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Yala Destiny Symphony: Living in the light but falling in the shadows

Famous Yala. @yalaorg In the context of the Bitcoin ecological mobility claim, created by a team with the backgrounds of Labs, Alchemy Pay and Circle, the aim is to introduce Bitcoin assets into the multi-chain DeFi with the stability of the Bitcoin mortgage.

Yala's so-called Bitcoin Mortgage System is very clear in its risk parameter document: all silos where YBTC is used to encumber YU must maintain at least 110% collateral, i.e., collateral value/debt 1.1.

Once the minimum mortgage rate is below 110 per cent, it will be liquidated. It also has a 150 per cent critical mortgage rate, which must be above 150 per cent when the overall system mortgage rate is below 150 per cent, to prevent a radical build-up of leverage when the overall system is vulnerable.

And as to where the collateral bitcoin was put, Yala used a bridge called Yala Bitcoin Bridge to map this BTC into YBTC coins on chains such as the Taifeng.

The user inserted BTC into a P2WSH address constructed on the basis of a threshold signature, and the transaction would also write cross-chain intent through OP_RETURN, and the notary node of the bridge confirmed that the transaction had already been confirmed six times on the Bitcoin chain before creating a corresponding YBT on the target chain.

The design code is not a trustee, i.e., the P2WSH script contains a time lock to restore the path, and if the bridge or notary system is dead, after the agreed time, the user can take back the BTC itself.

But to do so, it is necessary to be frank, and these are official blueprints.

In reality, you must have seen that the media and chain analysts have questioned whether the Yala team had ever made YU with an unreal BTC-backed YBTC, and then took it to the Euler mortgage, and these doubts themselves indicate that even if the architecture is not a trust, the parameters are beautiful, and if the team abuses its authority when it produces YBT, or the bridge is broken, there will actually be a paper mortgage and a real mortgage.

Why is such a challenge justified?

Based on today ' s bitcoin price of US$90,636 and Yala ' s liquidation mechanism, the liquidation price = P0 x (MCR / CR0) = 90,636 x (1.1 ÷ 1.333...) ≈90,636 x 0.825 ≈ 74,774.7 US dollars.

This means that, when the amount is filled, only about 17.5 per cent of the fall will be required, and the position will step on the line of liquidation. It's actually a zone that's often touched, compared to BTC's own fluctuations.

It is also in an environment that is prone to frequent contact with the clearing line that, once there is even a small amount of hollow collateral, the health mortgage rate observed on the chain is seriously disconnected from the real asset situation.

On the face of it, the CR data in the protocol may still be pretty high on 130, 150, but as long as any part of the collateral has never really existed or has already been misappropriated, when the market starts to shock down the price range that is often touched, the system is not making a final guarantee with real bitcoin, but is taking a part of the empty-generated figure to support the confidence of the whole warehouse.That is why the kind of questioning is not empty, but rather a dangerous resonance with the sensitive areas of the liquidation mechanism itself.

However, this assumption is based on the fact that Bitcoin continues to walk the bear. Yala was born at a time when it was in mid-2024 that Bitcoin was just about to be halved in the wave of a new cycle.

The age wheel pushed Yala forward, when Yala announced the completion of a $8 million seeder financing led by Polychain Capital and Ethel Ventures, and attracted over 2,000 bitcoins from Galaxy, Amber Group and others that had accumulated commitments to deposit.

With this funding, the team accelerates the deployment of the main network and cross-chain modules: its vision is to ensure the stability of currency security through over-collateralization mechanisms and to build insurance derivatives and MetaMint functions that inject bitcoin mobility into the ecology of Taifung, Solana and others.

So it went in order until the morning of September 2025, when it suddenly changed.

The Yala agreement was suddenly hacked, resulting in a loss of approximately $7.64 million (approximately 1,636 ETH). The attackers took advantage of the security gap in the project bridge contract and forged a large number of YU coins that were supposed to be subject to Bitcoin collateral.

As soon as the news was revealed, the Yala team issued an urgent communiqué immediately after its stable currency price fell to a low point of $0.2046, stating that neither the Bitcoin deposits nor the user ' s assets had been lost, that the team had identified problems and suspended cross-chain functions such as Convert and Bridge.

The attackers forged approximately 120 million illegal YUs and converted about 7.71 million of them into USDCs on the Ethera or Solana network. The platform subsequently destroyed illegally found YU coins, which quickly rebounded to about $0.91.

On the surface, it recovered, but the EVM side of the UU was highly concentrated in the Euro-Frontier Yala market and a few pools, creating a huge mine.

Mines are not generally non-explosive, and the time has come.

On November 13th, the DeFi Community YAM publication chain was analyzed, saying that in the Yala Frontier market in Euler, there was a suspicious address to borrow all USDCs that could be borrowed at very high interest rates, along with a large portion of the U.S.U., which had been taken away for a long time, resulting in 100% of the market's capital utilization and no money at all.

Worse still, on the surface, the LP is large, but more than 90 percent of it is actually LU itself, and there are very few USDCs that can really be replaced by other stables, and when people concentrate on running, they almost certainly trigger a breakout.

On 15 November, Yala sent a letter on X acknowledging the suspicious activity and stating that an investigation had been initiated and that he would be working with Euler and security partners to find out the circumstances. Euler has also adjusted the Yala market ceiling to zero to prevent further borrowing.

But by this point, the old debt is still there, real liquidity on the USDC side has been emptied, and the pool has become almost all yu's dead water, but prices are not yet visible. As soon as a group of people start panicking about moving Yu back to USDC or throwing it on the market, it suddenly becomes clear that the exit is extremely narrow.

In the 24 hours of November 16-17, the run-off started, and the YU on the chain fell to around $0.44 on the fare, and on Solana it was even $0.36, with a single drop of over 50%. CCN, Bitget, and so on, gave figures that fell from around US$ 1 to about US$ 0.47, with market value shrinking and trade falling by about 98% within 24 hours.

The team issued an important statement at the end of November:All original bitcoin under the institutional model will be withdrawn from the agreement, but as part of the Yu is still locked in the Euler pool, the YBTC will not be completely destroyed and the associated YU will not be in circulation.

The bulletin stressed, in particular, that the mobility adjustment at the end of the organization did not affect the YU balances and foreclosure rights held by retail users, and indicated that a detailed foreclosure plan and timetable would be published on 15 December 2025.

It was also announced that the next road map would be built around the AI Smart Forecasting Agent module, which would formally focus project development from the traditional DeFi infrastructure to the AI-driven areas of innovation.

But you know, the word "AI" is now a basket, and everything can go in.

The unstable Yala is now at a critical stage of reconstruction. The community as a whole is most concerned with the reliability of the foreclosure programme and the timing of its realization: investors would like to know if previously promised assets could be safely returned.

I don't want to make money anymore. I want to get back to Ben!

Yala has become a typical case of the encryption ring: it has been given high hopes and is now at the top of the wind. What communities eagerly await is a viable way forward and transparent implementation, rather than empty promises.

But how many projects is it a microcosm?

Are you okay?

USDT is the biggest mine in the industry. It's not non-explosive. It's just not sure when.

Under such arguments, USDT is declared dead once a cycle.

There's not much to encrypt about USDT. Let's look at the consolidated.

2017, Tether @Tether_to It was initially stated that each USDT was supported by US$ 1 cash, but subsequently its account was not adequately held at that time.

Tether was hard-working and had directly publicized a self-inspection report stating that the cash reserve was sufficient, but there were rumours that it had been discovered that the funds had been deposited in the account only on the day the report was published and that the outside world had expressed alarm at the operation for which they had been printed.

Unprecedentedly, in 2018, huge financial losses were incurred as a result of reliance on unregulated third-party payment facilities, Cripto Capital, Bitfinex and Tether.

New York State Attorney's office has identified Bitfinex. @bitfinex Tether had been misappropriated up to $850 million to cope with withdrawal pressures, and had subsequently concealed the truth and declared that the funds were intact. This was the peak of Tether’s credibility crisis.

In 2019-2021, the Office of the Attorney General of New York launched an investigation into Bitfinex and Tether.

In February 2021, the parties reconciled and Bitfinex and Tether paid $18.5 million in fines and were required to cease operating in New York, to open quarterly balance sheets and to report on the flow of funds.

Following this reconciliation, Tether began to issue quarterly certification reports, but external doubts remain as to the accuracy of its data.

2022: Tether suffered a large-scale decoupling incident in mid-year, which at one time collapsed by $0.95.

The official response stated that the system had been attacked by DDOS, but the audit reputation was again questioned. In August of the same year, Tether first issued a mid-term financial statement, examined by the Italian branch of BDO, showing assets of $6.64 billion as at 30 June 2022, liabilities of $6.62 billion, short-term holdouts, etc.

Although this was considered to be an increase in transparency, it was only a review report and did not meet full auditing standards.

As for the BDO, it also has a more familiar name: the Trust Service Network.

Yes, but the level of their audit or assurance operations is not evaluated here.

In 2023-2025, Tether announced a gradual increase in the build-up of assets, such as bitcoin and gold, along with large-scale purchases of United States Treasury bonds, which, according to official newspapers, amounted to $135 billion in 2025.

In the last 10 years, USDT has been like the sword of Damocles hanging over every encrypted participant.

Encryption markets focus on their high-risk configuration and compliance initiatives. To date, while USDT has remained an absolute leader in the area of currency stabilization in various markets, the controversy over the composition of its reserves and its audit has never really dissipated.

The CEO doesn't even feel like it.

CEO Paolo Ardoino @paoloardoino It was publicly acknowledged that the four leading accounting firms were afraid to cooperate with Tether for reasons of reputation, and that they were eventually able to hire only BDO and other accounting firms for quarterly certification.

Tether doesn't look like Circe. @circle Listed, the evidence does not represent anything, nor does it correspond to the trial plan.

Other than this, Tether's disclosure of financial flows, hosting channels and related transactions remains limited. It stated that information on its trustees, counterparties and account openers was almost unknown and that there was a lack of segregation of client funds from corporate assets.

The Beacon’s fear is not unreasonable; this offshore mode of operation has become a shadow-bank black box, Tether is the digital central bank of the encrypted market, and the details of its operations have long been non-transparent.

Words must go to the top. On 26 November 2025, the Pipeline lowered the stability assessment of USDT from the limit down to the lowest level in its stable currency rating system.

Rating agencies such as S&P consider that Tether ' s significant increase in high-risk exposures in asset allocation is at the heart of this downgrade.

According to the report, Tether ' s latest balance sheet for the third quarter of 2025 showed total company reserves of approximately $181.2 billion, liabilities of $174.4 billion and excess reserves of only about $6.8 billion (3.9 per cent).

Of that amount, the United States Treasury owed approximately $135.0 billion, or about 75 per cent of total reserves, while the share of risky assets, such as gold and bitcoin, rose significantly: gold of about $12.9 billion, bitcoin of about $9.9 billion, plus a total of approximately $2.28 billion (12.6 per cent).

At the same time, other high-risk investments, such as corporate bonds and guaranteed loans, are increasing.

