PA Daily | Hemi mainnet will launch on March 12; Binance CEO states that the current market adjustment is a tactical pullback rather than a trend reversal.

Today's News Highlights:

Regulation/Macro

Oklahoma's Bitcoin Reserve Bill Passes Committee Review

According to Solid Intel, Oklahoma's "Strategic Bitcoin Reserve Act" (HB 1203) has passed the state House Government Oversight Committee review and will be submitted to the full legislature for a vote. The bill allows for up to 10% of public funds to be invested in Bitcoin or digital assets with a market capitalization exceeding $500 billion.

U.S. Lawmaker Proposes Strengthening Cryptocurrency ATM Regulations, Setting Transaction Limits and Requiring Anti-Fraud Measures

According to Decrypt, U.S. Senator Dick Durbin from Illinois has proposed the "Cryptocurrency ATM Anti-Fraud Act" aimed at curbing the growing problem of cryptocurrency ATM scams. The bill proposes setting a daily transaction limit of $2,000 for new users and a $10,000 limit within 14 days, requiring operators to directly contact and verify users when transactions exceed $500 to prevent fraud. Additionally, the bill mandates that operators provide full refunds to victims of fraud reported within 30 days. Durbin emphasized that the bill is a "common-sense safeguard" to prevent scams and protect the financial security of the elderly. According to the Federal Trade Commission (FTC), losses from scams involving cryptocurrency ATMs have exceeded $110 million in 2023, nearly a tenfold increase from 2020.

Hong Kong to Release Second Virtual Asset Policy Declaration

According to a press release from the Hong Kong government, Financial Secretary Paul Chan announced in the 2025-26 Budget that a second policy declaration on the development of virtual assets will be released soon. This declaration will explore how to combine the advantages of traditional financial services with technological innovations in the virtual asset field, enhancing the security and flexibility of real economic activities, and encouraging local and international enterprises to explore innovations and applications in virtual asset technology. Chan reiterated that the Hong Kong government will consult on the licensing system for over-the-counter trading and custody services for virtual assets within the year. Regarding stablecoin regulation, the government has submitted a draft bill to the Legislative Council, and once passed, the Monetary Authority will expedite the approval of license applications.

Beijing Third Intermediate People's Court and Renmin University Hold Research Conference on Virtual Currency Disposal

According to an announcement from the Beijing Third Intermediate People's Court, a conference was recently held in collaboration with Renmin University to discuss the major judicial research topic for 2024, "Research on the Disposal of Involved Virtual Currencies." Representatives from the Supreme People's Court, the Supreme People's Procuratorate, the Ministry of Public Security, and experts from academia and enterprises attended the discussion. The meeting focused on the disposal paths for involved virtual currencies and the construction of future regulatory systems, emphasizing that research results should be integrated with judicial practice to support national financial security. Zhai Chao, Deputy Chief Judge of the Criminal Division of the Supreme Court, suggested that the research should highlight characteristics and meet practical needs. In the future, the research team will deepen investigations and collaborate with legal and financial regulatory agencies to advance the regulation of virtual currencies and improve judicial adjudication rules.

SEC Ends Investigation into Uniswap Labs, No Enforcement Action Taken

According to Uniswap Labs' announcement, the U.S. Securities and Exchange Commission (SEC) has officially concluded its years-long investigation into the company without taking any enforcement action. Previously, the SEC had issued a Wells notice to Uniswap Labs, accusing it of operating an unregistered securities exchange, engaging in unregistered brokerage or clearing activities, or issuing unregistered securities. The conclusion of this investigation is seen as an affirmation of compliance in decentralized finance (DeFi). Uniswap Labs stated that it will continue to engage in dialogue with regulators to promote the healthy development of the DeFi industry and is committed to enhancing market transparency, reducing trading costs, and decreasing reliance on intermediaries.

SEC Confirms Receipt of Grayscale's Ethereum Spot ETF Staking Application

According to Watcher.Guru, the U.S. Securities and Exchange Commission (SEC) has officially confirmed receipt of Grayscale's application, which aims to allow staking services for its Ethereum spot ETF.

