The Sui validator community quickly took action, successfully freezing stolen funds worth approximately $162 million, which has sparked a new round of discussion about "on-chain governance" and "fund recovery" mechanisms.
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ToggleSui Validators Exercise Autonomy, Quickly Lock Attack Addresses
The Sui Foundation stated that each validator node on the Sui blockchain has an important permission setting: they can specify to ignore transactions from specific addresses through their configuration files. This function was originally designed to allow nodes to independently choose whether to process transactions from certain addresses based on risk tolerance or legal compliance requirements.
In this incident, over one-third of Sui validators (calculated by stake proportion) jointly decided to ignore transactions from two addresses suspected of being involved in the attack, successfully "freezing" the crypto assets that the attackers had not yet transferred.
Non-Exceptional Function, Sui Foundation: Fastest Response
In fact, this function of "choosing to ignore transactions from specific addresses" is not unique to Sui, and theoretically, validators of any blockchain network have similar capabilities. However, in this attack incident, the Sui Foundation stated that the Sui validator community responded extremely quickly, successfully freezing approximately $162 million in funds before the hackers could transfer them across chains.
While this emergency measure cannot recover all funds, it created negotiation space for the victims. Unfortunately, as of now, the attackers have not responded to the Cetus team's contact.
Freezing Not the Final Solution, Cetus Proposes Community Voting
After the freezing action, the Cetus team called on the community to vote on a special proposal: through a protocol upgrade, return the frozen funds to users' hands without rewriting on-chain history or rolling back transactions.
This proposal received preliminary support from the Sui Foundation, but with two key conditions:
Maintain Neutrality and Transparency: The Sui official will not participate in the voting itself, but instead focus on designing and implementing a governance process that reflects the community's will, and promise to publicly disclose the related design and code.
Cetus Commits to Full Compensation: Cetus must publicly commit to using all its financial resources to ensure that every affected user ultimately recovers their funds.
Risk Warning
Cryptocurrency investment carries high risks, and its price may fluctuate dramatically. You may lose all your principal. Please carefully assess the risks.
As the crypto market matures, crypto applications and assets designed with end consumers at the core (Consumer Crypto) are rapidly becoming a new investment trend for retail investors. Among these, Native Network Assets (NNA) create entirely new market spaces and asset forms without relying on traditional financial infrastructure, attracting users to participate.
What is NNA? Definition and Value Basis Analysis
NNA (Net New Assets), also known as on-chain native assets (net new assets), refers to entirely new asset types that could not have existed before the emergence of blockchain technology. These assets not only do not rely on traditional financial infrastructure but are completely built on crypto infrastructure, such as L1 and L2, smart contracts, and liquidity protocols.
Typical examples of NNA include meme coins, social tokens, prediction market contracts, and innovative applications like real estate derivatives. They not only break traditional asset classifications but also allow retail investors to participate in high-risk, high-return asset investments with low barriers and high efficiency.
Why is NNA the Next Breakthrough? Four Major Advantages Reveal Future Potential
Blockworks Research analyst Ryan Connor pointed out that NNA has stronger growth momentum compared to RWA (Real World Assets), with core advantages including:
Blue Ocean Market Potential: Currently in an early development stage with less competition and greater innovation space.
High-Profit Rate Model: Business models targeting the retail market have large profit margins and fast turnover.
Rapid Revenue Realization: Can directly reach end-users without relying on institutional sales channels.
Social and Network Effect Boost: Combining community dynamics and token economy to quickly form a loyal user base and solid barriers.
These characteristics make NNA the preferred battlefield for crypto-native entrepreneurs and bring more flexible investment options to the retail market.
Three Major NNA Applications Leading New Crypto Business Models
Ryan also highlighted three well-known NNA applications, which will be introduced below.
Pump.fun: Trading Playground of Meme Coin Universe
Dubbed the crypto "PvP arena", Pump.fun is one of the most NNA-aligned applications, where users can instantly issue and trade meme coins through the Bonding Curve mechanism to realize price fluctuations and profit opportunities:
We believe this trench-like market is a long-term and increasingly normalized phenomenon. Platforms like Pump not only lower participation barriers but also add fun to short-term profit realization, potentially representing the next frontier for retail investors.
Dune data shows that since its launch, the platform has issued over 10.66 million tokens, with cumulative trading volume exceeding $6 billion, cumulative revenue over $712 million, and consistently ranking first in on-chain revenue for 13 consecutive months.
Ryan predicted, "We believe it has the potential to surpass traditional gambling platforms like Draftkings in revenue scale."
Believe: Enabling Every User to Participate in Angel Rounds
Believe focuses on micro token issuance based on the "Internet Capital Market (ICM)" concept, allowing developers to raise small funds by "posting an article" and users to safely participate in early-stage projects, enjoying opportunities similar to VC investments.
ABMedia previously introduced that ICM is a decentralized, permissionless, instant, and global financing market that enables creators, developers, and project initiators to issue tokens directly through social influence. It has characteristics such as low startup barriers, instant fund liquidity, and being internet-native:
This application thoroughly lowers entrepreneurs' fundraising thresholds and allows retail investors to participate in potential unicorn projects at minimal cost.
Time.fun: A New Way of Social Token Combined with Identity Status
Focusing on exploring social tokens, Time.fun, which is also a specific product of NNA, centers on a concept: "Your time can be tokenized, your market value can be showcased, and can even become the new generation of 'social capital'."
The platform operates by allowing creators to convert their time into tokens, and fans can purchase these tokens to obtain services such as private messages, group chats, voice or video calls. At this point, the "time" invested by creators in fans becomes the intrinsic value standard of social tokens:
Time.fun is not just an application, but a concrete implementation of "identity economy" in the crypto world, and may become the standard for crypto social interactions in the future.
From Bubble to Evolution: Is NNA the Next Step in Crypto?
NNA is changing our definition of assets and restructuring how retail investors participate in financial markets. From Pump.fun's meme coin gamified trading, to Believe's on-chain fundraising experiment, to Time.fun's time identity tokenization economy, all of this shows that:
Consumer cryptocurrencies are preparing to break free from the gravitational field of past speculative bubbles at an unprecedented speed, moving towards the next evolutionary stage driven by "creativity, community, and native economic drivers". NNA may be the fuel for this evolution.
Risk Warning
Cryptocurrency investment carries high risks, and its price may fluctuate dramatically. You may lose all your principal. Please carefully assess the risks.