彭博社报道，截至2025年9月，Tether持有的实物黄金价值已超过129亿美元，已经超过部分小型央行储备，过去一年中更是平均每周增持逾1吨黄金。

S&P报告指出，这些高风险资产信息披露有限，且面临信用风险、市场风险、利率和外汇风险。

当前比特币市值上涨导致Tether账面获益可观，但这同时引入了波动性威胁。

这里科普一下什么是超额抵押率:抵押物价值相对于债务（或发行的代币）的多出来的那一部分占债务的比例，常用公式近似表示为：超额抵押率 =（抵押物价值 − 债务价值）÷ 债务价值。

这样就很好理解S&P指出的观点，比特币大约占USDT流通市值5.6%，已经超过了其3.9%的超额抵押率，意味着如果比特币价格下跌，再加上其他高风险资产价值回落，就可能导致Tether准备金覆盖率不足。

那么1USDT = 1美元的故事，就没法说的严丝合缝了呀！

基于这一逻辑，S&P将USDT稳定性评级从原来的受限下调至弱。当然Tether对此肯定是强烈反对的，称评级框架过时、忽略USDT的规模和宏观重要性。

嘴硬其实是没有用的，1762年在伦敦开业的巴林银行你说对英国宏观经济重要吗？太重要了。

1995年2月照样倒闭了。

市场上则对Tether这一调整反应不一，相信USDT的还在相信，质疑USDT的还在质疑。

本质原因还是未来市场的不确定性，如果比特币继续上涨，那大家睁一只眼闭一只眼继续用U相安无事。如果比特币大幅回调，泰达会如何应对呢？

不过还是有人替泰达话事。

美国商务大臣兼金融巨头Lutnick说自己持谨慎乐观态度，称Tether长时间保持一美元挂钩，但他同时提到，监管许可和审计缺失仍让人担忧，这与标普关注点一致。

包括彭博、路透等媒体均指出，传统金融机构对USDT的信任度远低于USDC等合规币种。

USDT这个加密世界的水龙头接下来往哪拧，谁心里能不打鼓？

先看监管这条线。全球对稳定币的态度已经变成了请你把灯都打开。

美国标准很直白：100%储备、可随时兑付、接受严审，托管机构也得是合规牌照选手。

Tether这一套离岸+高收益资产配置的路子，要真按这个标准改造，相当于自己把自己拆了重建。什么实时赎回权限、合规托管、全面审计，样样都戳在它现在模式的痛点上。

寡头效应救了泰达，但USDT现在还是老大没错，但后面一堆对手已经排队举牌：透明度高、有牌照、愿意被审计的USDC、USDP之类，都是冲着合规版USDT这个位置来的。

兵临城下！ USDT如果不跟着规则升级，它可能不会立刻塌，但市场份额被一点点稀释，也就是时间问题。

但话说回来，USDT目前真正可怕的地方在于它的Network effects：跨境转账、OTC 场外、各种小交易所和新兴市场，本地银行一塌糊涂的时候，USDT就变成了影子美元。

在不少国家，大家早就习惯了：银行不可信，政府不可信，能花出去的U才是自己的钱。

这一层需求在，USDT的地位短期内就难以被彻底撼动。

但是野生需求与合规，终究是一枚硬币的两个方面。

未来如果想长久活下去，USDT的选择则其实不多了。

要么乖乖设立受监管实体，引入真正独立审计，慢慢把储备结构往安全方向构建。要么继续在灰色地带高歌猛进，赚足收益但承受随时被拍桌子的风险。

一旦美国或者国际监管机构态度开始强硬：USDT不得在本国金融体系、受监管机构和交易平台中使用，那对Tether来说就是实质性的市场封锁，也将会是灭顶之灾。

悬在每个人头上的，是USDT暴雷风险

悬在USDT头上的，是生与死的风险

没有中间地带。

Walrus on Tusky: Web3Dropbox2.0

Actually, IPFS @IPFS When you came out, who wouldn't have thought about making a web dish?

However, the IPFS itself does not have primary billing, incentives and quality assurance of services, which are to be combined with additional hosting services, making it difficult to produce a product that experiences close to Dropbox and gives a clear commitment to storage duration and reliability.

@WalrusProtocol From the outset, the long-term storage of documents was designed as a core scenario: there was a clear time-based costing model, pledge and penalty mechanisms to ensure node reliability, and costs were controlled with redacting and multiple copies.

I'll use the Sui chain. @SuiNetwork Matching each file to a verifiable chain-based storage object, along with such capabilities as high TPS and zkLogin, these complexities are abstracted behind the scenes, while the front desk allows the user to slide.

And that's why we're working on the economic model and the interface for a web-based application, Tusky. @TuskyTools Born, the first to run through a really useful, user-friendly Internet dish on the Wallus.

One sentence summarizes Tusky ' s product positioning: a decentrized disk built on the Sui public chain and the Walrus agreement, with the goal of actually returning control of the data to the user.

The Tusky team has positioned it as a Dropbox alternative to the Web3 era, where experience is as close as possible to traditional cloud dishes, but clearly beyond the capacity of Web2 products in terms of privacy, safety and programmability.

Tusky integrated abstract designs on landings and supported landings through Web2 services such as Google, in addition to using Web3 wallets such as okx walklet or slush.

When initializing, Tusky requests to create a password, export a private key and perform end-to-end encryption. Once completed, you can access the Tusky main interface, which is very clear and similar to the design of the dropbox.

Tusky defaults the 10M storage space for new users and can enhance subscriptions through Sui, Walrus, Solana and in United States dollars.

A minimum of $5.50 G per month and a full capacity programme of 1 TB at a monthly price of $80.

To avoid the cost uncertainty associated with the price fluctuations of the encrypted currency, Tusky adjusts the amount of the encrypted payment to the United States dollar price anchor and dynamically.

The number of coins to be paid when currency prices rise is reduced, and vice versa, so that subscription prices can be expected to remain stable for users. This takes care of users of Customary Currency payments and preserves the preferred use of the Web3 user chain for asset payments.

However, for users, up and down must be the most sensitive. At the actual speed of transmission, trusky maintains an upload rate of about 1 MB per second, much faster than a free version of a particular disk.

In the analysis, there are three key indicators for users: the four indicators in the diagram are:Storage isStorage of space usage,TransportsThis is the number of transactions that have been used during the current fee cycle.BandwidthName of bandwidth

In traditional cloud dishes, user files are usually hosted on centralized servers in explicit or weak encryption, and privacy and security are highly dependent on the self-regulation and protection of service providers. Tusky takes a completely different path: all files are stored on the Wallus network in small segments after local encryption, the decryption key is in the user ' s hands only, and neither the Tusky platform nor the storage node can see the document.

Even if part of the nodes were attacked or outlined, the document could be restored in its entirety, relying on a fragmentation and redundancy mechanism. This combination of end-to-end encryption and decentrized storage allows users to technically have real control over their data rather than leave everything to cloud manufacturers.

This feature benefits from Tusky's bottom structure. Walrus is used to store large files (BLOB), Sui block chains are responsible for coordinating, clearing and recording verifiable storage, while specific document content is split and encoded and stored on the global Walrus node.

Each document will be split into multiple data slices, overcoded and distributed to hundreds of nodes, usually with only about four or five copies retained, while the resilience and resilience of Red Staff is ensured through efficient redacting.

相比让所有验证者完整保存数据的做法，这种模式显著降低了成本，又避免了单点故障；哪怕有相当比例的节点失效，文件依然能被重构出来。

除了鲁棒性， Tusky同样强调隐私优先，其能生成带权限控制、有效期或下载次数限制的魔法链接进行分享。即使对方没有 Tusky 账号，也可以在权限范围内访问分享内容。

这种体验和 Dropbox 的链接分享很相似，但在底层又叠加了加密与策略控制，分享过程中的隐私与安全得到更强保障。

与此同时，Tusky 还支持从 Google Drive、Dropbox 直接导入文件，帮助用户把历史数据搬家到链上存储。

Tusky的愿景不只是一款面向终端用户的网盘，它同时也在扮演去中心化存储基础设施的角色。

团队提供了完备的开发者工具，包括 API、SDK、CLI 以及 CDN 服务，开发者可以轻松将 Tusky 的上传、下载、权限与分享能力嵌入自己的应用。

用户未来可以一键将存储在 Walrus 上的文件铸造成 NFT，并自动生成相应元数据，使文件本身成为链上资产。

除此之外，Tusky在路线图上还规划了多个演进方向：存储期限和自动续费的玩法将进一步丰富，用户可以在上传时直接选择保存几个月、几年甚至无限延长，并通过智能合约设定自动续费规则，只要合约中的资金充足，数据就会在后台持续续期。

如果我们发挥想象力，Tusky的故事还能可以讲很多，例如更多在线预览能力，一定程度的多人协作编辑，成为Web3版的Google Workplace与Dropbox内容联动等等。

综合来看Tusky想做的远不只是一个把文件放在链上的网盘。它试图在用户熟悉的云盘体验之上，叠加隐私优先、用户主权、可编程资产化这些 Web3 特有的特质。

如果 Walrus 能兑现其在性能与成本上的承诺，Sui 生态也持续成长，那么 Tusky 很有机会在未来几年里成为去中心化存储领域的重要标杆，把把文件从 Dropbox、Google Drive 中解救出来，变成存放在Walrus上的资产这句愿景，一步步变成现实。

The Coinbase Virgo is dead! Two new stars in the ETH system, Monad, and MegaETH.

One of the world's largest listed companies, the largest encrypted currency exchange in the United States, Coinbase @coinbase It's the first time new: the next generation of high-performing Monad. @monad The chain ends with a broken report.

On the first day of the market, the public exchange price of 0.025 was only 0.024 dollars, with a total of 20 per cent of the pin.

However, 48 hours after the listing, the roll-out is now at $0.04498, almost double the public price. Many of the Monad supporters in the FUD 25 wave threw their armor and sold their chips when they were below the public price.

It's a good trick.

What does Monad do? Can he go straight to Coinbase?

To put it simply, Monad is a high-performance L1 chain that is dedicated to ripping the EVM system to its limit, with parallel implementation, streaming out of the bottom, in conjunction with the self-study MonadDB and the Consensus Agreement, to make a million TPS, subseconds confirmed, but for developers, it's almost 100% compatible with the Taifung chain, Solidity contracts, wallets and infrastructure that can hardly be moved directly.

Its ambition is so great that it's stuck in the ETA without changing the positioning of the development paradigm, while the other side wants to address the speed and cost of high performance chains such as the Solana.

If it's a single variable like technology, Monad is changing engines from the software level. Its target throughput was approximately 10,000 TPS and the block time was 0.4 seconds, with a final confirmation of approximately 0.8 seconds. Meanwhile, Monad uses the technology of animate water line consensus and optimistic parallel implementation.

Specifically, Monad quickly determined the order of a group of transactions first when the blocks reached consensus; the transactions were then moved to the subsequent implementation phase for processing. The advantage of doing so is that implementation will no longer block consensus and that new blocks can be submitted to the implementation module by consensus and will increase efficiency.

This location enabled it to receive more than $200 million in financing as a high-performance EVM infrastructure focus by front-runners like Paradigm, Coinbase Ventures. This was followed by a massive campaign on the Coinbase platform, a main online line, which directly linked finance, distribution, and trade, so it looked like a step-by-step hit at the core of Coinbase.

There is a technological vision, but why is society scolding so much?

In essence, the community feels left alone!

While listening to the team and the VC on community priorities, fair distribution, long-term visions, the results of the white paper are all over the place, and it's all over.More than half of the tokens are for teams and investors.Of these, the team takes 27 per cent alone, investors close to 20 per cent, while public sales and airdrops add up to 10.8 per cent.

That's a good thing. They're being called VC chains, not community projects. Before supersing, a Priori (MeV infrastructure for Monad Ecology and Liquid Staking Agreement) related airdrops were questioned, the Coinbase campaign was slow at the beginning, and the up-to-line price dropped at one time, making many people who were ahead of time in the ecology, doing content, running the testing net feel completely idle and emotional.

I don't even know you if there's a Kol who even pulled out Monad's last life.

@cryptobraveHQ In the same year, Jump Crypto was targeted and the internal incubated Pyth, Worlde went out to finance the money, and the result was that he was able to sell it. $PYTH Top 90%.$W is the top 96 percent, and countless people are trapped.

Now the core member, Keone Hon, has come out to do Monad, and in his view he has almost the same template: super-high FDV, large-scale financing, core team mostly from Jump, protocol-level data and income stories are very good, but without talking back, the team’s main means of profit is to sell and sell.

So Monad came down to what you see now: technology is being blown up, but at the community level, people are throwing up.Too big a plate, too high a valuation, too bad for the family.！

And it's also the latest ETH system, MegaETH. @megaeth I'm willing to position myself as an amplification layer.

