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#BlackSeptember #Bitcoin #Fed “Black September” is a meme most of us know well. Each time the calendar flips to September, Bitcoin, Ethereum, and the broader market seem cursed: weak rallies, frequent sell-offs. As the most infamous risk month of the year, September’s poor performance isn’t unique to crypto — traditional markets like equities can’t escape it either. Amusingly, the phrase “Black September” actually originated from the stock market. This September delivered on that reputation again. Bitcoin broke key support, on-chain stablecoins rushed for the exits, and fear spread. As some joked: “Black September isn’t a legend — it’s a required course every year.” The September Curse: Seasonal Anxiety in Crypto 1. The market memory of an “unlucky September” Historical stats in U.S. equities show September has the lowest average monthly return, and the effect is even more pronounced in crypto. From 2017 to 2022, Bitcoin posted negative returns six Septembers in a row. Although this seasonal effect eased somewhat in 2023 and 2024, the “September curse” remains deeply etched in investors’ minds. Come September, even a small gust of wind can amplify fear. This time, BTC slipping below $110,000 and ETH breaking under $3,900 is a textbook case of “historical shadow + market expectations” applying dual pressure. 2. Why does September so often underperform? • Tighter liquidity: Overseas markets enter earnings season, capital tilts toward traditional assets, and risk appetite falls. • Macro policy sensitivity: The Fed, ECB, and others often hold rate meetings in September; markets are hypersensitive to rate expectations. • Market psychology: History nudges investors to take profits or cut exposure early, creating a self-fulfilling loop. In other words, September is often not a “trend-deciding month,” but a “risk-pre-release month.” Behind the BTC and ETH Plunge: Liquidations Are Only the Surface This sell-off once again reveals crypto’s brutality. Many headlines emphasized “longs and shorts liquidated” in derivatives. Data show over 250,000 traders liquidated in 24 hours, with more than $1.1 billion wiped out. On the tape, it looks like a classic leverage cascade. But pinning the drop solely on liquidations only grasps the surface. What truly drove the abrupt downturn was an imbalance of inflows vs. outflows, cooling narratives, a tighter macro backdrop, and the stacking effect of black swans. 1. Institutional flows cool: ETF net outflows exacerbate the drop Over the past two years, “institutionalization” was the market’s biggest certainty. Spot ETFs opened the gates for Wall Street capital, directly propelling BTC and ETH to new highs. Many investors even viewed ETFs as a “base-position backstop.” But in September, the tide turned: • ETH ETFs recorded multiple consecutive days of net outflows, totaling over $500 million. • Bitcoin ETFs also posted net outflows three times this week, totaling around $480 million. Translation: institutions trimmed risk and left. The “backstop bid” vanished. Remember, ETFs are merely pipes for money in and out — they don’t only flow one way. Plenty of retail traders fantasized that “with ETFs, it won’t drop,” but reality shows that when institutions see risk > return, they pull liquidity too. In short, ETFs are a double-edged sword. They can bring incremental capital, and they can also amplify downside when the market cools. 2. The DAT narrative cools: valuations re-anchor to NAV Beyond institutions, “narratives” powered this summer’s rally — especially the Digital Asset Treasury (DAT) model, which gave ETH a sizable premium. • In the hot July–August phase: weighted mNAV for ETH DATs once exceeded 5×, capital poured in, and volumes hit records. • By September: that story’s pull faded quickly; mNAV fell back near 1×, with almost no premium left. • Related projects’ on-chain activity dropped sharply; investor enthusiasm ebbed fast. This means the market is de-story-fying, re-anchoring capital to true net asset value (NAV). Without narrative support, ETH struggled to maintain lofty valuations — so a break below $3,900 became natural. It’s a reminder that crypto narratives are highly cyclical. From “AI + Crypto” to “RWA” to “DAT,” each story has a shelf life. When the buzz fades and capital turns rational, prices correct. 3. Macro factors: The Fed’s uncertainty Macro remains an inescapable variable. Recent U.S. data stayed strong — especially jobs and consumption — reinforcing views of a resilient economy. The fallout: • Hopes for an October rate cut were clearly reduced. • The Fed is split internally on whether to cut this year. • The U.S. dollar index strengthened, and global risk appetite fell. For BTC and ETH, that’s undeniably bearish. In global investors’ eyes, they remain high-volatility risk assets. When rate expectations wobble and the dollar strengthens, capital naturally flows out of crypto and back into more stable assets. Put simply, macro headwinds formed the essential backdrop for this drop. Without macro “help,” the negatives from ETF outflows and narrative cooling might not have been amplified so quickly. 4. Black swans: On-chain attacks fan the flames To make matters worse, recent security incidents on-chain helped fuel panic: • UXLINK was attacked, losing $11.3 million, alongside malicious minting. • On BNB Chain, GAIN was exploited for 5 billion tokens, and the price instantly plunged 90%. • The Hyperdrive stablecoin protocol account was attacked; all money markets were paused. By dollar value, these weren’t massive. But amid fragile sentiment, any black swan can be magnified into a stampede. Especially for retail, seeing “hack, crash, mint” triggers first-order selling. In that sense, exploits acted as fuses that fully released fear. In sum, calling this BTC and ETH plunge a derivatives liquidation cascade only captures the result, not the cause. The core logic was a turn in flows and sentiment: • Institutions withdrew via ETFs, draining liquidity. • The DAT narrative cooled, and valuations reverted to rational anchors. • Macro tightened, with Fed policy expectations unstable. • Black swans added fuel, amplifying panic. For investors, it’s another reminder: no single variable explains crypto price action. To understand volatility, you must track capital flows, narrative strength, and the macro — otherwise it’s easy to be fooled by appearances. Can October Bring a Turnaround? Here’s What the Market Is Saying 1. The bull case • Seasonality reversal: History shows October is often a “turnaround month” for Bitcoin, with mostly positive returns in recent years. • Policy catalysts: The U.S. Congress and regulators are advancing market-structure legislation for crypto; passage could lift confidence. • Institutional holding trend intact: VanEck data show 290+ companies hold a combined $163+ billion in BTC; institutional demand remains a long-term support. • A new ETH narrative: As treasury assets tilt toward ETH allocation, ETH could become the next institutional favorite. 2. The cautious view • Technicals not yet stabilized: BTC’s key support is near $109,500; a break could trigger a second leg down. • Unsteady flows: ETF inflows remain choppy; another stretch of net outflows would keep pressure on. • Macro risks linger: The Fed’s policy uncertainty is still the Sword of Damocles overhead. Conclusion This BTC and ETH sell-off once again validated the power of the September curse. In the short run, the market may keep chopping in fear; in the long run, crypto’s foundational logic hasn’t changed: • BTC remains the world’s strongest store-of-value asset. • ETH remains the most promising on-chain economic infrastructure. • Black September is a cyclical wobble point, not the end of the trend. After weathering storms, healthier rallies can follow. October just might be the next rebound’s starting point.

#BlackRock #Bitcoin #ETF According to market disclosures, the world’s largest asset manager BlackRock has filed in the state of Delaware, USA, for a Bitcoin Premium Income ETF (iShares Bitcoin Premium Income ETF). Keep in mind, BlackRock is already a giant in the global ETF market — its iShares product family manages over a trillion dollars. Previously, the Bitcoin spot ETF it championed was approved in the United States and was regarded as a “watershed” event for the crypto market in 2024. Now, it is once again attempting to launch a Premium Income ETF, which clearly sends a signal: traditional financial institutions are continuously expanding Bitcoin-related financial derivative products and bringing them into more complex and diversified investment frameworks. So here’s the question: what is a Premium Income ETF? How is it different from a regular ETF? What does it mean for retail investors and the crypto market? Next, let’s discuss the logic of a Premium Income ETF in the simplest terms. Click to register SuperEx Click to download the SuperEx APP Click to enter SuperEx CMC Click to enter SuperEx DAO Academy — Space Let’s first review some ETF basics 1. What is an ETF? ETF stands for Exchange Traded Fund. In essence, it is a basket of assets that trades on an exchange like a stock. For the average investor: when you buy an ETF, you’re effectively buying a basket of assets rather than a single underlying security. Its advantages are simple: strong liquidity, low cost, and high transparency. In the crypto market, we are already familiar with Bitcoin spot ETFs: they are backed by custodians that actually hold Bitcoin, and each share of the ETF represents a certain quantity of BTC. 2. Types of ETFs Index ETFs: Track an index (e.g., S&P 500 ETFs). Sector ETFs: Focus on a specific sector (e.g., tech ETFs, gold ETFs). Crypto ETFs: Use digital assets such as Bitcoin and Ethereum as the underlying. What we are discussing today — Premium Income ETFs — falls under innovative ETFs. They do not merely replicate price movements but aim to generate additional return for investors through a special income mechanism. What is a Premium Income ETF? Simply put, a Premium Income ETF is a fund vehicle that captures “premium” differentials to earn additional income. It’s not just “buying a basket of assets”; instead, on top of the ups and downs of the underlying asset, it allows investors to obtain an extra layer of “income enhancement.” Let’s break it down: 1) The meaning of “premium” “Premium” is a common phenomenon in financial markets. When an ETF’s market price is higher than the actual net asset value (NAV) of its underlying holdings, a premium arises. Conversely, if the price is below NAV, that’s a discount. In formula form: ETF price > actual asset value = premium ETF price < actual asset value = discount This is not uncommon, especially when trading liquidity is insufficient, investor demand is overly concentrated, or certain market frictions cause supply–demand imbalances. For Bitcoin, for example, when retail investors chase spot ETFs aggressively, it’s quite possible for the ETF price to temporarily exceed the actual value of the Bitcoin it holds. 2) The logic of a Premium Income ETF A regular ETF is typically “passive tracking,” i.e., it replicates the performance of the underlying asset to give investors indirect exposure. A Premium Income ETF goes a step further: it proactively captures the premium spread, converting the extra pricing differential created by market supply–demand mismatches into actual income. Common approaches include: Selling options: The fund uses existing holdings to sell calls or puts and collect option premiums from the market; Arbitrage trading: If a price gap exists between the ETF and the underlying, the fund locks in income through cross-market trades; Structured income distribution: The fund converts the premium portion into additional cash flow and distributes it to shareholders. In this way, investors don’t just follow the asset’s ups and downs; they can enjoy a dual-engine model of “underlying asset return + premium income.” 3) A plain-English example Suppose you buy a basket of apples with a market value of 100 USD, but due to short supply and strong demand, your “Apple ETF” can sell for 105 USD. The 5 USD difference is the premium. If the fund manager returns this extra income to investors via distributions or product design, your actual return is higher than simply buying apples. In other words, a Premium Income ETF helps you monetize the market’s non-rational premium into cash flow in your pocket. 4) Why do we need Premium Income ETFs? Investors typically pursue Premium Income ETFs for three reasons: Enhanced returns: In flat markets, a Premium Income ETF can deliver more return than a plain ETF; Lower barriers: It’s hard for ordinary investors to operate in options or arbitrage markets, but a fund can bundle these strategies for you; Flexible allocation: For small accounts, Premium Income ETFs are a convenient way to access “an extra layer of yield.” Of course, they are not perfect. Premiums don’t always exist — once the market becomes rational or liquidity is ample, the extra income can diminish or disappear; and the derivatives strategies used by Premium Income ETFs may at times increase volatility and risk. The uniqueness of a Bitcoin Premium Income ETF Combining “Premium Income ETF” with Bitcoin creates a very interesting chemical reaction. 1. Why is Bitcoin suitable for a Premium Income ETF? Large supply–demand swings: As a scarce asset, Bitcoin is prone to premiums or discounts. Developed derivatives markets: With futures, options, and perpetuals available, fund managers can capture premiums via arbitrage. Uneven global trading: Pricing differs by country and exchange, providing room for arbitrage. 2. Sources of income A Bitcoin Premium Income ETF might obtain income by: Selling call options → collecting option premium; Capturing ETF trading premiums → market-making and arbitrage; Exploiting futures–spot spreads → hedging to lock in returns. 3. Risk points Premiums aren’t persistent; once the market normalizes, the extra income may vanish. Using derivatives for arbitrage can introduce leverage-related risks. Complexity for retail: Structurally more complex than a plain spot ETF, with a steeper learning curve. What does a Premium Income ETF mean for ordinary investors? 1. Benefits Higher return potential: You don’t just track Bitcoin — you may also share in premium/arbitrage-driven income. Lower operational difficulty: No need to run complex arbitrage yourself — the fund does it for you. A new passive-income channel: It can attract those interested in Bitcoin who also want “extra yield.” 2. Risks Uncertain income: If premiums are unstable, income will fluctuate. Product complexity: Investors may not fully understand its mechanics, creating a gap between expectations and reality. Market risk: At its core it’s still Bitcoin exposure — sharp price declines still mean losses. The market impact of BlackRock’s move 1. For traditional finance BlackRock’s move indicates: Bitcoin-related financial products are becoming increasingly rich and varied; ETF innovation is no longer satisfied with “buy spot,” and is expanding into yield-enhancement products; Traditional institutions are actively exploring how to package crypto assets into more attractive investment tools. 2. For the crypto market Improved liquidity: A Premium Income ETF may attract more capital inflows and increase Bitcoin trading demand. Greater price stability: Fund arbitrage behavior could reduce price discrepancies across venues. More active derivatives: Options and futures markets may see greater institutional participation. 3. For investor psychology Retail will become more familiar with Bitcoin derivatives, moving beyond just “buy coin/sell coin.” Long-term investors may seek dual returns — steady cash flow plus capital appreciation. But chasing risk can emerge — if expectations for extra yield get too high, bubbles may form. Conclusion From the Bitcoin spot ETF to today’s Bitcoin Premium Income ETF, BlackRock is continuously pushing the boundaries of crypto financial products. The essence of a Premium Income ETF is to let investors share not only in Bitcoin’s price movements but also in the extra income generated by arbitrage. Behind this lies a key trend: crypto assets are being “second-engineered” by traditional finance — becoming more investable and more mainstream. For ordinary investors, understanding these concepts matters more than blindly chasing hot themes. After all, being able to buy coins is one skill; choosing the right financial product is a different level altogether

#UXLINK #UXLINKHack In the early hours of September 23, 2025, UXLINK — hailed as the “largest Web3 social platform” — suffered a severe security incident. Losses exceeded tens of millions of dollars, the token plunged over 70%, and the attacker even minted 1 billion UXLINK on-chain in a dramatic twist. Before the exploit, UXLINK had been a star in Web3 social: Mar 2023: UXLINK Dapp launched on Telegram, enabling social asset management and trading inside groups. Mar 2024: Raised $9M led by OKX Ventures. May 2024: Raised another $5M led by SevenX, HashKey Capital, and INCE Capital; registered users surpassed 10M. Jul 2024: Listed on multiple major exchanges; user growth and traction accelerated. Jun 2025: Outperformed on Upbit, topping gainers lists at times. With its Web3 + Social Finance (SocialFi) positioning, UXLINK was seen as a potential “social gateway” app. One hack dimmed the halo overnight. This incident quickly rocked the crypto space. Investors, exchanges, security firms, and even regulators paid close attention. This report reviews the attack end-to-end, analyzes the vulnerabilities and likely root causes, and examines the impact on tokenomics, user trust, and the broader industry. Timeline: From Suspicious Transactions to On-Chain Minting Phase 1: The First Signs According to security firm Cyvers, at around 00:43 on September 23, suspicious on-chain activity involving UXLINK was detected. The attacker first used delegatecall to strip admin privileges, then invoked addOwnerWithThreshold to tamper with ownership of UXLINK’s multisig. Funds were moved quickly thereafter: 4,000,000 USDT 500,000 USDC 3.7 WBTC 25 ETH Assets were bridged and swapped to DAI or ETH, then dispersed across multiple addresses. Minutes later, another suspicious address received 10,000,000 UXLINK (~$3M) and began selling. Phase 2: Official Confirmation and Initial Response Roughly an hour later, UXLINK confirmed on X (Twitter):“We have identified a security issue in our multisig wallet, resulting in unauthorized transfers to CEXs and DEXs. We have contacted major platforms to urgently freeze related assets and are working with law enforcement and security partners to trace funds.” The team added that: A large portion of stolen assets had been frozen; PeckShield and other firms were engaged to investigate; A clear compensation and account recovery plan would follow; User self-custody wallets were not directly compromised. While this calmed some nerves, what followed was even more unusual. Phase 3: The Attacker Mints 1,000,000,000 UXLINK On-chain data then showed the attacker unauthorizedly minted 1 billion UXLINK. Given that UXLINK’s original total supply was 1 billion, this instantly doubled supply and severely diluted existing holders. Complicating matters, the attacker sold across multiple CEXs and on-chain venues, reportedly cashing out around 6,732 ETH (~$28.1M) in short order. Ironically, the attacker appears to have been “hacked back” during a secondary incident — 542 million UXLINK was siphoned by a phishing contract. Funds then became highly obfuscated — worthy of a Hollywood script. Price Crash and Exchange Actions The attack cratered UXLINK’s market price. It briefly fell to $0.08529, down 71.9% in 24 hours — an abrupt cliff for an asset that had recently shined across exchanges. Korean majors Upbit and Bithumb flagged UXLINK as a “trading caution” asset: Upbit suspended deposits/withdrawals; Both exchanges said they would conduct technical and compliance reviews before deciding on resumption. Exchanges moved fast to prevent further user losses — and, implicitly, signaled concerns about the token’s economic integrity. Root Cause: The Multisig Trap After the incident, SlowMist co-founder Cosine wrote on X:“Most likely several private keys related to UXLINK’s Safe multisig were leaked. The attacker modified the multisig owners and moved funds.” Multisig wallets are considered a high-security standard, requiring multiple keys to authorize transactions. Here, key management failed: Some keys were likely leaked; Privilege and access controls were weak; Monitoring and alerting were insufficient, allowing rapid exfiltration. The takeaway: even with multisig, poor key distribution and governance can become a systemic risk. Deeper Impacts 1) Tokenomics Shock Minting 1B new UXLINK wasn’t just a technical flaw — it shattered the token model. Original total supply: 1B After attacker mint: 2B Circulating supply doubled, diluting existing holders; Confidence collapsed; the price nosedived. This mirrors hyperinflation in traditional finance. A recovery is nearly impossible without immediate token swaps or model resets. 2) Trust Erosion Despite assurances that user wallets weren’t affected, trust was badly damaged: Can funds be recovered? Was key leakage due to mismanagement? Will compensation be fair and timely? Web3 projects rest on community consensus. Once trust breaks, even strong backers and user metrics can’t easily repair it. 3) The Lesson: Multisig ≠ Absolute Security Key points the incident underscores: Multisig is not a silver bullet — private keys remain the weakest link. Many teams over-index on “we have multisig” while neglecting: Secure key storage and ops hygiene; Robust privilege separation; Regular audits and red-team drills. Expect an industry-wide re-evaluation of multisig + key management practices. 4) Blowback on SocialFi UXLINK is a flagship SocialFi project. The hack casts a shadow over the vertical. Expect more scrutiny of: Tokenized social relationships — is there a bubble? Real asset safety for users; Team security governance competency. Near-term, SocialFi may cool as investors demand stronger security baselines. UXLINK Announces a Token Swap Plan UXLINK says it will initiate a token swap and work with CEX partners to restore confidence. The path is arduous: How to ensure new tokens won’t face similar exploits? How to compensate existing users fairly? How to rebuild credibility with both community and investors? If these aren’t resolved convincingly, UXLINK risks the fate of many hacked projects: gradual marginalization. Industry Reminder: Security Is the Bedrock No matter the funding or user scale, a single lapse can wipe out years of effort. Blockchains remove the need for trust, but a project’s governance and security discipline ultimately decide its durability. By contrast, some top exchanges and platforms have invested heavily in multi-layered security. SuperEx, for example, established early: User-controlled assets (self-custody integration); Dynamic identity verification; Multi-signature systems; Real-time risk monitoring; Regular third-party audits with leading security firms. This multi-dimension approach has helped SuperEx keep user assets 100% secure and maintain platform stability through market turmoil and threat waves. Conclusion The UXLINK hack is more than a single project’s crisis — it’s a security siren for the entire Web3 industry. No matter how dazzling the tech or financial engineering, long-term success hinges on a simple question:Can you keep user assets truly safe?

