BlockBeats will summarize key industry news from the week of June 2 to June 8 in this article and recommend in-depth articles to help readers better understand the market and grasp industry trends.
Important News Review
Elon Musk and Donald Trump Clash, Tesla and Trump Media & Technology Group Stocks Plummet
On June 2, Musk expressed his frustration during an interview regarding the multi-trillion dollar tax cuts and spending plan currently being discussed by Congressional Republicans, believing that the bill would undermine the work being done by the government efficiency team. On June 5, House Speaker Mike Johnson stated that Trump was unhappy with Musk's 180-degree turn and had called Musk but was unable to reach him. On June 6, Musk suddenly posted multiple times mocking and questioning Trump, stating that he would lose the election without him, and retweeted a post saying "Trump should be impeached." Trump expressed that he was "very disappointed" in Musk. Musk then made a significant revelation, stating that Trump appeared in Epstein's documents. As a result of this incident, Tesla's stock price fell over 14% that day, with a market value loss of $153 billion, marking the largest single-day market value drop in history. Musk's net worth decreased by over $19.5 billion. Additionally, Trump Media & Technology Group's stock price dropped by 7.82%. Related articles: “Musk Turns Against, Crypto Allies Split, Trump’s Backyard in Flames”, “Trump and Musk's Century-Long Feud, President Cuts Ties First”, “Who Will Mediate Between Trump and Musk?”, “In-Depth Review of the 'Love-Hate' Relationship Between Trump and Musk”, “Just 'Broke Up' and Started Attacking? Musk Slams Trump’s 'Beautiful Bill': Disgusting”
USDC Issuer Circle Officially Lists on NYSE, First Day Trading Volume Exceeds $3.9 Billion
On June 5, USDC issuer Circle officially listed on the New York Stock Exchange (NYSE). It completed its IPO at $31 per share, with oversubscription exceeding 25 times, raising $1.1 billion and achieving a valuation of $6.2 billion. Circle's stock price surged 168.48% on its first day, closing at $83.23, with a trading volume of 47.1 million shares, approximately $3.941 billion. CEO Jeremy Allaire stated, "Our mission is to enhance global economic growth through frictionless value exchange, marking an important milestone in the irreversible integration of the global economic system and the internet." Arthur Hayes commented that a wave of crypto IPOs is expected in the coming years, culminating in a sensational IPO similar to EOS. Note: Circle's USDC is the second-largest dollar stablecoin, and its listing coincides with U.S. lawmakers pushing for stablecoin regulatory legislation. Related articles: “From Bearish to Oversubscribed 25 Times, Circle IPO's Major Reversal”, “'First Stablecoin Stock' Founder: How I Went All In on Stablecoins 7 Years Ago”, “Circle IPO Makes 400% Profit, Why I Went All In on $CRCL?”, “Circle IPO Roadshow PPT: IDG and Accel are Shareholders, Annual Revenue of $1.676 Billion”, “Circle Set to Go Public, What Stocks Can Be Speculated?”, “Circle's Strong Listing, Two Circuit Breakers, Who Are the Beneficiaries?”
Ethereum Foundation Lays Off Employees Due to R&D Team Restructuring
On June 3, the Ethereum Foundation announced layoffs of some employees and the restructuring of its research and development team, renaming the department to "Protocol" to focus on core challenges in protocol design. This adjustment aims to address ongoing criticism from the community regarding the foundation's management and strategic direction. Some voices warned that failing to resolve key technical issues could threaten Ethereum's position as a technological leader in the industry. The foundation stated that the restructured Protocol team will work on three main priorities: scaling the underlying Ethereum network's scalability, advancing blobspace expansion in data availability strategies, and improving user experience. The foundation mentioned in its announcement that "some members of the R&D team will no longer continue," and encouraged other teams to absorb these talents. The number of layoffs was not disclosed.
Lee Jae-myung Officially Elected as President of South Korea
On June 3, South Korean television reported that Lee Jae-myung, the candidate from the Democratic Party, was officially elected as President of South Korea. Previously, Lee had promised to push for the approval of a crypto spot ETF and proposed issuing a stablecoin based on the Korean won. Related articles: “South Korea's New President Lee Jae-myung Plans to Do Three Things in the Crypto Space”, “Analysis: Four Major Changes the Crypto Market May Face After South Korea's Presidential Election”, “Will Upbit's Regulatory Penalties End? What Campaign Promises Does New President Lee Jae-myung Have?”