Financing

DePIN Project Geodnet Completes $8 Million Financing, Led by Multicoin Capital

Decentralized network hardware infrastructure company GEODNET announced it has completed $8 million in strategic financing, led by Multicoin Capital, with participation from ParaFi and DACM, bringing its total financing to $15 million. This funding will be used to expand its global real-time kinematic (RTK) network and support the development of next-generation robotics and Physical AI.

AI

Hong Kong to Allocate HK$1 Billion to Establish Artificial Intelligence Research Institute

Hong Kong's Financial Secretary Paul Chan announced today (26th) in the Legislative Council's conference hall the government's budget for the 2025-2026 fiscal year. Chan stated that to guide and support Hong Kong's innovation and research in artificial intelligence and its industrial applications, the government has reserved HK$1 billion to establish the Hong Kong Artificial Intelligence Research Institute. The Digital Policy Office will formulate the establishment arrangements and specific goals for the institute, focusing on promoting upstream AI research, midstream result transformation, and exploring application scenarios.

Foreign Media: Meta Discusses $200 Billion Artificial Intelligence Data Center Project

According to The Information, Meta Platforms (META.O) is discussing a $200 billion artificial intelligence data center project. Two insiders revealed that Meta Platforms (META.O) is negotiating to establish a new data center campus for its AI business, which would dwarf everything the company has done so far and become the largest of its kind. One insider mentioned that the cost could exceed $200 billion based on the number of chips and the power consumption being discussed for the campus. The proposed new data center campus has not been reported before and will be several times larger than a new AI data center discussed by Zuckerberg last month in Louisiana. These discussions indicate that Meta is preparing to meet the surging demand for generative AI from billions of users by providing AI chatbots across all its applications. This also suggests that Zuckerberg may be going all out to catch up with competitor OpenAI.

AI Company Anthropic Plans to Raise $3.5 Billion, Valuation Reaches $61.5 Billion

According to Bloomberg, AI startup Anthropic is nearing completion of a $3.5 billion funding round, with a valuation reaching $61.5 billion, higher than the initially planned funding target. Anthropic is one of the leading developers of large language models, attracting significant investor interest. This year, Elon Musk's xAI is seeking to raise $10 billion, while OpenAI is negotiating for up to $40 billion in funding. Insiders revealed that Lightspeed Venture Partners had pushed for Anthropic to raise $2 billion earlier this year, and the funding target was later expanded to $3.5 billion, with oversubscription indicating high market interest in the company. Potential investors include Menlo Ventures, Bessemer Venture Partners, General Catalyst, and Abu Dhabi's MGX.

OpenAI Launches Deep Research Feature for Plus Users

According to OpenAI's announcement, the Deep Research feature is now fully available to ChatGPT Plus, Team, Edu, and Enterprise users. This feature allows embedding images with citations and optimizes the understanding and citation capabilities of uploaded files. The query quotas for Deep Research are as follows:

Plus, Team, Enterprise, and Edu users can use it 10 times per month
Pro users can use it 120 times per month Additionally, OpenAI has released a system card detailing the development, capability assessment, and safety improvements of this feature, inviting experts to participate in the training of future models.

DeepSeek Reduces API Call Prices by Up to 75%

DeepSeek announced today that it will launch a staggered discount promotion from 00:30 to 08:30 Beijing time starting today. During this period, API call prices will be significantly reduced, with DeepSeek-V3 dropping to 50% of the original price and DeepSeek-R1 going as low as 25%. The official statement indicates that this move aims to encourage users to make full use of the nighttime off-peak hours for a more economical and smooth service experience.

Project Updates

Seraph Launches S2 Season PTR Test, $SERAPH Token Surges by 50%

Seraph officially launched the S2 Season PTR test today in preparation for the upcoming new season. As a representative chain game in the GameFi sector, Seraph attracted a large influx of players on the first day of the S2 PTR test, driving the activity level of the game ecosystem to rise continuously. Additionally, according to CoinGecko data, the $SERAPH token saw a strong market reaction, with a peak increase of 50% in a short time. The Seraph S2 Season PTR, as an important stage in the evolution of the game, introduces a new progress system, optimized game mechanics, and more incentive models. Players can experience new gameplay during the testing period and influence the future direction of the game through feedback. Seraph stated that as the S2 season approaches, it will continue to enhance the immersive GameFi experience and inject more possibilities into the Web3 ecosystem.