#Hyperliquid #Aster #DEX The competition among decentralized exchanges (DEXs) has never been this fierce. In September 2025, a seemingly ordinary post lit up market sentiment: former Binance CEO Changpeng Zhao (CZ) shared a price chart that wasn’t Bitcoin or BNB. The chart’s subject was Aster, a newly launched token. With CZ’s brief “Nice work! Keep it up!,” Aster surged 400% in a short span and instantly became the market’s focal point. Traders realized this wasn’t merely a congratulatory note — it was a direct challenge to the rising DEX Hyperliquid. Over the past two years, Hyperliquid has leveraged a home-grown Layer 1 chain and deep liquidity to grow from a fringe player into a “CEX killer,” grabbing as much as 70% market share. With Aster’s sudden rise, that balance may be about to shift. This is more than a platform face-off — it’s a new chapter in the DEX vs. CEX power struggle. Aster’s Arrival Wasn’t Accidental — it’s a Calculated Move According to public information, Aster is the result of a merger between two DeFi protocols: Astherus (a multi-asset liquidity hub) and APX Finance (a decentralized perpetuals venue). The combined platform spans BNB Chain, Ethereum, Solana, and Arbitrum, positioning itself as a multi-chain DEX. Crucially, Aster enjoys long-term support from YZi Labs (formerly Binance Labs). As early as late 2024, Binance Capital invested in Aster’s predecessor and brought it into its incubation pipeline. As Hyperliquid’s share kept climbing, Aster was pushed to the front as a Binance-aligned counterweight to the “new DEX champion.” CZ’s public backing signals two things: Binance won’t sit out the DEX race. Hyperliquid won’t reign unchallenged. Behind it is an intensifying contest between a CEX giant and an ascendant DEX. Aster’s Technical and Product Highlights Aster’s rapid rise isn’t just about CZ’s nod — the product and design choices carry real competitive weight. 1. Unified Liquidity with Cross-Chain Support Traditional DEX pain point: fragmented liquidity and clunky, manual bridging. Aster aggregates cross-chain order book depth, letting users trade seamlessly across multiple networks without manual bridges. 2. Dual-Mode Trading UI Simple Mode: one-tap trading with MEV protection, for lightweight users. Pro Mode: full order book + advanced charting, for professional traders. This split lowers entry barriers while serving power users. 3. Hidden Orders Aster’s “hidden orders” resemble dark pools in TradFi, helping mitigate front-running and liquidation games — perennial issues in on-chain trading. 4. Yielding Collateral Beyond USDT, users can post asBNB (liquid-staking BNB) or USDF (yielding stablecoin) as margin — so collateral earns yield while securing positions, boosting capital efficiency. 5. Product Perimeter Expansion: Stock Perps Aster lists U.S. equity perpetuals, with some pairs offering leverage up to 1001x — pulling traditional assets into the on-chain arena. Net-net, Aster is pursuing “liquidity unification + product innovation” rather than cloning Hyperliquid. Hyperliquid vs. Aster: A Collision of Two Paths To grasp this contest, compare their core differences — and the industry logic beneath. 1) Architecture: Closed High-Speed vs. Open Multi-Chain Hyperliquid chose a self-built Layer 1, independent of Ethereum and others — an end-to-end chain “built for trading.” Pros: Extreme performance; CEX-like matching speeds on-chain Unified execution/settlement/data for a tight UX Strong control, fewer external dependencies Cons: A relatively closed ecosystem; slower to attract outside innovation; limited extensibility Aster embraced multi-chain integration (Ethereum/BNB/Solana/Arbitrum). Pros: Natural openness; lower barriers for diverse users Cross-chain liquidity scheduling High compatibility with existing DeFi tools Cons: Much higher technical complexity: bridge security, book synchronization latency, MEV defenses, etc. In short: Hyperliquid ≈ Apple-style closed ecosystem; Aster ≈ Android-style open platform. 2) Market Share: Fortifying vs. Catching Up Hyperliquid remains the dominant decentralized perps venue with ~70% share, >$15B in open interest, and roughly 200k DAUs — clear network effects. Aster is newer. In just six months it notched $514B in cumulative volume and peaked near $2B TVL (recently easing to $655M). For a cold-start phase, that’s meaningful traction. So: Hyperliquid: in moat-building mode — locking in with stable users and revenue Aster: in hyper-growth mode — leaning on capital + narrative; moat still forming One is defending the city, the other storming the gates. 3) Leverage & Product Perimeter: Divergent Risk Appetites Hyperliquid caps leverage at 40x — seemingly conservative, but it reduces cascade liquidations in tail events and stabilizes system health. Its brand is the “safe choice for professionals.” Aster takes the opposite tack: equity perps up to 1001x — a lightning rod in crypto. Fans say it meets extreme-risk demand and pulls in high-octane capital; critics call it “casino logic.” Practically, this reflects target segments: Hyperliquid: institutions and systematic/quant players seeking durability Aster: retail, short-term punters, and high-volatility seekers That user mix affects long-term ecosystem stability. 4) Token Design: Deflation Logic vs. Community-First Hyperliquid’s HYPE skews “equity-like.” With $1B+ annual fee revenue, the team buys back/burns, creating a dividend-ish + deflation profile — attractive to institutions and value-oriented holders. Aster’s ASTER leans “community experiment.” Of the 8B supply, 53.5% goes to the community via incentives, governance, and liquidity programs. Less focus on pure deflation; more on broad distribution to amplify network effects. Trade-offs: HYPE: stable, cash-flow backed, but thinner decentralization narrative ASTER: high community engagement, but more speculative price volatility Hence, Hyperliquid tends to attract big, steady money, while Aster stays hot with retail communities. Bottom line: Hyperliquid: Own chain + high performance + steady model → institutional/pro path Aster: Multi-chain + high leverage + community flywheel → narrative/user-count blitz This duel mirrors DeFi’s broader fork in the road: closed & fast vs. open & multi-chain, steady growth vs. high-risk expansion. The eventual winner might hinge less on short-term share and more on who adapts to regulation and evolving demand. Conclusion: Keep a Cool Head in the “DEX War” Aster’s emergence has undeniably energized the DEX track. It embodies both a CEX giant’s counterpunch and a new DeFi narrative. Yet for both Hyperliquid and Aster, long-term value will still be determined by real user demand and sustainable business models. For investors, avoid being swayed by sudden pumps or slick marketing. Return to fundamentals: Does the platform sustain meaningful, sticky volume? Is the model durable across cycles and stress events? Can the token truly capture and compound ecosystem growth? The DEX war has begun. The outcome is far from decided.

#DAT #Ethereum #Solana What is DAT? In short, DAT (Digital Asset Treasury) means an enterprise or institution adds digital assets (such as BTC, ETH, SOL) to its balance sheet as part of its strategic reserves. Unlike ETFs — passive investment vehicles — DAT emphasizes active management, boosting returns via staking, financing, derivatives trading, and more. This model was pioneered by Bitcoin. Since MicroStrategy announced in 2020 that it would hold BTC in its treasury, the logic of corporates buying crypto as reserves has gained market acceptance. With Bitcoin ETFs approved in 2024, institutional allocation demand has been fully unleashed. However, the Bitcoin treasury playbook is relatively simple — buy and hold — leaving less room for advanced asset engineering. Ethereum’s DAT builds on that and layers in richer “yield generation.” Ethereum DAT: From “Storage” to “Value-Add” Ethereum’s advantages are clear — higher volatility and staking capability — making it the top DAT pick after BTC. Data shows over 4.1 million ETH have been placed in various institutional treasuries, with a market value above $17.6 billion, accounting for 3.39% of ETH’s total supply. BitMine, SharpLink Gaming, and The Ether Machine together hold positions worth over $10 billion, effectively dominating the top end of institutional ETH treasuries. Why has Ethereum’s DAT moved faster? 1）Volatility creates financing room ETH’s historical volatility exceeds BTC’s, opening the door for arbitrage and derivatives strategies. ETH treasury companies often collateralize assets to issue convertible notes on better terms, lowering financing costs. 2）Staking generates steady cash flow Unlike Bitcoin, post-Merge Ethereum (PoS) lets ETH holders earn staking yield. Institutional DAT operators aren’t just hoarding — they can lock in recurring on-chain cash flows, turning ETH into a bond-like asset. 3）Ecosystem depth DeFi, NFTs, and RWA rely heavily on Ethereum, making ETH not just a reserve asset but also the fuel of a financial ecosystem. This network effect gives ETH DAT outsized strategic value. In essence, ETH DAT has evolved from “simple reserves” to “financial engineering,” offering listed companies a new capital-markets playbook. Solana DAT: The Rise of a New Force 1) From follower to breakout Even as ETH DAT boomed, Solana began catching Wall Street’s eye. Latest figures show 17 entities have established SOL treasuries, totaling 11.739 million SOL — about $2.84 billion — or 2.04% of total supply. This means Solana has moved from “edge chain” to the third major institutional allocation target, after BTC and ETH. Forward Industries, Helius Medical Technologies (HSDT), and Upexi have all named Solana a strategic asset. Capital heavyweight Galaxy Digital has doubled down as well, adding $400 million of SOL for Forward Industries. 2) DAT 2.0: The appeal of staking yield Another highlight of Solana DAT is attractive staking yields. So far, around 585,000 SOL — worth over $100 million — have been staked at an average yield of 6.86%. Upexi raised holdings from 73,500 SOL to 1.8 million SOL and staked nearly all of it, expecting ~$26 million in annual cash flow. In other words, Solana DAT is shifting from pure “reserve” to active value-add, akin to an interest-bearing asset in TradFi. 3) Wall Street logic: Smaller market cap, bigger elasticity Compared with BTC and ETH, SOL’s market cap is smaller (~$116 billion, roughly 1/20 of BTC). That means the same dollar inflow can move SOL’s price far more than BTC/ETH. For example, Forward Industries’ $1.6 billion injection into SOL would be equivalent to ~$33 billion of buying pressure in BTC terms. Given supply-demand dynamics, SOL’s price elasticity is greater — appealing to institutions seeking higher upside. Solana’s Distinct Appeal 1) High-performance network: TradFi-grade speed and cost Solana uses a monolithic design — unlike Ethereum’s modular route (splitting execution and data layers via L2s). By integrating functions on a single L1, Solana delivers very high throughput — tens of thousands of TPS — and ultra-low fees (often <$0.01 per transaction). For Wall Street, this is critical. Institutional settlement is highly sensitive to speed and cost. With recent upgrades, Solana cut transaction confirmation to ~150 ms, approaching Web2-grade UX. For the first time, a blockchain’s settlement layer starts to look compatible with financial back-office systems. 2) Broad use cases: Multiple tracks, parallel momentum If Bitcoin is a reserve asset and Ethereum is financial Lego, Solana’s edge is multi-vertical applications. It has solid traction across payments, DeFi, NFTs, GameFi, SocialFi, and DePIN (decentralized physical infrastructure). In stablecoins and tokenized assets, Solana is emerging as a mainstream settlement network. USDC circulation on Solana is climbing fast; some cross-border payment firms already use Solana for clearing. In DePIN, Helium fully migrated to Solana — proof of its capacity for large-scale IoT workloads. This “horizontal bloom” means institutions aren’t betting on a single narrative, but on a consumer-grade super-platform potential. 3) Early institutional adoption: Huge upside ahead Currently, institutional SOL ownership is below 1%, far lower than ETH (~7%) and BTC (~16%). That doesn’t imply lack of recognition — rather, it shows massive runway. With Solana ETPs advancing and more corporates adding SOL to DAT, institutional penetration could rise quickly. Unlike BTC and ETH — already deeply held — Solana is a low-penetration “white canvas.” Each incremental institutional buy can have an outsized impact on price and market cap. Part of Wall Street’s interest is precisely this market-cap elasticity. At ~$116B, SOL is ~1/20 of BTC and 1/5 of ETH. The marginal price impact of equal-sized inflows is therefore much larger for SOL. In short, Solana enjoys a late-mover advantage with substantial incremental potential in the DAT lane. Net-net: Financial-grade performance, multi-track demand, and low starting institutional penetration combine to make Solana one of the most commercially compelling blockchains in Wall Street’s eyes. Conclusion From Bitcoin to Ethereum, and now to Solana, Digital Asset Treasuries (DAT) are reshaping the institutional crypto map. BTC brings the certainty of a reserve asset. ETH showcases the value-add of a financial asset. SOL represents the high-growth potential of a next-gen L1. As Forward Industries, Helius, Upexi and others keep adding, and a potential Solana ETF gathers momentum, Wall Street capital is flowing into Solana at unprecedented speed. This is not just an investment trend — it’s a vote by global capital on how the crypto market structure is evolving. Whether Solana can truly cement its place as Wall Street’s new favorite will depend on its ability to balance hyper-growth with long-term resilience.

#fed #Crypto This time the Fed didn’t disappoint the mainstream chorus — it finally cut rates. The Federal Reserve announced a 25 bps reduction, lowering the federal funds rate target range to 4.00%–4.25%. This is the first cut since last December and broadly in line with market expectations. While the move isn’t aggressive, the signal sent has jolted global asset markets: U.S. equities swung, gold dipped, the dollar weakened briefly then rebounded, and major crypto assets like Bitcoin and Ethereum moved sharply higher. This rate cut isn’t just the reactivation of a policy tool; it also marks a shift in the macro backdrop and liquidity regime. For crypto, will this be the catalyst for a new bull cycle — or merely a short-term tailwind? This piece breaks it down across four angles: The Fed’s policy backdrop and logic How rate cuts impact traditional markets Direct and indirect effects on crypto How investors can weigh opportunities and risks Why the Fed Cut: Slowing Growth and a Double Bind In its latest FOMC statement, the Fed emphasized several points: Employment growth has slowed, and the unemployment rate has ticked up; Inflation remains elevated, but the overall risk balance has shifted; The rate cut is about “risk management,” not outright stimulus. In other words, the Fed faces a two-sided dilemma: On one hand: a softening labor market raises downside risk to employment; keeping rates high could hasten recession. On the other: inflation isn’t fully subdued, and an overly hasty cut could rekindle price pressures. Chair Powell stated plainly that “there is no risk-free path for monetary policy.” The choice is about balancing jobs and inflation — less a one-way pivot than a calibrated trade-off. Notably, the dot plot suggests room for two more cuts this year, with cumulative easing possibly reaching 75 bps. Markets have pre-priced much of this, which has helped support risk assets. First-Order Reactions in Traditional Markets Right after the decision, major markets responded quickly: U.S. equities: Nasdaq fell as much as ~1% before recovering; the Dow rose. Equities remain cautious on the rate path, but easier liquidity expectations still underpin prices. U.S. Treasuries: Yields fell, then rose — signaling ongoing disagreement on growth and policy trajectories. Gold: Spiked, then faded as some investors took profits. U.S. dollar: Dipped, then rebounded — underscoring that a cut doesn’t guarantee a sustained USD downtrend. Takeaway: the market treats the cut as a supportive signal, but not necessarily the start of a broad, long-lasting bull — more a near-term repricing. What the Cut Means for Crypto 1) Lower Funding Costs Favor Risk Assets There’s no direct mechanical link between crypto and the fed funds rate, but liquidity and risk appetite transmit powerfully. A cut reduces funding costs: The opportunity cost of holding cash falls, raising the appeal of risk assets; Institutional capital can deploy leverage or financing more readily; With global liquidity expanding, non-sovereign assets like BTC tend to benefit. As several analyses note, since 2023 USD liquidity has tracked Bitcoin’s trend closely. If this cut is followed by two more, it could become a core variable pushing BTC to fresh highs. 2) Bitcoin’s “Digital Gold” Thesis Gets a Boost In high-rate regimes, income-producing instruments (deposits, bonds) look more attractive. As rates fall, those “risk-free” returns shrink and BTC’s scarcity and upside optionality stand out again. Commentators argue this wave of cheaper capital can buoy Bitcoin further. Historically, each liquidity-easing phase overlapped with BTC bull legs: Post-2020 pandemic QE: BTC made new ATHs; From 2023’s pause in hikes: BTC advanced past the $100k mark; Now: will this cut ignite a third crescendo? It’s a key watchpoint. 3) Tailwinds for ETH and Application-Layer Assets Unlike BTC, ETH and broader application assets (DeFi, GameFi, etc.) rely more on active capital. Lower rates mean cheaper financing and speculation — these segments may show higher beta than BTC. Some strategists note that beyond BTC, ETH and AI-adjacent themes could also be beneficiaries. The pattern from prior cycles often holds: BTC leads, then ETH and higher-risk assets follow. 4) Short-Term Risks: Over-Exuberance and Higher Volatility A cut isn’t a one-way ticket up: “Buy the rumor, sell the news” can trigger profit-taking once the decision lands; Crypto volatility can amplify rate-driven sentiment — fueling both stronger rallies and sharper pullbacks. Market color suggests BTC is facing strong resistance around $110k–$116k. A clean break and hold favors continuation; failure risks renewed range-trade chop. Medium-Term: What Will Determine If the Bull Extends? Pace and magnitude of cuts: If three cuts materialize this year, liquidity improves meaningfully; a renewed inflation flare-up turning the Fed hawkish could whiplash risk assets. Macro resilience: Cuts often imply slowing growth; if recession risk rises meaningfully, risk appetite can deteriorate — dragging on crypto. Regulatory climate: Liquidity helps, but policy remains the biggest wildcard. U.S. SEC/CFTC posture and global compliance paths will shape the speed of institutional inflows. Sentiment & cycle: With BTC already near historical highs (≈$118k), continuation requires fresh net inflows, not just rate-cut optics. Investor Playbook: Opportunity and Risk Positives: improving liquidity; potential for BTC/ETH to revisit or make new ATHs. Risks: overheated short-term sentiment and elevated volatility — chasing breakouts carries danger. Practical approach: Track key support/resistance on BTC/ETH; avoid emotion-driven chasing. Follow DeFi/AI/app-layer themes, but size positions conservatively. Long-term allocators can treat the easing cycle as a DCA/add window — ladder entries rather than lump-sum buys. Bottom Line This Fed cut is both a policy adjustment and a reshaping of global liquidity conditions. For crypto, it may be a powerful bull-market extender — but it doesn’t erase risk. As Powell said, there’s no risk-free policy path. Likewise, there’s no risk-free crypto allocation. In a market where inflows and volatility co-exist, investors must see the opportunity and keep their discipline. In short: rate cuts are a catalyst for crypto — but whether we make new highs will depend on the confluence of liquidity, policy, and sentiment.

