RWA Coin Stock Figure is About to Go Public”
Binance Contracts Launch Comprehensive Index U-based Perpetual Contracts
On August 6, Binance contracts launched ALL 75x Comprehensive Index U-based perpetual contracts. This index tracks all USDT-priced perpetual contracts on Binance, excluding the following contracts: ETHBTC perpetual contracts; U-based perpetual contracts priced in USDC or other stablecoins; U-based delivery contracts; comprehensive index perpetual contracts; perpetual contract pre-market trading; coin-based perpetual and delivery contracts. The Binance ALL Comprehensive Index is calculated using a weighted average of real-time index prices of all components.
Statue of Satoshi in Lugano, Switzerland Thrown into Lake, Tether CEO Petitions Lugano City Government for Restoration
On August 3, it was reported that the statue of Satoshi Nakamoto in Lugano, Switzerland, was stolen. Later that evening, Satoshigallery, the planner of the Satoshi sculpture, stated that the Lugano city government had assisted in retrieving the statue of the anonymous Bitcoin creator Satoshi, which had been thrown into the lake. The statue was designed by Italian artist Valentina Picozzi and took 18 months of research and 3 months of construction to complete. On August 8, Tether CEO Paolo Ardoino tweeted that he had gathered 1,000 signatures to petition the Lugano city government for the restoration of the Satoshi statue that was previously thrown into the lake. Related reading: “Satoshi Statue Thrown into Lake, Is Lugano's 'European Crypto Dream' Still Alive?”
Base Outage Report: Incorrectly Configured Sorter Caused Transaction Processing Issues, Total Downtime 33 Minutes
On August 6, Base released an outage report indicating that on August 5, there was a 33-minute interruption in block generation due to a switch to a backup sorter that was not correctly configured to handle transactions. The active sorter began to lag in block generation, prompting Base to switch sorters using its system, Conductor, which manages sorter availability and reliability. The network has fully recovered, with total downtime of 33 minutes.
BAGS Founder Spends Approximately $800,000 to Auction Original Hat from Dogwifhat Meme
On August 8, BAGS founder Finn spent 6.8 BTC (approximately $800,000) to auction the original hat from the Dogwifhat meme. The Shiba Inu Achi is the prototype behind the "Dogwifhat" meme. This is the first and only time the physical hat from the meme has been made available to the public, and it has never been sold before, nor is there likely to be another opportunity to sell it in the future. To ensure its authenticity and legacy, a photo of Achi sitting behind its owner was inscribed on the Bitcoin blockchain via Ordinals before the auction to verify its provenance.
JD Responds to Rumors of "Exiting Stablecoin Business": It's a Rumor, Preparing to Apply for License
On August 5, market rumors suggested that JD and others might exit the stablecoin business in Hong Kong. In response, JD's JD Coin Chain stated that it has noticed false reports and rumors in the market and is currently preparing to apply for a stablecoin license in Hong Kong.
Binance: EU Users Can Withdraw Cryptocurrency Using Mastercard
On August 7, Binance officially stated that European users can convert their cryptocurrencies into fiat currency and transfer funds directly to or withdraw from eligible Mastercards.
MetaMask Plans to Issue Stablecoin "MetaMask USD" in Partnership with Stripe
On August 6, according to a governance proposal, MetaMask plans to collaborate with Stripe to launch a stablecoin called "MetaMask USD (mmUSD)," which will be issued by Stripe but will utilize the "M^0" network for off-chain issuance and settlement. This stablecoin will be designed as a core asset of the MetaMask ecosystem and will be natively integrated into all of MetaMask's services. Currently, neither MetaMask nor Stripe has provided official confirmation, and specific details regarding the structure, launch timeline, or regulatory aspects of the stablecoin are very limited.
Caocao Mobility Partners with Victory Securities to Explore RWA, Stablecoin Payments, and Compliant Digital Currency Issuance
On August 6, Caocao Mobility signed a strategic cooperation memorandum with Hong Kong licensed financial institution Victory Securities, focusing on deep cooperation in three major areas: tokenization of real-world assets, stablecoin payment applications, and compliant digital currency issuance. Caocao Mobility's Executive Director and CEO Gong Xin stated that through blockchain technology and Web 3.0 innovative models, they will accelerate the tokenization process of the Robotaxi industry. The next day, possibly influenced by this news, Caocao Mobility's stock price rose over 20%.