它宣称可以处理超过10万笔交易每秒（TPS），是Monad的10倍左右，同时区块出块时间仅需1毫秒级别。

为了实现如此极限的性能，MegaETH 采用了节点专门化的设计。其 Sequencer 节点就像一台超级计算机，配备约100个 CPU 核心、上 TB 级别内存、10Gbps 网络，负责交易排序和执行。

此外，MegaETH 设计了并行执行和微区块机制，一次区块可以并行处理多条链上的事务，同时定期发布全区块状态，尽量把交易确认延迟压缩到毫秒级别。

总的来看MegaETH的愿景与Monad类似，将ETH性能拉升到极致！同时V神积极为其站台，助力其实现实时区块链愿景！除了Vitalik Buterin ，MegaETH 得到了Joe Lubin（MegaLabs）、EigenLayer 创始人等多位行业大佬的支持。

2024年6月，Dragonfly Capital 牵头 MegaETH 完成了2000万美元的种子轮融资。

但你更为关心，MegaETH的融资情况如何？社区有多少配额？

在这方面MegaETH稍显大方，公募出了5%发行量。

但还有面向社区的大头是在KPI Staking Rewards这块的 53.3% 额度，这部分会在未来按质押和网络指标完成情况逐步发给参与者。

那么再加上 5% 的公募拍卖和大约 5% 绑定 Fluffle NFT 的社区空投/奖励，广义上给社区和用户的份额大致在六成多到七成左右。

而2025年10月举办的公开代币拍卖更是狂揽4.5亿美元投资额，参与者达1.4万余人，创下九倍超额认购的记录。

细说这次公募，MegaETH 的公募是英式拍卖，最后是直接顶到了上限，清算价=0.0999 USDT/MEGA，对应 FDV 约 9.99 亿美金，也就是所有中签的人基本都是按 0.0999 成本拿到筹码。

但是现在官方现货还没在主流 CEX/DEX 正式上线，只有预市场 / 永续合约的交易价格。Hyperliquid 等预市这边，最近 MEGA 大概在 0.37–0.38 美金附近波动，差不多是公募价的 3.7–3.8 倍，而预市历史高点大概摸到过 0.6 美金左右（约 6x 公募价）。

最后，一张表带你回顾Monad与MegaETH

MegaETH 现货交易要到 2026 年 1 月左右才会真正上线主网与交易所，但届时价格会来到多少？会不会重演Monad？到底谁能笑到最后？一切都是未知数。

而在这些未知数下唯一具有确定性的就是MegaETH最近的存钱罐活动。

11 月 25 日起，完成 Sonar 上 MEGA 公售 KYC 的钱包，可以把以太坊主网 USDC 存进官方预存桥，个人不限额、总池子原定 2.5 亿美元、先到先得，抢满就关。

存进去的 USDC 会在 MegaETH 主网上线首日按 1:1 直接发 USDm 到同一地址，并计入后续奖励活动积分，期间资金锁死不能提前取出。

但是又被骂了

原因是执行上彻底翻车：临时把 2.5 亿上限改到 10 亿、最后卡在 5 亿并宣布全额退款，搞得大量合规用户排队进不去。

蛋糕基本被大户和脚本提前抢走大部分额度，大家觉得这是鲸鱼包场，开始质疑团队专业度和公平性。

话说回来无论是Monad 还是MegaETH扩容增速好像是上一个周期的热点，在生态凋敝的今天，我们真的还有扩容增速的需求吗？这是不是也进一步意味着在当下的市场以及以太坊生态上真的缺少实质创新呢…

Profit expectations, stock price jumps: Circle, what exactly is the price of this financial?

@circle The third quarter of 2025 performance was announced on 12 November, with quarterly revenue of $740 million, a significant 66 per cent increase over the same period; net profits recorded $214 million, a three-fold increase over the same period last year. The result was significantly better than the market's previous expectations of $700 million and $31 million EBIT.

At the same time, however, the company has revised its operating cost guidelines upwards throughout the year, with projected costs rising to between $495 million and $510 million. This cost outlook raises doubts among investors about their cost management and future profit margins.

However, the stock price fell by about 12.21 per cent on the day the financial statements were issued. As of Friday, 14 November, the latest market value was approximately $19.2 billion. This paper shows you how much profit is expected, but the market is in danger behind the price of the stock.

Analysis of the Tri-Quarterly Report

Three points can be drawn from the Quarterly Report published by Circle:

The quality of the profits has improved significantly, but the profits remain highly dependent on the single engine of the US-debt spread plus USDC base expansion.
New operations such as Arc, CPN, USAYC are setting up a moat from a "single-stabilizer" to "multi-layer financial infrastructure", but in the short term it means higher costs and capital expenditures.
The dual uncertainty of regulation and competition persists, with new regulations such as GENIUS Act recasting the dollar to stabilize the currency industry, and Circe being both a beneficiary and a target of training.

(a) Income structure: it's still the story of + USDC size.

Of the $740 million in total income and reserve income, the core came from two components:

Reserve income (Reserve Income): $711 million, 60 per cent over the same period
Other income (other income): $28.52 million, an increase of $28 million over the same period, mainly from the high growth in income from subscriptions and services and transactions.

As can be seen, Circe is still a new type of financial institution, "circular + management-driven" with a high income correlation between USDC size and US debt/base rate of return. Once in the interest-rate cycle, unless the USDC volume continues to expand at a high rate, there will be pressure on reserve revenues.

(b) Unit economy: RLDC and net reserve rate of return

One indicator of management's focus is Revue Less Distribution Costas (RLDC), i.e., "platform Maori" with income less distribution costs. The three quarters are as follows:

RLDC: $292 million, year-on-year increase 55%
RLDC Profit Rate: 39% (Decrease over the same season last year 270bps)
Net Reserve Margin: 37 per cent

Simplified Understanding: Circe returns a portion of the proceeds of reserves to distribution and partners (e.g. Coinbase) for ecological incentives, exchange cooperation and embedded payments.

A rough estimate: a rough estimate of 37 per cent net reserve return, about 60 per cent of the spreads are "generated" to partners and ecology; Circe retains about 30 to 40 per cent for its own purposes as a platform.

This reflects a typical platform strategy: the exchange of spreads for network effects. In the long run, as long as USDC's share continues to rise, Circe maintains a low but stable net spread, which also supports significant profits.

Third quarter Net profit $214 million, 20 per cent, net interest rate about 29 per cent。

In particular, management disclosed that there were two important "non-recurring" or unsustainable types of gains in net profits:

Income tax gains $61.29 million：

The impact of tax incentives, R & D tax credits, and the new United States tax code are mainly derived from equity incentives.

Transferable fair value gain $48 million：

The weakening of equity prices in the three quarters resulted in a reduction in the fair value of reversible debt, resulting in an accounting gain.

IfElimination of the two above (approximately $109 million)The "recurring profits" of Circle are about Top 100 million dollars。

This suggests that the company's business itself already has considerable profitability; however, a significant proportion of the three-quarter "high-profile growth" comes from accounting projects rather than purely operating cash flows. This may be one of the reasons why the stock price did not respond to expectations even if the profits were higher than expected.

II. INFORMAL AND INVESTMENTAL DISCUSSIONS

Several core issues are summarized in this paper, which was discussed by investors with the Circle executive. For CPN (Maoist), management is very clear:We'll make a big network, then we'll charge.The short-term profit margin is not necessarily good, but it is strategically the position of the "quelling." For Arc, the management temporarily gaveDirectional IndicesBut without releasing the details of the specific value allocation, the typical "prepare, then tell the story" status is about profit, and investors want to seePerformance realization and valuation recoveryThe strategy of "continue to press for profit expansion" will be depreciated and management will stand."Retrieving network priority" The position is that accepting short-term profit margins is imperfect.

The following are specific messages of discussion:

1. CPN: Rapid growth vs When do you make money?

Investors are concerned that:

The CPN channel appears to be strong: 29 are online, 55 are in the pipeline, 500 are Pipeline, and the annual TPV has reached $3.4 billion.
Core chase:

These institutionsHow long does it take to really turn into a good deal?？
Circle. How and when to convert from CPN♪ I can't ♪ What's the charge pattern?
With more institutional access,Will compliance and wind control cost blow up the cost?？

Management response:

The priority is growth and quality, not short-term profit.：
The network is set up to enable participants (banks, PSPs, cross-border companies, neobanks, etc.) to use a stable currency infrastructure and to earn the benefits of efficiency and capital occupancy.
The current stage is more...Let the members make their own money in traffic.(Customs billing)
> Quantity：
Not just a few endpoints.Meaningful financial flows" Institutions, strong distribution to enterprises/retails, and meeting SLA, local mobile participants.
Cost end:
Recognition:Network Review + Ongoing KYC/ Wind Control Monitoring It will cost more.
But it'll work. Technology+AI AutomationTo reduce the expansion of the "plus head" is theoretically consistent with the "high leverage" platform model.

Arc & Original Dinar: Need vs Real Use?

Investors are concerned that:

Arc @arc A 100+ top financial institutions have been tested (Apollo, BlackRock, HSBC, Visa, etc.).
Key questions:

Why must there be? Arc Original Currency？
This token is... Gas? Governance?
What's going on?No hair.♪ I can't ♪ What does that mean for the economics of Circle shareholders?

Management response:

Strategic positioning: Arc YesStable Currency Finance + RWA Enterprise Economy OS”。
Original tokens consider three dimensions:
Incentives for network participants(operating nodes, application developers, institutions promoting adoption);
Governance(Decisions on upgrades, operator expansion, network rules);
As a...Network utility carrier(Specific uses not specified).
Unequivocal denial:
At this stage, it doesn't seem like a simple gas coin,The transaction costs themselves are still denominated in stable currencies like USDC.。
But for now,No economic model disclosed.And there's no commitment to issue it, just to say, "In a positive assessment, it'll be disclosed again depending on progress."

3. Q4 Guides & Profit Rates: Good results, why "conservative calibre"?

Investors are concerned that:

Reality:

Q3 RLDC profit margin 39.5%, ring ratio rising;
The growth in other income was also remarkable;

But according to the year-round guidelines,Q4 RLDC, the profit margin looks like it's going down.And with the year-round adjustment, Opex was revised upwards to $495-510 million.
The investors asked:

Isn't Q4 going to add a large number of distributions/incentives?
Is there an invisible cost/pressure?
Why don't you get more profit in a good year?

Management response:

The calibre is very consistent:
For now.Early age of index curve of the Internet financial system" Short-term figures are highly volatile.
Guidance"Conservative.", not all hope values will be taken into account, but only those with higher certainty.
I'd rather "slightly conservative than super-expected" than overdirect the market.
Reasons for the increase:
To the Platform ' s capacity and global partnersIncreased input；
IPO after related to equity incentivesWage taxThe impact is expected to be clear throughout the year, taking into account (about 5 million per quarter).

4. USDC moat: Network effect vs. "Stability currency is a commodity"?

Investors are concerned that:"Is Stablecoin itself a substitute? There will be a lot of dollar-chained coins, USDC. " ... "

The management response (Jeremy said so hard):

"Anyone can issue a coin.
The big corporate alliance, the super-appliance, also issued a stable currency.Many are almost zero.。
How many moats does USDC have? Network effects：
Acceptance / Coverage：
B2B. Platforms and big companies often.No commercial agreement with Circle, no active access to USDC.Because it's a mandatory interoperability standard.
Liquidity network：
First, secondary markets are highly liquid, with USDC in banks, vouchers, exchanges and wallets, and counterparties prefer to use this asset for financing/settlement.
Regulation and infrastructure moat：
More than 55 licence plates/ registers;
Deep access to system-critical banks.
To build these infrastructure...Long-term work. It's not "rich."
Market structure judgement:
They think it's a stable coin."Winner take most"not a complete decentralization of competition.

III. Arc: "Economic Operating System" in the Internet age

@arc It is an open 1st floor block chain, an economic operating system of the Internet that combines programmable currency and chain innovation with real-world economic activity. Construction specifically designed to increase economic speed and suitable for: loans and financial services; capital markets; issuance of monetized assets; global stable currency settlement.

On 28 October, the Arc Test Network was officially online and has attracted more than 100 institutions to participate in the testing, covering various sectors, including capital markets, banking, asset management, insurance, payments and technology. With this, Circle hopes to provide developers and enterprises with a programmable financial infrastructure to facilitate the scale-up of economic activity in the chain. At the same time, Circe plans to explore the issuance of Arc ' s original tokens to stimulate network participation, promote ecological applications and build long-term sustainable web economy models.