#Pump.fun #Live-Stream If the keywords for the 2023–2024 crypto market were “meme-coin mania,” then the keyword for September 2025 is unmistakably the Pump.fun live-stream boom. On one side, the $PUMP token’s market cap has surpassed $8 billion, with creators’ cumulative income exceeding $19.3 million. On the other, the community is churning out 24/7 “reality-show-style” live events: from a “hard-mode raid” at a Los Angeles ballpark, to the “stolen hat and slap” episode at a fitness influencer’s gym, to charity narratives and Web2 influencers crossing over. Pump.fun has, in an unprecedented way, bound live content to token narratives. Does this wave herald a new chapter in Web3 innovation — or the next high-risk gamble? This piece breaks down the “live-to-earn gold rush” across data, project cases, model logic, risk factors, and future outlook. From “Chaotic Experiment” to “Phoenix Reborn”: Pump.fun’s Evolution To understand the roots of this craze, we have to rewind to Pump.fun’s first attempt in 2024. Back then, the platform rushed to fuse meme-coin issuance with real-time interaction, hastily launching a live-stream feature. The “chaotic experiment” ended in failure. With no effective moderation in place, content quality plunged; negativity spread; creators, lacking a stable income path, quickly churned. Under heavy community backlash, the platform yanked the feature. The failure proved that simply porting a Web2 model into Web3 doesn’t work. As Wendell Phillips said, “Failure is a great teacher if we will only learn from it.” Pump.fun clearly took that to heart. When it relaunched live streaming in early 2025, it rolled out a series of pivotal upgrades. Beyond tighter moderation and KYC to address quality, it introduced a game-changer — Project Ascend. Project Ascend is a tiered creator-fee system. Instead of relying on one-off tips or gifts, it continuously shares ~1% of the live token’s market cap with creators. In other words, as long as a project’s market cap grows, creators keep earning — without needing to dump tokens or beg for oversized tips like traditional Web2 streamers. This creates a closed economic loop: viewers buy tokens to support creators → token market cap rises → creators earn ongoing revenue → creators reinvest in better content or buybacks → token price gets another lift. With sustainable incentives, creators can treat streaming as a career, not a gamble. On the strength of these upgrades, Pump.fun’s live traffic and platform metrics exploded. At the peak, concurrent live streams even surpassed Rumble, with eyes now set on Twitch’s market share. Prospectors in the Boom: Different Plays from Hit Projects This wave has produced cohorts of “prospectors,” each with distinct modes. Their success reveals the diversity of narratives and business models emerging under Pump.fun’s live vertical. 1) IRL Adventure/Challenge These projects excel at generating “hero moments.” Bagwork is emblematic. Its narrative revolves around boxing spirit, but its viral spread stems from bold, even outrageous IRL acts: livestreaming an arrest at Dodger Stadium, getting slapped for grabbing a hat at a gym, and more. These conflict-heavy clips, cut down for X and TikTok, broke out of crypto’s echo chamber and pulled in a flood of non-crypto viewers. The format fuses “reality-show” drama with Web3 token incentives, sending prices surging on viral momentum. 2) Charity/Tip-Interaction These projects tap human goodwill and emotional resonance. KIND donates 100% of creator rewards to small streamers, centering on public-interest and love. The narrative attracts like-minded users and builds robust community identity through “acts of good.” STREAMER looks more like a Web3 version of “short-video tipping”: it reroutes trading fees to tip popular streamers in exchange for promotion and uses live leaderboards so supporters feel participatory pride while backing their favorites. 3) Leveraging Web2 Star Power: BUN COIN Former League of Legends pro @BunnyFuFuu launched a token on Pump.fun riding his massive YouTube and X following, quickly drawing huge attention. Meanwhile, CLIP, focused on UGC, rewards users for creating and sharing short videos, combining the viral mechanics of short-form culture with crypto incentives to create a positive flywheel. All these wins show Pump.fun’s live-stream model has surpassed “just launching a coin.” It’s building a hybrid ecosystem of entertainment, social, incentives, and finance. The Model Logic: Pump.fun’s Closed Loop and FOMO Engine The “live-token” logic on Pump.fun essentially binds content consumption → community participation → token price into a loop: Viewers buy tokens to back the streamer → streamer generates IRL moments and topics → community amplifies virally → token price rises; creator and platform take fees → platform uses fees to buy back $PUMP → lifts ecosystem market cap. Notable traits: Immediacy: audience mood shows up instantly in the market. High risk/high reward: IRL content creates explosive highs — but can crater just as fast. Streamer dependence: token narrative and value are tightly tied to a streamer’s sustained output. …And the Risks That Come With It A path with “time sensitivity, high upside, and strong dependency” is risky in any vertical — Pump.fun is no exception: 1) Short Content Lifecycles; Fragile Core Narrative Most live tokens hinge on a streamer’s charisma and cadence. If they burn out or leave, consensus collapses fast. Hype depends on “highlight moments.” Without fresh stunts, viewers churn quickly. Prices can halve in a heartbeat, with lifespans often shorter than classic meme coins. 2) outsized Streamer Power; Human-Nature Risk Amplified Live, interactive formats make audiences easier to sway. In this high-volatility setup, streamer speech power is outsized, and any misstep can whip prices. Data shows these tokens can be +27% in a day, then dump 80% in a flash — making them speculative instruments, not steady investments. 3) Fragile Community Consensus With little long-term cultural ballast and mostly short-term emotion at work, constructive value is scarce. Stats suggest 99.8% of Pump.fun launches end up worthless — not by accident. 4) The Sword of Damocles: Compliance & Regulation IRL challenges often skirt legal gray zones. Despite Pump.fun’s improvements, live content and token issuance still face major regulatory risk. If deemed illegal fundraising or securities fraud, the platform and ecosystem could be shuttered. Yet — What’s Worth Watching Despite the risks, Pump.fun’s model does surface intriguing possibilities: 1. From “Solo Show” to “Shared Culture” Expect game-based live tokens where viewers vote on gameplay — diluting dependence on a single face and creating shared narratives. 2. VTuber/AI Fusion AI-assisted creation + VTuber avatars can stabilize output and reduce IRL risk. 3. Charity/Public-Good Tracks KIND proves “positive sentiment” can move price. More “benevolent narratives” may emerge. 4. Ecosystem Integration Pump.fun could extend deeper into entertainment/gaming, competing for slices of Twitch and YouTube. Conclusion Pump.fun’s live-stream surge is a bold innovation, deeply fusing Web2 entertainment with Web3 token economics. It proves crypto is not only a technical sandbox but also a cultural and entertainment testbed. For everyday participants, this wave demands extreme caution. Staying sober in the frenzy is the only survival guide. Beyond chasing near-term “highlight moments,” evaluate whether a project’s narrative is sustainable, its community culture is healthy, and the creator’s long-term plan is credible. Always remember: in crypto, 99.8% of projects go to zero. Don’t let short-term parabolic moves and FOMO cloud judgment — DYOR, and never go all-in.

#USDT #USAT #Tether Is USDT getting a sibling? On September 12, the world’s largest stablecoin issuer, Tether, officially announced it will launch USAT, a U.S.-market–focused, fully compliant U.S. dollar stablecoin. At the same time, Tether named former White House Crypto Council Executive Director Bo Hines as USAT’s CEO and confirmed the coin will go live before year-end, in compliance with the newly passed GENIUS Act in the United States. The news drew strong attention across the global crypto market and traditional finance. For years, Tether’s USDT has been viewed as an “offshore dollar,” with a market cap of $169 billion, accounting for 58% of the stablecoin market. Yet it has never fully entered the U.S. compliance framework. Now, the launch of USAT signals Tether is proactively filling that gap — moving into a new stage as an onshore dollar. So where are USAT’s core highlights? Why did Tether choose to roll out a compliant stablecoin now? What impact will this move have on the U.S. and global stablecoin markets? This article breaks it all down. Why Is Tether Launching USAT? From the outside, Tether hardly looks short on money. In 2024, Tether’s net profit hit $13 billion, and it even became one of the largest holders of U.S. Treasuries — surpassing countries like Germany, South Korea, and Australia. So why go to all the trouble to launch an entirely new, U.S.-compliant stablecoin? Mainly three reasons: 1. The massive potential of the U.S. market While USDT is hugely popular globally, it has long been suppressed in the U.S. by rival Circle’s USDC. Circle has leveraged compliance advantages and licenses to lock in U.S. enterprise and institutional users. As the world’s largest financial market, the U.S. is not somewhere Tether can remain absent forever. 2. Regulatory pressure forcing a shift The U.S. recently passed the GENIUS Act, explicitly requiring stablecoins to be backed 1:1 by cash or U.S. Treasuries and to undergo audits. USDT’s reserves include bitcoin, gold, and other assets — out of scope under the act. In other words, without a compliant product, Tether would be marginalized in the U.S. market. 3. A dual-track global strategy USDT will continue as the offshore dollar, serving emerging markets and the unbanked; USAT will be the onshore dollar, giving U.S. enterprises and financial institutions a compliant stablecoin option. This is Tether’s “dual-coin strategy.” In short: USDT solves global usability; USAT solves U.S. compliance. “Compliance” Is USAT’s Biggest Selling Point USAT’s number-one draw is, without doubt, compliance. But merely meeting regulatory requirements doesn’t fully capture its strategic importance. In reality, USAT signals stablecoins entering a “2.0” phase: not just payment tools, but bridges between TradFi and Web3. 1) Under U.S. oversight: Compliance is the ticket in — and a moat USAT’s issuer is Anchorage Digital — a national trust bank regulated by the U.S. Office of the Comptroller of the Currency (OCC) and the only national-level compliant institution approved to custody crypto assets. Historically, the biggest “short board” for stablecoin projects has been regulatory uncertainty — USAT directly addresses this pain point. This not only means USAT can legally operate in the U.S., but that it has a compliance moat. For traditional financial institutions, compliance is the prerequisite for adoption. Banks, payment giants, and multinationals rely far more on regulatory frameworks than retail users or DeFi participants. USAT’s backing gives it a shot at entering the mainstream financial system, potentially becoming a standardized tool for enterprise on-chain settlement. In other words, USAT’s “compliance” isn’t just a regulatory rubber-stamp — it’s the admission ticket to institutional adoption. That’s something USDT has long lacked. 2) Transparent reserves & compliant audits: A trust revolution for stablecoins Tether’s most persistent criticism has been reserve transparency. While USDT enjoys enormous liquidity worldwide, institutional investors and U.S. regulators have remained skeptical of its reserve composition. USAT will be different. It commits to 100% backing by cash and U.S. Treasuries, strictly maintaining a 1:1 reserve. More importantly, reserves will be custodied by Cantor Fitzgerald, a top Wall Street investment bank and primary dealer that deals directly with the Federal Reserve. What does this mean? Users can redeem 1:1 at any time without worrying about reserve shortfalls; Regular audits ensure transparency, boosting institutional confidence; Since Treasuries are among the safest assets, USAT’s credit risk is almost equivalent to the U.S. Treasury itself. This amounts to a stablecoin trust revolution. In recent years, frequent blow-ups (e.g., TerraUSD) eroded confidence in “algorithmic” support. USAT’s reserve model plugs those holes: not only compliant, but verifiable. 3) Strong personnel background: Dual protection — from product to policy In finance and crypto, personnel often matter more than products. Tether’s appointment of Bo Hines as USAT CEO is a strategically significant choice. Hines comes from the policy world, having served as Executive Director of the White House Crypto Council and deeply involved in U.S. digital asset policymaking. He not only understands how to engage with regulators, but can also push stablecoins onto the policy agenda. This means USAT is not just a product — it’s also a “political calling card”: It can play offense in regulatory negotiations; It can respond to new policy immediately, avoiding passive remediation; It can build direct channels with Congress, Treasury, and other agencies. Put differently, USAT’s localization is not just a registered address in the U.S. — it is a full entry into the policy discourse. That’s critical for winning institutional trust. 4) Platform tech upgrade: Not only a stablecoin, but an asset-tokenization tool USAT will run on Tether’s Hadron technology platform. Hadron is Tether’s next-gen infrastructure that supports not only stablecoin issuance but also real-world asset (RWA) tokenization. This means USAT’s future goes beyond “1 USD = 1 USAT.” It may connect with broader assets: Treasuries on-chain: let institutions buy/sell U.S. Treasuries directly on-chain, simplifying settlement; Corporate bonds or notes: via the USAT platform, companies could issue tokenized debt, lowering financing thresholds; Commodities & real estate: in the future, users could buy or collateralize gold, real estate, and more within the USAT ecosystem. From this perspective, USAT isn’t a standalone product; it is a key cornerstone for putting U.S. dollar assets on-chain. Its potential goes far beyond payments and transfers — it could become the general gateway for U.S. financial assets entering Web3. 5) In summary, USAT offers four core advantages: Compliance: Recognized by U.S. regulators — the entry ticket for institutions; Transparency: 100% cash & Treasuries backing — setting a new trust standard; Localization: Deep political/policy background — smoother regulatory interfacing; Technology: With the Hadron platform, a foundational layer for asset tokenization. If USDT is the global “offshore dollar,” USAT is the U.S.-domestic “onshore dollar.” The two complement each other, forming Tether’s dual-track strategy. This is not only Tether’s transformation — it also marks the stablecoin industry’s entry into a new era of compliance + institutionalization. Impact on the Industry Landscape 1. A direct threat to USDC Circle’s biggest advantage has been compliance. Now Tether is playing that card with USAT. With Tether’s scale and brand power, USAT could quickly attract a large user and institutional base. 2. A challenge to traditional financial institutions JPMorgan, Stripe, and even the Federal Reserve are exploring stablecoins. Tether’s move is a beachhead landing, putting pressure on banks and payment giants. 3. A template for global regulators Hong Kong launched the world’s first stablecoin regulatory ordinance in 2025, while the U.S. GENIUS Act represents another model. Tether’s dual-coin strategy will be a case study for regulators worldwide. Conclusion: Will USAT Become America’s “On-Chain Dollar”? Tether’s USAT is not just a product upgrade — it’s a strategic shift: From offshore to onshore; From opaque to compliant; From global hegemon to a powerful competitor in the U.S. market. The future stablecoin landscape may look like this: USDT: Continues to dominate globally, especially in emerging markets; USAT: Faces off against USDC in the U.S. market; Other stablecoins: Seek niches and specific application scenarios. One thing is certain: USAT’s birth will accelerate industry reshuffling and deepen the U.S. dollar’s footprint in digital finance

