本文分析了稳定币市场的发展历程，从早期实验到当前USDT和USDC的主导地位，探讨了不同稳定币模型的优劣及其在全球金融战略中的角色。

The FTX bankruptcy liquidation team rejected Three Arrows Capital’s $1.53 billion claim, triggering a court battle between the two bankrupt crypto giants.

If the T1 phone emulates the success of the Solana Saga phone by airdropping stocks or issuing "MAGA coins", it may usher in the era of "Political Consumerism 2.0" and transform consumers into part of the economy.

全球多家企业纷纷宣布购买或计划购买比特币，以对冲通胀、提升估值或重塑财务战略。

This is not a speculative frenzy, but a thoughtful bet on storage of value, rebranding, and the future of finance.

There is no coincidental rise, only precise planning

Selling may be due to stop loss, cash flow pressure or strategic adjustment. Ethereum's fundamentals are weak, the growth of active addresses is stagnant, Layer 2 diverts value, and institutions are pessimistic, which has shaken the confidence of large investors.

MicroStrategy's financial report shows that the company's cash reserves are US$836 million, and future financing targets are divided into US$10 billion in 2025, US$14 billion in 2026, and US$18 billion in 2027. It aims to strengthen its core asset reserves by increasing its holdings of Bitcoin.

Ethereum’s Layer 1 network revenue has plummeted 99% since March 2024, but Layer 2 users and transaction costs have increased significantly.

Since its listing, the price of ETH has fallen by 4.05%.

Ethereum spot ETFs launched in the United States have been popular among investors, with eight funds seeing net inflows exceeding $1 billion.

By 2050, Bitcoin is expected to become one of the world's reserve currencies, with a price expected to reach $2.9 million.

Currently, these ETFs do not provide pledge services. Due to liquidity issues of pledge, pledge functions may be added in the future, but it will take some time.

Since Bitcoin’s halving in April, mining margins have come under pressure due to stagnant BTC prices and a depressed fee market, although short periods of on-chain congestion have brought some revenue relief.

Which protocols are users more likely to pay for services? What types of services do these protocols provide and what are their business models?