Financial Times: Tax on Overseas Stock Trading Income to Be Enforced, Strengthening Regulation of Personal Overseas Income
On August 4, the Financial Times published an article stating that recently, some taxpayers received notifications from tax authorities informing them that they need to declare overseas income and pay corresponding taxes in accordance with the law. "According to our personal income tax law, income from individual stock trading is considered property transfer income and should be taxed at a rate of 20% per transaction. Among them, income from stock trading in the domestic secondary market is temporarily exempt from personal income tax; however, there are no tax exemptions for income from direct overseas stock trading, which needs to be declared and taxed in the year following the income."
This Week's Major Financing: OpenMind, SuperGaming, Rillet, Bit2Me
On August 4, according to official news, Silicon Valley-based smart machine infrastructure company OpenMind announced the completion of a $20 million financing round led by Pantera Capital, with participation from Ribbit, Sequoia China, Coinbase Ventures, and several well-known angel investors.
On August 6, game development studio SuperGaming completed a $15 million Series B financing round, led by Skycatcher and Steadview Capital, with participation from a16z Speedrun, bringing the company's current valuation to $100 million.
On August 6, AI-native ERP (Enterprise Resource Planning) platform Rillet announced the completion of a $70 million Series B financing round, co-led by Andreessen Horowitz (a16z) and ICONIQ, with participation from Sequoia Capital, Oak HC/FT, and other early investors.
On August 7, Tether announced that it has acquired a minority stake in the digital asset platform Bit2Me and led a €30 million financing round, which is expected to close in the coming weeks. This financing will be used to support Bit2Me's expansion within the EU and strengthen its operations in Latin America, particularly in Argentina.
This Week's Popular Articles
“When Brokerages Set Their Sights on Cryptocurrency Trading”
Traditional finance is accelerating its entry into the crypto space, with giants like Robinhood, Charles Schwab, Morgan Stanley, and Standard Chartered leveraging compliance qualifications, large user bases, and clearing capabilities to encroach on the core advantages of crypto trading platforms, forcing the latter to defend themselves with products like coin stocks and actively seek compliance transformation. Although a few platforms like Bybit and Bitget have achieved regulatory breakthroughs in markets like Europe, the overall industry is still anxiously searching for a way to survive, trying to find new value and development space before being marginalized in the context of traditional capital and institutional forces reshaping the order.
“How Much Does It Cost to Issue a Stablecoin?”
Stablecoins have become the focus of competition among global financial giants due to interest rate arbitrage and payment settlement potential, but issuing them is not a low-cost arbitrage; it requires heavy capital investment and high barriers for financial infrastructure construction, necessitating substantial investments in compliance licenses, reserve custody, system operation, and distribution channels. Tether, leveraging its first-mover advantage and deep ties with exchanges, dominates the global non-USD market; USDC relies on Coinbase for distribution, lacking sufficient control over circulation; PYUSD, despite having brand and funding, struggles to retain due to over-reliance on subsidies and lack of real-world use cases. The key to the success or failure of stablecoins lies in mastering the clearing and payment networks; only institutions that can close the funding loop can build a long-term moat.
“The Lost 8000 Bitcoins That Have Trapped This Man's Life”
British engineer James Howells lost approximately $1 billion in wealth when he accidentally threw away a hard drive containing the private keys to 8000 bitcoins while cleaning his room in 2013. For the next 12 years, he continuously negotiated and litigated with the Newport City Council, proposing high-tech excavation plans and even planning to buy the landfill, but he was never granted permission. The lost coin incident changed his career, family, and personality; he divorced his partner and his life fell into disarray, yet he remains obsessed with the pursuit and plans to tokenize the ownership of this BTC for an ICO. This story has been frequently recounted in the crypto community, making him synonymous with the "lost coin" legend.
