"Weekly Editor's Picks" is a "functional" column of Odaily Planet Daily. Based on the extensive coverage of real-time information each week, the Planet Daily also publishes many high-quality in-depth analysis articles, but they may be hidden among the information flow and trending news, passing you by.
Therefore, our editorial team will select some quality articles worth spending time reading and saving from the content published in the past 7 days every Saturday, providing you with new insights from the perspectives of data analysis, industry judgment, and opinion output, as you navigate the crypto world.
Now, let's read together:
Investment and Entrepreneurship
Pantera Capital Deep Dive: The Value Creation Logic of Digital Asset Treasuries (DATs)
The business model of DATs focuses on maximizing the number of tokens held per share. The main approaches include: issuing stocks at a premium, issuing convertible bonds, reinvesting profits, and acquiring undervalued assets.
The price of a DAT can be broken down into the product of three elements: (a) the number of tokens per share (b) token price (c) NAV multiplier (mNAV).
Conversation with Pantera: The Logic Behind Spending $1.25 Billion to Create "Solana Coin Stocks"
The cryptocurrency fund Pantera is planning to raise up to $1.25 billion to transform a publicly listed company into a Solana investment firm. According to Pantera partner Cosmo Jiang, the rise of "crypto treasury companies" is not a hype but the birth of a new financial organizational structure.
Why would someone choose to hold a "digital asset treasury company" instead of directly buying spot assets? The only reason is: you believe that the value of this "half a Bitcoin" will be worth more than a full Bitcoin in the future. As long as the market sometimes overestimates certain assets and there is enough volatility, you can activate the ATM (At Market) mechanism and operate the convertible debt engine.
The DAT track is essentially a "quasi-commodity business," which will ultimately form an oligopoly. This type of industry competes on cost efficiency—who can produce at a lower cost.
Compared to Bitcoin, assets like Ethereum and Solana are actually more suitable for running the DAT model. The reason is simple: because BTC itself does not generate returns, DAT companies need to rely on structure to amplify exposure; but smart contract assets like ETH and SOL can participate in staking and join DeFi, possessing inherent "profitability."
This field will definitely experience consolidation in the next three to five years. Especially among large assets like Bitcoin, Ethereum, and Solana, there may only be two or three DAT companies that truly emerge from each chain.
Currently, we are still in a window period, but the difficulty for new entrants will gradually increase. There will be a "new product period" for the next three to six months, but if we extend the timeline to one or two years, or two to three years, the number of new entrants will decrease significantly.
New Trends in Crypto Treasury Strategies: Is Buying SOL More Efficient Than Hoarding ETH?
The digital asset treasury (DAT) of SOL will be more efficient in accumulating current trading supply compared to ETH or BTC's DAT.
The recently announced $2.5 billion SOL DAT is equivalent to $30 billion in ETH financing or $91 billion in BTC financing.
The SOL from the FTX legacy is about to exit the market, but its narrative impact still needs further digestion.
The inflation issue of SOL remains an obstacle to price increases, as its scale is about three times the unlocking amount and needs to be resolved quickly.
Understanding the "Hidden Logic" of Prediction Markets: 11 Arbitrage Strategies Explained
Experts believe that prediction markets can reveal more: irrational odds, lagging market reactions, herd behavior, and influenced reflexive cycles. If you treat it as a set of operational logic rather than a casino, you will find asymmetric profit opportunities everywhere, including cross-market arbitrage, providing liquidity to market pools, Bayesian updates vs. market lags, trading oracles, reflexive arbitrage, using odds to guide perpetual contract trading, early positioning in token trading, viewing prediction markets as synthetic options, constructing custom combination bets, tax planning, and trading infrastructure tokens.
Also recommended: 《Conversation with Ray Dalio: 10 Financial Management Principles for Chinese Friends》《The Hidden Dealer: The Rise and Fall of Crypto Market Makers》《The Trading End Around Taylor Swift's Marriage and Trump's Crypto Treasury》《The Truth About Job Hunting in Web 3: The Bull Market is Here, but Jobs are Gone》。
Policy and Stablecoins
On August 29, the U.S. Commodity Futures Trading Commission (CFTC) officially released a guidance document clarifying its registration rules for foreign trading platforms (FBOT), providing a legal registration pathway for non-U.S. trading platforms and allowing U.S. users to trade on such platforms.
