In this article, BlockBeats will summarize the key industry news content of the week (August 25-31) and recommend in-depth articles to help readers better understand the market and learn about industry trends.
Important News Review
The crypto market experienced another correction this week, possibly due to funding and seasonal factors, with Bitcoin falling below $108,000.
This week, the crypto market pulled back again. On the 30th, Bitcoin briefly fell below $108,000, and Ethereum fell below $4,300. Matrixport released a daily chart analysis, saying, "Most institutional funds withdrew in the summer, but Ethereum still attracted inflows, and Bitcoin ETFs may experience net outflows for five consecutive months. Fund flows are as important as seasonality. After maintaining a bullish stance in July, we turned cautious in August." Related reading: "A sharp correction after a record high, is the market still in a bull market rhythm | Trader Observation" , "Everyone is celebrating the September interest rate cut, is Powell's speech really so "dovish"? " , "Bitcoin's rebound is blocked, is $95,000 a good opportunity to buy the dips?"
The U.S. Department of Commerce is collaborating with Chainlink to bring government macroeconomic data to blockchain, and has chosen Python Network for data verification and distribution.
On August 28, according to official news, the U.S. Department of Commerce and Chainlink have partnered to bring U.S. government macroeconomic data to blockchain. These new Chainlink data sources can securely provide key U.S. economic data on-chain, including real gross domestic product (Real GDP), the personal consumption expenditure price index (PCE Price Index), and actual final sales to domestic private buyers. This is the first time a federal agency has published economic statistics on a blockchain in this way, and it is the latest initiative of the Department of Commerce to use innovative technologies to protect federal data and promote public use. This data will be updated monthly or quarterly, depending on the situation, and will initially be available on ten blockchain ecosystems, including Arbitrum, Avalanche, Base, Botanix, Ethereum, Linea, Mantle, Optimism, Sonic, and ZKsync. At the same time, the U.S. Department of Commerce has selected Pyth Network for on-chain economic data verification and distribution. Related reading: "U.S. Department of Commerce "On-chain": Chainlink and Pyth Reap the Dividends of the Integration of Government and Business" , "The U.S. Government Has Really Started Using Blockchain"
XPL price surges over 200% due to manipulation by whale. Hyperliquid responds: The platform has no technical issues or bad debts.
On August 27, a wallet address long on millions of XPL on Hyperliquid, completely wiping out the entire order book. The address then proceeded to close some of the long positions, profiting $16 million in just one minute. Within two minutes, XPL skyrocketed to $1.80, a surge of over 200%. Later, statistics revealed that three whale wallets liquidated their short positions in less than an hour, pocketing over $38 million in profits. Analysis revealed that two of these addresses had the same funding source and similar trading practices, suggesting coordinated operations. On August 27, Hyperliquid officially announced that it had observed significant volatility in the XPL market. However, during this period, the Hyperliquid blockchain remained operational as designed, with no technical issues. This liquidation and ADL only affected XPL positions; the protocol did not incur any bad debts. The pre-IPO market is inherently unpredictable. Related reading: "Lighter's ETH and HL's XPL both experienced price manipulation: How to avoid liquidation due to manipulation by large investors?" 》 、 《XPL soared nearly 200% in five minutes. Who directed this extreme market trend at Hyperliquid?》
Trump announces dismissal of Fed Governor Tim Cook; Cook sues Trump in protest
On August 26, U.S. President Trump signed a document to remove Federal Reserve Board member Cook from his position, effective immediately. Trump stated in the document: "Pursuant to the powers vested in me by Article II of the United States Constitution and the Federal Reserve Act of 1913, as amended, I hereby remove Cook from his position on the Board of Governors of the Federal Reserve System. In view of Cook's dishonesty in financial affairs and possible criminal offenses, I cannot have confidence in your integrity." On the 28th, Federal Reserve Board member Lisa Cook sued U.S. President Trump to protest his removal from her position at the Federal Reserve. Previous analysis pointed out that if Trump can successfully remove Cook, he will have the opportunity to strengthen his control over the Federal Reserve. Related reading: "For the first time in history: Trump removes Federal Reserve Board member, directly "reaching out" for the independence of the central bank"
Trump Media & Technology Group has acquired $105 million in CROs and announced its CRO treasury strategy: plans to raise $6.42 billion
On August 26, Trump Media and Technology Group signed a $155 million strategic cooperation agreement with Crypto.com, and has purchased approximately $105 million of Cronos' native crypto token CRO, approximately 685 million tokens, which will be managed and pledged through Crypto.com. At the same time, Yorkville Acquisition Corp. (NASDAQ: YORK), Trump Media and Technology Group, and Crypto.com announced that the three parties have signed a final agreement to merge their businesses to establish Trump Media Group CRO Strategy, Inc., which will focus on acquiring CRO. After the merger is completed, the three parties will jointly hold controlling stakes as founding partners. Influenced by this news, CRO rose by more than 61% in 24 hours, setting a new high in nearly three years. Related reading: "Did the Cronos chain's market actually start a long time ago?"
