A comprehensive exploration of the BUIDL fund's operating mechanism, business logic and technical path.

This report focuses on the transformation of the stablecoin ecosystem: from the early issuance-focused approach to today’s distribution and actual usage.

A comprehensive inventory of the main categories and representative projects of the RWA ecosystem in 2025.

本报告深入探讨了以PC、手机、边缘设备等组成的异构分布式计算网络（DePIN）从“技术可行”走向“经济可行”所面临的重重挑战。

在加密市场从“概念”转向“实业”的关键阶段，Real World Asset (RWA) Tokenization 无疑是连接链上与链下资产世界的核心趋势。

This report deeply explores the concept, current status, challenges and future of DePIN.

This article explores in depth how DePIN works with smart wearable technology to reshape the new landscape of personal health management, and how DePIN provides breakthrough solutions to industry pain points in the face of challenges in data privacy, user control and value distribution.

Solana is becoming the preferred platform for DePIN projects with its high throughput, low transaction costs, mature developer ecosystem, and large number of user supporters. We see that a DePIN empire ecosystem is being nurtured on Solana.

Grayscale's top assets in the second quarter, three new project assets, two of which are related to DePIN. Messari shows that the DePIN track has grown to a market value of 50 billion US dollars. The financing scale in the first quarter increased slightly compared with last year, but the number of projects decreased significantly, indicating that DePIN is maturing. Last month, Messari and FrodoBot Lab jointly discussed the robot paradigm revolution in the AI era built by DePIN+AI. The main point of view is that the development of embodied intelligent AI depends not only on algorithms, but also on hardware upgrades, data accumulation, financial support and human participation. In the past, the development of the robotics industry was limited by high costs and the dominance of large enterprises, which hindered the speed of innovation. The construction of the DePIN robot network means that with the power of decentralized networks, robot data collection, computing resources and capital investment can be carried out collaboratively on a global scale, which not only accelerates AI training and hardware optimization, but also lowers the development threshold, allowing more researchers, entrepreneurs and individual users to participate. At the same time, it is expected that the robotics industry will no longer rely on a few technology giants, but will be jointly promoted by the global community to move towards a truly open and sustainable technology ecosystem.

How did Grass stand out among all the DePIN projects? What factors should Grass pay attention to in its subsequent participation?