Singapore Financial Regulator to Ban Unlicensed Overseas Crypto Services
On June 2, Decrypt reported that starting June 30, all overseas cryptocurrency companies providing services to Singapore customers must obtain a license or cease operations, as the Monetary Authority of Singapore (MAS) intensifies its efforts to combat financial crime risks. MAS confirmed it will fully implement Section 137 of the Financial Services and Markets Act (FSM Act), which authorizes regulators to license and manage digital token service providers (DTSPs) operating in Singapore. This regulation also applies to companies that, while only serving overseas users, are registered in Singapore or employ Singaporean staff. Related articles: “When Singapore Starts to Drive Away Crypto People”, [“Detailed Explanation of Singapore's New Crypto Regulations: Why So Strict? Who Will Be Driven Away? Will It Trigger a Mass Exodus?”]
U.S. M2 Money Supply Reaches $21.86 Trillion, Setting a New Record
On June 5, it was reported that the U.S. M2 money supply had reached $21.86 trillion, setting a new historical high. Analysts had previously indicated that the continuous growth of the global M2 money supply could trigger a significant rise in Bitcoin.
Meitu CEO Responds to Company's "Crypto Purchase Past": Sold All for a Profit of 570 Million Yuan, 80% of Earnings Distributed as Dividends
On June 3, LatePost reported that Meitu CEO Wu Xinhong stated, "The company's previous blind diversification strategy was mostly led by me, not Cai Wensheng. I don't want to comment on Meitu's crypto purchases anymore, as it has become a thing of the past. In terms of results, it was indeed a good investment return. At the end of last year, Meitu sold all the cryptocurrencies it held, making a profit of 570 million yuan, and 80% of the profits were distributed as dividends to shareholders." He also mentioned that if he could go back, he might prefer to use that money to find some good teams for business synergy. Because "sometimes, even when performance has clearly improved, if Bitcoin crashes, the stock price immediately drops, but when Bitcoin rises, the stock price doesn't go up."
Robinhood Completes $200 Million Acquisition of Bitstamp
On June 3, Robinhood completed its acquisition of the Luxembourg-based crypto trading platform Bitstamp for $200 million in cash, adding over 50 licenses and registrations to its cryptocurrency division, as well as a mature institutional client base. Bitstamp serves over 5,000 institutional clients and 50,000 retail clients, with trading volume primarily driven by institutional clients. Robinhood stated in a press release that this acquisition significantly expands its cryptocurrency business in markets outside the U.S., including Europe, the UK, and Asia.
Magic Eden Announces Collaboration with TRUMP Meme to Develop Wallet, but Family Member of Trump Denies It
On June 4, the official TRUMP wallet website announced that Magic Eden would collaborate with TRUMP Meme to develop the TRUMP crypto wallet. Following this news, ME surged over 29% in 24 hours. Subsequently, Trump's sons, Donald Trump Jr., co-founder of WLFI, Eric Trump, and his youngest son Barron Trump, all posted to refute the claims, stating that the newly launched TRUMP wallet has no connection to the Trump Organization, and WLFI will launch an official wallet. Eric Trump also mentioned that the Trump family would take legal action regarding the launch of the "official TRUMP wallet." On the same day, Magic Eden responded that the application is indeed the official TRUMP wallet, utilizing Trump's official branding and intellectual property. The New York Times commented that this is a complex business system operated by several family members and business partners, who now seem to be competing with each other. Related articles: “Magic Eden Boldly Announces Collaboration with TRUMP Wallet, Immediately Refuted by Trump's Eldest Son”, “What 'Factions' Exist in Trump's Crypto Empire?”
CZ: Now Might Be a Good Time to Launch a Dark Pool Perpetual DEX
On June 2, Binance founder CZ posted on X that now might be a good time to launch a dark pool decentralized exchange (DEX). "For perpetual contracts (or futures), it is more important not to let others know/see your orders. If others can see your liquidation point, they may try to push the market to liquidate you. Even if you have $1 billion, others may band together against you. This might be what we have seen recently." "Either do not display the order book, or better yet, do not display the deposits of the smart contracts at all, or show them much later. This should be achievable through zero-knowledge proofs or similar cryptographic technologies." Related articles: “Breakthrough Point in the Contract Track: What is the 'Dark Pool DEX' Advocated by CZ?”, “James Wynn's Liquidation Revelation: What Opportunities Does CZ's 'Dark Pool Perp DEX' Present?”
