The Juchain ecosystem has recently entered a new phase of accelerated development! With the completion of a buyback and burn of over $20 million in $JU, the token supply structure has been optimized. Coupled with the launch of a new brand logo, Juchain's overall image and market recognition are undergoing a complete overhaul! Simultaneously, the new iOS version of Ju.com has been successfully launched on the App Store, significantly improving the user experience and laying a solid foundation for ecosystem expansion. Against this backdrop, the importance of early-stage projects has become increasingly prominent. They not only serve as vehicles for expanding the ecosystem's value, but also provide investors with crucial insights into future trends. In this issue, we will focus on three projects already launched on Ju.com —ELLIPAL, 0G, and Sky—and provide an in-depth analysis of their development logic and potential opportunities.

1.ELLIPAL

1.1 Project Overview: ELLIPAL, founded in 2018, is a team specializing in hardware wallets. Its core product is a fully isolated cold wallet. Unlike traditional hardware wallets that rely on USB or Bluetooth connections, ELLIPAL utilizes a 100% offline architecture and uses QR codes for transaction signing, fundamentally eliminating the risk of cyberattacks. This design allows users to maintain the security of their private keys while maintaining the convenience of mobile use. To date, ELLIPAL has accumulated over one million users worldwide, managing and protecting $12 billion in digital assets, and has achieved a zero-major security incident record for approximately seven years. On the product side, ELLIPAL supports the management and interaction of over 40 public chains, over 50 stablecoins, and over 10,000 tokens, covering the entire process from account creation and seed phrase backup to asset management. Furthermore, on the app side, ELLIPAL has integrated features such as swaps, buying and selling, staking, and dApp access, allowing users to configure and manage their on-chain assets and portfolios without relying on fiat currency access.

@ellipalwallet

1.2 Main highlights:

• Recognized by Forbes: ELLIPAL, a pioneer in isolated cold wallets, was selected for the Forbes Global Cold Wallet List in 2022 with technologies such as 100% offline transactions.
• Flagship product Titan 2.0: Titan 2.0 has become a representative hardware wallet with its stylish design and intuitive interaction. It combines security and convenience, pushing cold wallets from a niche market to the mass market.
• User-first: ELLIPAL eliminates traditional USB or Bluetooth connections, ensuring private keys are completely offline, significantly improving security. A large-screen signature confirmation function enhances user trust and interaction.
• Ecological layout beyond hardware: The software side supports more than 10,000 tokens and NFTs, covering functions such as purchase, exchange, and pledge, providing one-stop service.

1.3 Project Progress: ELLIPAL has recently been continuously focusing on product iteration and market expansion. The team not only frequently appears at international trade shows, but also strengthens user engagement and maintains high-frequency brand exposure through limited-edition hardware wallets and diverse community events. Simultaneously, the Titan series of products continues to be upgraded, coupled with the continuous improvement of app functionality, maintaining its leading position in the global cold wallet market and gradually expanding into comprehensive security solutions that integrate hardware and software. More notably, ELLIPAL has established strategic partnerships with Ju.com and JuChain! The three parties will combine the security of cold wallets, the convenience of centralized transactions, and the scalability of Web3 infrastructure to create a next-generation crypto asset custody experience. This collaboration is expected to not only promote the adoption of self-custody security, but also heralds ELLIPAL's transition from a single hardware supplier to a key ecosystem collaboration, laying the foundation for future large-scale user adoption.

@ellipalwallet

1.4 Investment Rationale: ELLIPAL has been deeply engaged in the crypto asset self-custody market for seven years since its establishment in 2018. It is one of the earliest companies in the industry to focus on hardware wallet R&D and iteration. Its long-term technological accumulation and risk prevention system have built a difficult-to-replicate moat. Against the backdrop of intensifying competition in the hardware wallet market and rising user security demands, ELLIPAL demonstrates its invaluable value in the industry.

From a future development perspective, ELLIPAL's value is no longer limited to hardware sales, but is gradually extending to broader ecosystem collaboration. Recent strategic partnerships with Ju.com and JuChain signal its commitment to combining the security advantages of cold wallets with the convenience of centralized transactions and the scalability of Web3 infrastructure. This shift from a single hardware revenue stream to a value system focused on secure entry and ecosystem integration will help ELLIPAL achieve sustained growth amidst industry expansion and further solidify its position as a core player in digital asset security infrastructure.

2.0G

2.1 Project Overview: 0G is a modular blockchain ecosystem focused on decentralized artificial intelligence. Its core product is a decentralized AI operating system. This system aims to address the centralization issues inherent in AI data storage, computing resource allocation, and model training through blockchain, thereby promoting the democratization and decentralization of AI. Unlike traditional AI platforms, 0G emphasizes openness and transparency, attempting to reshape the production and use of AI through underlying infrastructure.