#CryptoAssets #Crypto #BTC Why hold crypto assets? You might think that, as a crypto professional, urging people to hold crypto is just business as usual. But I’m guessing you haven’t looked closely at data like this: The number of Fortune 100 companies announcing cryptocurrency, blockchain, or Web3 initiatives rose 39% year over year. A survey of Fortune 500 executives found 56% say their firms are building on-chain projects, including consumer-facing payment apps. About 34% of small and mid-sized businesses now use crypto — double the 2024 figure. 46% of non-users plan to start using crypto within the next three years. Roughly 80% of institutional investors plan to increase allocations to crypto assets in 2025. The top 20 economies worldwide are all deploying crypto infrastructure — stablecoins, RWA, and more. This tells us crypto and blockchain are being broadly adopted and invested in by enterprises and institutions globally. So is crypto still “niche” or “marginal”? After more than a decade of development, the industry is very much center stage. Now back to the core question: Why hold crypto assets? Their significance goes far beyond speculation. From multiple angles, here’s why holding crypto is a choice worth serious consideration in the digital era. “Digital Gold”: A New Form of Store of Value Many people first hear about crypto via Bitcoin being called “digital gold.” That’s not a throwaway metaphor. Gold’s value stems from scarcity, global consensus, and inflation resistance. Bitcoin shares these traits: Scarcity: Supply is capped at 21 million — no infinite debasement. Global consensus: Running for 15+ years with participants worldwide — trust is hard-won. Inflation hedge: As fiat currencies like the USD and EUR steadily lose purchasing power, Bitcoin’s store-of-value role stands out. In short, holding Bitcoin is like moving your wealth onto a global, tamper-resistant ledger. That “digital gold” profile makes it a useful tool for hedging fiat debasement. A Decentralized Financial Toolset If traditional finance is a skyline of high-rises, crypto is a new city being built. In this city, banks, brokers, and clearinghouses are replaced by code. Smart contracts move and transact value without third-party intermediaries. For example: In traditional finance, a cross-border transfer can take days and cost hefty fees. On-chain, with stablecoins like USDT/USDC, you can complete cross-border payments in minutes at near-zero cost. This efficiency and decentralization are reshaping what finance can be. Holding crypto means participating in this new system — and directly enjoying its convenience and freedom. A New Avenue for Wealth Growth Critics say crypto is too volatile. True — volatility exists. But that’s also where opportunity lives. A quick look back: 2010: 1 BTC < $1 2017: BTC broke $20,000 2021: BTC above $69,000 2025: BTC above $120,000 Such moves are almost unimaginable in traditional markets. Not every crypto asset will chart a curve like Bitcoin’s. But as a whole, this emerging market is still expanding rapidly. Like the internet in the 1990s, early risk and bubbles were inevitable — yet those who held through cycles and rode the trend captured outsized returns. A Borderless, Global Asset In the real world, finance is constrained by countries, banks, and capital controls. Crypto is inherently borderless: No bank account required — just a wallet to manage global assets. No convoluted FX process — transact with anyone in any country. Even where financial infrastructure is weak, crypto lets people plug into the global economy. That gives crypto a natural financial-inclusion profile. In developing regions, it’s not just an investment vehicle — it may be the only practical on-ramp to modern finance. Your Ticket to the Innovation Economy Crypto isn’t just a wealth container — it’s a ticket into tomorrow’s digital economy: DeFi: Provide liquidity, earn yield, borrow/lend — you need crypto assets to participate. NFTs: Collect digital art or virtual land — traded with crypto. GameFi, SocialFi, the metaverse: These ecosystems all run on crypto at the core. Holding crypto is effectively holding an access pass to frontier innovation. Without it, engaging with these new economies becomes much harder. A Hedge Against Uncertainty The 2020 pandemic, 2022 geopolitical shocks, 2023 global inflation — recent years underline how uncertain the world has become. In that context, relying solely on fiat or traditional assets can be riskier than it seems. Crypto — especially Bitcoin and stablecoins — is emerging as a hedging tool: Bitcoin: Hedge against long-term inflation and monetary expansion. Stablecoins: Park capital during volatility while staying on-chain and liquid. This flexible mix can make portfolios more resilient and help investors weather uncertainty. A Wealth Identity for the Young Crypto is also a cultural signal, especially for younger generations. For many born in the 1990s and 2000s, crypto isn’t just a way to profit — it’s a statement of values and freedom: Belief in an open, transparent, decentralized future. Building new social and economic relationships in virtual spaces. Treating crypto ownership as a badge of participation in what’s next. That’s why adoption among younger cohorts outpaces traditional assets. Policy and the March Toward Compliance Worried that governments might ban crypto outright? The global trend is not prohibition, but regulated integration: The U.S., EU, and Japan are bringing crypto under formal regulatory frameworks. Hong Kong and Singapore are actively embracing the industry and attracting firms. Stablecoins and ETFs are pushing crypto into mainstream finance. That means holding crypto is likely to become more compliant, less risky, and more widely accepted over time. How to Hold Crypto Rationally Every investment has risk — crypto included. To hold sensibly: Think long-term: Don’t be shaken by short swings; zoom out for the big picture. Diversify: Avoid all-in bets. Allocate across Bitcoin, Ethereum, stablecoins, and a measured slice of high-conviction projects. Security first: Use secure wallets, protect your keys, beware of strangers and too-good-to-be-true yields. Keep learning: Crypto evolves fast. Continuous learning helps you seize opportunities and sidestep traps. Conclusion: The Future Is Here — Your Move To recap: Bitcoin is digital gold — a tool against inflation. Crypto assets are the core of decentralized finance — offering efficiency and freedom. They’re a new channel for growth, a borderless global asset, a ticket to innovation, and a hedge. And increasingly, they’re the wealth identity of a new generation. So why hold crypto assets? Because they’re not just an investment — they’re your connection to the digital future. In the 20th century, you may have missed the internet’s windfall. In the 21th, are you ready to grasp the opportunity that crypto brings?

At the inaugural OECD Global Financial Markets Roundtable held recently in Paris, France, U.S. Securities and Exchange Commission (SEC) Chair Paul S. Atkins delivered a speech that drew worldwide attention. Unlike the SEC’s cautious — even adversarial — stance toward crypto in recent years, Atkins’ message this time was unmistakably clear. He stated bluntly: “The era of cryptocurrencies has arrived.” He further emphasized that most crypto tokens are not securities, and that the United States must provide entrepreneurs with clear rules for financing and trading — rather than letting them wander in a gray zone. At the same time, he introduced Project Crypto, a plan aimed at modernizing the securities regulatory framework end-to-end and, for the first time, placed artificial intelligence (AI) and blockchain together in a future vision of finance on the global stage. This speech isn’t just about a shift in regulatory tone; it could become a watershed moment for the next decade of U.S. capital markets. Below is a comprehensive breakdown from several angles. Four Angles to Interpret Paul S. Atkins’ Speech 1) A Redefinition of Crypto’s Status Over the past decade, the SEC’s approach to crypto has wavered. More often than not, it has leaned toward classifying tokens as securities and has frequently relied on enforcement actions to clamp down on crypto firms. Giants like Coinbase and Ripple have long been locked in regulatory tug-of-war due to the SEC’s hardline stance. In this speech, however, Atkins made one core point crystal clear: Most crypto tokens are not securities. The SEC will draw clear boundaries and provide explicit standards, rather than rely on “enforcement by ambiguity.” Entrepreneurs must be able to raise capital on-chain without living under perpetual legal uncertainty. What does this mean? Compliance pathways for fundraising open up: Until now, many U.S. blockchain startups had to set up overseas entities or design convoluted structures to skirt U.S. rules. Once lines are clearly drawn, they can finance directly in the U.S. Market confidence strengthens: Investors fear policy risk most. When the SEC Chair publicly says “not all tokens are securities,” it’s essentially a market-wide reassurance. A shift from “enforcement first” to “rules first”: For the entire industry, this marks a transition from fear to order. Put simply, this shift could directly propel the U.S. to become the new global center of crypto innovation. 2) Project Crypto: Blockchain-Enabling the Securities Rulebook Throughout the speech, Atkins repeatedly referenced Project Crypto — an ambitious SEC-led initiative whose goals are to: Modernize the securities regulatory framework comprehensively; Build on-chain capital markets; Allow trading, lending, staking, and related services to operate under one unified framework. In other words, financial services that used to be strictly siloed could be integrated into a more efficient, unified system. In the crypto world, this model is often dubbed a “super app.” Example: Today in the U.S., to buy stocks you go through a broker, to borrow you go to a bank or lender, and if you want staking or yield products, there are virtually no compliant channels. In the future envisioned by the SEC, you might do everything on one platform — and entirely on-chain. This isn’t just a regulatory upgrade — it’s a digital revolution in the financial system. 3) AI + Blockchain: Toward Agency Finance Another highlight: Atkins paired AI and blockchain in the same breath and introduced the concept of “Agency Finance.” His vision: AI will become the executor of automated finance — conducting trading, risk management, and capital allocation at speeds far beyond human capacity. Blockchain provides a transparent, auditable foundation for settlement and compliance. Together, the market could evolve toward self-running financial agents with minimal human intervention. It may sound sci-fi, but the trend is already visible: Major Wall Street banks are using AI for quantitative strategies. In DeFi, smart contracts already shoulder part of the “automated oversight” function. When these two truly merge, we may see entirely new financial paradigms. For example, an AI agent could automatically allocate your portfolio — stocks, tokens, bonds, even NFTs — while every action is recorded on-chain in real time, both compliant and transparent. For everyday investors, this means Wall Street-grade strategies could finally become democratized. 4) A Dialogue with Europe: MiCA and Cross-Border Cooperation Atkins also called out the EU’s MiCA framework — arguably the most complete crypto regulatory regime in force globally — and noted its ongoing rollout in Europe. He said: The U.S. needs to learn from Europe, especially the clarity MiCA provides. International cooperation is essential; blockchain is inherently global and cannot be policed by one country alone. Implications: In the future, the U.S. and Europe may push cross-border compliant frameworks in tandem. If the two largest financial blocs converge on crypto regulation, other regions will be compelled to follow. This would push global digital assets into a new era of compliant internationalization. Why Did This Speech Cause Such a Stir? A fundamental shift in regulatory posture: The era of “enforcement first” gives way to an era of clear, knowable rules. The U.S. may reclaim the crypto innovation hub: In the last two years, Dubai, Singapore, and Hong Kong lured many crypto firms with friendly policy. If the SEC offers stable rules, the U.S. could draw capital and companies back. A digital restructuring of capital markets: Trading, lending, staking, and more operating under one platform and one framework will massively raise efficiency and reshape competition. A new AI + blockchain paradigm: Once AI marries on-chain finance, the capital markets of tomorrow may look nothing like today’s. Acceleration of global compliance trends: If the U.S. and Europe reach consensus, the global regulatory map for digital assets will be rewritten. Where Are the Opportunities — for Investors and Businesses? For Investors More compliant products: In the future, within a compliant framework, you may directly buy tokenized Apple, Microsoft, or even AI-driven portfolio funds. Lower risk: Less fear of “stepping on landmines” due to unpredictable SEC enforcement. For Startups Clearer funding channels: The ability to raise capital legally within the U.S. More room to innovate: Super apps, AI-powered financial services, and more may be explicitly permitted to explore. For Traditional Financial Institutions Enormous transformation pressure: Those who don’t keep pace with blockchain and AI risks may be overtaken by new platforms. Conclusion As Atkins quoted Victor Hugo: “People can resist the invasion of an army, but not the invasion of an idea.” Crypto was once rejected, suppressed, and marginalized. Now it is becoming part of the global financial system. This time, the United States is not choosing resistance — but leadership. From Project Crypto, to AI-driven agency finance, to regulatory cooperation with Europe, the signal from this speech is unambiguous: the crypto era has truly arrived.

#SuperEx #DeFi What is DeFi? Its full name is Decentralized Finance. Why decentralize? The reason is simple. Most of us are used to bank accounts, stock investing, or credit card spending — all of which rely on centralized institutions for management and approval. The result, as everyone has likely experienced firsthand: frequent delays, cumbersome processes, and fees set unilaterally by the central institution. DeFi (Decentralized Finance) offers a brand-new financial model. Through blockchain and smart contracts, asset management, lending, trading, and even wealth management can all be completed without intermediaries. You no longer need to rely on banks, nor worry about human delays or complicated procedures. Funds operate automatically on-chain according to rules, and every step is transparent and auditable. DeFi is not just a new concept — it is gradually reshaping the global financial ecosystem. It allows users to control their funds autonomously while participating in multiple financial activities: you can lend assets to earn interest, provide liquidity to receive trading rewards, and use automated strategies to optimize returns. Compared with traditional finance, DeFi’s advantages lie in openness, transparency, and flexibility, but it also carries risks such as smart contract vulnerabilities, market volatility, and regulatory uncertainty. From the perspective of the SuperEx Popular Science Series, this article provides a comprehensive interpretation of DeFi. We will introduce DeFi’s core concepts, market hotspots, operating guidelines, as well as technology and trends — so that you both understand its logic and know how to participate in practice, enabling digital assets to work better. SuperEx Popular Science Series: Understanding DeFi's Logic and Opportunities from Scratch What is DeFi? Its full name is Decentralized Finance. Why decentralize?The reason is simple. Most of us are used to… news.superex.com DeFi Basics What is DeFi Imagine a world with no bank counters and no central institutions, yet you can still complete lending, trading, insurance, and even derivatives investing. That is DeFi. DeFi stands for Decentralized Finance, and its core idea is to use blockchain and smart contracts to replace intermediaries in traditional finance. In the traditional financial system, your funds must be processed by banks, brokerages, or payment institutions. Every step involves human intervention, along with fees, delays, and credit risk. In DeFi, smart contracts are “digital stewards.” Once rules are written on-chain, they cannot be tampered with; anyone can operate according to the code’s rules — truly decentralized. Core components of DeFi Smart Contract Smart contracts are the soul of DeFi. They are like auto-executing programs: once the trigger conditions are met, the contract terms execute automatically. For example, depositing assets on Aave or Compound will automatically calculate interest and distribute yield without human intervention. DEX Examples include Uniswap and SushiSwap. They have no centralized servers; all trades are matched automatically on-chain via liquidity pools. You don’t need to open an account, nor worry about an exchange collapse. Liquidity Pool Think of it as a giant digital pool. Users deposit tokens to be used for others’ trades. In return, you receive trading fees and liquidity-mining rewards. Lending Protocol Traditional lending requires credit checks. DeFi lending uses collateral instead. For example, you can borrow USDC by collateralizing ETH. The entire process requires no manual approval — everything is handled by on-chain contracts. Yield Aggregator Projects like Yearn.finance act like smart wealth managers. They automatically allocate funds among different DeFi protocols to help you maximize returns. DeFi Market Hotspot Analysis Current popular protocols Uniswap: a leader in the AMM model, with the highest trading volume among DEXs. E.g., SuperEx Free Market AMM Aave & Compound: core protocols in the lending market, with flexible, adjustable rates. Curve: a stablecoin trading platform with low slippage and high efficiency. Yearn.finance: a yield aggregator that automatically optimizes strategies to grow assets. Market data and trends As of 2025, total value locked (TVL) in DeFi exceeds US$150 billion. The Ethereum ecosystem remains dominant, while chains like Solana, Polygon, and Arbitrum are growing rapidly. Active user addresses exceed 12 million, with a steadily rising number of participants in lending, trading, and liquidity provision. Current trends include: 1）Cross-chain interoperability: enhancing asset liquidity across different chains. Specifically, this refers to enabling assets and information to flow freely among different public chains. In the early stages, users could only operate assets on a single chain, limiting capital flexibility and use cases. For example, if your funds are on Ethereum, you can’t directly participate in DeFi projects on Solana or Polygon, which reduces efficiency across the entire DeFi ecosystem. To break this limitation, cross-chain technology emerged. Bridges like Wormhole and LayerZero allow assets on different chains to circulate freely, enabling users to participate in lending, liquidity provision, or arbitrage on multiple chains. This not only improves capital utilization, but also accelerates DeFi’s expansion and interconnection. 2）Layer 2 scaling: reducing transaction costs and increasing speed. Scaling addresses congestion and high fees on main chains like Ethereum. At peak times, Ethereum’s transaction costs can reach tens of dollars — too high a barrier for small users. Layer 2 solutions such as Arbitrum and Optimism offload part of the transaction processing off-chain, then batch-write back to the main chain, dramatically lowering costs while increasing speed. This allows users to participate in DeFi operations more frequently — such as providing liquidity, conducting lending operations, or executing arbitrage — without high fees eating into returns. 3）Stablecoin innovation: providing a safer, low-volatility medium of exchange. This is also an important trend in DeFi’s development. Stablecoins are crypto assets pegged to fiat to reduce the impact of price volatility on user operations. Common stablecoins include USDT, USDC, and DAI. As DeFi scales, demand grows for safer, more transparent, and lower-volatility stablecoins. The new generation of stablecoins optimizes collateral and algorithmic mechanisms and enhances compliance and transparency — helping users manage assets more safely in DeFi trading and lending while reducing potential risks. Overall, these three trends reinforce each other to improve liquidity, efficiency, and security across the DeFi ecosystem — making DeFi attractive not only to high-net-worth investors but increasingly suitable for ordinary users, thereby pushing decentralized finance toward maturity. 4）Risks and regulation Smart contract vulnerabilities: may be exploited by hackers. Market volatility: highly volatile assets may trigger collateral liquidations. Regulatory uncertainty: policies are still evolving in many countries and may affect returns and operational freedom. DeFi Practical Guide For users who want to participate in DeFi, understanding operating steps and risk management is crucial. While DeFi brings more freedom and return opportunities, there is no traditional financial institution to backstop you. Security awareness and strategy selection directly determine your experience and the safety of your funds. Below are detailed notes on four aspects: wallet choice, security measures, capital allocation, and common strategies. Wallet choice and security A wallet is the entry point to DeFi. It not only stores your assets but also signs transactions and accesses DeFi protocols. Different wallets suit different needs: 1）MetaMask The most commonly used wallet for Ethereum and EVM chains, available as a browser extension and mobile app. With MetaMask, you can directly access DeFi protocols like Uniswap, Aave, and Compound. It’s simple and beginner-friendly. The downside is that you manage your private key and seed phrase yourself; leakage or loss can result in asset loss. 2）Trust Wallet Trust Wallet supports multi-chain assets and offers an excellent mobile experience — suitable for users who operate frequently on phones. It has a built-in DApp browser that connects to most DeFi protocols. As with any self-custody wallet, keep your seed phrase safe. 3）Super Wallet Super Wallet is a decentralized, multi-chain Hierarchical Deterministic wallet that provides security for using the Dapp Open System and for storing large crypto assets. At the same time, Super Wallet integrates perfectly with the SuperEx operational system, providing asset segregation for everyone — ensuring assets are 100% safe — while giving SuperEx the trading efficiency of a CEX and the storage security of a DEX. As the first platform to propose and integrate Web3 wallet and CEX exchange functions, SuperEx put forward the integration design on March 25, 2022, broke down the barrier between Web3 and the CEX app, and completed the in-app Web3 wallet product. 4）Security essentials Never disclose your private key or seed phrase. Whether via email, chat apps, or web forms, it can be phished or stolen. Avoid entering wallet information on insecure websites or unknown DApps. Always verify URLs and DApp sources. Check on-chain transaction records regularly. Even if your wallet is secure, monitor for anomalies and act promptly. By choosing the right wallet and maintaining strong security hygiene, users can greatly reduce operational risk and lay a solid foundation for DeFi practice. Capital allocation strategy High returns in DeFi come with high volatility, so capital management is key. For beginners entering the market, follow these principles: Start small: begin with small amounts to get familiar with wallet connections, borrowing and lending, and liquidity provision — understand operating costs and risks. Diversify: don’t put all funds into a single protocol or token. For example, split assets among lending platforms, liquidity pools, or yield aggregators. Diversification lowers risk and increases opportunity. Keep an emergency reserve: DeFi operations can be affected by big market swings, on-chain congestion, or protocol upgrades. Keeping a reserve helps you avoid forced liquidations or losses at bad prices. For example, if you have US$10,000 for DeFi: 30% into stablecoin lending to earn steady interest 30% into mainstream-asset liquidity pools to earn fees 20% via yield aggregators to optimize strategies 20% as an emergency reserve to operate during volatility or top up collateral This configuration maintains participation while reducing risk exposure. Common strategies and how to operate them 1）Liquidity mining One of the most common DeFi strategies. Users deposit tokens into liquidity pools for trading and receive fees plus platform-token rewards. For example, by providing ETH/USDC liquidity on Uniswap, you earn trading fees and may receive UNI rewards. Note the risk of impermanent loss: when the price swing between the pair is large, your position’s value may underperform simply holding the tokens. 2）Lending arbitrage This strategy earns from rate differentials. Borrow assets on a platform with lower rates, then lend them on a platform with higher rates to capture the spread. For example, borrow USDC on Aave and lend USDC on Compound. If executed properly, you can earn steady returns. Beware of liquidation risk: if collateral is insufficient or the market swings too much, the system will liquidate your collateral. 3）Yield aggregators Yield aggregators like Yearn.finance or Beefy automatically allocate user funds among different protocols to maximize returns. For example, Yearn can rotate deposited stablecoins among lending platforms to get the highest interest. This suits users who don’t want to operate frequently, but you still need to consider platform security and smart contract risk. 4）Risk reminders: Impermanent loss: providing liquidity may lead to returns below expectations when prices fluctuate — balance reward versus risk. Liquidation risk: maintain adequate collateral ratios in lending, or the system will liquidate your position. Smart contract risk: protocol bugs or hacks can cause asset loss. Operating costs: on-chain gas fees can rise at peak times and affect strategy returns — evaluate in advance. With the above strategies, users can participate flexibly in the DeFi market, but must tailor plans to their own risk tolerance and monitor positions at all times. DeFi Glossary TVL (Total Value Locked) The total value of assets locked in a DeFi protocol. TVL measures a protocol’s scale and liquidity. For example, Aave’s TVL is the total assets deposited or borrowed on Aave. APY (Annual Percentage Yield) The annualized return a user may obtain in a DeFi protocol. APY varies with rate fluctuations and reward-token distributions. For example, depositing USDC on Compound might yield 4%–6% APY. AMM (Automated Market Maker) A DEX model that matches trades automatically via smart contracts and liquidity pools — no order book needed. Uniswap and SushiSwap are typical AMMs. Liquidity Pool A pool where users deposit assets to facilitate trading, earning fees and reward tokens. For example, deposit equal-value assets in an ETH/USDC pool to participate in liquidity mining. Liquidity Mining Providing assets to liquidity pools in exchange for rewards — usually trading fees plus platform tokens. One of the main ways DeFi users earn additional yield. Collateralized Lending Borrowing funds by posting crypto as collateral. For example, collateralize ETH to borrow USDC. Insufficient collateral or large price swings can trigger liquidation. Impermanent Loss When you provide assets to a liquidity pool, price changes in the pair can make your position worth less than simply holding the tokens. As the market reverts or when you exit, losses may be partially or fully realized. Liquidation When a borrower’s collateral is insufficient or the borrow ratio is too high, the system automatically sells part of the collateral to repay debt. Liquidation is part of lending risk management. Stablecoin A crypto asset pegged to fiat, such as USDT, USDC, or DAI. Used to reduce volatility and facilitate trading, lending, and payments. Staking Locking tokens in a protocol to receive rewards or participate in network governance. For example, staking ETH in Ethereum 2.0 to receive block rewards. Governance Token A token representing governance rights in a protocol. Holders can vote on decisions such as rate adjustments, listing new assets, or reward distribution. AAVE and UNI are governance tokens. DAO (Decentralized Autonomous Organization) An organization form based on smart contracts, governed collectively by token holders. DAOs enable decentralized decision-making; users are participants and rule-makers. Yield Aggregator A tool that automatically allocates funds across protocols to obtain the highest yield. For example, Yearn.finance reallocates based on rate changes to maximize returns. Cross-Chain Bridge A tool or protocol that enables assets to flow between different blockchains. For instance, Wormhole can move USDC from Ethereum to the Solana ecosystem. Layer 2 An expansion solution that runs on top of a main chain (e.g., Ethereum) to increase speed and reduce fees. Common Layer 2s include Arbitrum and Optimism. Transaction Fee The fee paid to execute a transaction or smart contract on a blockchain. High gas during peak times can impact DeFi strategy returns. Mining In DeFi, usually refers to earning tokens by contributing assets, providing liquidity, or staking — different from consensus mining but similar in logic: contribute resources, earn rewards. Composable Strategy Combining operations across DeFi protocols to build more complex strategies. For example, combining borrowing and lending, liquidity provision, and yield aggregators for layered returns. Risk Ratio / Collateral Ratio An indicator measuring the ratio of collateral to borrowed assets. Falling below required thresholds may trigger liquidation; a high risk ratio indicates insufficient collateral or high volatility. AMM Constant Product Formula The formula used by AMMs like Uniswap (x*y = k) to maintain pricing and liquidity. Understanding it helps assess liquidity-provider returns and risk. Summary and Action Guide DeFi is a new financial model that enables autonomous operation of funds, transparent management, and flexible use. To participate in DeFi, keep the following in mind: Create a secure wallet and safeguard your seed phrase Start small and diversif Learn strategies such as liquidity mining, lending arbitrage, and yield aggregation Follow protocol updates, market data, and regulatory developments Through the SuperEx platform, you can conveniently access the DeFi ecosystem, let digital assets truly play their role, and achieve efficient management and growth.

