Weekly Recommended Reading: Web3 2025 Annual Report (40,000 words, Part 1), Australia Proposes New Regulations for Crypto Assets, Crypto Bank Erebor Completes $350 Million Funding Round Led by Lux Capital

This issue's cover: Photo by Debby Hudson on Unsplash

This research report (available for free reading) was written by K, a researcher at Web3Caff Research. It systematically analyzes the core logic behind the changing stages of Web3 development by 2025, focusing on why application exploration and system collaboration are gradually becoming new areas of focus amidst the continuous evolution of underlying and regulatory capabilities. Key points include:

① Background of the stage evolution: The underlying reasons for the change in industry focus after the completion of infrastructure construction;
② Key mechanism changes: The rule framework and on-chain mechanisms are gradually becoming clearer, and their impact on the system's operation;
③ Main application areas: Exploration paths focusing on payment settlement, real-world scenario mapping, and programmable collaboration;
④ Future development direction: Explore the evolution of Web3 in 2026 and beyond.

The crypto industry has over-invested in infrastructure and technology optimization. We've focused relentlessly on complex Automated Market Maker (AMM) algorithms, innovative liquidation mechanisms, customized consensus protocols, and cost optimization for zero-knowledge proofs, but we're now caught in a cycle of diminishing marginal returns. Technological improvements in applications are becoming imperceptible to end users. This article discusses this issue for you; read it quickly.

Most people who deal with these people daily, including incident responders, on-chain detectives, and wallet engineers, recommend separating things and diversifying risk. One wallet is used for daily use, another is rarely used online for experimenting with small balances and DeFi mining, while incremental balances are stored in a vault or even a vault that requires multiple steps to access—this article will explain it for you.

In November 2025, the Australian Treasurer and Financial Services Minister formally submitted the Corporations Act Amendment (Digital Asset Framework) Bill to the Federal Parliament. This article provides a quick overview, starting with Australia's existing tax and regulatory framework for crypto assets, and systematically examines the core content of the Digital Asset Framework Bill and the shift in regulatory philosophy it reflects.

In the crypto space, two distinct schools of thought exist. As a book, we have the opportunity to examine these two perspectives closely. One view holds that everything is a market, and that pricing things is the path to success. The other believes that cryptography is a better financial technology infrastructure. This article provides an in-depth analysis of the new standard payments emerging online, offering a quick overview.

Recently, Brazilian stablecoin company Crown completed a $13.5 million Series A funding round led by Paradigm. The Block's press release explicitly emphasized that this is Paradigm's first investment in a Brazilian company. While there seem to be many better options than the Brazilian Real for stablecoins, why choose Brazil? This article will explain.

In the field of criminal justice, the legal characterization of virtual currencies is gradually revealing significant practical and theoretical dilemmas. In judicial practice, different adjudicating bodies often reach significantly different conclusions in virtual currency-related cases with highly similar modus operandi, resulting in a reality of "different judgments for similar cases." This article provides an in-depth exploration of this issue and offers a quick overview.

"Revenue exceeding 100 million, monthly income of millions"—the business of U-commerce sounds glamorous, but its high legal risks are often overlooked. Many U-commerce sellers believe that as long as they don't directly defraud people, they're fine. However, there's a catch-all offense in criminal law: simply put, it's when you're doing something that the state clearly stipulates requires a license to do, yet you're thriving and seriously disrupting the market. This article breaks down the crimes and penalties associated with U-commerce.

Mainland residents who provide employment for overseas cryptocurrency exchanges certainly face legal risks, which, according to my country's legal system, can be categorized from minor to serious as criminal, administrative, and civil legal risks. This article analyzes the criminal liability related to the aforementioned "September 24th Notice" and its so-called "pursuit of relevant responsibilities."

10 key news stories to watch this week

• The EU's digital asset tax transparency law will come into effect in January 2026.

• Aave founder accused of manipulating governance votes after spending millions of dollars on cryptocurrency.

• The Zama mainnet decentralized key generation ceremony was successfully completed .

• VanEck plans to introduce collateralization for its AVAX spot ETF.

• The Philippines cracks down on unlicensed virtual asset service providers, blocking Coinbase and Gemini.

• Kalshi launches Kalshi Research

• GMX launched on the Ethereum mainnet

• Tether releases QVAC Genesis II, a synthetic educational dataset.

• LazAI Alpha mainnetofficially launched

• Crypto bank Erebor raises $350 million, led by Lux Capital.

Disclaimer: As a blockchain information platform, the articles published on this site represent only the personal views of the authors and guests and do not reflect the position of Web3Caff. The information contained in the articles is for reference only and does not constitute any investment advice or offer. Please comply with the relevant laws and regulations of your country or region.