Global Top Boy Band BTS to Tokenize Copyright of Hit Single through Story Ecosystem RWA Protocol Aria

The Story ecosystem IP RWA protocol Aria announced that it will acquire partial copyrights of the single "The Truth Untold," a collaboration between BTS and Steve Aoki, and tokenize it. This initiative will bring one of the world's most influential musical works into the on-chain RWA IP ownership domain. Previously, the Aria Premiere Launch raised $10.93 million. Its tokenized music catalog has now expanded to 90 songs, including works from global top artists like BLACKPINK, Justin Bieber, Miley Cyrus, Dua Lipa, Katy Perry, and BIGBANG. The expected annual royalty yield is 6%–7%. "The Truth Untold" is included in BTS's album "Love Yourself: Tear," which not only topped the Billboard album chart but also surpassed 670 million streams on Spotify and YouTube Music.

OKX's 28th PoR: Total Value of BTC, ETH, USDT, and USDC Reaches $28.1 Billion

According to official news, OKX has released its 28th proof of reserves (PoR), with the reserve ratios of 22 publicly listed cryptocurrencies exceeding 100%. The reserve ratios for BTC, ETH, USDT, and USDC are 104%, 102%, 102%, and 100%, respectively, with a total value of $28,125,864,780. It is reported that OKX is the first crypto exchange in the industry to celebrate the second anniversary of its PoR release. Over the past two years, OKX has consistently published PoR monthly, increasing the number of listed cryptocurrencies from 3 to 22, and continuously upgrading the PoR system through technologies such as Merkle trees, comprehensive Merkle trees, and zk-STARK, committed to asset transparency for users.

Paxos Issues USDG Stablecoin on Solana

According to an official announcement from Solana, Paxos has issued the USDG stablecoin on the Solana blockchain. This token complies with the upcoming stablecoin regulatory framework to be implemented by the Monetary Authority of Singapore (MAS) and utilizes Solana's Token Extensions technology to support compliance features.

Coinbase International to Launch VIRTUAL, KAITO, and Base Perpetual Contracts

According to the announcement from Coinbase International Exchange, Coinbase International and Coinbase Advanced will add VIRTUAL, KAITO, and Base (B3) perpetual contracts, with new trading pairs: VIRTUAL-PERP, KAITO-PERP, and B3-PERP. Trading will open after 09:30 UTC on February 27, 2025.

Hemi Mainnet to Launch on March 12, Integrating Bitcoin and Ethereum Ecosystems

The modular blockchain network Hemi Mainnet is set to officially launch on March 12, 2025, aiming to achieve deep integration of Bitcoin and Ethereum through the Hemi Virtual Machine (hVM). Currently, Hemi has locked over $300 million in TVL and received $15 million in seed round financing support from investors such as Binance Labs and Breyer Capital. Key features of Hemi include:

Built-in Bitcoin nodes in EVM, enabling Bitcoin smart contract functionality
Inheriting Bitcoin's security, providing an "ultra-finality" transaction confirmation mechanism
Trustless cross-chain asset transfers, seamlessly moving assets between Bitcoin and Ethereum through "Tunnels"
Compatibility with Ethereum development tools, supporting various DeFi applications such as DEX, lending, LST/LRT staking, and perpetual trading

Hemi was founded by early Bitcoin developer Jeff Garzik and blockchain security expert Max Sanchez, dedicated to creating a super network that integrates Bitcoin and Ethereum, providing efficient, secure, and scalable Web3 infrastructure.