Arc was designed in close cooperation with major global financial institutions, including banks, capital market companies, asset distributors and asset management agencies from Asia, the Middle East, Europe, the United States and Latin America. This distributed network principle ensures the geographical diversity and geo-economic balance of operators and aims to create incentives for developers, end users and network participants. By exploring original currency, Arc could provide practical functions, such as incentives to coordinate network growth, stakeholder governance and participation in decision-making on technology upgrading and operator expansion. This not only enhances the sustainability of the network, but also enables the seamless integration of mainstream enterprises and digital assets and facilitates the evolution of applications from speculative to mainstream scale.

As a key infrastructure for the Circle Payment Network (CPN), Arc provides low-cost, subsecond settlement terminal and confidential functions to support the payment of transaction costs in stable currencies such as USDC. At present, the Arc Test Network has activated a number of Circle ' s products and services, including the monetized money market fund USYC, and has introduced a number of non-United States dollar stables in the testing, such as yen, reais, peso and Australian dollars. This has resulted in seamless, real-time, atomic-level currency conversion capabilities for CPN members, enhanced foreign exchange infrastructure and extended to areas such as loans, financial services and global settlements. By increasing global banking access points, Circe improves the efficiency and cost-effectiveness of liquidity networks and ensures a wider and more reliable pipeline of capital flows.

On the demand side, Circe observed strong corporate demand for stable currency and strong liquidity between local markets, which directly affected the priority of the product road map, including the construction of an abstract layer of foreign exchange, a settlement credit layer and coordination capacity. Meanwhile, Circe’s M&A strategy focuses on accelerating the distribution of core products, such as block chains, digital assets and payment networks, with three transactions completed this year and 25 patents generated from in-house research and development. Although original currency is not used for Gas costs, its potential uses include economic incentives, ecological participation and governance, and Circe is actively assessing to ensure that Arc becomes a regulatory readiness platform for global financial institutions to promote innovation and scale up of economic activity in the chain.

IV: Summary

Circle’s 25Q3 financial statements performed well, but there is still concern in detail: revenues and profits are much ahead of expectations, but growth is still clearly dependent on the single engine of USDC expansion + US debt spreads, and the quality of profits is magnified by tax and fair value changes. Under the combined effect of the partners ' concessions and long-term expansion of their inputs, short-term profitability pressures, combined with year-round operating cost increases, raise investor concerns about cost control and the stability of future cash flows. This duality of "digital excellence, emotional prudence" reflects the reality that Circe has evolved from a stable currency distributor to a key infrastructure for a chain-based dollar system, and that the profit tempo of infrastructure enterprises does not fully coincide with short-line market expectations.

At the same time, the multilayered product matrix of Arc, CPN, and USYC shows that Circle is trying to take a strategic position in the liquidation layer of the next generation. The involvement of more than 100 institutions in the Arc Test Network and the annualization of the CPN TPV has surpassed a billion dollars in scale, and these indications indicate that the chain is penetrating from speculative markets to real economic activity. Whether it is the exploration of original currency models, the laying of a global liquidity network or the construction of an abstract layer of credit and foreign exchange settlement, the strategic core of Circle points in one direction: The "sovereign position" of programmable United States dollars and chain liquidation is pre-occupied in the immediate time when regulatory frameworks and institutions adopt accelerated clarity. Fiscal data reveal short-term fluctuations, but from the point of view of network effects and infrastructure expansion, Circe is on the verge of determining its status for the next decade.

How's the old encryption program going?

Early in 2014, a strange news began to appear in Icelandic mailboxes and social media: as long as you have an Icelandic ID number, a person named Auroracoin is on the list. @OfficelAUR The website provides free access to more than 30 digital currencies that have never been seen before.

This is not a government subsidy, it is not a bank benefit, it is not a credit for any Internet company, but a national air drop experiment announced by an developer named Baldur Friggjar Odinsson.

He set aside half of the total auroral currency, with a plan to distribute it evenly according to the number of citizens in the national identity card database, with each Icelandic receiving about 31.8.

The media quickly followed up. Science and technology media describe this plan in terms of a country being forcibly brought into the era of encryption, while mainstream newspapers explain in the financial editions what is a bitcoin, what is a mountain coin, why someone gives half of the money to all citizens.

For many Icelanders, the auroral coins first appeared not on the K-line of the exchange, but on a personal basis with such a specific and direct question:Do you want to lose your I.D. number and bring home more than 30 coins?

This scene is like Worldcoin years later.

In that year, it was not as neat as it had been. Not all of us are in a hurry to grab the pie that fell from the sky, and a significant number of them are not getting it at all, and they don't even have the wallet software.

Some were concerned about privacy, some were not convinced of the value of the thing, and others were simply treating it as a strange Internet story.

At the same time, Icelandic regulators began to speak out, warning that this digital currency might be used to evade capital controls and taxes.

The tone of the local media has also moved slowly from curiosity to caution and even suspicion.

The price of aurora coins has risen at short notice, driven by speculative global funds, and has fallen rapidly, with a failure to recognize expectations, public opinion and policy pressure.

The aurora currency fell from its peak of almost $100 in 2014 to 0.045 today, or 99 per cent.

Today, 2025, you can still see in the block browser that Auroracoin's blocks are created in one piece, and the code is still running at the preset rhythm.Even though the online wallet update has been in 2022.

But the noise of the popular airdrops was over, and the vast majority of Icelandics would not mention it in their daily lives, and the more than 30 aurora coins that could have been received were more than a number left in the archives of old news and forums.

The story of the aurora coin, which is hardly a complete failure, does leave behind a national air-drop experiment in the technological history, but from a social perspective it is more like a short and radical experiment: After the idea of encryption has struck into the reality of monetary sovereignty and regulation, there is a need for a new system of security.What remains is a functioning chain and unfulfilled promises.

It's not the only story. Namecoin wants to remodel the domain name system with a block chain, Peercoin wants to rewrite the energy-consuming logic of the consensus mechanism with POS, Nxt wants to carry assets and voting systems on a platform from zero.

In the years in which they were born, bitcoin was far from being as mainstream today, and any new idea was bold and pioneered, as it was written in academic papers, represented by 2.0 or 3.0 and appeared in the hot list of exchanges.

At the domestic level, there are even earlier social experiments: in 2013, there was a cocoon (not a taco community in the 2021 cycle). Archaeological New Wave blog, you can see this. It was said that it might have been a spontaneous experiment by the Qinghua children at the time: after all, knowing Bitcoin, understanding Bitcoin and working for a bitcoin code change was an entirely basic thing to do.

More than a decade later, these names have gradually become entries in archaeology, in technological history and in the memories of old players, rather than in the list of wallets downloaded by new people.

有趣的是，在同一段时间出生的另一批项目，却顽强地活到了今天，甚至成了整个行业的地基。

比特币从匿名黑客圈的实验品变成资产管理公司资产配置表上的一行，以太坊从白皮书上的世界计算机变成承载 DeFi 与 NFT 的世界性基础设施。

XRP、莱特币、狗狗币、门罗、Stellar、Dash 这些名字，或许已经不再总是站在聚光灯下，却仍在不同的场景中被真实地使用着。

同样是十年以上的老牌项目，有的只留下一条还在运转的链和若干尘封的论坛帖子，有的则在一次次牛熊和监管风波里换血进化，活成了基础设施。

时间对所有链都一视同仁，为什么它们走出了完全不同的命运？我们试图从那些已经淡出视线的失败者和仍在一线的幸存者身上，追问同一个问题：在加密世界里，什么才算是真正活下去？

先说过去十年的沉寂者

Namecoin @Namecoin（域名币）诞生于2011年4月，最初设想为区块链上的去中心化域名系统，用于注册.bit域名，使网站和服务免受中心化审查。

可以说这是最早的ENS系统。

技术上它是比特币的分叉链，率先实现了合并挖矿机制，因此其算力一直保持稳定，在比特币等大矿池中占据一席之地。

尽管开发者社区持续更新协议（2024年已发布 Namecoin Core 28.0 Beta），但Namecoin的代币价格早已从2013年高点回落，目前每枚不足1美元。

换言之，Namecoin仍可访问主网、使用其原生客户端注册域名，但仅为少量加密爱好者试验和纪念性资产，未形成主流应用，生态几乎未见起色。

除了最早的ENS系统，还有最早的PoS区块链。点点币（Peercoin）于2012年发布，是业界首个提出权益证明（PoS）概念的加密货币。

没错，远早于以太坊的权益证明。

点点币由Sunny King发起。设计上它结合了PoW和PoS，旨在降低挖矿能耗，理论上可在低算力设备上验证网络。

项目成立之初备受关注，其全自动分配货币供应、无需ICO发行的模式也使其成为合规币的典型示例。

截至2025年底，Peercoin主链已运行11年多，其链条稳定但开发停滞，全球活跃用户寥寥。最终Peercoin最终陷入冷门，仅有一小撮长期持币者在维护，生态已呈边缘化状态。

一年后的2013年7月，由同样是点点币创始人的Sunny King推出。它提出了一种寻找素数链的工作量证明算法，挖矿过程对数学界具有价值。

当年推出后吸引了不少矿工和媒体关注，2013年底曾进入前十大加密货币。但此后质数币未能获得实际应用，活跃度极低。截至2025年末，其市场规模仅为数百万美元，排名靠后，几无流动性，算力和社区都很微弱。

质数币虽技术上有趣，但在生态应用和社区建设上全线失败，如今完全退居实验性质的边缘地带。

Nxt则是最先提出区块链2.0的平台。Nxt自2013年11月上线，支持内置资产发行、去中心化交易、投票、消息等功能。其目标是成为适用于各种去中心化金融和应用场景的通用框架。

据创始公司Jelurida官方介绍，Nxt主网自上线以来运行稳定、未出现安全事故，曾吸引过活跃的社区和广泛关注。

然而随着以太坊等通用合约平台崛起，Nxt未能保持领先地位。尽管Jelurida直到2025年仍发布了1.13版本更新并筹备将Nxt迁入Ardor生态子链，实际活跃度低下，用户规模远不及以太坊项目。

今天的Nxt仍然可在官网访问主网钱包，但只有少量忠实用户和开发者在维护，生态活力有限。

再说过去十年的依然活跃的幸存者

比特币（Bitcoin）自2009年问世以来一直占据行业龙头地位，其截至2025年市值约1.9万亿美元。作为数字黄金，比特币全网总算力庞大，每日平均交易量接近50万笔，24小时内有近20万独立地址参与转账。

日活跃度和长期持有者基数都居首位，且应用场景不断拓展：从早期的暗网支付，到如今被视作对冲通胀、全球汇兑以及储备资产。技术上，比特币已完成多个升级（SegWit、Taproot等），闪电网络（Lightning）生态也日益成熟，以提高小额支付效率。

与新公链竞争中，比特币凭借无可匹敌的品牌认知和广泛接受度依然坚挺。金融机构方面，美国等地已批准比特币现货ETF，多个大型投资管理机构和上市公司持仓比特币，全球绝大多数监管机构将其定义为商品，监管环境总体趋于宽松。

下面则还是大家熟悉的万年老二以太坊，自2015年上线以来，一直是智能合约和去中心化应用（DApp）的领先平台。

截至2025年，其市值在主流币中仅次于比特币，大约在3000多亿美元量级。以太坊网络非常活跃：日交易笔数高达160多万次，每天近85万活跃地址，支撑着DeFi、NFT、稳定币等生态。

2022年9月以太坊完成合并升级，转向权益证明共识，大幅降低了能耗。未来还将推出分片等升级如Verge以提升可扩展性。总体而言，以太坊的技术负债主要来自可扩展性和高昂手续费问题，但其深厚的开发者社区和庞大生态使得竞争力依旧强劲。

不过时至今日，以太坊的创新似乎陷入停滞。继ERC-20,DeFi与NFT后，四年时间过去似乎还并没有新的技术用例诞生。

再说一说与SEC亦敌亦友的瑞波币（XRP）。

最初由 @Ripple 公司于2012年发行，用于跨境支付和汇款领域。其市值约为1350亿美元，网络交易量也很高，每天有近68万笔交易。

XRP主网运行速度快、手续费低，理论上适合银行间结算和跨境汇兑。事实上，全球已有多家金融机构使用RippleNet等基础设施进行汇款实验，但它们通常并不直接消耗XRP代币。