The Bitcoin Asia 2025 conference was held in Hong Kong this week, with Eric Trump, the second son of US President Trump, and others attending and delivering speeches.
The Bitcoin Asia 2025 conference was held in Hong Kong this week. Eric Trump, the second son of US President Trump, Binance founder CZ, and HashKey Group Chairman and CEO Xiao Feng all attended and delivered speeches. On the 29th, Eric Trump stated at the BITCOIN ASIA 2025 conference: "There's no doubt that Bitcoin will reach $1 million. Everyone is buying Bitcoin." Related reading: "Full text of CZ's speech: DEX will be larger than CEX in 10 years" and "Full text of Xiao Feng's Bitcoin Asia 2025 speech: DAT is more suitable for crypto assets than ETFs"
Trump's eldest son invests tens of millions of dollars in Polymarket
On August 26, Axios reported that Polymarket, the world's largest prediction market, had received an investment from the venture capital fund of Donald Trump Jr., the eldest son of President Donald Trump. Donald Trump Jr., who joined 1789 Capital last year, has invested tens of millions of dollars in Polymarket. He will also join Polymarket's advisory board. Earlier this year, Donald Trump Jr. joined Polymarket competitor Kalshi as a strategic advisor. Kalshi's position is a paid advisory role, not an investment, and he appears to be actively involved in both platforms.
The Trump family project WLFI will be listed on Ethereum on September 1st, and investors in the first two rounds of public offerings will unlock 20%
World Liberty Finance (WLFI), a project of the Trump family, will be launched on Ethereum on September 1st and will be open for collection and trading. Early supporters (0.015 and 0.05 US dollar rounds) will unlock 20%, and the remaining 80% will be decided by community voting. The tokens of the founding team, consultants, and partners will not be unlocked. Trading will start and 20% of the token collection will be initiated at 8 pm Beijing time on September 1st. The two-step collection process requires users to operate on the official website: Step 1 (before September 1st): Activate the lock-up contract on the official website (this operation will transfer WLFI to the unlocking contract); Step 2 (8 pm on September 1st and later): Collect 20% of the unlocked tokens. Related reading: "WLFI was halved before the market opened. Will it peak on September 1st or will it "plummet"? " , "Betting 7 figures on WLFI, Momentum 6 partners talk about investment logic for the first time"
The US CFTC has issued guidance on the registration framework for foreign trading platforms, providing regulatory clarity for non-US trading platforms returning to the US market.
On August 29th, the U.S. Commodity Futures Trading Commission (CFTC) Division of Market Regulation issued guidance on a registration framework for foreign platforms of exchange (FBOTs). This guidance applies to non-U.S. entities legally organized and operating outside the United States that wish to provide direct access to their trading platforms to individuals located within the United States. The CFTC's FBOT registration framework applies to all markets, regardless of asset class, including traditional and digital asset markets. Related reading: "US Regulators Further Relax, Can Mainstream Crypto Trading Platforms Return to the U.S.?"