Whale James Wynn Suffers Major Losses Exceeding $13 Million This Week, Plans to Scrape Small Assets from Old Wallets to Make a Comeback
On June 6, whale James Wynn admitted in a post that his 40x long position on Bitcoin failed, and he closed his positions using limit orders amid continuous passive liquidations, stating that he currently has no long positions. "I closed my positions and accepted failure. The evil market makers defeated Wynn with a 1 to 0 score." His HyperLiquid account suffered approximately $1.655 million in contract losses in the past 24 hours, about $13.465 million in the past 7 days, approximately $28.06 million in the past 30 days, and total losses of about $21.79 million. He later reflected on his journey, acknowledging that he had lost control and was essentially gambling, wanting to recover losses while fearing ridicule for "not being able to keep $100 million," which led him deeper into trouble. However, just one hour later, he posted on social media that in the coming days, he would scrape some small assets from old wallets to see what usable assets he could find, stating he couldn't return empty-handed. Previously, he had repeatedly sought fundraising to open positions. Related articles: “Who is Orchestrating James Wynn's Liquidation?”, “On the Path to Ruin, James Wynn's Insufficient Betting Capital Leads to 'Online Begging'”
Ripple CEO States They Never Sought to Acquire Circle
On June 4, The Block reported that Ripple CEO Brad Garlinghouse revealed in a conversation with Georgetown University Law School professor Chris Brummer that Ripple never sought to acquire Circle, refuting recent reports that the crypto giant had offered $4 billion to $5 billion to bring the stablecoin issuer under its wing.
Kraken Begins Distributing Funds to FTX Creditors This Week
On June 2, FTX creditor representative Sunil stated on social media, "FTX creditors have received distribution payments from FTX in their Kraken accounts." Previous reports indicated that FTX had initiated a second round of over $5 billion in repayments, with eligible creditors expected to receive funds within 1 to 3 business days.
TRUMP Official Airdrops TRUMP NFT to All Dinner Ranking Registered Users
On June 3, TRUMP Meme officials announced that they had airdropped TRUMP NFTs to users who participated in the "Dinner with Trump" event. These NFTs, based on the Solana chain, are collectibles commemorating the "Crypto President." A total of three different NFTs were issued, requiring participants to meet one of the following conditions: successfully registered to attend the dinner; ranked in the top 220 users; or continued to hold positions during the dinner (diamond hands).
Binance Alpha Continues to Promote Airdrops and TGE This Week; Upgrades Alpha Points Risk Control System, Using Bots Will Be Considered Violations: June 2
Points ≥210 can claim 424 SQD (Subsquid) airdrop;
Points ≥223 can claim 1111 EDGEN airdrop.
June 3
Points ≥213 can claim 900 BDXN (Bondex) airdrop;
Points ≥211 can claim 2666 ZRC (Zircuit) airdrop.
June 4: Points ≥215 can claim 160 LA (Lagrange) airdrop.
June 5: Points ≥210 can participate in CUDIS TGE. All activities require consuming 15 points.
On June 4, Binance issued a notice regarding Alpha Points bot violations, stating, "Recently, certain groups have been detected using bots to participate in Alpha activities, undermining the fairness of the Binance Alpha Points program. As a result, Binance has upgraded its risk control system to enhance detection and handling of such behavior. Any use of bots—including but not limited to scripts, automated tools, or other non-manual methods—will be considered a violation. Binance reserves the right to revoke the Binance Alpha Points eligibility of accounts participating in such activities and impose further restrictions if necessary."
Ethereum Co-Founder: In Talks with a Certain "Major Country" Sovereign Wealth Fund for Constructive Cooperation Based on Ethereum
On June 4, Decrypt reported that Ethereum co-founder and Consensys CEO Joe Lubin stated on Tuesday that his company is in talks with a "very powerful" country's "major sovereign wealth fund and banks" regarding potential constructive cooperation based on Ethereum. In the latest episode of Rug Radio's "Fomo Hour," Lubin delved into Ethereum, the second-largest asset in the crypto market, and predicted that a new decentralized super cycle driven by ETH might be on the horizon.
Insider: pump.fun Plans to Conduct $1 Billion Token Sale at a $4 Billion Valuation
On June 4, related reports indicated that insiders revealed pump.fun plans to raise $1 billion through a token sale. The insiders stated that the token issuance would be valued at $4 billion, with tokens being sold to both public and private investors. The specific timing of the token launch or whether it will be issued on the pump.fun platform has not yet been confirmed. If the valuation reaches $4 billion, pump.fun will become the latest "unicorn" startup in the crypto space. pump.fun has not responded to multiple requests for comments. “$4 Billion Valuation Token Issuance, Is Pump.fun a Market Savior or a Liquidity Killer?”, “Pump.fun is Issuing Tokens, What Does the Community Think?”