#Nasdaq #Tokenized #Crypto Reuters reports that Nasdaq has submitted a proposal to the U.S. Securities and Exchange Commission (SEC) seeking rule changes that would allow securities listed in traditional digital or tokenized form to trade on the Nasdaq exchange. In its filing to the SEC, Nasdaq voiced an issuer-centric concern: “Nasdaq believes that the tokenization of securities should not deprive issuers of the right to determine where and how their shares trade.” The document also notes that Nasdaq has limited ability when it comes to granting issuers such a choice. Nasdaq President Tal Cohen said the company hopes to “build a bridge between the digital-asset world and traditional assets.” He also wrote on LinkedIn: “The challenge and responsibility is to ensure that this transformation always puts investors’ interests first.” This is, without question, a deep-sea torpedo that caught everyone off guard. Why such a strong market reaction? Simply put: It’s no longer small brokers or crypto platforms testing at the margins — it’s Wall Street’s “cathedral of tech stocks” embracing blockchain. For the first time, TradFi and the Web3 world are converging at the level of the “regular army.” So the question is: Can Nasdaq truly open the “tokenized securities” door? What are its motives, implications, and challenges? And what opportunities might crypto investors find here? Below, we break down this historic move from multiple angles. Key Points in Nasdaq’s Proposal (per the public filing) 1) Tokenized securities treated on par with traditional stock Whether ordinary shares or tokenized shares, orders would go into the same order book and follow the same trading rules. In other words, tokenized Tesla or Microsoft that investors buy would carry no difference in shareholder rights versus the conventional stock. Dividends, voting, shareholder meetings — all identical. This sends a crucial signal: tokenization is not a “substitute” but a digitized version of the same regulated security. In the past, crypto markets popularized “tokenized Tesla” or “tokenized Apple” mainly as synthetic assets, typically backed by platform collateral and tracking price via derivatives. Those tokens were not stock; holders lacked shareholder rights and merely got price exposure. By contrast, Nasdaq’s tokenized securities proposal would write shareholder rights into the product’s rule framework. That means a buyer of tokenized Microsoft is fully equal to a buyer of regular Microsoft stock. This is true, compliant security tokenization. For the broader crypto market, that implies a major step up in legitimacy and trust. 2) A “dual-track” settlement model Order entry and matching would remain on existing infrastructure, but settlement could use on-chain tokens. Ultimately, the Depository Trust Company (DTC) and the established clearing system would still provide the backstop. This is a transitional design. In traditional finance, clearing and custody are the core systemic-risk touchpoints. Rather than rushing into “disintermediation,” Nasdaq proposes a two-sword approach: Matching: Keep the mature, proven matching engine for stability. Settlement: Introduce a blockchain tokenization option to boost efficiency and flexibility. Risk backstop: DTC and other clearing institutions remain the ultimate safety net. The dual model satisfies regulators’ safety priorities while letting investors experience blockchain benefits. For cross-border investors in particular, tokenized settlement could compress settlement cycles from T+2/T+1 toward T+0, a huge leap in liquidity and trading experience. 3) Earliest go-live: 2026 If all goes well, U.S. investors could see the first batch of tokenized stocks trade on Nasdaq’s main board as early as Q3 2026. Why 2026? A. Lengthy regulatory review. The SEC’s process includes rigorous review, public comment, industry hearings, and rule amendments — typically 18–24 months at minimum. B. Technical integration. Marrying blockchain with existing market plumbing isn’t just “add a chain.” Account models, KYC/AML, custody, and more require careful re-architecture. C. Market education. Investors — especially traditional institutions — need time to understand “tokenized stock.” Nasdaq must roll out rules, education, and outreach progressively. In other words, 2026 is actually ambitious. If achieved, it would mark a sweeping endorsement of tokenization by traditional finance. Why This Is Epoch-Making A. Shareholder rights go on-chain for the first time. Investors wouldn’t just trade stock prices on a chain; on-chain identity could carry dividends, voting, and governance. In time, smart contracts could even automate shareholder meeting outcomes. B. Lower barriers for global investors. Imagine an investor in a small African town using a crypto wallet to directly hold shares of a Nasdaq-listed company — without convoluted cross-border account opening. C. A compliant regulatory framework takes shape. If approved, Nasdaq’s blueprint becomes a template. The NYSE, Cboe, and even Asian venues (HKEX, SSE) could follow. D. Faster TradFi–Web3 fusion. Two previously siloed worlds — securities markets and crypto — gain a tokenization bridge. For Web3, the design space explodes. E. Liquidity reshaped. Tokenized stocks could ultimately offer 7×24 trading like crypto spot. The classic open-close rhythm of TradFi may be rewritten — very familiar terrain for crypto traders. F. A bigger investable universe. Crypto investors wouldn’t be limited to BTC/ETH/altcoins; they could buy tokenized Tesla or Coca-Cola directly. That reshapes capital flows and asset allocation. G. A true RWA bridge. RWA used to be a buzzword. Putting tokenization on one of the world’s biggest exchanges moves it from the edge to the center. The Challenges to SEC Approval Intense regulatory scrutiny. The SEC won’t greenlight this lightly. Expect comment rounds and industry debate. Traditional powerhouses like Citadel have already warned about potential regulatory-arbitrage risks. Mixed issuer attitudes. Many listed companies may not want their shares tokenized. Recall that when Robinhood listed an OpenAI tokenized stock, OpenAI quickly distanced itself. Technology and security On-chain settlement must interoperate with today’s clearing rails. Any flaw could be amplified. With quantum computing inching closer, security sensitivity only rises. Incumbent interests. Legacy brokers and market-makers may resist trends that disintermediate them and threaten entrenched revenue streams. Conclusion: Finance’s “2026 Moment”? If the SEC ultimately approves, 2026 could be a turning point in financial history: Tokenized stocks enter the main board — true convergence of TradFi and blockchain. Investors gain faster, more convenient, and more global trading. Crypto gets the strongest endorsement it has ever seen. Risks remain: regulatory tug-of-war, technical security, and redistribution of economic rents. None of these resolve overnight. But regardless of outcome, Nasdaq’s application has already sent the clearest signal yet: Blockchain is no longer “alternative” — it is the direction of finance.

I originally thought the public-chain race had already ended and that the global public-chain landscape wouldn’t change much in the short term. Ethereum remains the big brother, but high gas and congestion have long been criticized; newcomers like Solana, Aptos, and Sui keep grabbing the spotlight; BNB Chain leverages its exchange advantage to occupy the traffic gateway. However, the quiet rise of OK Chain has, in a very short time, seized the global blockchain focus — this is a kind of miracle. Here’s the question: On what grounds can OK Chain be discussed as a topic of “core competitiveness”? Can it really gain a firm foothold in the public-chain track? If Ethereum is “the throne,” and Solana is “the ambitious upstart,” then OK Chain is more like a “pragmatic builder.” Its buzz didn’t come out of thin air; it’s built on a balance of performance, ecosystem, and user experience. Breaking down OK Chain’s competitiveness from several key dimensions 1. Performance and cost: a pragmatic choice of high TPS + low gas In the public-chain world, performance and cost are always unavoidable topics. TPS comparison: OK Chain’s average TPS is stably above 4,000. While there’s still a gap with Solana’s theoretical peak, it’s far higher than Ethereum mainnet’s 30–50. Gas fees: On OK Chain, an average transaction costs around $0.01, while the same operation on Ethereum may be $0.50 or more. What does this mean? If you’re a high-frequency trader or engaged in chain gaming and NFT minting, OK Chain’s cost-performance is very compelling. That said, it must be pointed out: high TPS does not equal absolute advantage. Solana has also experienced outages due to performance issues; whether OK Chain can remain stable under extreme market conditions still requires more real-world testing. In other words, performance is OK Chain’s starting point, but not the decisive factor. 2. Developer friendliness: EVM compatibility lowers migration costs For developers, the biggest pain point is: do I need to learn a whole new toolchain, or can I just “copy + tweak” and go live? On this point, OK Chain has taken a steady route — EVM compatibility. Solidity can be used directly, with no extra learning curve. Ethereum ecosystem tools like MetaMask and Hardhat are basically plug-and-play. A DeFi protocol running on Ethereum typically only needs to change a few parameters to migrate to OK Chain. What does this bring developers? Lower trial-and-error costs and faster time to launch. For example: a certain GameFi team originally deployed on Ethereum; after players complained about high gas, they migrated to OK Chain and went live in under a week, resulting in significantly improved user retention. Therefore, developer experience + migration convenience are important weights for OK Chain in winning ecosystem projects. 3. Ecosystem support: fund-driven application rollout Public-chain competition has never been just about technology — it’s about ecosystems. Backed by the OKX exchange, OK Chain naturally has traffic and capital advantages. The official side has launched a $1 billion ecosystem fund, focusing on DeFi, NFTs, GameFi, and other tracks. Some cases: DeFi: OKX Swap has become a leading on-chain DEX, with daily volumes steady in the hundreds of millions of dollars. NFT: The OKX NFT marketplace has surpassed $1 billion in trading volume and has supported cross-chain versions of celebrity IPs. GameFi: A certain chain game launched on OK Chain reached 200,000 DAU in three months, with low gas praised by players as “the most user-friendly experience.” Of course, ecosystem prosperity driven by funding also has limitations: capital support can bring short-term booms, but long-term retention depends on project quality. BNB Chain’s ecosystem experienced a phase of “many projects but bubble-heavy”; whether OK Chain can avoid this remains an open question. 4. User experience and security: low barrier, but with controversies Another competitive point for OK Chain is being more user-friendly to the average user. Staking just 10 OKT lets you become a candidate validator to participate in rewards — a lower threshold than many PoS chains. Wallet UX is clearly optimized: OKX Wallet has integrated OK Chain, enabling one-click staking and one-click cross-chain. Annualized yields hold around 5%–8%, more attractive than traditional bank wealth products. But issues shouldn’t be ignored: OK Chain has about 50 nodes, far fewer than Ethereum’s tens of thousands, so its degree of decentralization is subject to debate. Cross-chain assets rely on smart-contract bridges, which have historically been high-risk targets; more assurances are needed for security. In other words, OK Chain has found a balance between user experience and security, but it’s not perfect. Common misconceptions many new users have about OK Chain “OKT only goes up and never down”: In fact, OKT once fell from $300 to $80 during a bear market. As a public-chain token, it’s heavily affected by market cycles and ecosystem development. “Fewer nodes means more danger”: Not necessarily. Under PoS, validators must stake large amounts; the cost of misbehavior is high, and security isn’t necessarily worse than chains with more nodes. “Cross-chain assets are completely safe”: Not true. Even official bridges have potential risks. These misconceptions remind us: don’t just look at the hype — analyze the underlying logic rationally. So where exactly does OK Chain stand? Compared with Ethereum: It can’t replace it, but it can serve as a “cost-effective complement.” Compared with Solana: Solana pursues extreme performance; OK Chain takes a more balanced route. Compared with BNB Chain: Both are exchange-backed; BNB Chain is more like the “incumbent leader,” while OK Chain is still in the catch-up phase. More precisely, OK Chain doesn’t aim to be the “public-chain overlord,” but hopes to become pragmatic infrastructure within the Web3 ecosystem. OK Chain’s latent ambitions — and signals already released Layer-2 integration: planning to launch OKX Rollup, with TPS expected to break 100,000. Compliance attempts: licenses obtained in Dubai and Malaysia; compliant stablecoin pilots may come in the future. AI + blockchain: testing AI smart-contract auditing to help developers lower security costs. If these plans land, OK Chain may gain more discourse power in the next bull cycle. Back to the original question: what is OK Chain’s core competitiveness? OK Chain’s core competitiveness isn’t about “replacing someone,” but about: balancing performance and cost to give users a more cost-effective option; lowering developer barriers so projects can migrate and launch faster; leveraging the exchange ecosystem to form positive feedback in capital and traffic; finding differentiated paths in compliance and new-tech exploration. For developers, OK Chain is a public-chain environment worth testing and deploying on; For investors, the value of OKT depends more on ecosystem prosperity than short-term speculation; For ordinary users, it’s a low-threshold entry to Web3, but risk awareness must not be lost. In a single sentence: OK Chain isn’t the most dazzling public chain, but it is one of the most pragmatic builders.