0G's design philosophy is based on the composability and incentive mechanisms of blockchain. At the storage level, it ensures data availability and tamper-proofing. At the computational level, it builds a computing power market to automate resource allocation and payment. At the verification level, it introduces cryptographic tools such as zero-knowledge proofs to ensure the verifiability of data and models. Overall, 0G aims to serve as a bridge between the AI ​​industry and blockchain infrastructure, providing a sustainable, secure, and decentralized operating environment for large-scale AI applications.

Source: 0g.ai

2.2 Key Highlights: 0G Foundation boasts a highly skilled team and supporters, including PhDs from academic institutions such as MIT, Stanford, and Tsinghua University, as well as engineers and entrepreneurs formerly employed at companies such as Apple, Airbnb, Avalanche, and Chainlink. This interdisciplinary and cross-disciplinary talent structure lays a solid foundation for the project's technological R&D, cryptographic applications, and ecosystem development.

At the same time, 0G emphasizes three core pillars in its products and philosophy. The first is open source and public goods, ensuring that technology and resources are open to developers worldwide; the second is the transparency of AI models and data on the blockchain, providing verifiable and tamper-proof audit capabilities; and the third is the promotion of ethical AI applications, ensuring decentralized mechanisms to avoid power monopoly while promoting AI to serve society more fairly.

To date, 0G has established a vast ecosystem, with over 350 partners, serving over 20 million accounts, and exceeding 250 million transactions on-chain. These figures not only demonstrate its rapid expansion capabilities in a short period of time, but also validate its comprehensive competitiveness in terms of partner networks, user scale, and application activity, laying a solid foundation for subsequent ecosystem expansion and value capture.

2.3 Financing Background: 0G has completed multiple rounds of financing since 2024, with a cumulative total exceeding US$100 million. In March 2024, 0G completed a pre-seed financing of US$35 million, reaching a post-investment valuation of US$1 billion. The investment was led by a large lineup of top institutions and emerging funds, including Hack VC, Samsung Next, Animoca Brands, Delphi Digital, and OKX Ventures.

In November of the same year, 0G completed a $40 million seed round, rapidly increasing its valuation to $2 billion. Led by renowned institutions such as Hack VC, Delphi Digital, OKX Ventures, and Animoca Brands, the round attracted participation from industry leaders such as Yat Siu and Sandeep Nailwal. The newly disclosed $30 million funding round in January 2025 further demonstrates the market's continued recognition of 0G.

2.4 Token Economy: The total amount of 0G tokens is 1 billion, and the specific distribution ratio is as follows:

• Ecosystem Growth (28%): 13.72% of the total supply will be released at launch, with the remainder to be released over the 24 months following the TGE.
• Team, Contributors, and Advisors (22%): Locked for 12 months, then released over 36 months.
• Supporters (22%): locked for 12 months, then released within 36 months.
• AI Aligned Nodes (15%): 4.95% of the total supply will be available at the TGE and comes with a penalty system and a 36-month linear vesting schedule.
• Community Rewards (13%): 2.6% of tokens will be distributed in the TGE, and the remainder will be distributed quarterly over 48 months.

It's worth noting that 0G has designed a penalty-based unlocking mechanism for the circulation release of tokens to curb early selling pressure and extend the lock-up period. For AI alignment node allocations, some rewards are available immediately at the TGE, while the remaining portion is primarily unlocked linearly daily over 36 months. The penalty mechanism sets different penalty rates based on the duration of the claim.

Tokens also play multiple roles within the ecosystem, including payment for network service fees, staking rewards, node incentives, and governance participation. The network also incorporates a token destruction mechanism to hedge against inflation, and through its governance mechanism, gradually adjusts incentive and issuance strategies to maintain long-term economic balance.

2.5 Investment Logic:

0G's investment value is first and foremost reflected in its market segment. While the convergence of AI and blockchain is still in its early stages, the demand for data availability, computing power markets, and model transparency has been validated as a defining trend by numerous studies and market practices. 0G, with its core mechanisms of decentralized storage, computing power markets, and zero-knowledge verification, precisely addresses these pain points. In the AI ​​public chain, modular infrastructure, and data availability sectors, 0G demonstrates differentiated competitive potential. Its narrative goes beyond conceptual vision to address the real-world needs of the AI ​​industry for trusted computing power and open data, demonstrating both practicality and foresight.

From a market perspective, 0G has been listed on several major exchanges, including Ju.com , and its liquidity and user base have been initially validated. In its token economic design, ecosystem development and community incentives together account for over 40% of the total. This, coupled with a penalty-based unlocking mechanism, ensures a more stable release of token supply, effectively mitigating the risk of concentrated selling pressure in the early stages. Furthermore, its financing background provides the project with ample capital reserves for ecosystem expansion and developer subsidies. As application scenarios gradually materialize and the developer network continues to expand, the 0G token is expected to become a core vehicle for capturing the long-term value growth of AI public chains.

3. Sky

3.1 Project Overview: Sky is one of the most iconic protocols in DeFi history. Its predecessor, MakerDAO, pioneered the decentralized stablecoin market with the launch of the over-collateralized stablecoin DAI in 2017. In 2024, MakerDAO restructured its brand and governance structure, changing its name to Sky and launching a new governance token, SKY, and a stablecoin, USDS.