Xu Yanqing, Chairman of the Board of Directors of Huaxing Capital, and the head of YZi Labs held a fireside chat at the BNB Chain 5th Anniversary Celebration.
On August 29th, at the BNB Chain fifth anniversary celebration in Hong Kong, Ella Zhang, head of YZi Labs, and Xu Yanqing, chairman of the board of directors of China Renaissance Capital and wife of its founder, Bao Fan, participated in a fireside chat titled "BNB Meets Financial Street, Ushering in a New Era of Institutional Adoption." The two engaged in an in-depth discussion on topics such as the prospects for accelerated institutional crypto adoption, BNB Chain's positioning as the preferred infrastructure for RWA issuance, and the convergence of TradFi and Web3. Previously, on August 22nd, China Renaissance Capital announced a partnership with YZi Labs, committing approximately $100 million to a dedicated allocation of BNB assets.
Guotai Junan International officially launches cryptocurrency trading services
On August 28th, Guotai Junan International announced the official launch of its cryptocurrency trading services. After opening a crypto account, clients can trade cryptocurrencies including BTC, ETH, AVAX, LINK, and SOL. Professional investor clients can further choose to trade XRP, USDT, USDC, and other cryptocurrencies. Additionally, clients can use Guotai Junan Securities (Hong Kong)'s securities trading services and choose to allocate idle funds not invested in the cryptocurrency market to Guotai Junan International's "Hui Cai Bao" program. Guotai Junan International plans to launch more advanced digital asset services in the future. On the 29th, the Hong Kong-listed Guotai Junan International (01788.HK) stock price initially surged by over 23%.
Qubic, the man behind the Monero 51% attack, says the story isn't over yet, with DOGE listed as the next target.
On August 27, Qubic, the company behind the Monero 51% attack, announced that the story isn't over yet. According to a Qubic community vote this week, Dogecoin (DOGE), with a market capitalization exceeding $35 billion, was selected as its next target. On August 12, Qubic leveraged economic incentives to launch a 51% attack on Monero (XMR), leveraging $75 million to leverage $5 billion. Using the "Useful Proof of Work" (uPoW) mechanism, Qubic rapidly accumulated a significant amount of Monero (XMR) computing power, briefly controlling 52.72% of the Monero network's hash rate. This ultimately led to the reorganization of six blocks and the orphaning of 60 blocks.
Ethereum reserve entities and spot ETFs hold 9% more than the current Ethereum supply
On August 28th, according to data from StrategyEthreserve, Ethereum reserve entities and spot ETFs held 9.2% of the current Ethereum supply, exceeding 9% of the total. Of these, 70 Ethereum reserve entities hold a combined 3.6% of all ETH, valued at approximately $19.96 billion; Ethereum spot ETFs hold 5.6% of all ETH, valued at approximately $30.99 billion. Related reading: "Ethereum Holdings Analysis: Who Are the Major Players?"
Google Cloud launches L1 network GCUL, currently in private testnet stage
On August 27, Rich Widmann, head of Web3 strategy at Google, wrote that the recent discussion about Layer 1 blockchains has put Google's own Layer 1, called Google Cloud Universal Ledger (GCUL), in the spotlight. As a product manager in the crypto field, you know that if you want to build a Layer 1, it must be differentiated. GCUL brings together Google's years of research and development results and is currently in the private testnet stage, providing financial institutions with a new Layer 1: it is high-performance, trustworthy and neutral, and supports Python-based smart contracts. In addition to leveraging Google's distribution capabilities, GCUL is also a neutral infrastructure layer. Any financial institution can build on GCUL. Related reading: "Google: Why we want to build our own blockchain GCUL"
The United States, Japan, and South Korea issued a joint statement on North Korean IT personnel, pledging to jointly address the threat posed by North Korean IT personnel.