Introduction: Why learn spot trading? We often hear professional terms like “spot,” “futures,” “leverage,” and even “options.” These may sound fancy, but if you don’t even understand spot trading, then those derivative plays will read like a foreign language. So, if you’re a newcomer to crypto, or a seasoned player looking to shift from speculation to long-term, steady investing, spot trading is the foundation you must lay first. Why? Three reasons: 1. Spot trading means real ownership In the spot market, what you buy is yours. Once the coins hit your wallet, they’re your assets — you can withdraw them, store them, or hold them long term. This is completely different from “paper” plays like futures and leverage. 2. Relatively lower risk The worst case in spot trading is the asset going to zero. In futures, one misstep can liquidate you to zero. Spot is the “safety threshold” for beginners entering crypto. 3. Low learning cost, intuitive operation Spot is simply: buy and sell. If you’re bullish, you buy; if you’re bearish, you sell; if you want to hold long term, you accumulate. The rules are simple — but the strategies, money management, and mindset behind them are what truly determine whether you can make money. In other words, spot is the starting point for the entire crypto investment world. Whether you later move on to futures, NFTs, or DeFi, you’ll still rely on the basic logic of spot. https://news.superex.com/articles/917.html What is spot trading? The simplest explanation In one sentence: in the market you use USDT (or another stablecoin) to buy the cryptocurrency you want — BTC, ETH, etc. — and you own it immediately. That’s “spot.” 1. Spot trading vs. futures trading Many beginners can’t tell them apart. Here’s a real-life analogy: spot trading is like buying fruit. You pay at the fruit stand for apples and take them home — the apples are yours. Futures trading is like making a bet: you’re not actually buying apples; you’re betting with someone about whether apples will be more expensive or cheaper tomorrow. If you’re right, you profit; if you’re wrong, you lose. You may never see an apple the whole time. Clear enough? So spot is more like “real investing,” while futures is more like “high-risk speculation.” 2. Features of the spot market Simple and intuitive: only buy and sell — no leverage multipliers or liquidation mechanics. High freedom: buy a little or a lot; you can even hold for years. Controllable risk: as long as you don’t go all-in or chase tops, you typically won’t go to zero overnight. Strong liquidity: on large exchanges like SuperEx, orders fill very quickly; you can transact almost anytime. Why choose SuperEx for spot? With so many exchanges out there, why trade spot on SuperEx? Key points: Zero-barrier signup, smooth experience: SuperEx’s registration and onboarding are very friendly. Without complex KYC steps you can start right away — great for beginners. Rich trading pairs: SuperEx offers thousands of spot pairs — not only top assets like BTC and ETH but also newly listed altcoins and meme coins to suit different preferences. Security guaranteed: asset safety is paramount. SuperEx has robust custody and risk controls; to date there have been no incidents of stolen funds, and funds are 100% safe. Strong community vibe: SuperEx has the world’s largest DAO community, covering 22 countries and regions, with diverse initiatives and high user engagement — you’ll find trading partners like you here. How do you trade spot? (Super simple) To make sure beginners can follow along, here’s a “foolproof tutorial”: Step 1: Deposit — first transfer your USDT or other major coins into your SuperEx account. Step 2: Choose a trading pair — if you want BTC, select BTC/USDT. Step 3: Place an order Limit order: set your own buy price. If you want BTC at US$60,000, place an order and wait for it to fill. Market order: buy immediately at the current market price — fastest, but may incur some slippage. Step 4: Hold or sell If you want to hold long term, keep it in your spot account. If you think price has reached your target, sell back to USDT. That’s it! Buy, sell, hold — these make up the entire spot process. Core strategies for spot trading Just knowing how to buy and sell isn’t enough. To truly make money in spot, you must master some core strategies. Here are the most important for beginners: 1. Don’t chase green or panic-sell red Beginners’ biggest problem is emotion: they see people shouting “about to moon,” impulsively buy the top; when it dips, they panic and cut losses. That approach is almost guaranteed to lose. The right approach: When the market surges, stay calm — don’t rush in at the height of emotion. When the market dumps, consider laddering in to lower your cost. 2. Build positions in batches — don’t go all-in Don’t deploy all your funds at once. A better approach is to average in, say 30%–30%–40% at different prices. Even if you’re short-term bag-holding, you can lower the average cost. 3. Set take-profit and stop-loss Take-profit: set a target — for example, take some profit at +30%. Don’t expect to sell the exact top. Stop-loss: for example, cut at −10% to protect principal. 4. Long-term vs. short-term Long-term: suits large-cap coins like BTC/ETH on a long-run uptrend. Short-term: suits hot altcoins for quick gains — but control risk. 5. Always keep cash on hand Don’t lock all your money in spot. Keep some USDT ready so you can buy dips during crashes. Spot trading glossary (must-read for beginners) If you don’t understand these, it’s like shopping on another planet — you’re trading without knowing what you’re doing. Here’s a comprehensive guide to common terms: Trading pair Definition: a two-asset quote used for trading. Example: BTC/USDT means buying BTC with USDT or selling BTC for USDT. Tip: the more popular the pair, the better the liquidity and faster the fills; illiquid pairs have larger slippage and more volatility. Bid/Ask (Buy price/Sell price) Buy price: highest price a buyer is willing to pay. Sell price: lowest price a seller is willing to accept. Tip: the order book aggregates all resting orders; if your buy price meets the sell price, you fill. Market order Definition: buy/sell at the current market price. Pros: fastest — immediate execution. Cons: slippage risk, especially during volatile moves. Limit order Definition: you set the buy/sell price; the system rests your order until price reaches it. Pros: price control, no slippage. Cons: may not fill promptly, or at all. Volume Definition: total quantity traded for a pair within a period. Tip: high volume means active markets; moves are more informative. Low-volume coins are easier to manipulate — higher risk. K-line (candlesticks) Definition: charts showing price over a period, including open, close, high, and low. Tip: beginners don’t need to memorize patterns, but can judge trend via K-lines: a long upper shadow suggests price was pushed down; a long lower shadow suggests it was pulled up. Change (%) Definition: percentage price change — measures speed of rise/fall. Tip: coins with sharp short-term moves are high risk — suited for experienced short-term traders. Pending orders/Entrusted orders Definition: all unfilled buy/sell orders sorted by price. Tip: watching the book helps identify support/resistance and potential direction. Unrealized P&L / Realized P&L Definition: mark-to-market gain/loss on your holdings before selling. Tip: don’t let unrealized gains cloud your judgment, nor panic-sell unrealized losses. Execute your plan. Max supply/Circulating supply Definition: total issuance vs. amount currently tradable in the market. Tip: larger supplies tend to be more stable; small supplies can swing wildly. Support/Resistance Definition: levels where price tends to stop falling (support) or stop rising (resistance). Tip: combine with order-book depth to judge entries/exits. Take-profit/Stop-loss Definition: preset sell levels to lock in gains or cap losses. Tips: Take-profit: e.g., buy BTC at 50,000 USDT, set TP at 60,000 — sell when it hits. Stop-loss: e.g., buy BTC at 50,000 USDT, set SL at 45,000 — sell when it hits to avoid larger losses. Spot wallet vs. Fiat wallet Spot wallet: stores the crypto you trade. Fiat wallet: stores USDT, USDC, and/or fiat currency. Tip: transfer funds to the spot wallet before placing orders. Hot wallet vs. Cold wallet Hot wallet: connected to the internet — convenient but less secure. Cold wallet: offline storage — more secure; better for large, long-term holdings. Tip: keep large sums in cold storage; small amounts for trading in hot wallets. Trading fees Definition: platform fees charged per trade — typically a percentage of notional. Tip: fees vary by pair. Average cost Definition: your average entry price for a coin. Tip: used to calculate unrealized P&L and plan adds/reductions. Grid trading Definition: placing a series of buys/sells within a range to earn from swings. Tip: best for ranges; not suitable for strong trends. Arbitrage Definition: profiting from price differences across exchanges or pairs. Tip: requires larger capital, speed, and low fees; for most retailers, it’s a supplementary tactic. Liquidation Definition: a leverage/futures concept — spot typically doesn’t liquidate, but knowing it helps you understand market risk. Super index Definition: like a stock index, reflecting the aggregate price of the whole market or a category of coins. Tip: use indices to view overall trends and avoid being misled by single-coin moves. Advanced spot strategies + FAQ After the basics, let’s move to practice. Many beginners don’t struggle with “what buy/sell means,” but with “when to buy,” “how to buy to win more,” and “how to avoid pitfalls.” Here are strategies and common Q&As: 1. Core approach to spot trading At its core, spot is buying low and selling high. Easy to say, hard to do — especially in a volatile market. The core logic has three parts: Money management  — Only risk what you can afford to lose per trade.  — Never bet everything on one or two coins. Suggestion: per-coin exposure ≤ 20%–30% of total assets. Trend judgment  — Observe K-lines, volume, and support/resistance.  — Trade with the trend; don’t chase against it. Example: BTC falls from 120,000 to 110,000 USDT. If you chased, you may face short-term losses; if you waited for support and a rebound to buy, risk is lower. Strategy execution  — Don’t trade on vibes — pre-set take-profit/stop-loss.  — Control emotions; don’t overtrade on short-term noise. Example: a coin jumps 20% — many chase and then suffer a 10% pullback and psychological stress. 2. Common spot strategies 2.1. Swing trading Core idea: capture medium/short-term moves. Steps: Find coins with clear trends (up or down). Buy near support; sell near resistance. Use TP/SL. Tips: Avoid overtrading in tight ranges — you’ll get trapped. Watch volume — be cautious if price and volume diverge. 2.2. Dollar-cost averaging (DCA) Core idea: buy in batches to reduce average-price risk. Steps: Buy a fixed dollar amount weekly/monthly. Hold long term to smooth cost. Pros: lower psychological pressure; no need to watch constantly. Suits: investors who are long-term bullish on a coin. 2.3. Grid trading Core idea: within a range, auto place buy/sell orders to earn from swings. Example: BTC ranging 45,000–50,000 USDT — set grids every 500 USDT to capture spreads on each swing. Tip: best when range is clear; during one-way trends, you can get stuck — adjust grids manually. 2.4. Copy trading Core idea: follow KOLs or skilled traders and copy their trades. Pros: reduces learning cost; quick to start. Risk: pros can lose too — only follow trusted traders with stable track records. 2.5. Trend following Core idea: trade with momentum. Steps: Determine trend direction using MAs, MACD, etc. In uptrends, buy and ride; when it ends, sell. In downtrends, wait or sell. Tip: don’t preempt bottoms/tops. Use trailing take-profits before trend ends to protect gains. 3. Common mistakes and fixes 3.1. Chasing pumps and dumping dips Mistake: buy when it’s up, sell when it’s down. Fix: set TP/SL and execute the plan. 3.2. Overconcentrating in one coin Mistake: all-in on one asset — huge downside risk. Fix: diversify and control per-coin exposure. 3.3. Emotional trading Mistake: driven by fear or greed. Fix: make a plan and automate execution (TP/SL, grids, DCA). 3.4. Ignoring fees and slippage Mistake: overtrading — fees eat profits. Fix: account for costs; choose low-fee pairs or platform discounts. 4. Spot trading FAQ (must-read for beginners) Q1: Difference between spot and margin/leverage? Spot: you trade with your own funds/coins; risk is controllable; no liquidation. Leverage: you borrow to amplify size; both returns and risk are magnified; liquidation is possible. Q2: Do I need to read K-lines? Not mandatory, but they help with trend/support/resistance. Q3: Can spot make quick money? It can, but with high risk. Beginners should favor steady strategies — long-term returns are more reliable. Q4: Do I need to sell immediately after buying？ No. Hold per your plan — especially with DCA or swing strategies. Q5: Are fees high? Varies by exchange; using maker orders or higher tiers can reduce them. Q6: Is spot suitable for everyone? It suits most investors, but you must understand risk and money management. It’s not suitable to put all capital into short-term speculation. Q7: How can beginners get up to speed quickly? Learn the exchange interface. Start with paper trading or small amounts. Learn TP/SL and position sizing. Gradually try strategies like DCA, swing, and grid. Conclusion Spot trading is the most basic and most important play in crypto. Understanding terminology, mastering strategies, and controlling risk is how you truly make money. Through swing trading, DCA, grids, and copy-following — combined with TP/SL and money management — you can profit steadily amid market volatility. Spot isn’t a get-rich-quick tool; it’s about using sound strategy and calm execution to keep each trade as controlled as possible. Master these, and you’ll operate like a pro on SuperEx or any other exchange.

#Venus #PhishingAttack #Crypto In September 2025, the Venus Protocol phishing incident ignited an industry-wide debate: a wallet worth 13 million USD was drained, the protocol team urgently halted all functionality, and within 12 hours pulled off an unprecedented “rescue operation.” This wasn’t just another phishing attack — it exposed a deeper contradiction: can a decentralized protocol have it both ways? Can it uphold “code is law,” yet still “extend a helping hand” in a crisis? This article reconstructs the drama end to end — from the attack vector to the protocol’s response, and the governance questions underneath — to unpack the full story behind the Venus phishing incident. A Full Replay of the Venus Phishing Incident A. An Apparently Ordinary Phish: Six Seconds to Ruin Back to 09:05 UTC on September 2, 2025. A Venus Protocol whale (Sun Kuan, founder of Eureka Crypto) opened the Zoom client, ready for routine DeFi operations. No one expected this meeting to spark a 13 million USD vaporization. The hacker didn’t try to crack a private key or smash a protocol bug. Instead, by tampering with the Zoom client and forging a browser extension, they led the victim to believe they were performing an ordinary approval signature. At the moment of signing, the attacker obtained delegated control over the wallet. From click to liquidation: just six seconds. For DeFi users, this is chilling. Almost everyone has signed similar approvals — often faster than reading the terms of service. Faced with a long-prepared social-engineering trap, every defense can collapse instantly. B. The Attack Flow: A “Flash-Loan Murder Mystery” Once the compromised wallet was under control, the hacker executed a textbook DeFi attack sequence: Flash loan ignition: Borrowed 285.72 BTCB with no collateral, instantly commanding tens of millions in liquidity. Repay & transfer: First repaid the victim’s debts, then, leveraging the granted approvals, transferred out all assets, including vUSDT, vUSDC, and BTCB. Re-collateralization: Used the stolen assets as collateral to borrow 7.14 million USD in USDC from Venus — effectively forcing the victim to pay the hacker’s “ransom.” Flash-loan repayment: Closed the loop by repaying the flash loan with the stolen funds — getting something for nothing while shunting the risk to the victim’s wallet. In under a minute, 13 million USD was siphoned out — like a well-rehearsed script. C. Protocol Response: From the Nuclear Option to a Flash Vote Typically, this is where such attacks end: the victim laments, the hacker vanishes, the community snarks for a few days, and life goes on. Not this time. At 09:09, security firms Hexagate and Hypernative fired the first alerts. Venus quickly confirmed the problem and, within 20 minutes, hit the emergency brake — a full protocol pause: Borrowing halted Liquidations suspended Withdrawals frozen The entire DeFi protocol entered standstill mode. This was unprecedented: to save one user, the entire ecosystem shut down. Next, Venus initiated a so-called flash vote. The proposal was blunt: Partially restore functionality to avoid spillover liquidations Force-liquidate the attacker’s positions and seize collateral Conduct a full security review Ultimately restore the protocol Community voting result? 100% in favor. The number recalls the “perfect elections” of authoritarian states. Consensus — or resignation? No one can say for sure. D. Counterstrike: The Hacker’s “Grave of His Own Making” With the vote passed, Venus moved immediately. Out of greed, the hacker left stolen assets as collateral inside the protocol. Those very collateral positions became his death trap. At 21:36 UTC, Venus executed liquidations, forcibly seizing the attacker’s positions. In under 12 hours, the “perfect playbook” turned into a “suicide script.” Funds were recovered, the protocol restored — but at the cost of shaking trust in decentralization across the industry. E. The Victim and the Hand Behind the Curtain Victim Sun Kuan later acknowledged: this was a long-planned phishing campaign. The attacker impersonated an industry acquaintance and used a tampered Zoom client and Chrome extension to induce an unsuspecting approval. Multiple analyses suggest the Lazarus Group, a North Korean hacking outfit, may be behind the attack. They have a long record in crypto, adept at social engineering and patient staging. It means that even seasoned players can be defenseless against a nation-state adversary. Decentralization’s Dilemma: Save People or Obey the Law? 1. Venus’s actions sparked intense controversy. “Code is law” has long been DeFi’s golden rule: once a smart contract is deployed, no one should have the power to change or interfere. It stands for extreme transparency and certainty — rules on-chain, equal for all, no exceptions. But in this case, Venus intervened — triggering the emergency pause and even force-liquidating the hacker’s positions via governance. While this effectively clawed back losses, it forces a rethink: how “decentralized” is a decentralized protocol? From a user’s standpoint, the intervention is almost beyond reproach. Leaving a 13 million USD loss unaddressed isn’t just a personal nightmare — it can spark panic selling. Venus’s “emergency brake” was like pulling the fire alarm in a burning building, preventing spread. For most users, fund safety trumps the abstract principle of decentralization. From decentralization’s standpoint, though, this breaks the myth. An emergency switch admits there are visible hands behind the protocol — capable of freezing markets, changing rules, and deciding outcomes. How different is that from TradFi’s “lender of last resort”? In a sense, Venus became a quasi-bank beneath a decentralized veneer. 2. More troubling: who decides when to invoke emergency powers? If it’s for hackers, everyone applauds; but if, in future, it targets an “non-compliant wallet” or a “politically sensitive transaction,” could the same rationale apply? Once the precedent is set, decentralization’s boundary blurs. This is a paradox the entire DeFi space can’t avoid: Ideal: all power to code — even if user error destroys funds, no human intervention. Reality: users want a safety net — someone to help when the unexpected hits. This debate isn’t new. In 2020’s MakerDAO black swan, to stabilize DAI the community had to rush in auction mechanics; In 2022’s Solana outages, validators coordinated restarts to keep the system alive; In 2016’s The DAO hack, Ethereum hard-forked to roll back transactions and save the ecosystem. These cases show that when interest collides with ideology, the blockchain world often oscillates between purity and pragmatism. So when someone asks, “If DeFi still relies on human intervention, how is it different from a bank?” — the answer may not be binary. The difference may be: TradFi rules are typically set by a few institutions; users passively accept. DeFi interventions at least require open, on-chain governance votes — decisions are transparent and auditable. This is the subtle, fragile boundary between DeFi and TradFi: DeFi seeks to retain a decentralization ethos, yet admits that in extremes, a human hand may be needed. Venus simply surfaced the problem early. Conclusion From the 09:05 click to the 21:58 restoration, the Venus phishing incident looks like a “successful rescue,” but it leaves bigger questions: Can a decentralized protocol be truly decentralized? Are emergency powers a safety net or a centralization shackle? Faced with real-world risk, must ideals ultimately compromise? Perhaps that’s the most memorable part of this episode: hackers can steal assets, but what may truly be stolen is people’s faith in decentralization.