“Who Guided Chinese Tycoon CZ to Go Public?”
In July 2025, 80,000 bitcoins that had been dormant for 14 years were quietly sold for approximately $9 billion, yet this did not trigger a market crash. The operator behind this was Galaxy Digital, founded by Wall Street veteran Mike Novogratz. Known as the "Wall Street version of on-chain Goldman Sachs," this institution has built a financial service structure that integrates OTC trading, custody, asset management, compliance disclosure, and policy lobbying, relying on the founder's political and business network accumulated at Goldman Sachs, Fortress Investment Group, and the New York Federal Reserve, providing a full-process solution for large holders and public companies to achieve "legal asset accounting." From ETH whales to industry giants like CZ, they have all used Galaxy to incorporate crypto assets into their financial reports, turning them into compliant assets. Galaxy's core competitiveness lies not in traffic but in its "institutional design capability" that bridges regulation and capital.
“High APY Returns, Check Out These 7 New Stablecoin Pools Amid Market Volatility”
Bullish sentiment in the market has driven up the interest rate spreads of stablecoin-related yield products, with several mainstream stablecoin pools offering annual percentage yields (APY) above 10%. Huma Finance offers up to 19x rewards, Silo Finance offers 7%-13%, Binance BFUSD around 9.26%, Orderly 39%, StandX 10.6%, Wasabi Earn 20%, Wildcat 16%, and Aave's leveraged short-term returns can reach up to 50%.
“The Largest BTC Theft in History: Unsealed After 5 Years, Involving $14.5 Billion”
On-chain data platform Arkham revealed that the well-known Bitcoin mining pool LuBian was hacked in December 2020, resulting in the theft of 127,426 BTC, which was worth approximately $3.5 billion at the time and has now risen to about $14.5 billion. This incident surpasses the Mt. Gox event, making it the largest BTC theft in history. The hacker is suspected of exploiting a vulnerability in the mining pool's private key generation algorithm to carry out the attack. LuBian has made numerous on-chain transactions pleading for the return of the funds but to no avail, and the hacker still holds a significant amount of the stolen BTC. At its peak, the mining pool controlled nearly 6% of the global hash rate and ranked in the top ten, but it ceased operations in early 2021 and may have been renamed Roadside Mining. This incident, which has remained unacknowledged officially for nearly five years, continues to linger.
“Coinbase's Q2 Earnings Report Reveals Concerns as Stock Price Drops Over 12%”
Coinbase reported a net profit of $1.43 billion for Q2, a significant year-on-year increase, but primarily driven by unrealized gains from investments and crypto assets. After adjustments, the net profit was only $33 million; total revenue of $1.5 billion fell short of expectations, with trading revenue down 39% year-on-year and spot trading volume dropping by over 30%, leading to a reduction in active users to 8.7 million. The company holds 11,800 BTC and is actively expanding its business footprint, completing acquisitions of Deribit, Liquifi, and others, focusing on options derivatives, token management, and asset issuance, while collaborating with several traditional financial institutions to promote USDC applications, with Base network activity continuing to rise. In terms of compliance, it has obtained a MiCA license in Luxembourg and plans to enter Europe, preparing to launch comprehensive trading services such as tokenized stocks, prediction markets, and early token sales, but will face competition from Kalshi, Polymarket, Robinhood, and others in related fields.
“Galaxy Digital's Revenue Forecast Soars 268 Times: What is Its Position in the Coin-Stock Boom?”
Since 2024, the approval of Bitcoin and Ethereum ETFs and the establishment of a global compliance framework have propelled cryptocurrency OTC platforms to become the third major liquidity pillar after CEX and DEX. Institutions are completing large transactions through dark pools to avoid impacting the market. Galaxy Digital, leveraging its Wall Street background and compliance advantages, facilitated the smooth transaction of a rare 80,000 BTC and helped whales like SharpLink accumulate nearly 500,000 ETH in the ETH market, recently also promoting the first BNB treasury company plan. As the compliance environment improves in Europe, the U.S., and Asia, and traditional finance deepens its involvement, OTC platforms are becoming one of the core infrastructures of the crypto market.