JPMorgan Plans to Allow Clients to Use Bitcoin ETFs as Loan Collateral
On June 4, Bloomberg reported that Wall Street giant JPMorgan plans to allow its clients to use shares of crypto ETFs, such as BlackRock's iShares Bitcoin Trust, as loan collateral. Insiders told Bloomberg that the bank will also begin to consider cryptocurrency holdings when assessing clients' net worth and liquid assets. This means that when evaluating a client's ability to repay loans, cryptocurrencies will be treated on par with real estate and automobiles.
Web3 Security Company Salus Claims Chinese Law Enforcement Has Solved 3 Cases of Money Laundering Using HyperLiquid; Faces Community Doubts
On June 6, Mirror Tang (@mirrorzk), founder of the Web3 security company Salus, posted on social media that since March of this year, Chinese law enforcement has solved three cases of cryptocurrency money laundering using HyperLiquid. The method involved leveraging HyperLiquid's high-leverage liquidation mechanism to hedge and clean up illegal gains, creating liquidation losses on HyperLiquid while simultaneously building reverse positions on centralized exchanges for profit, effectively laundering the funds. Salus plans to release a research article in collaboration with law enforcement agencies to formally disclose this information. Mirror Tang also pointed out that this strategy is highly similar to the recent operations of whale James Wynn, who opened high-leverage contracts and ultimately withdrew $100 million in profits. However, his claims have been met with skepticism from the community, which stated that he provided no evidence to support his assertions, possibly targeting HYPE.
Binance to Launch Spot Altcoin Liquidity Enhancement Program
On June 4, Binance announced the launch of a spot altcoin liquidity enhancement program aimed at improving the liquidity and trading efficiency of specific token trading pairs in the spot market. The program is designed to provide users with smaller spreads, lower slippage, and an overall better trading experience to support small and medium-sized liquidity providers focused on token market making. The token liquidity enhancement program will offer a 1 basis point rebate to small-scale market makers and will support 18 tokens at launch, with the qualification review period for the new program starting from June 9, 2025, 00:00 (UTC).
WLFI Airdrops 47 USD1 to Token Subscription Addresses
On June 4, on-chain analyst Ai Yi monitored that WLFI airdropped 47 USD1 directly to the Ethereum addresses of its token subscribers. Notably, Trump is currently the 47th president of the United States.
Elon Musk's XAI Company is Conducting a $300 Million Stock Sale
On June 3, the Financial Times reported that Elon Musk's XAI company is conducting a $300 million stock sale, valuing the company at $113 billion. Related article: “Musk's Business Empire Reboots: xAI Raises $300 Million + Issues $5 Billion in Bonds, Neuralink Raises $650 Million Again”
U.S. Senator to Propose Amendment to the GENIUS Act to Prevent Trump Family from Launching Crypto Wallet
On June 4, U.S. Senator Elizabeth Warren posted on social media that the Republicans had last-minute inserted an exemption clause for crypto wallets into the GENIUS Act, and now the Trump family is planning to launch a crypto wallet. She will propose an amendment to close this loophole, stating that the bill will not pass without serious anti-corruption measures.
Trump's Social Media Platform Truth Social Submits Bitcoin ETF Application
On June 4, documents showed that Trump's social media platform Truth Social submitted a Bitcoin ETF application.
Data: Nearly 45% of VC-Supported Crypto Projects Have Ceased Operations
On June 4, Bitcoin.com reported that research data indicated that nearly 45% of VC-supported crypto projects have ceased operations, with 77% of projects earning less than $1,000 per month. The study covered 1,181 projects that received funding between January 1, 2023, and December 31, 2024. The report noted that among top venture capital firms, projects funded by Polychain Capital had the highest failure rate, with 44% of projects terminating operations, and over three-quarters of projects failing to generate significant revenue. Other top VC firms such as Yzi Labs (72%), Circle (38%), Delphi Ventures (33%), and Consensys (30%) also faced high project failure rates. The research found that the amount of funding significantly impacts project success rates, with projects raising over $50 million having lower failure rates, while over 33% of projects raising less than $5 million ultimately failed or ceased operations.