Previously, U.S. users often traded on overseas platforms through VPNs or other means—this trading model carries significant risks. Now, if a foreign exchange registers with the CFTC as an FBOT (Foreign Board of Trade), U.S. traders can access the services of that exchange legally. From the perspective of the exchange's competitive landscape, whoever prioritizes compliant registration to enter the U.S. market may win the competition.
The CFTC's announcement will directly benefit the following groups: overseas exchanges that can meet FBOT registration standards; U.S. brokers that can direct customer orders to overseas; and all trading users sensitive to liquidity—because the new regulations mean deeper markets and better pricing.
Trillion-Dollar Stablecoins, Realized Through "Contract Manufacturing"
One of the largest online payment infrastructures, Stripe's stablecoin issuance platform Bridge, has launched the native stablecoin MetaMask USD (mUSD) for the wallet application MetaMask, which has over 30 million crypto users. Bridge is responsible for the entire issuance process from reserve custody, compliance auditing to smart contract deployment, while MetaMask focuses on refining the front-end product interface and user experience.
This collaborative model is one of the most representative trends in the current stablecoin industry, as more and more brands are choosing to outsource the complex issuance process of stablecoins to professional "contract manufacturers," just as Apple outsources iPhone production to Foxconn. On the surface, issuing a stablecoin only requires minting on-chain. However, to truly make it operational, the work involved is far more complex than outsiders imagine. Compliance frameworks, bank custody, smart contract deployment, security audits, multi-chain compatibility, account system integration, KYC module integration—all these steps require long-term investment in financial strength and engineering capability.
In a field where Paxos, Stably, and BitGo have already established themselves, Agora appears as a new challenger. It does not emphasize secure custody or accumulate licensing barriers but attempts to make issuance a public service with a very simple interface. Whether it can succeed remains to be seen. However, from a vision perspective, its goal points to another possibility for the stablecoin industry, making issuance a standardized business like domain registration.
"The Foxconn Factory of Stablecoins" is becoming an invisible infrastructure in the financial foundation. They control compliance templates, auditing standards, cross-chain tools, and manage the pathways for digital assets to enter the real world. Just as Foxconn has built an invisible hardware supply chain, stablecoin contract manufacturers are also building a production line for digital finance.
When Will the "Second Half" of Stablecoins Arrive: Euro, Gold, and Renminbi?
The demand in the real world and crypto finance is diversifying, and these differentiated needs form the market foundation for non-U.S. dollar stablecoins.
Euro stablecoins and gold stablecoins represent two distinctly different logics of non-U.S. dollar stablecoins: the former emphasizes local convenience and compliant development of regional currencies, while the latter emphasizes the digitization of traditional safe-haven assets and liquidity enhancement.
Airdrop Opportunities and Interaction Guide
Bitcoin Ecosystem
Behind the Plunge of BitLayer: The Rise and Fall of the BTCFi Ecosystem
Mainstream projects are collectively sinking, buyers are fatigued by the narrative, and the inherent contradiction lies in the technical limitations of BTC. BTCFi is more like the market's rational correction to excessive financialization; BTC should return to being a spiritual totem.
Ethereum and Scalability
Trend Research: "Buying Frenzy" Becomes Consensus, Long-Term ETH Market Cap Will Exceed BTC
The long-term situation of full staking is not sustainable. Since treasury companies represented by SharpLink began buying, U.S. companies holding ETH have accumulated nearly $20 billion in ETH, accounting for 3.39% of the total supply, with Bitmine still needing to achieve 75% progress to reach its goal of holding 5% of ETH.
The further implementation of crypto-friendly policies and Wall Street's consensus on the long-term value of ETH means that the "buying frenzy" for ETH has just begun. With the interest rate cut cycle approaching, we are raising our long-term target price for ETH, believing that its market cap will surpass BTC in 1-2 bull-bear cycles.
Also recommended: 《The Largest Upgrade in Ethereum's History is Coming: EVM Exits the Stage, RISC-V Takes Over》。
Multi-Ecosystem
CeFi & DeFi
On September 1, World Liberty Financial (WLFI) will release its governance token WLFI. For some, this is a complete reconstruction of value capture for stablecoins; for others, it is an almost unabashed Ponzi scheme that will create one of the most intense token bloodsucking markets in recent memory.