过去两年XRP最大挑战来自美国SEC诉讼：2023年7月，美国法院裁定，XRP在交易所公开市场上的销售不属于证券，Ripple公司赢得重大胜利，持续数年的SEC之争也就此化解。

简化全球金融交易不仅仅有XRP，还有恒星币（Stellar, XLM）。其于2014年发布，其母公司 Stellar Development Foundation 曾与IBM等合作推动区块链汇款项目。

2025年恒星市值约99亿美元。长期以来，Stellar一直用于跨境支付和稳定币发行。目前许多稳定币（如USDC等）在恒星链上有发行和流通，整个网络每日处理大规模资产交易量。

2024年Stellar实现了重大协议升级，引入完整版智能合约功能（Protocol 20），增强了DeFi潜力。这些升级使得恒星不仅限于支付，还可发行资产和运行复杂合约。

包括贝莱德、Franklin Templeton基金在内的多家金融机构已经在恒星链上发行资产或基金。例如Franklin Templeton的BENJI基金就是首个在公链上登记的美国货币市场基金。

此外，PayPal、联合国难民署等组织也在探索Stellar网络。综合看，Stellar在跨境汇兑、资产通证化等传统金融业务场景中保持生命力，受到机构青睐，而监管上它通常被视作网络平台，受到的限制较比特币等弱一些。

XRP，XLM都定位为B端支付，而C端支付则是莱特币与狗狗币的天下。

自2011年诞生的莱特币（LTC）和2013年的狗狗币（DOGE）同属早期 PoW 公链，都使用 Scrypt 算法，如今已实现联合挖矿。LTC 设计为比特币的数字白银，总量 8400 万枚，区块时间 2.5 分钟，链上每天大约二十万笔交易、几十万活跃地址，技术上还引入 MimbleWimble 扩展（MWEB）增强隐私，主要用作点对点支付和部分商户收款，在新公链竞争中存在感一般，但社区稳定、监管态度与比特币类似。

DOGE 则是从玩笑社区货币起步，作为打赏小费而存在。靠开放社区和名人社交媒体带火，市值一度可与莱特币比肩，却在技术上几乎原地踏步，保持固定区块奖励的持续通胀机制，链上日交易和活跃地址远低于莱特币。由于联合挖矿，它更多像是搭载在莱特币算力上的情绪资产。基础设施和交易所支持度不弱，也有零星商家接受，但缺乏智能合约和丰富生态，价值更多取决于社区热度和市场情绪，而非持续的技术与应用迭代。

并且你可以发现，狗狗币凭借低廉的支付价格，成为红警网页复刻版上最受欢迎的打赏货币。

支付的更进一步则是隐私支付。门罗币（Monero）于2014年发行，是最著名的隐私币，其交易通过环签名、机密交易等技术实现匿名。Monero市值约77亿美元，但链上活动规模较小，每日仅有2万多笔交易。

其高速增长曾得益于暗网使用和避税需求，被称为“黑市黄金”。但也正因此在监管方面处境艰难。许多主流交易所（如Coinbase）已停止Monero交易，监管机构也对隐私币高度警惕。

技术发展方面，门罗币不断进行优化（如Bulletproofs、加速算法更新），社区活跃度还行，但与新公链相比，Monero并未进入DeFi或智能合约领域，只定位于匿名支付。总体上它拥有核心隐私特性，但可扩展性较差，应用场景集中在个人隐私保护，是一种非常极客的存在。

同样还有隐私概念的就是达世币（Dash）。其于2014年发布，以即时支付和双层节点网络著称。达世币的独特功能包括InstantSend（加速确认）和PrivateSend（交易混合隐私），这些曾一度吸引拉美等地区的商户采用。

当前其市值仅约10亿美元。链上活跃度很低，与比特币同级的几分钟区块时间意味交易费用很低，但实际使用案例有限。多年内虽有多个升级（如Evolution项目试图提升用户体验，后被取消），但生态始终未形成新的增长点。

如今Dash主要靠一群忠实社区支持，在少量市场（例如部分南美国家）依然被用作支付媒介。然而相对于新兴链其竞争力弱，且因未大范围引入DeFi或智能合约，难以吸引新用户。就监管态度而言，Dash并不受特别打压，但隐私转账功能也让它在个别司法区显得敏感，总体处境偏边缘。同时相较于XMR的强制隐私，Dash的隐私是可选项。这就导致了Dash存在于一个很尴尬的位置上。

从上述老链的发展历程可以看出，一个十年以上老项目能否在新时代继续生存，取决于多维因素。

社区和开发是重要基石，持续活跃的开发者团队和用户社区是关键动力，比如比特币和以太坊长期保持更新迭代和技术研究，而停滞不前的项目则逐渐被边缘化。比如极光币，后续没有进一步的开发和社区共建，则就慢慢老去。

而更重要的是品牌信任和网络效应。老项目往往具备长时间积累的声誉与用户基数，这是其他新链难以复制的优势，如比特币数字黄金头衔带来持续关注。但是怎么用好这些品牌，如何进行良好的市场营销则是老项目最为头痛的问题。

举个例子，点点币在营销上完全不及狗狗币。第一个PoS区块链这个概念，光是要理解PoS这个词，就需要一定的门槛。狗狗币则不谈技术，就谈概念：打赏、支付、小费，完全迎合了美国草根文化。

这只是一场十年的回顾。在区块链越加短平快的氛围里，在正确的事情上坚持做是一件不容易的事情。再过十年，希望大家也都还在餐桌上没有散场……

Bitkin, Light Silver: The late fourth spring?

Lightcoin was the first time that a million people, and it was the first time that a million people...

It's known as the Grand V River Dragon. @Jiangzhuoer2 After entering encryption in 2013, when they resigned, they started digging for Letelcoin, settled for nearly four years, developed to have hundreds of thousands of machines in 2017 and created the world ' s largest Letelcomine mine, with personal investment returns of thousands of times...

The strongest cow, Chen Zezen, went to the supermarket in 2015 when he fell down and became hungry, then from 2000 to 2017, when he leveraged Doletco to make millions. After capital accumulation, it worked with wealth, and in 2022 it became the top ten holders of the Living Internet ETF, second only to the life of Xinhua, claiming that ten years of unsuspected coins, one cow in the world...

As for the founder of Lattcoon, @coinbase Lee Kai Wai, Director of Engineering. @SatoshiLite It’s a good thing to be famous. Superb wisdom is always demonstrated in the major decision-making of Lettco, including mining in conjunction with the Dogcoins, the Lightning Network, and the upgrading of the MWEB's privacy, which has greatly contributed to the depths of Lightco itself and the community.

The most marketable was the definition of the Lattcoin at the time: Bitkin, Light Silver. New East Professor, early Bitcoin player, Li Xiao, who wrote "The Self-Saving of Cauliflower" directly said: Bitkin, Light Silver, that's all that's worth.

This metaphor, which celebrates more than a decade in the currency ring, has given Letelco the status of digital silver. However, as the narratives of DeFi, the New Public Chain, Meme and others have surfaced in recent years, this old encrypted tree once appeared to be dazzling, at a price even equal to that of June 2018, an anomaly that makes one wonder:Can the old tree start a new sprouts?

Since its inception in 2011, Lettco has been regarded as a testing field for Bitcoin, with the PoW consensus, 2.5 minutes out, 84 million caps and deflation models that halve every four years.

It has a reliable operating record of more than 14 years, and so far the network has never been broken and its basic face is solid, while the market performance of Lettco over the past few years has been far from bright: After the highs in the cattle market in 2021, prices were clearly delinked from bitcoin, long below historical heights of over 70 per cent.

So far, the Lattcoon price has not returned to its second peak in 2019.$The value of more than 100 currencies corresponds to the market value of only about 66 billion yuan, ranking at about 18th place in encrypted assets, barely aboveDog money.Another meme-coin sHIB. In the new narratives of encryption, the Lattcoon seems to be forgotten in the low-value areas.

When you look back on the first half of the greatness of Latcoon, it's easy to understand what people expect of him.

One hit $38 in 2013, when bitcoin prices also hovered only over $300. In 2017,After completing a 100-fold increase in Lattco, from a low point of $3 to $315, in 2021 it was once again challenging ATH to reach the close to $400, the first three of which were impressive!

The rise and fall of Lettcoco is the most classic manifestation of the industry cycle in the country.

However, at a time of growing questioning, a series of unexpected events led to the return of Letelcoin to the spotlight. FromThe founders return to their positions.Present.Institutional entryFromETF VisionPresent.Combining mining meme ecologyThe rise of the Latcoin narratives is changing dramatically.

In the second half of 2025, Li Kaiwei, the founder of Lattco, suddenly returned to his view: not only was he active in social media drums and hoo-hoo-hoo-hoo.He personally participated in a bold Wall Street capital experiment.。

On 5 August 2025, MeI Pharma, a biomedicine company listed in NASDAQ, announced a $100 million purchase of approximately 9295,000 Latts at average prices.$107.58.

This Lettco Treasury strategy made MEI the world's first listed company to use Lettco as its main reserve asset. More notably, Li Kai Wai, who appeared as a leader, not only invested in the private campaign but was also invited to serve on the MEI Board. This series of operations is a replica of MicroStrategy's bitcoin, called by the national community.Lai strategy。

Mei's fucked up just in the order. The bigger catalyst comes from ETF.。At the beginning of November 2025, the first United States Letelco spot ETF was sent to the market to be licensed through the automated approval mechanism and listed in NASDAQ.

该基金由Canary Capital创设，因流程特殊而提前生效，且提供100%冷质押托管以满足机构需求。

消息一出大量资金旋即涌入莱特币市场：短短几日ETF吸引了约5.45亿美元认购，LTC价格跳涨17%，一举突破$100大关并试探$108阻力

然而，LTC涨势在$105～$125面临较重抛压，密集的压力带压的它喘不过气来。

但无论如何，经历多年沉寂后，莱特币凭借莱策略与ETF这股东风，成功在资本市场翻开了新篇章。

除了华尔街故事，莱特币还能引以为傲的是其在PoW挖矿领域孕育出的meme共生生态。早在2014年，李启威便力主让当时濒临安全危机的狗狗币与莱特币开启合并挖矿。这一决定拯救了狗狗币网络，也为莱特币埋下日后躺赚惊喜的伏笔。

2021年狗狗币飙涨千倍时，甚至出现莱特矿工挖DOGE的美元收益远超挖LTC本身的离奇现象。据ViaBTC矿池数据显示，到2025年中，狗狗币贡献了约75%的合并挖矿收入，莱特币本身仅占约10%，其余15%则来自新兴的合并挖矿小币种PEP等。

从2025年的这一系列发展来看，莱特币无疑正在经历一次久违的价值重估尝试。以李启威回归和Lite Strategy启动为标志，华尔街的资金与理念正通过莱策略飞轮注入这枚老牌资产。

伴随现货ETF的东风，主流投资者进入莱特币生态的渠道进一步打通；与此同时，合并挖矿带来的meme红利、14年沉淀的技术可靠性以及当前相对低估的市值，都为莱特币的未来奠定了看似坚实的基础。

种种迹象表明，这棵数字白银老树正在萌发新芽，其角色正在从过去单一的比特币附庸，转变为集价值储备、支付网络和meme载体于一身的多维存在。

市场永远伴随的那一抹谨慎，莱特币能否真正茁壮成长，还需时间与实践的检验。当前的叙事转换更多是预期驱动，巨额增量资金尚待ETF实际落地后才能验证。

有趣的是，即使莱特币仍未突破压力带，灰度基金持仓无论是1天，7天，30天都呈现快速上升态势，他们是不是知道了什么？

同时，LTC兑BTC汇率也显示出异常，创下8个月以来的新高，这是否也意味着，属于LTC的表演时刻也即将到来？

多年后，当我们回望2025，也许会惊叹：原来老树真的开出了新芽。目前来看，希望的嫩芽尚在风中摇曳，而我们，有幸见证。

Stanbull block chain week will return in June 2026, and the heat of the Turkish encryption market continues to rise.

As one of the fastest-growing encrypted markets in the world, IBW 2026 will bring together industry leaders from DeFi, AI, RWA, Play, and Regulation to describe the next chapter of Web3.