Data: Over 60% of Frequent Traders on pump.fun Have Lost Money in the Past Six Months, 311 Addresses Earned Over $1 Million
On June 5, according to Dune panel data, in the past six months, among approximately 4.257 million addresses that conducted more than 10 token trades on pump.fun, over 60% are in a state of loss. About 2.408 million addresses (56.6%) have losses between $0 and $1,000, while around 1,700 addresses have lost over $100,000, with 46 addresses losing over $1 million. Among the addresses in profit, the largest number falls within the $0 to $1,000 profit range, totaling 916,500 (21.5%). Additionally, over 5,000 addresses have profits exceeding $100,000, and 311 addresses have profits exceeding $1 million.
K Wave Media Plans to Issue Up to $500 Million in Common Stock to Support Bitcoin Strategic Reserve, Aiming to Become "Korean Version of Metaplanet"
On June 4, it was reported that K Wave Media Inc., the first Korean media alliance listed on NASDAQ, announced a securities purchase agreement with Bitcoin Strategic Reserve KWM LLC, planning to issue up to $500 million in common stock through this mechanism. The proceeds from this financing will be used to support the company's Bitcoin-centric digital asset reserve strategy, working capital, and acquisition activities, further expanding its content production and K-POP-related business. Additionally, the company plans to operate Bitcoin Lightning Network nodes and invest in Bitcoin-native infrastructure to enhance decentralization and earn on-chain transaction rewards. Officials stated that K Wave aims to become the "Korean version of Metaplanet"—referring to the Japanese company Metaplanet, which became the best-performing stock globally after adopting a Bitcoin reserve strategy in 2024 and continued to lead in 2025.
Spanish Coffee Chain Vanadi Plans to Invest €1 Billion to Establish Bitcoin Reserves
On June 4, it was reported that the Spanish coffee chain Vanadi is planning to invest over $1.1 billion to purchase Bitcoin as part of its new reserve strategy. This is part of a growing trend among global corporate executives. The company does not intend to use Bitcoin to supplement income but hopes to fully transform into a Bitcoin-centric enterprise. After experiencing losses in 2024, Chairman Salvador Martí is betting on the Web3 space. Martí's plan closely mirrors that of MicroStrategy. Like Michael Saylor, Martí plans to raise funds to purchase Bitcoin through a large-scale issuance of Vanadi stock. He has already made an initial purchase: two weeks ago, he bought 5 Bitcoins for approximately $500,000.
Beijing Police Establish New Mechanism for Handling Involved Virtual Currencies, Included in "Physical Surrender" Category
On June 5, according to the Capital Police Legal System public account, the Beijing Municipal Public Security Bureau's Legal System Team and the Beijing Property Exchange have created a cooperation mechanism for handling involved virtual currencies, jointly signing a "Cooperation Framework Agreement for Handling Involved Virtual Currencies." This agreement includes involved virtual currencies in the "physical surrender" category. The document states that the Legal System Team of the Municipal Bureau and the Beijing Property Exchange will further expand the cooperation handling areas, conducting thorough research and demonstration on this type of special involved property from policy regulations and operational pathways, exploring a new channel for overseas disposal: the public security agency will entrust the involved virtual currencies to the Beijing Property Exchange for disposal. After accepting the entrustment from the public security agency, the Property Exchange will select professional service institutions to conduct operations such as testing, receiving, and transferring the involved virtual currencies, and will publicly liquidate and sell them through a compliant licensed exchange in Hong Kong. After fulfilling the national foreign exchange management approval procedures, the funds will be converted and transferred to the public security agency's special account for involved funds and submitted to the national treasury. Currently, this model has been successfully applied to dispose of involved virtual currencies in a case handled by the Shunyi Public Security Bureau.
Wuhan Police Dismantle Virtual Currency Investment Fraud Den, Arrest 32 Suspects
On June 3, according to Guangming.com, the police in Wuhan's Dongxihu district dismantled a fraud den hidden in the countryside, arresting 32 criminal suspects, 20 of whom have been criminally detained. The gang posed as "wealthy beauties" to engage in online dating, boasting about virtual currency investment returns to lure victims into investing in virtual currencies on fake platforms, creating a controllable illusion of "high returns," which ultimately could not be withdrawn, with funds flowing into the fraudsters' accounts.
This Week's Major Financing: SharpLink Gaming, Scalable Capital, Rails, OneKey, BitMine
On June 2, according to official news, SharpLink Gaming completed a $425 million private financing round, led by Consensys, with plans to use the proceeds to purchase ETH and make it its primary treasury reserve asset.