The author identifies three factors that will inevitably lead to a surge in token price:
- Scarce circulation: The circulation is so low that even modest demand can drive significant price fluctuations.
- Built-in buying pressure: Every dollar of profit from stablecoin reserves could translate into systemic WLFI purchases.
- Narrative fuel: This is not just a meme coin relying on Twitter hype. It has political branding, institutional support, and government bond backing.
Users are betting on low circulation and strong presidential promotion, along with the treasury company's desire to raise prices to recoup their 20% unlocked tokens and earn more, as well as their retirement fund on the token unlocking schedule.
Related projects include: Blockstreet (BLOCK): touted as the launch platform for cross-chain releases at USD 1; Dolomite (DOLO): a lending platform whose co-founder is now the CTO of WLFI.
AAVE V 4 Upgrade: Modular Reshaping of Lending, Can Old Coins "Ignite Again"?
With the emergence of more new coins and the stimulation of fixed token lending demand on-chain, AAVE undoubtedly has strong fundamentals and catalysts. This V 4 update may help us see its strong competitive edge in the DeFi space and the roots of its increasing business volume.
The version history of AAVE is essentially the evolution of DeFi lending. The core issue V 4 aims to address is: how to transform AAVE from a powerful but rigid product into a flexible and open platform; the core improvement direction is to introduce a "Unified Liquidity Layer," adopting a Hub-Spoke model to change existing technical designs and even business models.
With a Price-to-Sales Ratio of Only 12, Is the Recently Surging HYPE Still Undervalued?
Based on the price-to-sales ratio (P/S), HYPE is the cheapest asset among mainstream public chains, with a P/S ratio of 12, which is 90% lower than similar assets.
The article introduces five rapidly rising prediction market projects, analyzing their gameplay, positioning, and potential opportunities.
Kalshi: A sample of a compliant prediction market in the U.S.; MyriadMarkets: An attempt at social native embedded predictions; Drift—BET: Expansion from perpetual contracts to prediction market derivatives; Fliprbot: Embedding prediction entry into social conversations.
New Prediction Markets Surge, Use These Three Factors to Determine True "Value"
Market design, economic environment, user-related factors.
Also recommended: 《Coinbase Panorama Report: The Current Status, Risks, and Valuation of the U.S. Compliance Trading Leader》《Lazy Financial Management Guide｜Binance Plasma USDT Deposit Activity Still Has Quotas; USD.AI Balances Earnings and Points (August 27)》。
Weekly Hotspot Recap
In the past week, ETH broke through 4900 USDT, setting a new historical high; Trump Media Technology Group will establish Trump Media Group CRO Strategy Company and deploy CRO treasury strategy; ZachXBT: Crypto.com Covered Up Major Events, and is currently not allowed to disclose details; The U.S. CFTC will release guidance, clarifying registration rules for foreign trading platforms; The U.S. Department of Commerce is collaborating with Chainlink to put macroeconomic data on-chain, choosing Pyth Network for on-chain economic data verification and distribution, PYTH's 24H increase exceeds 100%; XPL on Hyperliquid surged 200% pre-market, triggering short liquidations, with whales harvesting $46 million; Hyperliquid Responds to XPL Surge: The platform has not experienced any technical issues or bad debts, advising users to be aware of risks; Hyperliquid's Mark Price will use the conventional mark price formula combined with external pre-release perpetual contract prices; Techno_Revenant: Triggered a chain liquidation of XPL due to a slip, unexpectedly profiting $38 million in 20 minutes;
Additionally, in terms of policy and macro markets, Trump: Will no longer allocate any funds to Ukraine; Trump: Powell's signal for rate cuts is too late, it should have been done a year ago; Trump: Impeach Federal Reserve Governor Cook; Federal Reserve Governor Cook: Trump has no authority to fire me, I will not resign; The Federal Reserve Cook is suing Trump for trying to oust her from the Federal Reserve Board; Japanese Prime Minister Shigeru Ishiba: New technologies like Web 3 can help address Japan's declining marriage and birth rates and other social issues; The Chairman of the Japanese Senate Budget Committee: Working on reclassifying crypto assets to reduce the tax rate from 55% to 20% (Interpretation); The Hong Kong Monetary Authority plans to implement Basel's new capital requirements for crypto assets on January 1, 2026, which may affect banks' willingness to manage stablecoins and RWA assets; Hong Kong Financial Secretary Paul Chan: Hong Kong's stablecoin positioning is clear, with no speculation opportunities; Musk: The "Macrohard" project will be a pure AI software company;