“PUMP Rises Against the Trend: What Happened in the Meme Launchpad Over the Past Two Weeks”
In the past month, the competition in the meme launchpad space has been dominated by pump.fun and Letsbonk.fun. The former has gradually restored its reputation through strong performance of "officially selected" new coins and the $PUMP buyback action following a live-streaming controversy, leading to a rise in the market cap of community coins and boosting confidence. The latter maintains over 50% market share, but the hot new coins have seen significant pullbacks and are still working to solidify their position through buybacks and ecosystem support. Meanwhile, Bags has attracted short-term attention with a "donation narrative," and Moonit has launched an AI automatic token issuance protocol in collaboration with 9GAG to attempt to tap into the hot market, but none have emerged as leaders. Overall, in the context of weak new listings on CEX, the common challenge for all platforms is to rebuild market interest and liquidity in meme coins, with future success depending on their ability to continuously attract players and capital back.
“Content Tokens: Hype, Hope, or a Second Spring for the Creator Economy?”
Recent heated debates surrounding "content tokens" focus on whether they possess real value: supporters argue that they can carry creators' content and consensus, forming mechanisms for assetization and price discovery; opponents question their lack of verifiable rights and long-term value, viewing them more as speculative and attention-driven PVP games. In the discussion, platforms like Zora, Pump.fun, Trends.fun, and Friend.tech differ in their models, openness, composability, and boundaries with meme coins, but they all face challenges in traffic conversion, value selection, and sustainability. Guests generally believe that for content tokens to revive, they need to rely on high-performance underlying technology, the condensation of public and private domain consensus, large-scale issuance, and market selection mechanisms, while also finding a balance between financialization and the cultural value of creators. In the future, there may be evolutions in content forms, dissemination methods, and token use cases that exceed current imaginations.
At the 50th anniversary celebration of Bridgewater Fund, Ray Dalio reflected on the journey from starting in a basement in 1975 to building the world's largest hedge fund, summarizing the core philosophy of "pain + reflection = progress," and the key roles of diversified investment, idea-driven culture, and talent leverage. He shared significant experiences from major milestones such as the misjudgment during the 1982 debt crisis, precise responses to the 2008 financial crisis, and proposals for the European debt crisis, emphasizing the importance of maintaining humility, taking preemptive action, and transparent communication in the face of uncertainty. Dalio also discussed the debate over Bridgewater's expansion from a boutique firm to an institutionalized one, the challenges of technology and team building, and the importance of human care in response to the pandemic.
“Solana Aims to Build 'On-Chain Nasdaq': What’s Next for the AI Narrative?”
In the context of Ethereum's tenth anniversary market recovery and intensified competition, Solana is accelerating its technology and ecosystem layout, launching the Alpenglow upgrade, which is as significant as Ethereum's transition to PoS, optimizing the consensus mechanism, lowering node thresholds, and reducing transaction confirmation times to 150 milliseconds. This is coupled with the ICM roadmap to strengthen decentralized capital markets and high-performance DeFi, competing with rivals like Hyperliquid and Sui. In the AI field, Solana has a complete ecosystem ranging from early DePIN infrastructure and AI Agent applications to decentralized AI training and privacy computing. Despite the heat being diverted, it still possesses strong competitiveness due to its high performance, low cost, good liquidity, and diverse ecosystem. Whether it can uphold the dual narratives of "on-chain Nasdaq" and AI in the future remains to be seen in the market.
“Trump's TMTG Reports $20 Million Loss in Q2, Bitcoin Holdings Jump to Sixth Globally”
TMTG reported a $20 million loss in Q2, but the financial report reflects that the company is transitioning from a social media platform to a high-leverage crypto fintech company, with a core bet on Bitcoin and crypto business. By the end of June, financial assets surged to $3.1 billion, primarily from $2.4 billion in financing configuration of encrypted assets, placing its holdings among the sixth largest of publicly listed companies globally. At the same time, it is preparing multiple crypto ETFs and negotiating the acquisition of trading platforms like Bakkt, expanding into blockchain, asset management, and other fields through mergers and SPACs. Despite its traffic relying on the Trump brand, core revenue being weak, and significant political risks, TMTG is attempting to leverage political influence and capital operations to carve out a place in the institutionalized crypto finance arena.