On June 3, AI-driven portfolio management tool provider Scalable Capital announced the completion of €155 million in financing, co-led by Sofina and Noteus Partners, with participation from Balderton Capital, Tencent, and HV Capital. Scalable Capital's total financing has exceeded €470 million.
On June 4, it was reported that the cryptocurrency trading platform Rails completed a $14 million financing round, with participation from Kraken, Slow Ventures, CMCC Global, Quantstamp, and Round13 Capital. The funds will be used to launch a trading platform that combines self-custody and high-speed execution.
On June 5, the open-source hardware wallet project OneKey announced the completion of its Series B financing, reaching a valuation of $150 million. This round was led by YZi Labs, marking its largest investment in the hardware wallet sector to date. Previous supporters include top venture capital firms such as Dragonfly, Ribbit Capital, and Coinbase Ventures.
On June 5, Bitcoin mining company BitMine Immersion Technologies announced the completion of an $18 million public offering, issuing 2.25 million shares of common stock at a price of $8 per share, and has been approved to list on the New York Stock Exchange's American section.
This Week's Popular Articles
“Musk Turns Against Trump, Crypto Allies Split, Fire Erupts in Trump's Backyard”
The conflict between Musk and Trump erupted publicly on June 6, with the two exchanging barbs on the X platform, leading to a sharp decline in the stock prices of Tesla and TMTG. The dispute arose from Trump's withdrawal of the NASA administrator nomination and his promotion of the "Beautiful Act," which Musk strongly opposed, accusing Trump of being ungrateful. Meanwhile, the Trump family's crypto empire is also in chaos, with multiple parties accusing each other over the ownership and authorization of the "Trump Wallet," exposing the multiple interest groups and factional struggles behind projects like the $TRUMP token, NFTs, and stablecoins, while internal family conflicts over power and profit distribution are intensifying.
“From Bearish to Oversubscribed 25 Times, Circle's IPO Reversal”
Just two months ago, Circle faced skepticism over its profitability and declining USDC market share, but now it has completed its listing at $31 per share, with a valuation of $6.9 billion and oversubscription reaching 25 times. This turnaround is attributed to a reassessment of the stablecoin narrative and the regulatory benefits catalyzing the market. The sequential establishment of stablecoin regulatory frameworks in the U.S. and Hong Kong, along with support from institutions like BlackRock and Ark, has boosted market confidence. Although its profitability relies on interest income and has a low gross margin, benefiting in the short term from a high-interest environment and market recovery, the sustainability of its valuation still needs to be validated by fundamentals. Circle's listing is not only a victory for the project itself but is also seen as an important milestone for the compliance and capitalization of stablecoins.
“Founder of 'First Stablecoin Stock': How I Went All In on Stablecoins 7 Years Ago”
Circle officially listed on the New York Stock Exchange, becoming the second crypto-native giant to go public in the U.S. after Coinbase, marking the formal establishment of the stablecoin narrative in the capital market. Its founder, Jeremy Allaire, transitioned from being a "shovel seller" in the Internet 1.0 era to a cryptocurrency pioneer, leading Circle to bet big on USDC during the winter by building a compliant and transparent reserve system and promoting the globalization of stablecoin infrastructure. Now, with global regulations becoming clearer and giants like Visa embracing USDC, the dollar stablecoin represented by Circle is accelerating its path toward real payments and the core of the financial system. Allaire firmly believes that stablecoins are the true electronic cash of the internet era, with the potential to reconstruct 10% of the global monetary system in the next decade.
“To Snatch a Bite of Pump.fun, New Launchpads Are Experiencing 'Cultural Undercurrents'”
The new generation of launchpad platforms represented by Pumpfun is reshaping the asset issuance logic in the crypto market, evolving from "instant launch and speculation" tools born from the meme craze to a new paradigm that includes belief-based investment, anti-rug mechanisms, social identity assetization, and on-chain transparent distribution. Despite the overall market liquidity not significantly increasing, new launchers are emerging one after another, creating fierce competition. Innovative projects like Cooking.City, Long, Ego, and Gavel have emerged on the Solana chain, attempting to rebuild trust mechanisms for issuance. However, with the proliferation of junk tokens and a sharp decline in graduation rates, the market's ambivalence towards Pumpfun coexists with its reliance, making the conversion between assets and attention the core logic of the new cycle.
