Test In terms of regulation and compliance, the most important event in the past three months was the release of the "Statement on Certain Protocol Staking Activities" by the Financial Services Division of the US Securities and Exchange Commission (SEC) on May 29, 2025. The statement clarified that "protocol staking" activities within its definition do not constitute securities offers (emphasizing that this is a company level perspective and non legally binding rule), which significantly reduces the systemic legal risk of direct SEC civil enforcement for networks based on proof of stake consensus (such as Cosmos/ATOM) due to "staking as securities" in the short term; This statement also excludes conclusive coverage of variants such as liquidity pledge and re pledge, indicating that some derivative pledge products that are closer to the ATO-M economic model still have uncertainty. In terms of market transmission, the statement made on May 29th was interpreted by multiple legal and media institutions in early June as "reducing the risk of neutral negative regulatory spillover and supporting the demand for virtual collateral", but at the same time, it shifted the market's attention to "which specific collateral products/services are still not covered" (such as LST/liquid staking, restaking), and these uncovered parts may still become the focus of future regulatory reviews, thus having a divergent impact on ATOM's collateral ratio, centralized holdings, and exchange product pricing. Link: https://www.sec.gov/newsroom/speeches-statements/statement-certain-protocol-staking-activities-052925 Link: https://www. (coindesk.com)/news-analysis/2025/05/29/crypto-staking-doesnt-violate-us-securities-law-sec-says In terms of track and network fundamentals and policy guidance, the core technological/governance progress in the past three months has been on chain software upgrades and the implementation and scheduling of cross chain infrastructure. The Gaia series upgrade of Cosmos Hub entered a intensive execution window from May to July (Gaia v24 has been launched and the original LSM module has been restructured into x/liquid, and the v25 series has been promoted as an "unfrork" return to upstream SDK). These upgrades have clear binary/alt height and voting period explanations in the official GitHub release and Hub proposal. The short-term effect is to reduce technical debt, improve compatibility with the Cosmos SDK mainline, and enable more complex functions on the Hub in the future (such as CosmWasm). Paving the way for Token Factory and IBC Eureka routing revenue. At the same time, IBC Eureka (the canonical deployment and routing solution for IBC v2) released by Interchain/ACL on April 11, 2025 has entered gradual production and claims to be integrated with Hub routing (if this infrastructure remains stable in future operations and integration, it will improve Hub's cross chain throughput and fee capture capabilities in the long run). From a transmission perspective, upgrading significantly reduces technical risks such as blockchain halts and compatibility. IBC Eureka and subsequent changes in permissions/parameters on the Hub will directly increase the Hub's transaction/interaction events, thereby enhancing the economic attractiveness of block revenue and staking. Relevant official and first-hand technical sources can verify the above upgrade nodes and roadmap. Link: https://(GitHub)/cosmos/gaia/releases Link: https://blog.cosmos.network/the-dawn-of-the-internet-of-blockchains-037e8ccf72ed Link: https://forum.cosmos.network/t/proposal-1000-voting-gaia-v24-0-0-software-upgrade/15510 At the level of competitors and benchmarking agreements, the strategy adjustments and incentive redistribution in the past three months have a direct impact on the relative attractiveness of ATOM: AMM/DEX, represented by Osmosis, has undergone liquidity and incentive parameter adjustments during the same period (market adjustments to Osmosis reward allocation and TVL structure will affect whether funds are retained in Osmosis or flowing back to the Hub's application scenarios), while Cosmos ecosystems such as Neutron and Stride continue to promote dedicated execution environments and LST ecosystems (Neutron's governance issues have been discussed multiple times in the Hub forum), Stride and other liquid pledge products have expanded their composability in the ecosystem, which has led to a game of "value capture points" shifting from the original focus on independent app chains to the path of returning to the Hub: if the Hub can retain the demand for coin issuance/application launch through parameters and modules (such as allowing lower threshold CosmWasm deployment and Token Factory modules), a portion of TVL and transaction fees will return to the security and pledge economy of AT&O M; On the contrary, if App chain/DEX continues to attract liquidity with higher short-term incentives, it is beneficial for short-term token speculation but not conducive to Hub fee collection and staking attraction. Comparison and evidence can be found in the governance forums and DeFi indicator databases of various ecological chains, where specific proposals and parameter change histories can be retrieved. Link: https://(defillama. com)/protocol/osmosis Link: https://forum.cosmos.network/t/proposal-993-draft-neutron-and-the-hub-a-new-chapter/15306 Regarding other important backgrounds that may affect asset performance (token economy and liquidity, staking rate, unlocking, community vault utilization, and security events), three points must be taken seriously: firstly, the on chain staking rate has remained high in recent months (the on chain browser and exchange staking page show that the participation of ATOM staking is in the medium high range, indicating an increase in security but a significant discount in liquidity), which amplifies the attractiveness of staking rewards to holding decisions, but also makes it more sensitive to price shocks in the event of large amount of staking/exchange concentrated selling; Secondly, from the supply side perspective, mainstream token unlock schedules in mainstream databases (such as Messari's Token Unlocks page) show no large-scale, scheduled centralized unlock events falling within the next 30 days, which reduces the probability of sudden supply side shocks in the short term; Thirdly, community governance funds (such as AAT/community treasury) will be promoted through several signal/approval paths in July and August, which can be used for market support or ecological funding, but their actual transmission to prices depends on how the funds are deployed (direct market buying vs. infrastructure investment are two completely different paths). In addition, on chain and cross chain security incidents (there have been no fatal contract level security incidents for Hub in the past three months) also mean that the risk premium has fallen. The above assertion can be cross validated in the community funding issue records of on chain browsers, Token Unlocks data pages, and Hub forums. Link: https://www. (coinbase.com)/earn/staking/cosmos Link: https://(messari. io)/project/cosmos hub/token unlocks Link: https://forum.cosmos.network/c/hub-proposals/25 The news situation that may occur in the next month and can be proven in the public schedule/proposal or event table to have a positive impact on fundamentals is: firstly, the approved parameter changes will allow for lower threshold CosmWasm deployment on the Hub ([approved proposal passed on August 17, 2025, allowing permissionless CosmWasm deployment]), which means that within a few weeks from the approval date, developers can directly deploy contracts on the Hub. The first batch of applications/token factories may be allowed to be released/tested to the public during or immediately after Builders Week Istanbul (September 1, 2025 to September 7, 2025, officially scheduled), so as to be released/tested in September. The first ten week window brings a wave of on chain transactions, contract deployment fees, and initial TVL (if a project leaves tokens/liquidity directly on the Hub, it will increase the Hub) Fee income and pledge attractiveness); Article 2: At the community level, there are already draft proposals (such as "Initiating Community Pool Pledge Plan" and other signaling/draft) under discussion. If governance reaches a substantive on chain proposal and is voted through within the next 3-4 weeks, the community treasury's shift to pledge or market support will directly reduce liquidity pressure and increase the margin of network security; In summary, the most verifiable and recent catalytic pathways are concentrated in (A) the actual deployment and application of permissionless CosmWasm (which has been proposed, and the developer action and Builders Week display window are observable points) and (B) the governance agenda of community treasury governance shifting towards pledge/market support. If these two events occur simultaneously, they will improve the fundamentals of ATOM through three links: increased costs, increased pledge rates, and endogenous liquidity. Link: https://forum.cosmos.network/t/proposal-1007-passed-enable-permissionless-cosmwasm-smart-contract-deployment-on-cosmos-hub/15904 Link: https://(buildersweekistanbul. com)/ Link: https://(messari. io)/project/cosmos hub/token unlocks