“Grayscale Report: Regulatory Breakthroughs and Capital Influx Make Ethereum July's Biggest Winner”
In July 2025, Ethereum's price soared nearly 50%, leading the crypto market rebound, driven by the adoption of stablecoins and asset tokenization spurred by the "GENIUS Act," as well as continued institutional investment. The Ethereum ecosystem holds over half of the stablecoin balances and nearly 80% of tokenized U.S. Treasury bonds, maintaining a leading position in DeFi and tokenized equity. At the same time, the net inflow of spot ETH ETPs reached a record high, with publicly listed companies and fund management institutions significantly increasing their holdings, and the derivatives market share and trading activity saw notable improvements. On a macro level, the warming regulatory environment in the U.S., legislative progress, and expectations of a weaker dollar provide continuous benefits for scarce digital assets like ETH and Bitcoin, although there may be short-term consolidation, the long-term outlook remains strong.
“Pantera Capital Partner: Ethereum's Decade of Change Towards On-Chain Capital Core”
Entering its second decade, Ethereum has established a core position in the fields of stablecoins, DeFi, and tokenized assets, and is accelerating its evolution towards on-chain capital market infrastructure under the regulatory clarity brought by the "GENIUS Act" and the reforms promoted by the Ethereum Foundation. Institutions like Pantera Capital are strengthening Ethereum's advantages in scalability, real asset tokenization, and financial applications by investing in key projects such as USDC issuer Circle, Arbitrum, Ondo, and Morpho. At the same time, the large-scale buying power of ETH ETFs and digital asset treasury (DAT) is continuously reducing circulation, forming structural price support. With increasing institutional adoption, accelerated ecological innovation, and improved regulatory environments, Ethereum is expected to continue solidifying its dominant position in the global blockchain financial system under the dual drive of scarcity and actual demand.
“Bitwise Chief Investment Officer: Three Opportunities in SEC's 'Project Crypto'”
In a speech at the American Priority Policy Institute, SEC Chairman Paul Atkins stated that the U.S. financial market is entering an era of on-chain migration, where all assets will eventually be on-chain, and DeFi will become a core force, with the regulatory environment shifting from hostile to supportive. The investment opportunities he outlined include: positioning on public chains that support asset tokenization like Ethereum, focusing on platforms like Coinbase and Robinhood that are likely to develop into global financial "super apps," and the potential explosion of DeFi applications following regulatory clarity. This vision is seen as a financial investment roadmap for the next five years, which could profoundly reshape the global market landscape.
“Uncovering Pantera's Founder: The 'Missionary' Behind the Princeton Gang and $4 Billion in Assets”
Former Goldman Sachs and Tiger Global trader Dan Morehead transformed Pantera Capital into one of the world's first Bitcoin funds in 2013, purchasing Bitcoin at an entry price of $65 and maintaining investments during downturns like the Mt. Gox collapse. He gradually expanded the management scale to over $4 billion, investing in BTC, ETH, and projects like Circle and Bitstamp. His network of Princeton alumni builds bridges between traditional finance and the crypto industry, advocating for diversified investments rather than a singular bet on Bitcoin. Today, Pantera's Bitcoin fund has accumulated a return rate of over 130,000%, and Morehead still predicts that BTC could rise to a million dollars in the long term, believing that institutional investment is just beginning and that the blockchain will reshape global finance over the coming decades.
“Kraken's Awakening: What Is It Doing on the Eve of Its IPO?”