“New South Korean President Lee Jae-myung Plans to Do Three Things in the Crypto Space”
The election of Lee Jae-myung as South Korea's president marks a significant turning point for the country's crypto policy. He proposed promoting a won stablecoin, supporting the legalization of spot crypto ETFs, and advocating for pension allocations to crypto assets and the establishment of a dedicated regulatory body. This victory is not only a personal political comeback but is also seen as the starting point for South Korea's digital assets entering a new cycle of "national governance." Despite facing controversies over stablecoins and regulatory challenges, the South Korean government has shown a clear intention to incorporate crypto assets into the national financial system, signaling a deep transformation from free and wild growth to institutionalization and compliance.
“Regarding Stablecoins, the Federal Reserve Figured It Out Three Years Ago”
Circle is set to list on the New York Stock Exchange on June 5 under the ticker symbol CRCL, planning to raise $624 million, with its valuation target raised to $7.2 billion and oversubscribed 25 times, reflecting strong institutional enthusiasm for the stablecoin concept. As the Federal Reserve and various governments continue to deepen their research on stablecoins, along with the passage of the GENIUS Act and Hong Kong's Stablecoin Regulation Draft, stablecoins are becoming one of the core asset classes of global financial systems. The Federal Reserve's research indicates that stablecoins are expected to drive the tokenization of payment systems and financial markets, serving as a digital safe haven in turbulent markets. However, if a narrow banking model supported by central bank reserves is adopted, it may trigger systemic challenges such as credit disintermediation.
Recently, a Twitter article about Bitcoin and Tether has sparked widespread discussion in the English community, with a single tweet garnering over 800,000 views. The author, Jacob King, positions himself as a staunch bear on Bitcoin, pointing out that the Bitcoin market is manipulated by "insiders" like Tether and Bitfinex, maintaining a false price appearance through fake demand, circular buying, and unlimited money printing. Jacob believes that the so-called "government and institutional entry" is a manufactured narrative, essentially a Ponzi scheme, and that once liquidity crises arise, the market will face a collapse.
“When Singapore Starts Driving Away Crypto People”
The Monetary Authority of Singapore has taken strong measures, stating that all crypto service providers without a DTSP license must cease providing services to overseas customers by June 30, 2025, causing a stir in the industry. Regulation has shifted from a previous "internal and external distinction" to comprehensive coverage, closing off "regulatory arbitrage" channels, driven by the need to prevent money laundering and reputational risks. Affected companies are considering relocating to Hong Kong, Malaysia, Dubai, and other places, while those already licensed or exempt are benefiting. Singapore, once a crypto haven, is rapidly bidding farewell to its role as a free port.
“With Bitcoin's Market Share Remaining High, Do Altcoins Still Have Opportunities for Explosions?”
Bitcoin continues to set historical highs, attracting significant institutional buying and driving structural price increases. DeFi is accelerating the integration of AMM and money markets, achieving dual asset utilization and enhancing capital efficiency. Cross-chain liquidity layers are becoming flatter, providing a smoother user experience. Competition for stablecoin yields is fierce, with institutional demand for returns increasing. Meanwhile, points and identity verification airdrops are becoming new means of user growth. The NFT market is sluggish, with more funds flowing into practical and reward-mechanism-based memes, gradually evolving the ecological landscape.
“Crypto AI Heat Rises Again, What is the Market Recently Speculating On?”
More and more large models like Gemini, Claude, and GPT are beginning to challenge video games like Pokémon, showcasing breakthroughs in perception and action capabilities, and indicating that AI is likely to tackle the "emotional intuition" problem in trading. Projects like Axelrod, Arbusai, Avo, and BasisOS are emerging around the AI Agent and InfoFi fields, focusing on smart investment advisory, real-time intelligence, trading strategies, and cross-chain arbitrage, with related tokens reaching market capitalizations in the tens of millions of dollars. An AI-driven on-chain trading ecosystem is rapidly taking shape.
“In the Era of 'Mouth' Trading, A Comprehensive Review of InfoFi Targets”
InfoFi (Information Finance) is transforming information from a byproduct of platforms into a core asset with price, incentives, and tradability, initiating a deep revolution in content distribution and value recognition mechanisms. Kaito defines "high-quality content" with programmable incentive mechanisms; Cookie.fun focuses on data panels and community participation; Galxe's Starboard platform enhances "growth quality" and reputation assets; LOUD introduces an IAO mechanism based on influence distribution; GiveRep and Ethos build on-chain reputation standards; Wallchain, bam.fun, and Vly Wheel distribute earnings through real interactions and dissemination paths, collectively promoting the establishment of "attention" as the economic axis. InfoFi is giving rise to a new content economy ecosystem composed of tokenized reputation, programmatic incentives, and on-chain identities, reshaping the logic of information value recognition and distribution.