Ethereum Foundation Executive Director Aya Miyaguchi to Transition to Chair

Aya Miyaguchi, Executive Director of the Ethereum Foundation (EF), will transition to the role of Chair, continuing to support the foundation's institutional relationships and promote the development of the Ethereum ecosystem. Miyaguchi stated that her leadership philosophy emphasizes decentralized governance, the integration of technology and social innovation, and the long-term sustainability of Ethereum. During her seven years as Executive Director, she has driven Ethereum network upgrades, the Devcon conference, client diversification, and cross-L2 coordination, consistently upholding Ethereum's core values. She emphasized that Ethereum's uniqueness lies in its vision of an "infinite garden," growing through diversity and decentralization rather than being dominated by a single entity. The EF will continue to focus on maintaining Ethereum's decentralized attributes and will adjust its role to promote the overall development of the ecosystem. Vitalik Buterin mentioned that the Ethereum Foundation (EF) is developing a new leadership structure, with specific details to be announced soon. Related reading: Aya Miyaguchi: Teacher, Ethereum Executive Director, and Her "Infinite Garden"

Aave Votes to Pause Lending on Polygon PoS Chain, Potentially Leading to Over $300 Million TVL Loss

According to The Block, the Aave community has approved a proposal to significantly increase the risk parameters for the Polygon PoS chain, effectively halting lending services on that chain. Currently, Aave is the DeFi protocol with the highest TVL on Polygon, with deposits exceeding $300 million. This move stems from a proposal made by Polygon last December to utilize over $1 billion in stablecoin reserves for yield generation, raising concerns within the Aave community. Aave founder Marc Zeller proposed adjusting the risk parameters for Aave v2 and v3 to prevent further deposits and stop users from borrowing against collateral. Ultimately, the Aave DAO passed the proposal with 692,000 votes in favor and 117,000 votes against, reducing the loan-to-value (LTV) ratio for USDT and USDC on the Polygon PoS chain to 0%. Polygon Labs CEO Marc Boiron previously stated that ideally, Aave should maintain its partnership with Polygon, but the final decision depends on the Aave community's stance. Aave founder Stani Kulechov emphasized that this move is to reduce the risk of bridging assets and protect user funds. (Related reading: Polygon Ecosystem Crisis: AAVE and Lido Withdraw, Triggered by "Borrowing Chickens to Lay Eggs" Proposal)

Binance Alpha Adds JELLYJELLY, PAIN, VINU, and AVL

The Binance Alpha platform has added Jelly-My-Jelly (JELLYJELLY), PAIN (PAIN), Vita Inu (VINU), and AVL (AVL).

Opinions

Slow Mist: If Bybit Upgrades to Version 1.3.0 Safe Contract and Properly Configures Guard Mechanism, It May Avoid $1.5 Billion Loss

According to the analysis by the Slow Mist security team, on February 21, Bybit's multi-signature wallet was attacked, resulting in nearly $1.5 billion in assets being stolen through a "legitimate signature" transaction. The attacker used social engineering techniques to gain multi-signature permissions and implanted malicious logic through the delegatecall function of the Safe contract, bypassing the multi-signature verification mechanism to complete the fund transfer. The Safe wallet introduced the Safe Guard mechanism in version 1.3.0, which allows for fine-grained security checks on transactions, such as whitelist verification and restrictions on high-risk operations. However, Bybit is using version 1.1.1, which failed to enable this critical feature. The Slow Mist team pointed out that if Bybit upgraded to version 1.3.0 and properly configured the Guard mechanism, it might have avoided this loss.

CZ: Bitcoin Will Not Disappear, No Need to Panic

Binance founder CZ tweeted: "No need to panic, Bitcoin will not disappear."

Dragonfly Investor: Scalability Remains a Key Focus for the Industry, Functional Differentiation is Another Important Direction

Dragonfly investor GM shared some thoughts on blockchain development at an event in Denver. He mentioned that the performance demands of blockchain space are elastic, and scalability remains a key focus for the industry, with the upcoming EVM launch being highly anticipated. Additionally, he pointed out that functionally differentiated blockchain space is another important direction, such as native interoperability, more complex operations (like ML precompiles), and the exploration of function-specific chains. He also noted that geographically dominated front-ends are emerging, with significant differences in popular memecoin trading tools in regions like Asia and the United States, and the potential of localized front-ends is underestimated. At the same time, he reexamined the beauty of Bitcoin's design, especially the dynamics of miner competition, which is relatively absent in modern PoS networks. On the application front, he mentioned a new wave of applications based on mental share and social metrics is emerging, such as Kaito unlocking a new battlefield. He also discussed the possibility of venture capital financing and the reintroduction of crowdfunding models.