In terms of opinions and statements, Peter Schiff: Bitcoin may drop to $75,000, slightly below the average holding cost of Strategy; Arthur Hayes: The U.S. promotes stablecoins to control the European dollar market, the Treasury can bypass the Federal Reserve to directly control short-term interest rates; Arthur Hayes: The bull market may last until 2028, focusing on Ethena, Hyperliquid, Ether.Fi, and Codex; Arthur Hayes: HYPE's potential for growth is estimated to be as high as 126 times; Vitalik: If prediction markets can solve interest issues, there will be a large number of hedging application scenarios, further driving trading volume growth; Vitalik: The probabilities given by prediction markets are usually more accurate than those formed by media influence; CZ: Non-financial RWA may face liquidity shortages, stock tokenization is an inevitable trend; Tom Lee: There is a high probability that Ethereum's market cap will surpass Bitcoin, just like the decoupling of the dollar from the gold standard; Matrixport: The future trend of Ethereum depends on whether treasury-like companies can continue to attract funds and shape narratives; Axie Infinity co-founder: ETH is most sensitive to Federal Reserve interest rates; Yi Lihua: The target for ETH is above $10,000, consistently outperforming BTC during the interest rate cut cycle; Du Jun: After clearing leverage, ETH may rise to $6,000; Eric Trump: WLFI is trying to provide cryptocurrency to the public, as more and more people in the U.S. seek ways to purchase cryptocurrencies; Analysts: DWF Labs is the market maker for WLFI, and it is highly likely that there will be other market makers; Analysts: WLFI's FDV once reached the sum of LINK, UNI, ENA, and ONDO; Xiao Feng: DAT may be the best path for crypto assets to achieve on-chain and off-chain transfers; Bloomberg: Coinbase is becoming the preferred lending institution for Bitcoin mining companies;
In terms of institutions, large companies, and leading projects, Gucci now accepts cryptocurrency payments in some stores in the U.S., including ETH and DOGE; SBI Chairman: SBI will build a stablecoin payment system, which will differ from yen stablecoins like JPYC; Google Cloud launches L1 blockchain GCUL, currently in private testnet phase; Asset management giants like Grayscale have submitted XRP spot ETF application updates, adding support for XRP creation and redemption; The acting chair of the U.S. CFTC may join MoonPay after the formal chair confirmation; Wormhole has officially made an acquisition offer for Stargate, proposing to acquire for at least 120 million USDC (Background); Tether announced plans to launch USDT on RGB; WLFI tokens are about to become tradable and transferable, with 20% of early supporters' tokens set to unlock; Hyperliquid launches WLFI-USD pre-issue contracts; WLFI's pre-market price halved, script predictions after launch; WLFI BD head: USD 1 points are similar to traditional loyalty programs, rather than common DeFi points; Aave founder responds again: The proposal created by the WLFI team has been voted on and passed in Aave DAO; OKX Star: Will launch a $100 million X Layer ecosystem fund; OKX launches USDG automatic earning feature; Pudgy Penguins CEO: Starting to collaborate with financial experts, plans to IPO within two years; Eclipse replaces CEO, lays off 65%, and will focus on applications based on L2 infrastructure; Huma Finance launches Season 1 airdrop; Avantis will launch token AVNT, airdropping 12.5%; Bitlayer opens BTR airdrop query and collection; Mitosis opens MITO airdrop claims;
In terms of data, Pendle's TVL surpasses $10 billion, setting a new historical high; USDC usage on the Ethereum network reaches a historical high, with monthly trading volume reaching $748.3 billion; USDC's market cap surpasses $70 billion, setting a new historical high; The ETH waiting to be unstaked has exceeded 1 million, setting a new historical high;
In terms of security, Kanye West: Personal Instagram account hacked, reminding the community to be vigilant against fake token projects… Well, it has been another eventful week.
Attached is the "Weekly Editor's Picks" series Portal.
See you next time~
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