“In the Crypto Space, How to Play Narrative Trading?”
Prediction markets enable the market to accurately reflect the probability of a single verifiable event by providing risk capital, transparent rules, and real-time information aggregation mechanisms. Narrative trading focuses on the momentum of market sentiment and stories, transforming the ever-changing narrative content into tradable assets through tools like sentiment oracles. The combination of the two provides both mechanism guarantees and capital support, along with a rich variety of content sources, driving the pricing, trading, and hedging of narrative assets in the crypto market, opening up a new investment field.
In the era of attention economy, attention itself holds value, but its worth depends on factors such as retention, consensus, and content quality. Kaito transforms attention into users, capital, and markets through products like Yaps, Earn, and Capital Launchpad. In the future, Kaito aims to break the information bubble and build a fairer InfoFi network, achieving data sovereignty and universal monetization.
“a16z: The Era of Foundations is Coming to an End”
As the regulatory environment shifts towards "control" rather than "development efforts," the crypto industry faces an opportunity for structural reshaping. The foundation structure, long seen as a symbol of decentralization, actually suffers from incentive distortions, legal restrictions, and operational inefficiencies, which weaken the scalability and market responsiveness of projects. In contrast, adopting a corporate structure is more conducive to capital allocation, talent incentives, and market feedback, while also aligning long-term interests with token holders through programmatic contracts and incentive mechanisms. Through new structures like DUNA (Decentralized Non-Corporate Association) and BORG (Cybernetic Organizational Tool), projects can retain the advantages of decentralization while achieving legal compliance, efficiency improvements, and governance transparency, marking a new phase in the crypto industry’s transition from foundations to more sustainable collaborative systems.
“New Dark Horse in RWA Public Chains: Unveiling Keeta Network's 'Three Highs' Strategy”
Keeta Network is a high-performance L1 public chain that has not yet launched its mainnet, dedicated to reconstructing the global payment system, emphasizing high interoperability with traditional financial systems (such as SWIFT and ACH), and featuring highlights like native tokenization, digital identity, and compliance support. The project claims to achieve tens of millions of transactions per second and settlements within 400 milliseconds, enhancing processing efficiency through a combination of DAG architecture and no mempool design. Its token $KTA has increased over 13 times since its issuance in March, backed by former Google CEO Eric Schmidt and former Nano developers. Despite the appealing technical vision, potential risks such as the testnet not being open and token concentration cannot be ignored.
Metaplanet, a Japanese company originally operating a couples' hotel, has successfully transformed into Asia's largest and the world's 11th largest publicly listed Bitcoin holder within a year through innovative methods such as warrants, zero-interest bonds, and Bitcoin options income, driving its stock price up by 3000%, with 88% of its operating revenue coming from crypto assets. The company has gradually distanced itself from traditional hotel operations by continuously purchasing Bitcoin and building a positive feedback financing loop, becoming a unique Bitcoin agency window in the Japanese capital market. This radical transformation is seen as a model for companies to completely reconstruct their business models in the digital age and may serve as a benchmark for others to imitate or learn from.
“Beyond Binance Alpha, What Other Wealth Codes Exist?”
Data from May shows that BNB Chain leads in key metrics such as DEX trading volume, on-chain transaction counts, and stablecoin user numbers, with the ecosystem experiencing a strong surge, focusing on meme coins, AI projects, and DeFi protocols. Binance Alpha and the USD1 stablecoin jointly build a liquidity and user growth flywheel, driving the ecosystem's heat to soar. Retail investors can participate through interactive tasks, liquidity mining, and new token offerings, but should be cautious about diversification and risk control. With on-chain performance optimization and the implementation of AI strategies, BNB Chain is expected to continue leading the next wave of public chain enthusiasm.
“a16z: Stablecoins are Rising, What New Opportunities Do Entrepreneurs Have?”
Stablecoins are becoming key tools connecting traditional finance and emerging technologies, gaining widespread attention globally due to their speed, low cost, and programmability. However, to realize their potential, three major challenges must be addressed: first, achieving currency uniformity to enable seamless 1:1 exchange of stablecoins with traditional currencies; second, properly addressing the potential monetary policy impacts of dollar stablecoins in non-dollar economies; and third, preventing financial market imbalances and credit contraction risks arising from large-scale collateralization with government bonds. Future stablecoin designs should integrate tokenized deposits, diversified collateral assets, and on-chain liquidity mechanisms, maintaining financial innovation vitality while ensuring economic stability and credit creation capacity.
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