On August 28, the United States, Japan, and South Korea issued a joint statement regarding North Korean IT personnel, stating that the United States, Japan, and South Korea will continue to work together to address the threat posed by North Korean IT personnel. North Korea continues to dispatch IT personnel to various locations around the world to profit, using the proceeds to fund illegal weapons of mass destruction and ballistic missile programs that violate UN Security Council resolutions. The three countries expressed serious concern about the escalating malicious activities of North Korean IT personnel. North Korean IT personnel employ various tactics, including the use of artificial intelligence tools and collusion with foreign collaborators, to disguise themselves as non-North Korean IT workers and employ false identities and addresses. North Korean IT personnel are also likely involved in malicious cyber activities, particularly in the blockchain industry.
Aave founder: Aave V4 will be launched soon
On August 26th, Aave's Vice President of Engineering tweeted that the Aave v4 codebase has been officially introduced to all DAO service providers, marking a significant milestone in the protocol's development. Aave founder Stani.eth stated that Aave v4 is imminent. Related reading: "Aave V4 Upgrade Explained: Reshaping Lending with Modularity, Can the Legacy Coin Usher in a New Era?"
YZi Labs Announces Strategic Investment in USD.AI
On August 26th, YZi Labs officially announced that it had made a strategic investment in USD.AI. The specific amount has not yet been disclosed. USD.AI is a protocol that provides hardware-backed financing for artificial intelligence infrastructure. This investment aims to accelerate USD.AI's mission to build a new stablecoin that can scale with the growth of global computing demand, enabling every operator to become a supercomputing power provider. Related reading: "USD.AI Explained: YZi Labs Investment, Stable Returns and AI Dividends"
This week's top funding rounds: Hemi Labs, Swarm Network, The Clearing, Rain, M0, aPriori, Portal to Bitcoin, OrangeX
On August 26, it was reported that Hemi Labs, the developer of the modular blockchain network Hemi Network, completed a $15 million financing round, led by YZi Labs, Republic Digital, and HyperChain Capital, with participation from Breyer Capital, Big Brain Holdings, Crypto.com, and others.
On the 27th, the decentralized verification protocol Swarm Network completed a $13 million financing round. Part of the funds for this round of financing came from the $10 million public sale of agent licenses on the Sui network, and another $3 million in strategic capital came from investors such as Sui, Ghaf Capital, Brinc, Y2Z and Zerostage.
On the 28th, The Clearing Company, a prediction market platform founded by former Polymarket and Kalshi employees, announced the completion of a $15 million seed round of financing, led by Union Square Ventures.
On the 28th, crypto card issuer Rain completed a $58 million Series B funding round, led by Sapphire Ventures, with participation from Dragonfly, Galaxy Ventures, Endeavor Catalyst, Samsung Next, and Lightspeed. According to another person familiar with the matter, the annualized spending on bank cards supported by Rain has exceeded $1 billion.
On the 28th, M0, a stablecoin infrastructure development startup, completed a $40 million financing round, led by Polychain and Ribbit Capital, with participation from Endeavor Catalyst Fund, Pantera, and Bain Capital Crypto.
On the 28th, it was reported that aPriori, a startup in crypto trading infrastructure, completed a new round of financing of US$20 million, with participation from HashKey Capital and Pantera Capital, bringing the total financing to US$30 million to date. The company uses high-frequency trading methods to try to reduce many problems plaguing the crypto market, such as excessive price spreads and maximum extractable value (MEV) leakage.
On the 28th, it was reported that Bitcoin startup Portal to Bitcoin completed a $50 million financing round, led by Paloma Investments, bringing the total financing of the project to $92 million.
On the 29th, the cryptocurrency trading platform OrangeX announced the successful completion of a $20 million Series B financing round. This round of financing was led by Kryptos, with continued support from SCI Ventures and other major investors.