Turkey·Istanbul, November 2025. Following on from the success of last year ' s event, the Conference will continue to bring together global industry leaders and renowned institutions. As a key hub at the Euro-Asian junction, IBW will provide more in-depth learning and exchange opportunities for encrypted ecology.

Turkey's participation in the world's leading encryption centre and strong market growth

According to a recent study by Chainalysis, Turkey is now the largest market for encrypted money in the MENA region, with annual chain transactions close to $200 billion, about four times the United Arab Emirates. In an unstable economic environment, encrypted assets have become an important financial tool and risk-averse investment tool for local residents.

Against this rapidly evolving background, IBW 2026 will provide an in-depth picture of the flourishing Web3 ecology in Turkey, the iterative nature of the regulatory framework, and innovative projects that drive local and global industrial innovation.

EAK Digital Chief Executive Officer, Erhan Korhaliller, founder of IBW, says:

" We very much look forward to seeing the fifth Istanbul Block Chain Week and to making it a larger and most influential session. We hope to build on the success of last year by creating a truly unforgettable stage in which the participants share their learning and work together to shape the future of the Zone Chain. " ... "

The Congress is expected to attract industry leaders, institutions, developers, KOLs and entrepreneurs from around the world to engage in an in-depth dialogue around cutting-edge themes such as RWA, AI, regulation, privacy, currency stabilization. With its unique geographical location linking Dubai to London, Istanbul is becoming a natural rallying point for global innovation in Web3.

The last IBW brought together a number of key players in the industry, including:

Tron Founder Justin Sun
Ali İhsan Güngör, Executive Vice-President, Turkish Capital Market Commission
OKX TR Chair Mehmet Çamır
Mysten Labs Co-founder and Chief Cryptologist Kostas Chalkias
Mythical Gomes Chief Executive Officer John Linden
Igloo Asia (Pudgy Penguins) CEO Aaron Teng

Based on this array and influence, IBW 2026 will continue the last year, inviting high-weight guests from head exchanges, agreements and enterprises to discuss industry trends and promote more opportunities for cooperation.

About Istanbul Blockchain Week

Istanbul Block Chain Week (Istanbul Blockchain Week, IBW) is the leading Web3 industry flagship conference and exhibition platform in Turkey, hosted by EAK Digital, bringing together the founders, developers, investors, businesses, content creators and representatives of regulators.

IBW front-line narratives such as Focus Encryption, DeFi, AI Agents, Play and Real World Assets (RWA) attracted more than 20,000 professional participants and over 500 speakers, covering global lead agreements, exchanges and institutions.

The Congress, which covers major stage summits, large exhibition areas, DeFAI Con, KOL summits, investor round tables, specialized technical workshops and in-depth social networking, aims to provide practical and accessible cooperation and investment opportunities for industry participants.

Read more and buy tickets: istanbulblockchainweek.com/tickets

16.7 per cent of commission charges are activated, UNI enters the age of repurchase deflation, and going beyond PUMP is only the starting point

After many years of silence, Uniswap again started a storm in DeFi. The founder Hayden Adams put forward a heavy-pound proposal to reshape the tariff structure and the UNI token burning mechanism.

By opening a protocol fee switch, introducing a sorter gain and a MEV internalization mechanism, it is possible to create a new system that can be used in the process.@Uniswap For the first time, the transaction was transformed directly into a burning power of the UNI, leaving the growth of the agreement closed to the value of the token.

This proposal represents a fundamental upgrading of the Uniswap business model: from an "arranged deal" to a super-mobility hub that integrates transaction fees, MEV gains, polymer flows and L2 Sequencer revenues into the UNI deflation cycle.$This led to a leap from a symbol of governance to a fundamental asset in a priceable and valuable chain.

Now, take you to decipher in detail what this proposal has changed.

1. United Nations Proposals

Uniswap Founder Hayden Adams @haydenzadams Union Foundation @UniswapFND A major governance proposal, known as "UNIFIation " , was formally presented as the most influential structural change since the inception of the agreement. At the heart of the proposal was the activation of the long-discussed agreement fee switch mechanism and the redistribution of transaction cost structures.

Rate adjustment mechanisms:

Current structure: 0.3 per cent transaction costs are fully allocated to the mobility provider (LP)
New structure: 0.25 per cent allocated to LP + 0.05 per cent to burn in UNI tokens at agreed cost

This adjustment means that the agreement would draw about 16.7 per cent of the cost of each transaction for the burning of coins and create a value capture mechanism for UNI holders.

2. Eight core summary proposals

(1) Opening of the agreement fee and destruction of the agreement at the return purchase.

(2) Will @unichain The cost of Sequencer is used for UNI destruction.

(3) The one-time destruction of 100 million UNIs from the treasury amounts to a one-time write-off of "the portion of the coin that would have been slowly destroyed in the years that would have been covered by the agreement had the agreement been paid for at the outset".

(4) The introduction of the Protocol Fee Discount Operations mechanism to improve the performance of LP returns and biochemicalize the MEV to the protocol level.

(5) The introduction of "aggregator hooks" to transform Uniswap v4 into a chain polymer, with the same protocol fee for external liquidity sources.

(6) Focus on Labs ' focus on promoting the growth and adoption of agreements and through contractual constraints: pursue only business directions consistent with Uniswap ' s governance interests. Labs will stop charging fees on official interfaces, wallets and API to maximize the distribution and adoption of agreements.

(7) The transfer of the entire staff of the Foundation to Labs, supported by the Growth Fund established by the Treasury, has as its common objective the "Accelerating the Growth of Agreements".

(8) Migration of the governance holding Unisocks liquidity to v4 on Unichain and direct destruction of the LP position.

3. Detailed discussion of the United Nations proposal

3.1 Opening agreement costs

The most important is the start of the agreement: the Uniswap agreement carries a "cost switch" and can only be opened through the UNI governance vote. The proposal recommends that the switch be opened at the governance level and that a procedural mechanism be introduced to automatically use costs for the destruction of UNI.

To reduce the impact, costs will be phased in, starting with the v2 and part v3 pools of the Etheum main network (covering approximately 80-95 per cent LP costs) and then extending to L2, other L1, v4, UniswapX, PFDA and polymer hooks.

v2 Cost mechanism: LP currently costs 0.3 per cent, LP returns 0.25 per cent and protocol returns 0.05 per cent (to UNI).
v3 Cost mechanism: Agreement costs are adjusted by governance and are set separately for each pool.
0.01 per cent versus 0.05 per cent rate pool: agreement fee is set at one quarter of LP fee.
0.30 per cent versus 1 per cent rate pool: agreement fee set at 1/6 LP fee.

Based on @bread_ Analysis of historical data, applying this 0.05 per cent to the annualized fees of approximately $2.8 billion, is equivalent to a return of approximately $38 million per 30 days. It'll make... $UNI Repurchases are on a larger scale. $PUMP (approximately $35 million), second only $HYPE (approximately $95 million).

3.2 Detailed costing of Sequencer (backstopping of buy-backs at least $600 W per year)

What is the cost of Sequencer? In most of the Rollup types of L2 chains (e.g. Optimism, Arbitrum, Unichain)Sequencer It's a central or semi-centralized node for collecting user transactions➡️Pack them in order.➡️Submitting data to the Ether host network.

When a user submits a transaction, except for payment L1 Data Fee and L2 Implementation Fee There's one more to pay. Seguencer Fee, as compensation for rapid confirmation services for Sequencer.

Unichain has been online for only nine months, with annualized DEX transactions amounting to approximately $100 billion and annualized sorters earning about $7.5 million.

It is proposed that, except for L1 data costs and 15 per cent payments to Optimism, the remaining full sorter costs will be injected into the UNI destruction mechanism. That's at least $6 million in repurchases.

3.3 MEV Internalized cost mechanism (PFDA)

The protocol fee discount auction (Protocol Fe Discount Action, PFDA) can enhance LP returns and create new protocol revenues through internalization of MEV. The mechanism will auction "the right to be exempted from the transaction of agreement fees in a short period of time and at a designated address" and the proceeds of the auction will be used for UNI destruction. So, the MEV that would have gone to the certifier would have turned into a source of combustion for the UNI.

The preliminary analysis indicated that the LP return for each $10,000 transaction could increase by about $0.06-$0.26 for these discount auctions, which is a significant improvement given that the LP rate of return is usually between -$1.00 and +1.00.

3.4 Aggregator Hooks

Uniswap v4 introduces "Hooks", making the protocol a programmable development platform.

Labs will take the lead in putting "polymer hooks" in place to get mobility from other chain protocols, and on this basis add a proceduralized UNI destruction logic.

In other words, Uniswap v4 itself will becomeA chain polymer., any team can be integrated. Labs will integrate the polymer hooks at the front end with the API to provide users with additional sources of chain mobility while benefiting the whole ecology.

3.5 Repurchase 100 million UNIs in good faith

As a symbolic compensation, it amounts to a one-off write-off of the "part of the coin that would have been slowly destroyed by the agreement's revenues if the agreement had been paid at the outset."

That is good faith.

3.5 Technical realization

Every source of the fee will be connected to a name called "Accommodator Contract" Token Jar A non-transformable chain of contracts to accumulate the cost of the agreement. These costsOnly UNI can be extracted after destruction in another contract, Filipit。

At present, Tokenjar and Firepit have been deployed and adapters for v2, v3, Unichain have been established. PFDA, V4, polymer hooks and other cross-chain bridge adapters are still under development and will be on line through future governance proposals.

3.6 Group and organizational restructuring

The original text can be read in the reference network, which can be summarized as follows:

Uniswap this time is going to be "the big one": to bring the foundation together to Labs, the board plus Hayden and Callil into a group of five. Later on, Labs didn't rely on interfaces, wallets, API fees, and focused on using the Treasury's Growth Fund to buy Uniswap for more people and more money.

To put it simply, Labs offers more money (e.g., auction rates, loss hooks) to the mobile providers, and even to the developers (free API, DCA, cross-chain, one-button Gas) to the users.

The restructuring of the organizational structure is also intended to improve the profitability.

3.7 Growth Budget (The Growth Budget)

Proposal proposes establishment of governance level 20 million growth budgets per year, released quarterly from 1 January 2026 for protocol growth and development.

3.8 Permanent Locks

Unisocks has been considered a symbol of fun and culture since its launch by Labs in 2019.

When the UNI was released in 2020, Labs handed over SOCS/ETH LP positions on Uniswap v1 to the governance contract, which remained unchanged. The proposal proposes to move the LP position from the main network v1 to the Unichain v4 and send it to the destruction address topermanently lock liquidity and price curveThe final vision of Unisocks.

Read: It's mostly about cleaning up the burden of history, laying a high-value, useless LP in the governance contract, moving + destruction = graceful exit. Presentation to communities "The agreement can evolve and leave the past.""A new story for the Unichain era."

"Unisocks died in the proper bed, but was cast in the most honourable way, amber, forever sealed on Unichain. " ... "

It's no longer an asset, but... Uniswap Monument of Early Innovation and Culture。

4. Meaning and Summary

The Uniswap 'UNIFIation' proposal marks a new era of value capture for DeFi. For many years,$UNI, the most symbolic of governance tokens, has lacked a clear cash flow that is now completely reversed. The core of the proposal includes: the formal activation of protocol fee-splitting (fee switch), the establishment of a deflation destruction mechanism, the retroactive destruction of 100 million UNIs and the incorporation of Unichan ' s proceeds from the sorter and MEV discount auctions into the destruction system, and a full reorganisation of the currency economic closure. At the same time, Labs will end the commercial fee-paying function and transform it into an agreed and ecological growth engine.

This means not only that Uniswap moves from "mobility and narrative drive" to "revenue drive", but also that DeFi narrative moves from "technology innovation" to "sustainable value accumulation" as a critical watershed.

$UNI This led to a leap from a symbol of governance to a fundamental asset in the priceable and valuable chain.

Tether, the financial empire behind stable: the 17th-largest-dollar debt holder with a profit of 10 billion.

In the shadows of the global monetary system,@Tether_to An undetected transfer of power is being completed. It is neither a bank nor a central bank, but it has become the world's seventeenth-largest United States sovereign, a "new kind of sovereignty" built on algorithms, trust and dollar bonds. As the regulator is still discussing the security of the stable currency, Tether has gone quietly towards the construction of the financial empire, and today he is taking you to dismantle Tether's ambitions and plans.