Kraken, a well-established exchange known for its security and stability, regarded in the Chinese community as a "safe withdrawal channel," is undergoing its most significant transformation in 14 years. Founder Jesse Powell transitioned from a virtual goods trader to a Bitcoin pioneer, founding Kraken in 2011 and gaining a reputation for compliance and security over the years. However, its long-standing low profile has caused it to lose narrative dominance against competitors like Coinbase. A management crisis in 2022 prompted a reevaluation of the brand and strategy, and new co-CEO Arjun Sethi has pushed Kraken to break out of its shell: launching the stock tokenization platform xStocks, acquiring NinjaTrader, expanding into stablecoins, and developing its own Layer 2 network, Ink, while reshaping the brand through sports sponsorships. In Q2 2025, Kraken's trading volume reached $186.8 billion, with managed assets of $43.2 billion, as it prepares for its final round of financing at a $15 billion valuation ahead of its anticipated IPO in 2026, aiming to evolve from a crypto exchange into a global digital asset platform bridging traditional finance and on-chain finance.
“Why I Chose Binance Alpha: A Path for Crypto to Enter Reality”
Chari.eth shared his experience of listing tokens on Binance Alpha, explaining the logic behind token issuance and business philosophy. He is not looking to cash out but hopes to mark identities through token listings to facilitate user transactions, thereby supporting business growth. He criticized models that are disconnected from business, where tokens are issued solely for financing or offloading, proposing a "consumption equals mining" Tokenomics—where users can earn token rewards in real-time through consumption, with income and reserves transparently injected into liquidity pools, allowing tokens to be used for discounts in products, and team costs to be settled through liquidity pools, with all operations publicly recorded on-chain. Although early VCs suffered due to the lack of early implementation three years ago, he remains optimistic about driving token value growth through new products and real demand, expressing support for early crypto entrepreneurship and the Binance Alpha model.
“Which Crypto Exchanges Are Set to List on U.S. Stock Markets, and What Are Their Valuations?”
Against the backdrop of the U.S. introducing friendlier regulatory policies and investors refocusing on crypto assets, Kraken, Gemini, and Bullish plan to go public in the U.S., aiming to replicate the successful listing experience of Coinbase in 2021. Coinbase, as a benchmark, has shifted from a heavy reliance on trading fees to diversified income sources such as custody, stablecoins, and staking, maintaining a leading advantage with 49% of spot trading volume; Kraken has seen rapid revenue growth and expanded its diverse business, while Bullish features institutional clients and a global compliance layout, and Gemini is the smallest with limited trading volume. The report notes that while trading volume is a core reference for valuation, some platforms exhibit inflated figures due to repeated trading, necessitating a comprehensive assessment that considers business structure and compliance levels. For trading platforms to break through in the future, they must reduce reliance on market sentiment-driven trading fees and transition towards becoming comprehensive financial "super apps."
“Will ZK Break the 'Impossible Triangle'? Ethereum Aims for 10,000 TPS”
On the occasion of Ethereum's tenth anniversary, it is reaching a turning point in scalability, with zero-knowledge proofs (ZK) and zkEVM technology seen as key to achieving 10,000 transactions per second (TPS) on L1. In the future, validators will no longer need to recalculate transactions one by one but will only need to verify lightweight ZK proofs, significantly increasing the gas limit and TPS while retaining decentralization and security. The roadmap plans to gradually integrate ZK verification into some clients, along with periodic automatic increases in gas limits, with expectations to reach 2,000 TPS within four years and potentially enter the "GigaGas" era by 2031, collaborating with native Rollups and other L2 solutions to expand to millions of TPS, constructing a global "network of networks" architecture.
“Tether May Issue a Dedicated Stablecoin in the U.S.: What Are the Differences from USDT?”
Tether CEO Paolo Ardoino stated that the "Genius Act" paves the way for its entry into the U.S. market, with plans to launch a domestic stablecoin aimed at the U.S., distinguishing it from USDT's emerging market positioning, and leveraging a global distribution network to expand banking and institutional partnerships. He pointed out that the stablecoin infrastructure needs to improve user experience and the way gas fees are paid, expecting the "Genius Act" to drive institutional adoption; he also sees promise in blockchains focused on settlement. Ardoino emphasized that Bitcoin is the best asset, noting that gold has transitional value in hedging at peaks and in the global financial reset, while warning of the high leverage risks faced by some Bitcoin treasury companies.
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