#Pokémon #RWA #Crypto Pokémon needs no introduction. For most people born between 1980 and 2000, it’s a childhood memory — a two-dimensional dream. Now that 2D world is breaking the fourth wall: Pokémon trading cards are becoming deeply intertwined with crypto. From physical cards to on-chain tokens, from offline collecting to on-chain trading, Pokémon is no longer just childhood nostalgia — it’s turning into a real financial experiment with crypto characteristics. Of course, this isn’t the first time the Pokémon franchise has crossed boundaries. Let’s start from the earliest versions and unpack this “on-chain Pokémon craze”: is it a bubble, or the next multi-billion-dollar narrative? Three Waves of the Pokémon Card Craze: Nostalgia, Celebrities, On-Chain The story of Pokémon cards is far more than “a kids’ game.” Behind it lies a complete market development history. Each wave of hype is the result of culture, entertainment, and finance intertwining. 2016: Nostalgia-Driven The XY Evolutions set was a milestone — virtually a one-to-one recreation of the 1999 Base Set design. Charizard and Pikachu, which grew up alongside the post-’90s generation, returned to the stage. For many players who had become adults, these were more than cards; they were tangible forms of childhood memories. Some joked, “We couldn’t afford it as kids; now we can finally make up for it.” This nostalgia surge heated the market instantly. Niche promo cards like Mario & Luigi Pikachu were just US$30 in 2016; today they’re worth over US$10,000, validating the reality of emotional premium. 2020: Celebrity-Driven If 2016 was “collective sentiment from old players,” then 2020 was “hard-core boosts from traffic and capital.” The global explosion of Pokémon GO brought both new and old fans into the TCG market. What truly pushed cards into the public eye was celebrity effect. Logan Paul appeared on stream wearing a first-edition Charizard necklace worth millions, igniting social media. Steve Aoki went further, opening “Aoki’s Card House,” driving a trend that combined physical card trading with online shows. In this wave, cards were no longer just a “geek niche hobby,” but moved to the intersection of mass culture and capital markets. 2025: On-Chain Boost By 2025, the craze had been pushed to a new dimension. The launch of Pokémon Pocket digital card packs let mobile users experience the thrill of ripping packs, lowering the barrier to spread. Meanwhile, card vendors on YouTube have risen, and “live pack breaks” became a form of entertainment content that drew in younger users. What truly sent the market boiling was the entry of crypto and RWA (real-world assets on-chain). The on-chain $CARDS gashapon (capsule) machine generated US$16.6 million in revenue in just one week, fully replicating the narrative logic of NFTs and GameFi — but backed by a real, 30-year-old Pokémon IP. At that moment, sentiment, traffic, and crypto capital converged, and Pokémon cards entered a new era of “on-chain financialization.” Why Are Crypto Players Targeting Pokémon? Many may wonder: crypto market participants already hold Bitcoin, Ethereum, NFTs — why cross over to Pokémon? Behind this are three layers of logic. Similar Market Logic: Crypto and Cards Are Essentially “Kindred Assets” The crypto and TCG markets are highly similar in their core logic. Scarcity: Bitcoin’s supply is 21 million; first-edition Charizard cards are also extremely limited. Scarcity + consensus is the core value logic for both. Cyclicality: Crypto has bull and bear cycles; cards also have booms and cool-offs. The 2016, 2020, and 2025 waves are somewhat analogous to Bitcoin’s halving cycles. Speculation: Whether coins or cards, participants share the “buy today, rise tomorrow” mindset. Cards trade actively in traditional secondary markets, resonating with crypto’s 24/7 trading culture. In other words, cards and crypto are both “novel financial derivatives” in nature — just with different forms. For crypto natives, Pokémon cards are another kind of “blue-chip NFT.” RWA in Practice: Cards Are the Easiest Physical Assets to Tokenize RWA (real-world assets on-chain) is a crypto buzzword of 2024–2025. People have tried tokenizing real estate, bonds, even gold. But the assets that truly satisfy all three — scarcity, ease of custody, and global recognition — turn out to be Pokémon cards. Clear scarcity: Print runs of rare cards are public data, with grading firms like PSA providing endorsements. Small and easy to custody: Unlike gold or real estate, cards only need storage in a vault or grading facility. Global consensus: Pokémon is one of the strongest IPs worldwide, transcending language and culture — with name recognition arguably higher than “Bitcoin.” This makes cards the optimal proving ground for RWA. Crypto users can buy tokenized fractions of cards, enjoy price movements, and avoid physically holding the card. It naturally fits NFT fractionalization and DeFi collateralization. Gashapon Gamification: Meeting Crypto Players’ “Thrill Demand” Crypto traders are used to high volatility and high stimulation. Traditional card collecting feels too “slow” by comparison. The $CARDS gashapon machine precisely addresses this pain point. Players pay US$50 per pull and get Pokémon of varying rarities. The project claims positive EV: on average, the cards drawn are worth more than the cost. All transactions and results are on-chain, avoiding behind-the-scenes manipulation. This model is essentially an upgraded NFT blind box/GameFi — except behind it isn’t a virtual JPG but a multi-billion-dollar Pokémon card market. Crypto players are piling in not only because it’s a new narrative, but because it satisfies their craving for thrills and wealth fantasies. A similar example was the recent “BTC lottery machine” — the same FOMO logic. Beyond Speculation: A Strategic Play to “Go Mainstream via IP” Crypto has long had a problem: outsiders don’t get it. NFT, DeFi, Layer 2… these terms are too abstract for the average person. Pokémon is different. Kids know Pikachu. Parents have bought cartridges or plushies. Hundreds of millions globally have played Pokémon. When a crypto protocol tokenizes Pokémon cards, it’s leveraging this super IP to “break out of the bubble.” That’s much easier than telling a story from scratch. Just as NBA Top Shot used basketball to popularize NFTs, Pokémon is a natural bridge for crypto to the mainstream. Capital’s Push: Not Just Retail; Institutions Are Betting Too Don’t forget: behind the financialization of Pokémon cards aren’t just retail and KOLs. Some hedge funds are positioning in high-end cards as alternative assets. Grading firms like PSA and Beckett are partnering with RWA platforms to provide attestation/custody. Major exchanges are even considering “card indices,” letting investors one-click into a market-wide basket. With capital flowing in, “on-chain cardification” may shift from a niche party to the next large-scale financial product track. In short, crypto targeting Pokémon isn’t accidental. It’s the inevitable result of market logic, RWA trials, gamified mechanics, and capital’s push. For crypto natives, it’s not just a “new narrative,” but a ticket to the mainstream. Opportunities and Pitfalls of On-Chain Pokémon 1. Opportunities: A. A Hundred-Billion-Dollar Market Traditional TCG market size: US$25–30 billion per year. After blockchain-ization, CEO expectations are for 3–4× growth, reaching the hundred-billion level. B. Influx of New Participants Crypto users crossing into collecting. KOLs and streamers driving FOMO. C. Financialization of Cards Tokenization → fractional trading. Collateralized lending → unlocks capital efficiency. Liquidity pools → give collectibles instant marketable value. 2. Pitfalls: A. Overheated Speculation Many crypto users enter without collector sentiment. Once returns fade, they may exit rapidly and dump. B. Fragmented Liquidity The traditional market (eBay, card shows, OTC) is already scattered. If every RWA protocol builds its own system, fragmentation worsens. C. Emotional Value Is Hard to Tokenize Collectors like the physical: holding the card in hand. On-chain tokenization can’t solve “sentiment,” which may limit long-term acceptance. D. Price Manipulation Risk As with NFTs, some may wash-trade to push prices up. Aggregator data can be maliciously exploited. Conclusion: On-Chain Pokémon — Cross-Over Speculation and Genuine Collecting On-chain Pokémon isn’t a story pulled from thin air; it’s the product of nostalgia + celebrity push + crypto finance acting together. It may replicate NFT-style frenzy, or burn out like some GameFi episodes. But what’s different this time is the backing of a 30-year-old IP and a market demand long since validated. For crypto natives, it’s a new-narrative speculation arena. For collectors, it’s just another fluctuation amid the hype. The craze will come and go, but the cards will remain in some people’s drawers, carefully preserved. Perhaps that is Pokémon’s true magic: traversing dimensions and finance, it is both an asset and a feeling.

#Blockchain #GDP#Trump On August 28, 2025, the U.S. Department of Commerce announced that, starting from July 2025, it would publish real Gross Domestic Product (GDP) data on nine blockchains. This is a landmark move that inevitably brings to mind the “killer app” the blockchain space has long been searching for. From Bitcoin payments, to DeFi financial experiments, to NFTs and GameFi, people have been trying to connect the real world with the on-chain world. Now, as an official agency of the world’s largest economy chooses to use blockchains to publish key economic data, the significance is indeed profound. What does this mean? Why is the United States doing this? What far-reaching impacts might it have on the crypto industry, the DeFi ecosystem, and even traditional financial markets? This article breaks it down. Click to register SuperEx Click to download the SuperEx APP Click to enter SuperEx CMC Click to enter SuperEx DAO Academy — Space U.S. Department of Commerce: Writing the GDP File Hash onto Blockchains On August 28, 2025, the Bureau of Economic Analysis (BEA) released the revised growth data for real GDP in Q2 2025–3.3%. This is the “Second Estimate” for quarterly GDP, i.e., the version revised on the basis of the advance estimate. But unlike in the past, this time the data did not remain only as a PDF on the official website; it was also simultaneously “attested on-chain.” The Department of Commerce performed a SHA-256 hash on the PDF file and obtained a unique hash value: c70972a12908b73c2407d9cc6842ba2a02203a690f3090cd29f30c45f0cfd93d This hash was then written to nine blockchains: Bitcoin, Ethereum, Solana, TRON, Stellar, Avalanche, Arbitrum, Polygon, and Optimism. On the Ethereum chain, you can even directly verify via a smart contract address that this hash indeed exists. In other words, anyone can verify whether the file has been tampered with by comparing the hash generated from the PDF. The transaction hashes or smart contract addresses for each blockchain are as follows: Bitcoin transaction hash: fcf172401ca9d89013f13f5bbf0fc7577cb8a3588bf5cbc3b458ff36635fec00 Ethereum smart contract address: 0x36ccdF11044f60F196e981970d592a7DE567ed7b Solana transaction hash: 43dJVBK4hiXy1rpC5BifT8LU2NDNHKmdWyqyYDaTfyEeX8y3LMtUtajW3Q22rCSbmneny56CBtkictQRQJXV1ybp TRON transaction hash: 3f05633fb894aa6d6610c980975cca732a051edbbf5d8667799782cf2ae0404 Stellar transaction hash: 89e4d300d237db6b67c 510f71c8cd2f690868806a6b40a40a5a9755f4954144a Avalanche smart contract address: 0x36ccdF11044f60F196e981970d592a7DE567ed7b Arbitrum One smart contract address: 0x36ccdF11044f60F196e981970d592a7DE567ed7b Polygon PoS smart contract address: 0x36ccdF11044f60F196e981970d592a7DE567ed7b Optimism smart contract address: 0x36ccdF11044f60F196e981970d592a7DE567ed7b This may look like a “small step,” but in fact it is an official acknowledgment of blockchain’s value in “tamper resistance and public transparency”: Tamper-proof: once the GDP file is on-chain, the data can be verified no matter who questions it in the future. Multi-chain publication: selecting nine chains avoids reliance on a single platform and further enhances credibility. Trust enhancement: against a backdrop of long-standing skepticism about the authenticity of U.S. economic data, this is a “notarization-style operation.” Why is the United States putting GDP data on-chain? This is the core question many people care about: why the United States, and why in 2025? From logic and context, the motivations can be summarized on several levels. First, enhancing the credibility of the data. For a long time, U.S. economic data — especially GDP and CPI — has often been questioned. Some investors, media, and even politicians have publicly suspected “window dressing” or “methodological bias.” In such a climate, carving the data “in stone” amounts to a kind of “cryptographic notarization.” As long as the PDF file matches the on-chain hash, no one can claim the data was altered after the fact. It’s a way to bolster market trust. Second, aligning with the trend of digital governance and transparency. The United States has sought to lead in digitalization and data governance. GDP is one of the most core macro indicators. Putting it on-chain sends a signal: the government is willing to use blockchain technology to improve governance transparency. This is not just a “technical action,” but an “institutional statement,” implying more official data may go on-chain in the future — such as unemployment, federal budget outlays, or even fiscal deficit figures. Third, international competitive pressure in financial markets. The United States is not the only country experimenting. China, the EU, and Japan have all explored putting government data on-chain to varying degrees. As the core of the global financial system, the U.S. needs to ensure it still holds discourse power in the “Web3 era.” Putting GDP on-chain, in a sense, signals to the world: the U.S. intends to lead not only traditional finance, but also on-chain finance. Fourth, preparation for future financial innovation. Mere “data disclosure” is only the first step. More profoundly, these on-chain data points can become the underlying support for various financial products. For example, if the Federal Reserve were to experiment with issuing on-chain Treasuries in the future, GDP growth could serve as a reference indicator for debt sustainability; or in DeFi, derivatives protocols could directly use official GDP data as an underlying variable to design new on-chain contracts. These scenarios may still be conceptual, but once the data are on-chain, the possibilities open up. Fifth, easing the public’s crisis of trust in the government’s statistical system. GDP statistics are not a one-off result but a gradual revision process: first the Advance Estimate, then a month later the Second Estimate, and later the Final Estimate. This often leads markets to question: if the data keep being revised, what’s the point of the earlier numbers? Now, fixing each stage’s data on-chain provides a “fully traceable” mechanism — ensuring openness and transparency while allowing the public to see the entire revision trajectory. In summary, the U.S. move to put GDP data on-chain is by no means a small technical trial balloon; it is a bundle of multiple goals: a political signal and an institutional innovation; an experiment with blockchain technology and a laying of groundwork for the future financial order. In other words, it is a multi-pronged strategy of strengthening trust, staking a claim to the future, and maintaining financial discourse power. Potential impacts on the crypto market 1. New momentum for prediction markets If economic data can be put on-chain in real time via oracles, prediction markets (such as Polymarket) will have more authoritative data sources, avoiding disputes caused by data authenticity. 2. Inflation-linked stablecoins and DeFi innovation Imagine a stablecoin not pegged to the U.S. dollar but to the U.S. PCE price index — products like this are entirely possible. 3. Further integration of Web3 and traditional finance This implies a tighter fusion of traditional finance and on-chain applications. For example, on-chain derivatives markets could directly reference GDP data as a fundamental variable. Cold reflection: On-chain ≠ absolute truth While this is a milestone event, its limitations must also be seen: On-chain guarantees only immutability: if erroneous data are uploaded, the blockchain itself will not correct them. Methodology issues remain: GDP itself undergoes multiple revisions (advance, second, final); its authority still relies on the statistical agency. Politics cannot be ignored: even on-chain, public doubts about data authenticity cannot be completely eliminated. Conclusion The U.S. government’s move to put GDP data on-chain is not merely a technical experiment but an institutional signal — the world’s largest economy is beginning to acknowledge the value of blockchain and attempting to apply it to the most core economic indicators. Of course, on-chain data do not equal absolute truth, but they at least make a more transparent financial system possible. In other words, this step may not be the end, but the beginning of a new era for the on-chain economy.

#WLFI #Trump #Crypto On September 1, 2025, the World Liberty Financial (WLFI) token — deeply involved with the Trump family — officially launched on multiple exchanges worldwide, including Binance, OKX, Bybit, Kraken, Bitget, MEXC, Gate.io, SuperEx, and other mainstream platforms. The event quickly sparked global discussion: the #WLFI tag trended on X, 24-hour trading volume surpassed US$4.6 billion, and its market cap once surged to US$6.5 billion on day one, briefly ranking among the top 25 crypto assets globally. However, within just a few hours, WLFI’s price experienced extreme volatility — from a spike to a sharp halving: the opening high reached US$0.47, then fell to as low as US$0.20, a drop of more than 56%. This pattern not only recalls previous “story token” cases, but also left the market oscillating between excitement and doubt. This article, combining public data and market feedback, takes a deep look at WLFI’s listing landscape: why did it attract such massive attention? What logic underlies the large price swings? And where do the opportunities and risks lie for ordinary investors and exchanges respectively? Click to register SuperEx Click to download the SuperEx APP Click to enter SuperEx CMC Click to enter SuperEx DAO Academy — Space Background and Positioning of WLFI: More Than Just a “Political Token” WLFI stands for World Liberty Financial. The project began in 2023, spearheaded by real estate tycoons Steve Witkoff and his son, with deep involvement from the Trump family. Donald Trump himself serves as “Chief Crypto Advocate,” while Eric, Don Jr., and Barron appear as “Web3 Ambassadors,” giving the project a strong political and traffic halo. But WLFI does not position itself as a mere meme or political token; instead, it emphasizes becoming a bridge between TradFi and Web3. Its ecosystem narrative includes: Stablecoin USD1: a fully reserved dollar-pegged stablecoin, already integrated with Solana, with future cross-chain support; Multi-chain deployment: covering Ethereum, Solana, and BNB Chain to ensure higher liquidity and ecosystem penetration; Community governance: WLFI holders can participate in protocol governance, with each wallet’s voting power capped at 5% to prevent whale dominance; Anti-CBDC stance: advocates that a U.S. dollar stablecoin can serve as a decentralized alternative, emphasizing financial freedom and American values. In other words, WLFI positions itself as a composite narrative of “politics + finance + Web3,” leveraging the Trump family’s traffic effect while seeking alignment with mainstream DeFi via stablecoin, lending, and governance functions. Listing Panorama: Global Coverage + Community Expectations WLFI’s launch was not confined to a few platforms but was an all-around exchange debut: Binance, OKX, Bybit, Bitget, SuperEx, Kraken, MEXC, Gate.io, HTX, KuCoin, LBank, Bitrue, Flipster, as well as Uniswap and Raydium, ensuring on-chain tradability. By region: Korean exchanges Upbit and Bithumb joined, attracting substantial Asian capital; Coinbase followed a bit later, covering U.S. users. This near “full-coverage” listing strategy gave WLFI massive liquidity support in a short time. According to Coinglass data, open interest on launch day once approached US$1 billion, with combined spot and derivatives volume exceeding US$4.6 billion. For exchanges, such a globally watched hot asset carries huge risks, but also represents a concentrated explosion of liquidity and trading demand. On September 1, 2025 at 13:30 (UTC), SuperEx opened trading for the WLFI/USDT pair, becoming one of the first/day-one exchanges to list it. Circulating Supply Exceeded Expectations: The Fuse for the Day-One “Halving” The most contentious focus after WLFI’s launch was that the initial circulating supply far exceeded market expectations. Total supply: 100 billion tokens; Initial circulating supply: 24.67 billion tokens, about 24.7%; Market’s prior expectation: 3–5 billion tokens. This discrepancy directly led to heavy selling pressure post-listing. In particular, early investors bought tokens at US$0.015 and US$0.05 during two 2024 financing rounds, with an average cost of about US$0.027. When the token price briefly spiked to US$0.47 intraday, early investors’ paper gains approached US$1.9 billion, about 3.5× their input. Faced with such windfall profits, whale profit-taking was hardly surprising. Data show that 80% of the top ten public-sale investors partially or fully sold. This also explains why WLFI dropped by more than 56% within just a few hours. The Trump Family’s Wealth Effect: 83% Liquidity Control Among all holders, the biggest winners are undoubtedly the Trump family. Tokens directly or indirectly controlled by the Trump family total about 20.6 billion, accounting for 83.7% of circulating supply; among these, 10 billion are held by the project treasury, 7.78 billion allocated to strategic partner Alt5 Sigma (a Trump family holding company), and 2.88 billion for marketing and liquidity. In addition, the Trump family raised about US$1.5 billion in cash via token sales, with the valuation of unvested tokens around US$8.2 billion. From a wealth-efficiency perspective, WLFI enabled the Trump family to achieve unprecedented capital magnification in a very short time. At the same time, the very high concentration has raised doubts about the project’s decentralization. Violent Turbulence in the Derivatives Market WLFI’s sharp swings hit not only the spot market but also the derivatives market directly. Within hours of listing, total liquidations across the network reached US$12.36 million; Of that, long liquidations were US$8.51 million and short liquidations US$3.85 million; A large number of leveraged longs that chased the rally were forcibly closed, exacerbating the decline. Notably, of the first unlocked 4 billion tokens for early investors, about 720 million remain unclaimed, which means selling pressure has not been fully released and may continue to affect price action going forward. Divergent Market Views: Opportunities and Risks Coexist WLFI’s listing split the market into two sharply different camps: Bulls: argue that WLFI’s narrative is unique — political backing from the Trump family plus DeFi functionality such as stablecoin, lending, and governance. In the short term it may break US$0.30 again, and in the medium to long term it could gain institutional tailwinds under a U.S. financial narrative. Bears: question opacity in the token-economic model, especially since details were released only one hour before listing; the initial float far exceeded expectations; and the project exhibits a severe “wealth transfer effect,” possibly making it a short-term hyped “story token.” Based on historical experience, WLFI could become a narrative-driven star asset — or cool rapidly under the double pressure of sell-offs and regulation. Conclusion WLFI’s launch is undoubtedly one of the landmark events in the 2025 crypto market. It blends political narrative, financial design, and Web3 concepts, creating enormous short-term wealth effects and market volatility. However, the rapid halving in price, high concentration, unlock-driven selling pressure, and regulatory uncertainty all make its long-term outlook challenging. Ultimately, WLFI’s success or failure depends not only on the Trump family’s traffic and narrative, but also on whether it can truly deliver in its stablecoin, lending, and governance ecosystems. That is the key the market will keep pressing for.