Tther 25Q3 Financial Interpretation

Tether published the audit report for the first three quarters of 2025, which resulted in a cumulative net profit of $10 billion during the year. At the same time, the size of the reserve reached $181.2 billion.

The third quarter of 2025 is another milestone for Tether. $USDT More than $17 billion, the total volume of traffic exceeded $174 billion. The latest circulation is now over $180 billion, with a market share of 60%. $USDC The current circulation is $73 billion, or 25 per cent.

Tether’s total exposure to US Treasury debt (direct and indirect) is at an all-time high of about $135 billion, making Tether one of the largest US Treasury debt holders in the world, surpassing South Korea, and ranked 17th in the size of debt.

From the official tables provided by the United States Government, several figures are noteworthy: in July 2025, Singapore and Hong Kong each held US$ 250 billion in debt, Switzerland 30 billion and mainland China 73 billion. In other words, Tether's US debt holdings amount to half of the wealth centres of Singapore, Hong Kong and Switzerland.

Tether's holdout

Tether also held assets such as gold, bitcoin and so on, unlike all US dollar deposits and dollar debt assets held by USDC. The company holds a gold reserve of $12.9 billion and a bitcoin reserve of $9.9 billion, or about 13 per cent of the total reserves, showing a diversified and forward-looking asset allocation strategy.

The total reserve assets of Tether in negotiable currency was $181.2 billion;
The company ' s total liability was $17.44.4 billion, of which $174.3 billion was a digital token issued;
The value of reserve assets exceeded liabilities by $6.7 billion;
Self-owned investments in artificial intelligence, renewable energy and communications infrastructure through Tether Holdings S.A. de C.V. and Tether Investments, S.A. de C.V. are excluded from the currency reserve assets.

III. Analysis of Tether subsidiary and subordinate projects

Tether's business landscape has been expanding from the initial stable currency issuance to key areas such as energy, communications, artificial intelligence, education and neurotechnology. By building an integrated ecosystem that cuts across finance and technology, Tether is growing from the world's most trustworthy stabilizer to a global science and technology consortium that promotes financial sovereignty, technological innovation and the emancipation of human potential. In addition to stabilizing the currency core business, it has become the second-largest shareholder of the Juventus Football Club by 11.5 per cent, and plans to nominate candidates for the board of directors to participate in the club's governance and perform the business game "New Money Challenges Old Money."

Tether has many projects under the flag of which Stable @stable It's the hottest.

3.1. Stable Project

Stable is an enterprise-level Layer-1 block chain supported by Bitfinex and Tether, dedicated to optimizing USDT transactions and payments. The project addresses the high cost and complexity of stable currency transactions in traditional block chains through primary USDT as Gas cost, subsecond end and free point-to-point transfer.

Stable deposits have exceeded $2.6 billion with more than 26,000 addresses.

Stable provides an extended, secure and user-friendly block chain tailored to the practical application of USDT. Stable, whether it serves retail users in emerging markets or financial institutions that handle large transactions, can provide an ideal environment for USDT to be free of gas transfer and to make transactions faster, cheaper and more efficient.

Stable achieves this by providing the distribution and settlement layers for the USDT through its chain of high-volume throughput, subsecond-scale trading finality. Key characteristics include:

USDT Optimization: Stable provides features specifically designed for USDT, including a gas-free UsDT0 transfer, optimization for large-scale transfers, and efficient and stable currency distribution and settlement capability.
Build for day-to-day use: transactions are done within one second and at very low cost. Stable ' s wallet simplifys the sending, receiving and asset management and easily supports the integration of debit cards with credit cards.
Customized functionality for the enterprise: Stable provides advanced functionality tailored to the needs of the institution, including guaranteed space allocation, efficient USDT transaction processing, polymer transfer function for high-volume throughput, and comprehensive security measures. It also provides for a confidential transfer function at the enterprise level, balancing privacy with regulatory compliance.

Stable, led by Bitdinex and Hack VC, raised $28 million for seed wheels.

Stable supported by Bitfinex and USDT0, Bitfinex is the sister company of Tether, and USDT0 is a cross-chain version of USDT.

3.2. USDT0 Projects

USDT0 is a full-chain stabilization currency agreement based on the LayerZero OFT (Cyclical homogenization token) standard, which uses lock-and-casting mechanisms to effect a cross-chain USDT transfer.

Market performance:

Cumulative number of bridges: over $43 billion (500,000 + transactions)
Total locked value (TVL): $3.57 billion, fully supported by locked USDT 1:1
24 Hours: $221.5 billion

3.3. USAT Project

USAT is a new dollar-linked stabilization currency that Tether plans to introduce at the end of 2025, designed for United States residents, and aimed to advance into a United States dollar-compliant stable currency market under the Genius Act system.

Distinction from traditional USDT

Geographical targeting: USAT was designed for United States residents, while USDT was a global, foreign-issued, stable currency. While Tether planned to make USDT comply with the relevant regulations in order to obtain reciprocity, USAT focused more on United States domestic compliance and market competition.
Regulation and Reserve: USAT strictly adheres to GENIUS Act, requiring 100 per cent support from current assets (such as United States dollars and short-term national debt) and monthly open reporting of reserves; in comparison, USDT reserve management is more global.
Partners: The trustee and preferred class I dealer for USAT is Cantor Fitzgerald, the CEO is Bo Hines, a former White House official, and Angelage Digital Bank, a distributor and also a shareholder.

Summary

The story of Tether has long gone beyond a stable currency, and it has opened a commercial empire based on a stable currency operation.

In the first three quarters of 2025, Tether made more than $10 billion in net gains, with reserves amounting to $181.2 billion, of which about $135 billion was in United States Treasury debt, making a company registered in the British Virgin Islands the seventeenth largest holder of the United States debt system. It's not just an investment act, it's a reverse monetary politics: the dollar anchors the USSDT, USDT, which in turn supports the demand for dollar debt. More deeply, Tether is moving from the financial edge to the core of the infrastructure, no longer content with being a mobile porter, but rather a network builder. The Stable Chain provides a silo of stable currency, USDT0 turns cross-chain transfers into a common standard, and USAT aims at re-engineering the United States dollar-compliant system. At the same time, gold and bitcoin have been written into reserves, not only as an attempt to diversify assets, but more like an additional layer of faith insurance over dollar credit. The layout of energy, communication, artificial intelligence, education and neurotechnologies, on the other hand, allows Tether to expand its layout from money to information and awareness.

Tether, it's going to be the next world-class vortex.

What will be Walrus do under the AI super-hardware cycle when it looks like the army is desperate at Han Monopolies.

South Korea's stock market has recently become so hot, especially its storage giants. It was early last month.@OpenAI A partnership was announced with Samsung Electronics and the two Korea Stores of the SK Hercules to supply storage chips to the Interstellar Gate project, and to move the AI Super Hardware Cycle from a Countdown to a storage competition.

The AI cycle can be said to have completely reshaped the global storage supply and demand pattern.High-bandwidth memory HBM became a new pet for data centres and AI servers, and large model training and reasoning pursued memory capacity and speed, leading industrial giants to tilt capacity away from traditional consumer-grade memory towards higher value added.

The data show that the HBM market will grow by close to 70 per cent per annum in 2025 and that the growth rate at the high end of SSD and QLC NAND is also above 30 per cent. Head producers, such as Samsung, SK Hercules and American Light, have raised prices, and modular manufacturers have started hoarding to cope with shortages.At the same time, the global data centre accelerated the investment of the AI server, resulting in a chronic shortage of traditional memory products, and the mismatch between supply and demand further exacerbated price increases.

Structural redistribution has led to the compression of the supply of products such as DDR, LPDDR, the passive tightening of consumer markets and the almost doubling of product prices overnight. In particular, in the light of the fact that Korean enterprises dominate the upstream chain, the Chinese market appears on a daily basis, with some production lines even suspending offers. According to TrendForce and Commercial Times, some of the DRAM and NAND product offers were valid only the same day.Demand and supply constraints are expected to continue into the first half of 2026.

The impact on industrial structures is far-reaching. For example, in late October, when the Red Rice K90 series was released, a price-reverse play took place: Standard version originally published The price of 12GB+256GB was 2599 yuan, while the 12GB+512GB version was set at 3199 yuan, with a price difference of up to 600 yuan for just another 256GB storage.This is the first time that the government has been able to take action on the issue.

On the morning of the launch, the Army said on Twitter that there were too many increases in memory prices. The product, the Red Rice K90 series memory and flashing material, is mainly based on industry head vendor programmes, such as K90 Pro Max, which are equipped with memory for SK Hercules LPDDR5X 9600.

We mentioned earlier that, as a result of the AI super-hardware cycle, storage manufacturers have focused more on the production of high-value-added storage chips, HBM, and that the production capacity that should have been produced for the mobile end of the LPDDR series has been reduced to a high level, resulting in a complete imbalance between supply and demand. Ma Zhiu, inside Mi Group, even warned:The latest cost estimate for next year is a little scary.

The so-called HBM is a new generation of storage technologies designed for high-performance computing, AI training and reasoning, large data centres, etc. Its essence is to use the 3D stacking technology, to stack multiple DRAM chips vertically, and to achieve high-speed parallel data transmissions through a silica vent inside the chip.

This structure enables HBM to achieve ultra-high-capacity and extremely wide data buss in very small physical space, usually at 1024 or higher, with bandwidth 10 to 30 times higher than that of mainstream DDR5.

Looking back at 2025, the annual HBM consumption rate on the AI server is as high as 130 per cent, and will expand at more than 70 per cent per year in the future.HBM has become the core setup of various AI servers, high-performance computing, supercomputers, graphic accelerators and one of the most important drivers of price increases for storage chips.

The storage demand driven by the AI industry has made traditional storage chips hard to access and sufficient and saturated competition has created the Red Sea market.In fact, the blue sea is being stored at the centre of the site, but it is still in the eyes of the industry.

Why do you say that? From the point of view of the entire plant, memory flash is a package of money, for example, the previous reference to both 12GB+256GB and 12GB+512GB were a combination of pricing, not two stand-alone commodities.

This connection means that the impact of composing HBM production is twofold: the double spiral between RAM and ROM.

Can there be an article on RAM if you go to central storage?

First of all, RAM, LPDDR5 is walrus. @WalrusProtocol This decentrized storage is thousands to thousands of times faster to read and write. In fact, when the official paper interacts with multiple nodes, a single client writes a big blob written through about ~18 MB/s is about the bottleneck, but the mainstream LPDDR5 rate can reach 6400 Mb/s per foot.

RAM's dead. Is there any other way?

The answer is yes.The next generation with a strong, secure, redundant, chain-based settlement, for example, by Wallus

How do I understand that?

The first advantage of Walrus is that it first has decentrization and anti-censorship features, which distributes data to a large number of nodes through data slices and muzzles, and no single nodes or vices can lead to data loss.It's natural to be centralized.Dropbox service.

Its storage space is also in object form on the chain, which can be operated directly by smart contracts, has a strong programmability, facilitates the construction of various applications, such as AI data, RWA and the decentrization front end.There you go.S3's prototype.

And Pipe Network will be Walrus. I'm not sure I'm going to do this.In the past few years, the government has been using its more than 280,000 Pop Nodes to help Wallus accelerate the distribution of data on the edges.This is the CDN.

Such a Dropbox + S3 + CDN combination has unique advantages.

In the traditional cloud, S3, just save your files, who's using them, how, how, how, how much they're used, you have to build a whole set of backstages for yourself, including identification, permission verification, billing, accounting logic.A database was added to record which model, which time period, how many times it was called by which user, and the peacekeeping wind control was placed on its own team.

The idea of Wallus is to leave all of this to Sui: whether the storage is secured by a storage certificate, who the document is, how the charges are written in the object metadata, and how the actual deductions and sub-accounts are paid for on the chain.

For those open source models or data projects that require community-based, multi-partite governance, this amounts to an additional layer of public books from zero to one,This is also the root cause of Wallus' emphasis on the introduction of data markets for the AI era.

Suppose you're a big open source model team that trained a 70B model with a dozen versions of checkpoint under different data formulations. You might wish that personal developers could use the reasoning experience free of charge, but business clients would have to pay the amount requested.