This week's hot articles
Amidst declining trading revenue and a deteriorating profit structure, Coinbase has opted for a "996"-style, high-intensity investment model, reflecting an anxiety about the fading golden age of exchanges. From its early push for compliance in Washington, D.C., to building a stablecoin moat through Circle's profit sharing program, and then through its acquisition of Deribit and its development of the Base Chain and Smart Wallet, Coinbase is transforming from a single CEX to a "universal exchange," attempting to control capital, identity, and institutional access. However, the diversion of ETFs, the rise of DeFi, and Robinhood's entry into the spot trading business have exacerbated the situation, forcing it, like Binance and OKX, into a new phase of "infrastructure involution": the competition is no longer about trading volume, but about who can dominate the financial network of the next decade.
11 people used 900 days to snatch $16 billion from the giants
Hyperliquid has grown from obscurity to become the undisputed leader in the decentralized perpetual swap market in just two and a half years. Leveraging its proprietary Layer 1 (L1) platform to provide a CeFi-level trading experience, Hyperliquid, with a team of just 11, has achieved the highest per capita revenue globally. It has weathered a period of technical refinement, experienced a surge in airdrops and token sales, endured hacker warnings and node skepticism, and faced market scrutiny during the Jelly incident. Despite this, Hyperliquid has persevered through crisis after crisis, continuously innovating and building a complete ecosystem, from Hyperliquid Liquidity (HLP) and native spot trading to EVM compatibility and expansion. Whale's high-profile trading has made it a market bellwether, but its core strength stems from founder Jeff's unassuming dedication and technical conviction.
The Future Trillion-Dollar Stablecoin Foundries
The launch of mUSD by Stripe's Bridge and MetaMask reveals that the stablecoin industry is replicating the "Foxconn model" of the smartphone era: brands focus on users and markets, while complex issuance, compliance, custody, and auditing are handled by specialized contract manufacturers. Players like Paxos, Bridge, Stably, and Agora, each with their own distinct positioning, ranging from compliance-heavy to lightweight white-label issuance, have collectively lowered the barrier to entry for stablecoin issuance, enabling rapid integration for financial institutions, payment companies, and even e-commerce platforms. This trend is not only accelerating the scale-up of stablecoins but also driving their application in a wider range of scenarios, such as cross-border payments and fund management, gradually becoming the invisible infrastructure of digital finance.
The prediction market has rapidly gained popularity, driven by the US presidential election and sports craze: Football.Fun's trading volume exceeded $10 million in two weeks; Limitless, which focuses on ultra-short-term price speculation, has faced accusations of manipulation; Myriad Markets has leveraged media resources to embed predictions into content; Fantasy.top is attempting a revival through crypto influencer cards; and Noise.xyz is pioneering new gameplay with its "attention index." Overall, the market continues to expand rapidly and face fierce competition.
The Solana Meme is back! What’s the hype on the chain?
The recent on-chain craze has not cooled down due to the compliance narrative. Instead, Memecoin and ICM projects have frequently emerged: $NEET has become a rare "interesting meme" with the help of its deep subculture and community operation; Believe has restarted its process after a period of silence, driving the active performance of new tokens such as HUCH (CS2 skin lending) and Kled (AI data trading); Polycule has solved the barriers to using Polymarket through Telegram trading robots and obtained official endorsement; LLM, Drink and other projects on the DAOS.FUN platform have introduced AI concepts and alcohol RWAs onto the chain, presenting an overall "last wave" of speculation and innovation in parallel.
"BlockBeats Interview with Pantera: The Logic Behind Spending $1.25 Billion on Solana Coin-Shares"
Since 2024, digital asset treasury companies (DATs) have become the new darlings of the crypto market. Funds such as Pantera, Galaxy, Multicoin, and Jump have invested heavily, sparking a "treasury race" around mainstream assets like Solana and Ethereum. The core logic of DATs is to utilize financial instruments such as premium stock issuance and convertible bonds to continuously increase the "number of crypto assets per share," thereby outperforming direct holdings. This model enables crypto assets to enter Wall Street and mainstream capital markets, and has led to DATs being viewed as a new type of financial institution between banks and crypto funds. Pantera partner Cosmo Jiang emphasized that while the current window for DATs remains, the industry will become increasingly oligopolistic over the next three to five years, with only two or three major players potentially remaining on each blockchain.