HashKey Group Chairman Xiao Feng: Looking Forward to Hong Kong's Second Virtual Asset Policy Aligning with the U.S.

Xiao Feng, chairman of Wanxiang Blockchain and HashKey Group, expressed his hopes regarding Hong Kong's upcoming second virtual asset policy declaration, stating that his biggest expectation is not to implement industry rules that are stricter than those in the U.S. He pointed out that the industry does not expect rules to be more lenient than those in the U.S., but rather hopes to align with them. He cited Alibaba's decision to go public in the U.S. due to Hong Kong's stricter rules compared to the NYSE as an example, urging against allowing similar situations to occur in the virtual asset market. Previously, it was reported that Hong Kong would issue a second virtual asset policy declaration.

Matrixport: Wall Street Has Become an Important Player in the BTC Market, BTC May Retrace to Recent Support Level of $73,000

Matrixport stated that Wall Street has become an important player in the Bitcoin market, with its 60% market dominance still serving as an important benchmark for the crypto market. Institutional trading behavior is increasingly significant in influencing Bitcoin price trends. Recent market concerns over tariffs proposed by Trump and the potential six-month delay of the Bitcoin strategic reserve plan may be one reason for the current technical chart showing a topping pattern. Additionally, BlackRock's IBIT ETF closely follows Bitcoin price fluctuations, marking an important trading day with a transaction volume of $5.1 billion. Although it did not reach historical highs, this figure is still noteworthy. From a technical analysis perspective, Bitcoin may retrace to the recent support level of $73,000, corresponding to the IBIT ETF's position of about $40.

Binance CEO: Current Market Adjustment is a Tactical Retreat, Not a Trend Reversal

Binance CEO Richard Teng stated that recent market fluctuations should be viewed as a "tactical retreat," rather than a structural decline in the crypto market. He emphasized that the crypto market has historically experienced macroeconomic shocks and rebounded strongly, such as when Bitcoin briefly fell below $20,000 due to the Federal Reserve's interest rate hikes in 2022, but quickly recovered as the market stabilized. Teng pointed out that institutional investor interest is still rising, with ETF funds continuing to flow in, and Binance is also steadily growing. He believes that the Federal Reserve's pause on interest rate cuts is a key factor in the recent market adjustment; although the likelihood of a rate cut in March has decreased, future policies will still depend on inflation and employment data. He stated that market corrections often present opportunities for seasoned investors to position themselves for the next upward cycle, and the crypto market has become part of the global financial system, proving its resilience against macroeconomic fluctuations.

Former Coinbase CTO: Tariffs May Harm the U.S. Economy but Benefit Cryptocurrency

Former Coinbase CTO Balaji tweeted that tariffs may be detrimental to the U.S. economy but beneficial for cryptocurrency. He explained: Why are tariffs bad for the U.S. economy? Production cannot be ramped up quickly, but prices can rise rapidly. The U.S. relies more on the benefits of currency issuance rather than manufacturing profits. Why are tariffs good for cryptocurrency? Global capital will shift to on-chain, even as nationalism and socialism rise offline. The only truly enforceable cross-border contracts in the future will be smart contracts. While a nation's economic commitments may be unreliable, the mathematical guarantees of cryptography are trustworthy.

Vitalik: Considering Migrating Ethereum to Poseidon Hash to Optimize zk-Prover Friendliness

Vitalik Buterin stated on social media that he strongly encourages researchers to participate in the Poseidon cryptanalysis program. He revealed that the Ethereum team is seriously considering migrating Ethereum to the Poseidon hash algorithm to optimize the friendliness of zero-knowledge proofs (zk-prover).

Important Data

$MELANIA's Second Largest Holder Cuts Losses, Exiting with Over $3.7 Million Loss

According to monitoring by Yu Jin, the second largest holder of $MELANIA sold off their holdings two hours ago at a price of $0.937, incurring significant losses compared to the $1.5 purchase price. This user had purchased 6.688 million $MELANIA with 10.007 million USDC at the beginning of the month and has now sold all, recovering only 6.267 million USDC, resulting in a loss of up to $3.739 million.

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