At the same time, if someone makes a second fine-tuning and makes money based on your model, you want to get a percentage of it automatically, rather than a sub-contract and a sense.

So each checkpoint is a Walrus blob in the logic of running Walrus with Sui, and it corresponds to a ModelVersion object on the chain. The contract you wrote is to check if the caller holds the business license, automatically billing the number or flow of the weight requested, and distributes the income to the base model team, the data set provider and the finer at the agreed rate.

So the AI call itself becomes a chain of economic events, not a black box hidden in a central API log.

Look at the side of the AI data set: Data providers store TB-level data sets into Wallus, get a blob and the corresponding Dataset object; before each training mission starts, declare the specific data version used and write down a TrayingRun object, recording model versions, over-references, data set points and final results.

Any third party can then audit the data on which the model is based, whether the authorization is in compliance, and, if regulatory or opinion questions are raised, provide relatively hard evidence with a chain of record and storage certificates.This will slowly evolve into a serious, long-term advantage of compliance and brand credibility built by AI manufacturers on Wallus.

So, smart AI producers have started to think about Wallus.Walrus is waiting for his boiling point.

"Pricing signals" in the financial paper: Strategy hinted at the end of the year or exceeded $120,000.

31 October 2025, Strategy @Strategy(American stock code) $MSTR 25Q3 financial statements issued. Performance in the third quarter achieved $3.9 billion in operating profits, $2.8 billion in net profits and $8.42 in diluted per share. I'll take you to the biggest encrypted bank account today!

1. Summary of financial data and bitcoin holdings

Performance achieved $3.9 billion in operating profits, $2.8 billion in net profits and $8.42 per share of proceeds diluted

According to the third quarter financial report, Strategy increased the bitcoin hold from 597,325 to 640,031, an increase of 7 per cent and over 40,000 bitcoins. As at 2 November, the total hold of Bitcoin in Strategy had reached 640,808, valued at $70.9 billion.

20 billion bitcoins.

2. Analysis of financial statements: New accounting standards year 2025, changes in Bitcoin assets are included in profit statements

The key indicators can be seen in a significant improvement in business data compared to 2024 Q3 companies in the same year, the most important of which is the $3.9 billion increase in business profits, including $Unrealized gains of $3.9 billion in bitcoin.

And when we go to this company in the traditional way, we have to look at the main business, and the following is the dismantling of the main business.

Eyes on you find that bitcoin's asset gain or loss is not reflected in it. Although MicroStrategy (MSTR) is almost equal to Bitcoin Treasury in public perception, its main business, from the point of view of accounting and financial statement classification, remains "business analysis and software sales", not because the company really earns money mainly from the sale of software, but because of the limitations of accounting standards and corporate structures.

We continue to explore the full profit statement.

When we look at the profit statements of the financial statements, we can see an additional one, the Chinese translation being " Unrealized Digital Asset Gains, which amounted to $3.9 billion, and 100 million of the revenue from the main business buying software is not an order of magnitude. This change is attributable to the new ASU 2023-08 fair value accounting method. This new accounting standard was updated and enforced on 1 January 2025 and was first used in the 2025 Q1 financial statements to disclose financial data.

Why adjust the accounting standards? In fact, the logic is simple: PE and PB, P/E are total market values/gains, and if P/E is 5, it means that if you have this company, five years you can earn back your current investment, for example, the company's market value of 5 billion, one billion a year, and implicitly you're willing to give him a five-fold premium, five years' return. P/B is the ratio of the market value to the book value, in other words, the amount of the premium you would like to use to purchase the assets on the books of the company. Clearly, before the new accounting standards are applied, the market ' s valuation anchor for MSTRs is more P/B, because P/E would be a large number (after all, the main business is not profitable). The P/E value would be more reasonable with the application of the new accounting standards.

3. Interpretation of terminology: ATM, Priority Unit, STRC

In summary, ATM is the mode of distribution (how to sell shares) and STRC is one of the preferred shares (STRK, STRF, STRD) issued by Strategy.

The company uses ATM to raise funds for BTC by issuing shares, thus magnifying the beta effect of bitcoin, pushing up stock prices and pushing up bitcoin prices (lockbox + buyout). But there is a real risk of this model, and bitcoin can't crash.

3.1 ATM

The ATM (At-the-Market Offering) refers to the way in which the company issues shares in a gradual, small-scale manner in the secondary market, rather than a one-time, large public equity. Depending on stock prices and market conditions, companies can be flexible in selling a small number of new shares on the market through voucher dealers.

Strategy has various ATM schemes, including Common Stock ATM and multiple priority units (STRK, STRF, STRD).

In 2025, Strategy raised $6 billion through priority shares and $11.8 billion through the issuance of general shares.

Purpose and role:

Based on MNAV (bitcoin net asset value multiple) thresholds set by management dynamically:
< 2.5 x mNAV → to pay interest on debt or priority share dividends only;
2.5-4x mNAV → Opportunistic issuance for the purchase of bitcoin;
4x mNAV → Actively distributed to expand BTC hold
This method of "share financing at market prices" allows companies to buy coins by issuing them and to magnify the beta effect of bitcoin.

3.2 Priority Units

Priority shares are between bonds and common shares, and holders receive priority dividends and liquidation allocations, but usually do not have voting rights. By issuing priority equity financing, companies can access long-term sources of finance without increasing the debt burden.

The company issued a variety of Perpetual Prefered Stock and continued to expand through ATM or IPO:

STRK (Strike): 8.00 per cent fixed interest rate;
STRF(Strife): 10.00 per cent fixed interest rate;
STRD(Stride): 10.00% fixed interest rate;
STRC(Stretch): Variable Rate (Variable Rate), a new type of IPO in July 2025

Financial characteristics:

Perpetual nature (no maturity date), but redeemable;
(b) Red priority, fixed (or adjustable) interest;
Return of Capital, ROC, currently taxed, is suspended and investors may delay the payment of capital gains until the sale.

3.3 STRC

STRC, the most innovative and preferred stock variety of Strategy, was first launched in July 2025, raising $2.5 billion.

What is unique is that dividends interest rates are "regulated, dynamically adjusted".

Dividend Adjustice Framework

The interest rate is automatically assessed on a monthly basis on the basis of the STRC share price (5 days VWAP) and all adjustments require the approval of the Board:

If price < $95 ≥ 50 bp;
$95–98.99 ≥ 25 bp;
$99–100.99 → is usually the same;
Zirconium $101 → Down 25 bp or more (if SOFR goes down);

Objective: To keep the STRC stock price close to $100 nominal, to stabilize it in the secondary market, similar to the "high interest adjustable bonds".

4. Corporate development and outlook

Strategy gave guidance for the 2025 fiscal year: $34 billion in operating income and $20 billion in bitcoin proceeds. We will begin with a detailed analysis of the implications of extracting the corporate executive performance guidance.

Chairman and Chief Executive Officer of the company Phong Le It says:

" In the third quarter and into October, Strategy continued to consolidate its position as the world ' s leading Bitco National Treasury. We've increased the bitcoin hold. 640,808 BTCand raised cumulatively during the year through strong capital market platforms $20 billionI don't know. We're totally following it. STRC Guidance Frameworkand announces that STRC dividends rate Up! 25 basis points to 10.5 per centEffective November. In addition, we are actively laying the foundations for credit securities in international markets and are committed to making Strategy a globally leading credit issuer. Building on this momentum, we reaffirm the objectives throughout the year:$20 billion in value added on bitcoin assets，Bitcoin: 30%.。”

Corporate Chief Financial Officer Andrew Kang In addition:

"Strategy achieved in the third quarter of 2025 $3.9 billion in operating income，Net profit US$ 2.8 billion，Amortized proceeds per share (EPS) $8.42The strong profitability of the second consecutive quarter was largely the result of our strong bitcoin balance sheets and the capitalization of companies in the area of digital credit.

So far, we've made it. Bitcoin return 26 per cent. and Bitcoin assets added $13 billionand reaffirmed the objectives throughout the year:Operating income $34 billion、Net profit $24 billion、Amortized gain of $80 per share, the projection is based on a bitcoin price at the end of the year $150,000The hypothesis. " .

Executive Chairman of the Company Michael Saylor. It says:

"Strategy built more than $71 billion Transparent, scalable and homogenized collateral assets make us the leading issuer in the area of digital credit, with products covering multiple rates of return and volatility structures.

Our digital treasury business model can create tax-efficient credit instruments and adopt `ROC ' (capital return) Red Achieving higher levels of return than traditional credit. Recently given by S&P to Strategy `B- ' Credit Rating*We believe that this will significantly expand the potential market for corporate securities.

At the same time, we will continue to innovate on innovative credit instruments. These advances will further magnify the asset effects of bitcoin and benefit all ordinary shareholders. " ... "

The most significant of these is the "bitcoin gain of $20 billion", which has now been achieved at $13 billion, and if there is no additional bitcoin purchase at this time, the return of $7 billion is to be realized in the fourth quarter, that is, at least 10 per cent of the increase, and at current prices of $11w, Strategy's performance guidance suggests that the price of bitcoin will stand at $12w by the end of the year.

Risk tips

Micro-strategies have been successful because of leverage, and they have suffered from it. As a secure treasury company, its share price has come down from a high point to be cut off. The fear about him also came mainly from leverage.

Now micro-strategy $MSTR The market value is close to $70 billion and the amount of bitcoin held is close to $70 billion.

But on the balance sheet, assets 73.6 billion, liabilities 15.5 billion, priority shares (5.8 billion), ownership interests (i.e., the interest of ordinary equity shareholders, which corresponds to the value of 70 billion, code name) $MSTR) 52.3 billion.

From this perspective, the risks associated with leverage are present, but as long as Bitcoin does not fall, the risks are manageable.

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IV: Summary

How's the old encryption program going?

先说过去十年的沉寂者

再说过去十年的依然活跃的幸存者

Bitkin, Light Silver: The late fourth spring?

Stanbull block chain week will return in June 2026, and the heat of the Turkish encryption market continues to rise.

Turkey's participation in the world's leading encryption centre and strong market growth

About Istanbul Blockchain Week

16.7 per cent of commission charges are activated, UNI enters the age of repurchase deflation, and going beyond PUMP is only the starting point

1. United Nations Proposals

2. Eight core summary proposals

3. Detailed discussion of the United Nations proposal

4. Meaning and Summary

Tether, the financial empire behind stable: the 17th-largest-dollar debt holder with a profit of 10 billion.

Tther 25Q3 Financial Interpretation

Tether's holdout

III. Analysis of Tether subsidiary and subordinate projects

Summary

What will be Walrus do under the AI super-hardware cycle when it looks like the army is desperate at Han Monopolies.

"Pricing signals" in the financial paper: Strategy hinted at the end of the year or exceeded $120,000.

1. Summary of financial data and bitcoin holdings

2. Analysis of financial statements: New accounting standards year 2025, changes in Bitcoin assets are included in profit statements

3. Interpretation of terminology: ATM, Priority Unit, STRC

3.1 ATM

3.2 Priority Units

3.3 STRC

4. Corporate development and outlook

Risk tips

Together we Build

Fast, Trustworth, & Inform

– The 0xMedia Way

News

Analysis of the Tri-Quarterly Report

II. INFORMAL AND INVESTMENTAL DISCUSSIONS

III. Arc: "Economic Operating System" in the Internet age

IV: Summary

先说过去十年的沉寂者

再说过去十年的依然活跃的幸存者

Turkey's participation in the world's leading encryption centre and strong market growth

About Istanbul Blockchain Week

1. United Nations Proposals

2. Eight core summary proposals

3. Detailed discussion of the United Nations proposal

4. Meaning and Summary

Tther 25Q3 Financial Interpretation

Tether's holdout

III. Analysis of Tether subsidiary and subordinate projects

Summary

1. Summary of financial data and bitcoin holdings

2. Analysis of financial statements: New accounting standards year 2025, changes in Bitcoin assets are included in profit statements

3. Interpretation of terminology: ATM, Priority Unit, STRC

3.1 ATM

3.2 Priority Units

3.3 STRC

4. Corporate development and outlook

Risk tips

Together we Build

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