What is the Ethereum Meme that Tom Lee is following?
Ethereum giants Tom Lee and Joseph Lubin have been drawn into the BOOE narrative, reviving the memecoin, often referred to as the "Ethereum Bible." BOOE builds its community economy through religious narratives, long-term lockups, and derivative tokens. The long-term investment of whale fbb4, adding liquidity and driving the narrative, has made it a market bellwether. Institutional endorsements and the support of whale have made BOOE a hot commodity, but its high dependence on sentiment and narratives poses risks to its sustainability.
First coin sale, delisting, coin stocks are no longer the Pixiu of cryptocurrency
This bull market was ignited by "Altcoin micro-strategies." ETH, BNB, and SOL surged due to concentrated buying by treasury companies. However, as this pattern spreads, risks are becoming increasingly apparent. WINT, delisted, became a pariah, while BNC, fueled by capital and narrative, rose to become the new standard-bearer. Within the ETH treasury sector, BMNR replaced SBET as the new favorite of institutions and Wall Street. A hidden concern is the lack of a "never sell" commitment from treasury companies. Companies like Lion Group have shown signs of selling their coins, and a concentrated sell-off could trigger a stampede. While the mNAV flywheel can amplify financing and buying, it can quickly collapse at a discount. Investors should prioritize BTC treasury companies, pay attention to leading effects and company fundamentals, and be wary of shell companies and models that rely too heavily on coin speculation. Maintaining composure amidst the chaos is the key to navigating the cycle.
Arthur Hayes' latest interview: Autumn pullback, ETH sees $10,000-20,000 in the long term
Arthur Hayes believes that whether there will be a September interest rate cut is highly uncertain, and short-term volatility is likely, but the government's general direction of "printing money" remains unchanged before the end of the year. He also believes that the crypto bull market will continue in the medium to long term, extending to 2027-2028, with Bitcoin potentially reaching $250,000 and Ethereum exceeding $10,000. He favors a heavier position in ETH, with Solver also benefiting. He explains the logic behind "crypto treasury stocks": premiums stem from passive index buying, but discounts and liquidation risks may emerge at the end of the cycle. He prioritizes protocols and stablecoin ecosystems that generate cash flow and repurchases (Ethena/ENA, EtherFi, Hyperliquid), and believes that stablecoins will be distributed through the wallets of social media giants. He also believes that CryptoPunks will have a long-term role as "identity assets" within NFTs.
Dalio emphasizes a 24/7 approach of "diversification + risk balance" to combat low interest rates and volatility: avoid betting on timing, build a multi-asset, cross-regional, low-correlation portfolio, and rebalance regularly. Holding cash and a single real estate investment for a long time is inefficient, and attention should be paid to the structure of income sources (coupon/cash flow is better than relying solely on price appreciation). He downplays the appeal of the US dollar and US Treasuries amid excessive debt, recommending gold as part of a hedging portfolio and a small amount of Bitcoin for diversification. Stablecoins are more suitable for transactions rather than stores of value. Inflation-indexed bonds are high-quality, low-risk "piggy banks." When it comes to family finances, prioritize basic safety nets and purchasing power before considering high-risk returns. Discipline should be cultivated through rules and backtesting to overcome emotions. Giving children gold coins, not toys, fosters financial intelligence and a long-term perspective.
DWF team takes charge, WLFI invests tens of millions: Can Falcon change the stablecoin melee?
Falcon Finance's USDf stablecoin, developed by the DWF Labs team and backed by WLFI, stands apart from traditional models. It utilizes a multi-asset overcollateralization and hedging strategy, with $1.25 billion currently in circulation. Designed to offer stablecoin yields, staking, and liquidity mining, it also serves as a "universal collateral infrastructure," aiming to connect crypto assets with RWAs to create a financial connectivity layer that allows for the entry and exit of any asset and is usable in all scenarios. Future plans include fiat currency channels, multi-chain deployment, and real-world asset integration, aiming to become a next-generation on-chain liquidity platform that balances compliance, security, and institutional needs.