Sky's architectural upgrade is not only a brand-level adjustment, but also a comprehensive reconstruction of the governance model and financial structure, aiming to build a new stablecoin standard through decentralized autonomy and a multi-layered governance system.

Under its new architecture, Sky has formed a multi-layered structure centered around stablecoin issuance and a savings interest rate mechanism. At the bottom of the protocol, Sky itself is responsible for operating the capital pool and dual-currency system (USDS and DAI), while the DAO takes on more detailed responsibilities such as asset-liability management, risk control, and product issuance. This parent-protocol and child-DAO model enables Sky to maintain overall governance stability while balancing flexible market expansion capabilities, laying the institutional foundation for the scalable operation of decentralized finance.

3.2 Main highlights:

• Interest rate mechanism bundling: Sky deeply integrates stablecoin issuance with the savings interest rate mechanism. USDS is used as the core stablecoin and is bound to the Sky Savings Rate (SSR), allowing protocol revenue, user incentives, and capital flow to operate in a coordinated manner within the same system.
• Spark Liquidity Layer (SLL) Strategy: Spark's SLL module can actively allocate assets such as USDS, sUSDS, USDC to DeFi lending markets or cross-chain strategies to obtain returns and support the operation of the savings mechanism.
• Large staking and user lock-in: Currently, more than 10 billion SKY have been staked to earn USDS rewards; the protocol has distributed approximately 27 million USDS to stakers to date, which reflects the market's recognition and confidence in the SKY staking model.

3.3 Operational Data: As of now, Sky's ecosystem has significantly expanded, with a total stablecoin supply of $8.13 billion! USDS accounts for 44.04% (approximately $3.58 billion) and DAI accounts for 55.96% (approximately $4.547 billion). USDS is collateralized by a diverse portfolio of assets, primarily USDC (36.09%), ETH (9.78%), and JAAA (9.85%). This diverse collateralization and robust leverage provide crucial support for the protocol's stability and resilience.

Source: sky.money

3.4 Token Economy:

Sky's token ecosystem consists of the USDS stablecoin and the SKY governance token. USDS is generated through overcollateralized assets and pegged to a savings rate instrument, providing the core of the protocol's profitability and stability. The SKY token inherits the governance attributes of the original MKR but features a further optimized design, tightly tying governance rights to the revenue distribution mechanism. By staking SKY, users not only participate in governance but also receive USDS and SPK rewards, creating a triple advantage in governance, profitability, and ecosystem development.

Over 10 billion SKY tokens have been staked to earn USDS returns, and the protocol has distributed 27 million USDS in rewards to stakers to date. This scale reflects the market's strong recognition of the SKY incentive model and strengthens the linkage between SKY and USDS. By combining USDS deposit incentives with the SPK synergy, Sky has established a cyclical token demand system, effectively enhancing capital retention and ecosystem stickiness, laying the foundation for long-term token value capture.

Source: sky.money

3.5 Investment Logic:

The core of Sky lies in its unified governance and circulation reduction strategy. Since the launch of its large-scale buyback and burn in 2025, the protocol has invested approximately $75 million in the buyback and burn of SKY. Simultaneously, the migration of MKR to SKY, coupled with a penalty mechanism for delayed upgrades, has gradually centralized governance within the new token system. This series of measures fundamentally addresses the long-standing decentralized governance issues of MakerDAO and creates clearer institutional frameworks and market expectations for token value capture.

Furthermore, Sky's cash flow and ecosystem expansion provide long-term value. Its annualized stability and liquidation fee revenue has reached hundreds of millions of dollars, becoming the protocol's most stable source of cash flow. While the market remains skeptical about the sustainability of USDS's growth, with cross-chain deployment and the expansion of savings rate tools, Sky's systemic position in the stablecoin market has become relatively solid. If the protocol can consistently balance cash flow accumulation, ecosystem expansion, and token scarcity, SKY is expected to gradually evolve into a cash-generating asset in the DeFi stablecoin space, offering investment value across cyclical cycles.

Summarize

JuChain's ecosystem expansion is not only reflected in the launch and collaboration of individual projects, but also through continuous buybacks and burns, it optimizes the token structure, reshapes market perception, and gradually builds a systematic growth logic! With the launch of Ju.com on iOS, the user experience and ecosystem access are rapidly improving, giving JuChain both the financial and infrastructure capacity and the conditions for productization for large-scale users.

At a deeper level, JuChain's strategic value lies in its evolving role as a platform for aggregating diverse value narratives. Whether it's ELLIPAL's technological fortification in the security sector, 0G's forward-thinking approach to integrating AI and blockchain, or Sky's institutional exploration in reconstructing the stablecoin ecosystem, the introduction of these projects isn't isolated; rather, they collectively reflect JuChain's holistic approach across its three core dimensions: security, computing power, and finance. Through cross-sector ecosystem collaboration, JuChain is not only expanding its boundaries but also building a resilient and scalable infrastructure framework, laying a solid foundation for its long-term capital attraction and industry influence.