As a global leader in crypto trading and services, Coinbase has the potential to benefit from long-term industry growth thanks to its trusted brand, first-mover advantage in regulatory compliance, institutional partnerships, and diversified revenue models. The company's strong balance sheet and ample cash reserves provide the foundation for technology investment and global expansion. Furthermore, easing US regulations are accelerating the integration of blockchain with mainstream finance, benefiting its long-term development. However, its revenue and profits remain highly dependent on industry cycles and subject to significant volatility. Competitors include Robinhood, Kraken, Binance, and emerging decentralized platforms, posing a challenge to its market share. Despite this, Coinbase's stock price has outperformed both BTC and most other crypto assets this cycle, demonstrating the company's current competitive pressures and opportunities.
Understanding Trump's Core Crypto Circle: The "Crypton" Business That Started on the Golf Course
The Trump family is fully committed to building its crypto empire, World Liberty Financial. From the stablecoin USD1 and the WLFI token to leveraging publicly listed companies to attract traditional investors, the business has rapidly expanded to billions of dollars. Their collaboration with the Vitkov family and crypto entrepreneurs Herro and Folkman, which began as a chance encounter on the golf course, has evolved into a branded and capitalized "crypto alchemy." Despite external concerns about conflicts of interest and ethical risks, the Trump brothers and their partners are clearly happy to deeply entwine the presidential family's influence with the crypto frenzy.
DeFi is complementing global finance in an open, transparent, and permissionless manner. Through stablecoins, it helps those impacted by inflation, capital controls, or the lack of a banking system protect their assets and participate in global transactions. It also demonstrates advantages in censorship resistance, profit distribution, and financial innovation that are difficult to achieve in traditional systems. While risks and trial and error remain, DeFi is already solving everyday problems in volatile economies and serving as a future infrastructure option in stable economies, heralding the long-term convergence of traditional finance and decentralized architectures.
Ethereum may usher in its biggest upgrade in history: EVM goes offline, RISC-V takes over
Ethereum may replace the EVM with RISC-V in the future to address the inefficiencies and technical debt of ZK proofs. RISC-V, with its minimalist design, LLVM ecosystem, and zkVM standards, is expected to significantly improve performance and reduce costs. This path involves three steps: precompiled replacement, dual VM coexistence, and ultimately, recreating the EVM within RISC-V. This will benefit ZK Rollup, allowing developers to use mainstream languages directly, and user costs are expected to drop a hundredfold. However, this also presents new challenges, such as gas metering and toolchain security.
Michael Novogratz: Wall Street Refugee
Michael Novogratz's career has always veered between high risk and high reward: from a Princeton wrestler to a Goldman Sachs partner, to the rise and fall of Fortress Macro Fund, he has always used failure as fuel for his next move. After entering the crypto space, he founded Galaxy Digital. He became an early evangelist for Bitcoin and Ethereum, but also earned a glaring "tattoo lesson" from his support of Luna's collapse. He earned respect for his candid open letters. Now, he's setting his sights on AI data centers, leveraging his experience in crypto mining computing power to build AI infrastructure. For him, market volatility is inevitable, but the key is building a resilient platform that can withstand repeated failures and support the next generation of risk-takers.
Circle's Interest Rate Cut Dilemma
Circle's successful IPO in the first half of the year sent its stock price soaring to nearly $300. However, as expectations of interest rate cuts grew, the stock price has since fallen approximately 60% from its peak. Its business model is heavily reliant on interest earned on USDC reserves. A 25 basis point rate cut by the Federal Reserve would reduce Circle's annual revenue by approximately $155 million. While some of this loss could be offset by lower distribution costs with Coinbase, the company will struggle to maintain profitability without a significant expansion in USDC supply. Circle must hedge against downward interest rate pressure by driving USDC growth; otherwise, its structural contradictions with the low interest rate environment will continue to be exposed.
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