#BitcoinAsia #Bitcoin #Trump Just a couple of days ago, we did a deep dive into the Tokyo WebX Summit — often hailed as Asia’s most important crypto event — a stage that brought together global regulators, industry leaders, and policymakers. Heath Tarbert, former CFTC Chairman and now Circle’s Chief Legal Officer, along with Satsuki Katayama, Japanese Senator and Chair of the Budget Committee, represented two of the world’s most important economies and engaged in a fiery dialogue on crypto regulation and the development of stablecoins. If the 2025 Tokyo WebX Summit ignited the atmosphere for Asia’s crypto industry, then the 2025 Hong Kong Bitcoin Asia Conference was nothing short of a complete upgrade. Unlike previous conferences that often spoke vaguely about “blockchain applications,” this event kept the spotlight firmly on Bitcoin itself — and the grand narratives it represents: global reserve asset, institutional adoption, protocol evolution, and wealth preservation. From the Trump family on stage, to CZ, Balaji, and countless institutions and startups, Bitcoin is no longer just “digital gold.” It is being positioned as the underlying logic of future financial order. And this time, the story is no longer an echo chamber of insiders — it is a symphony of global institutions, national capital, and top-tier enterprises. This article will break down the core signals of Bitcoin Asia 2025, and show how Bitcoin is moving from idealism to reality. Click to register SuperEx Click to download the SuperEx APP Click to enter SuperEx CMC Click to enter SuperEx DAO Academy — Space Macro Narrative: Bitcoin’s “Victory Moment” 1. The Trump Family: From “De-banked” to Full Bitcoin Embrace One of the biggest highlights of the conference came from Eric Trump’s remarks. As Executive Vice President of the Trump Organization, he shared an ironic story: for political reasons, the Trump family was “de-banked” by U.S. financial institutions. In other words, they were marginalized by the traditional banking system, even denied normal financial services. And that ironically became their entry point into Bitcoin. Eric bluntly stated that Bitcoin hitting $1 million is just a matter of time, and he advised investors to “buy and hold for five years.” Even more interestingly, he floated a wild idea — maybe one day, tariffs could be paid in Bitcoin. Behind this is a strong political signal: When the traditional financial system shuts the door on certain groups, Bitcoin becomes the alternative. In the dilemma of being “de-banked,” Bitcoin is no longer just a wealth allocation tool, but a kind of financial refuge. Eric also revealed that he now spends 90% of his time in the Bitcoin community, and he highly praised his father’s administration for its digital asset policy pivot. In just 7 months, progress in U.S. digital assets has exceeded that of the past 10 years. The signal is very clear: Bitcoin is shifting from rebel outsider to policy tool, entering a true state-level narrative. 2. Balaji: Bitcoin’s Algorithmic Revolution and New Challenges Another heavyweight guest, Balaji, presented an even more extreme vision: Bitcoin will end the Federal Reserve’s control, replacing human decision-making with algorithmic monetary policy. Imagine a world where there are no longer “Fed rate hikes or cuts” as macro gambles, but instead completely transparent algorithmic rules. What would the global financial system look like then? Balaji even predicted that when Bitcoin’s price breaks from $100,000 to $1 million, half of the world’s billionaires will come from crypto. The traditional wealth structure will be completely overturned. But he didn’t ignore risks either: Quantum computing could threaten Bitcoin’s cryptographic foundation. 51% attacks remain a potential black swan. Developer security and system backdoors are issues that must be solved in the future. This reminds us: Bitcoin’s victory is not the end of the story, but the beginning of new challenges. Market Sentiment: Bullish Consensus vs. Altcoin Awkwardness 1. The Signal of a “Long Bull” for Bitcoin Podcast host Stephan Livera predicted that this Bitcoin cycle will last longer than any before. He even cited the “power law model,” arguing that by 2045, Bitcoin could reach $10 million per coin, with a market cap of $200 trillion. Sounds like fantasy? Don’t forget: Central banks like Switzerland’s are already holding Bitcoin ETFs. More and more countries are experimenting with “sovereign mining.” This means Bitcoin demand is no longer just “speculation,” but has entered the level of national strategic reserves. 2. The “Value Dilemma” of Altcoins Compared to Bitcoin’s spotlight, most altcoins appear awkward. Livera was blunt: “The utility token theory is wrong. Just because a token is used as gas doesn’t mean it has value.” In other words, 99% of altcoins are either speculative plays or just tech experiments. Very few can truly sustain long-term value. Meanwhile, Mike Jarmolish from Lightning Ventures was even more extreme in his optimism: “There are no bearish reasons.” He argued that Bitcoin’s OTC buyer base is so massive that it’s impossible to go back to the kind of deep pullbacks we saw in the past. The core signal here: in 2025, the main storyline is Bitcoin — everything else is just side quests. CZ’s Forward-Looking Thoughts: Stablecoins, RWA, DEX, and AI Stablecoins: Every Country Will Have Its Own CZ’s first point cut straight to the heart: stablecoins are blockchain’s native application, and in the future, every country will have at least a few. The logic is simple: stablecoin = digital dollar at the national level. It’s not a matter of if, but when. RWA: Liquidity Challenges and Regulatory Hurdles CZ described Real-World Asset tokenization (RWA) as something that must be explored, but hasn’t yet proven itself. The main problems are: Insufficient liquidity. Complex regulation. Obvious flaws in product mechanisms. This means RWA still has a long way to go before it becomes an institutional narrative on par with Bitcoin. DEX: Inevitable Rise Over CEX Even though Binance remains the largest centralized exchange, CZ openly admitted: within 5–10 years, DEXs will surpass CEXs. Why? DEXs offer higher transparency and no KYC. User demand for self-custody is getting stronger. Though DEXs today have issues with UX and fees, technological progress is inevitable. AI + Web3: Crypto as AI’s Native Currency Perhaps the most eye-catching point was CZ’s view on AI: in the future, AI agents will generate massive volumes of micropayments, and crypto is the only viable payment form. In other words, AI’s financial system will inevitably be blockchain-based. This isn’t just a merging of two tracks, but potentially the most important tech convergence of the next few decades. Institutional Wave Another standout highlight of Bitcoin Asia 2025 was the repeated emphasis on the concept of “Bitcoin Treasury Companies.” Since 2020, the U.S. money supply has grown 30%. Bitcoin is the most effective hedge against inflation. And yet, currently only about 175 listed companies globally have adopted Bitcoin treasury strategies — a mere 0.3%. In other words, this wave has only just begun. Tech Upgrades: New Directions for the Bitcoin Protocol Eric Wall, founder of Taproot Wizards, raised a thought-provoking point: Bitcoin is undergoing an “enterprise acquisition.” What does that mean? As more institutions and listed companies join in, influence over Bitcoin protocol upgrades is shifting from community to enterprise. He highlighted the potential of the op_cat upgrade, as well as using Stark/ZK proofs to improve privacy and scalability. This sends a crucial signal: the Bitcoin of the future won’t just be “digital gold,” but an evolving financial operating system. Conclusion Looking back at the whole conference, several clear threads emerge: Macro level: Bitcoin has upgraded from “people’s money” to a strategic asset for nations and institutions. Market level: The bullish consensus is overwhelming, while altcoins are gradually being sidelined. Tech level: Protocol upgrades, AI integration, and DEX growth are all pushing the Bitcoin ecosystem to new heights. Institutional level: Bitcoin treasury companies and ETFs are prying open the gates of traditional capital markets. In one sentence: Bitcoin Asia 2025 didn’t just let people see the future of price — it showed us that Bitcoin is already starting to shape a new financial order.

#Solana #TreasuryRevolution #Bitcoin Remember back in 2020, when Michael Saylor led MicroStrategy (then Strategy) to boldly put Bitcoin onto its balance sheet? At that time, many people were whispering: “Are they crazy?” And the result? Reality slapped the doubters in the face. Bitcoin skyrocketed, MicroStrategy’s market cap soared to $100 billion, and it became the flagship name of the “Bitcoin corporate play.” Soon, more and more companies followed suit, and a brand-new term appeared — “Treasury Company.” Today, it’s Solana’s turn to step onto the stage. Solana treasury companies are rising with unstoppable momentum. Some even say this is the new round of “Treasury Revolution” after Bitcoin. What Is a Treasury Company, and Why Is It Becoming Popular? Let’s clarify the concept first. A “treasury company” refers to a publicly listed enterprise or large institution directly holding cryptocurrencies (such as BTC, ETH, SOL) on its balance sheet as strategic reserve assets. The logic behind it is actually very straightforward: 1. Hedging against inflation Fiat money keeps depreciating — cash left idle just evaporates. Instead of holding fiat, why not replace it with digital gold or high-growth crypto assets? Traditionally, corporate treasuries relied on U.S. bonds or gold for hedging. But increasingly, companies now regard BTC and ETH as the “gold of the 21st century,” capable of resisting inflation over the long term. 2. Valuation premium from capital markets MicroStrategy has already proven the point: once your financial report says “we hold Bitcoin,” the stock market instantly assigns a valuation premium. Investors see you as forward-looking and reward you with higher multiples. That’s why “treasury companies” once became such a hot capital market narrative. 3. Brand endorsement Being a treasury company is essentially telling the market: “We stand with crypto natives.” This not only attracts younger crypto investors but also adds brand hype. Especially for tech firms, it’s a way of declaring: “We don’t just understand future trends, we’re willing to bet on future assets.” 4. Liquidity management Many listed companies have huge cash piles — think Apple, Tesla. In the past, this money went into buybacks or dividends. Crypto assets now offer a brand-new option. Compared with the low interest rates of traditional financial markets, holding BTC or other crypto assets provides high-risk, high-reward alternative allocation. So when Bitcoin treasury companies went viral back then, it wasn’t without reason. It was both a financial innovation and a capital markets marketing play. For enterprises, this was a way to turn cold cash into a strategic lever that could boost valuation and tell a better story. The Precedent of Bitcoin Treasuries Real-world cases are always more convincing than theory. Let’s quickly review the timeline of Bitcoin treasury adoption: 2020: MicroStrategy was the first mover, stuffing Bitcoin into its treasury. Traders immediately treated MicroStrategy as a proxy for Bitcoin: when Bitcoin rose, its stock price followed. At one point, MicroStrategy’s market cap soared to $100 billion, even though its revenue was only $115 million. In comparison, Starbucks had $7.8 billion in revenue at the time, but the market didn’t care about revenue — it cared about the narrative. Soon after, other companies began imitating. In 2024, even a Japanese budget hotel chain announced support for Bitcoin payments. According to Architect Partners’ data, just this year, 184 listed companies announced they had purchased cryptocurrencies, with a combined value close to $132 billion. In one sentence: Bitcoin treasuries = turning enterprises into amplifiers of cryptocurrency. The Rise of Solana Treasury Companies So here’s the key question: why is everyone’s attention now shifting to Solana (SOL)? 1. SOL breaks above $200 Just yesterday, SOL broke through the $200 mark, now trading at $200.02, with a 24-hour gain of 6.49%. This kind of momentum undoubtedly gave treasury companies a major boost of confidence. 2. SOL treasury holdings surpass $820 million According to Sentora data, the total funds held in SOL-related treasuries have surpassed $820 million. For comparison, Ethereum treasuries were at a similar level back in April this year, but have since soared to $20 billion. This means SOL treasuries are currently at the stage Ethereum was just months ago — with massive room to grow. 3. Backed by capital giants The newly established “Solana Co” was jointly launched by Pantera Capital, Summer Capital, and Avenir Group. Pantera Capital: a veteran crypto fund managing tens of billions. Summer Capital: involved in digital assets since 2017, invested in Hashkey, Immutable, Upbit, Animoca, and other leading projects. Avenir Group: founded by Li Lin, with a focus on financial innovation and global reach. What’s even more explosive is that Pantera is raising $1.25 billion to acquire listed companies and convert them into SOL treasury companies. In other words, capital giants are directly stepping in to expand Solana’s footprint. Market Impact: A New Wealth Effect? Let’s imagine the potential future scenario: as more listed companies announce “we bought SOL”, investors may begin to treat these companies as proxies for Solana stock — just like they once viewed MicroStrategy as a proxy for Bitcoin. This could push SOL’s price to new highs. Picture this: when today’s $820 million treasury holdings swell to $20 billion, what kind of astronomical market cap could SOL achieve? Secondary market FOMO in full swing: Retail investors seeing institutions pile in will naturally follow, triggering a self-reinforcing cycle. In short, Solana treasury companies are not just about asset allocation — they could become the next catalyst for a massive wealth effect.But don’t forget, wealth effects don’t appear out of thin air. They’re amplified by several factors: 1. Information spillover effect When a leading company publicly announces “we bought SOL”, peer companies will face pressure from shareholders and the market: “Why haven’t you?” This creates a chain reaction, driving more firms to follow suit. 2. Capital markets’ magnifying lens In secondary markets, corporate treasury size isn’t valued at face value — it’s amplified. For example, if a company holds $500M worth of SOL, investors might grant it a $5B valuation premium. What they’re buying isn’t just assets, but the narrative and growth potential. 3. Retail investors’ wealth fantasy When corporations openly accumulate, retail investors naturally think: “Maybe SOL is the next Bitcoin.” This accelerates SOL’s journey from being seen as a tech token to a reserve asset in the public imagination. In other words, the Solana treasury company model isn’t just asset strategy — it’s a narrative-driven wealth amplifier. It creates a closed loop between capital markets and crypto markets: Companies buy → Market hype → Price surges → Corporate valuations rise → More companies follow → Price rises further. This spiral of positive feedback, once set in motion, could trigger a “fast-forward effect” similar to Bitcoin’s 2020 bull run. And the Solana treasury story might just be the core engine of the next wealth boom. Potential Risks: Don’t Only See the Glamour Of course, every new trend comes with risks, and Solana treasuries are no exception. 1. High Price Volatility SOL is far more volatile than Bitcoin. For treasury companies holding SOL, a sudden price crash could wreak havoc on their balance sheets. 2. Regulatory Risks While Bitcoin can still be framed as “digital gold,” SOL is positioned much closer to securities in nature. Whether it will face regulatory crackdowns in the future remains unknown. 3. Ecosystem Stability Solana has suffered multiple outages in the past — this remains its Achilles’ heel. For treasury companies, the question isn’t just short-term price swings, but whether Solana can sustain long-term strategic reserves without critical failures. Conclusion: Will Solana Treasuries Become the Next Bitcoin Treasuries? Looking back at history, the rise of Bitcoin treasuries created the legendary story of MicroStrategy. Today, Solana treasuries are retracing a similar path — but with some fresh elements: backing from capital giants and the acceleration of a fast-growing ecosystem. Can Solana evolve into the next $20 billion-class treasury phenomenon? At this stage, no one can say for certain.What is clear, however, is that Solana treasury companies have already ignited both market curiosity and capital appetite.

#Trump #Cook #Crypto Disclaimer: This article provides an in-depth analysis of market hot topics only. It does not involve or represent any political stance or political views. A butterfly flaps its wings in South America, and the result might be a tornado in Texas. At this moment, the butterfly effect has been vividly demonstrated: what seemed like a trivial mortgage issue triggered a storm leading to the attempted removal of a Federal Reserve Governor. This is essentially a political clash over “who gets the final say”: the President seeking to fire a Governor, while the Fed insists that “Governors cannot be arbitrarily dismissed.” What looks like a power struggle quickly spilled over into financial markets — and even shook the crypto world. Some joked: “The Fed’s meeting minutes matter less than one sentence from Trump.” Others warned: “The politicization of crypto markets has reached a new high.” So how exactly did this “Trump vs. Cook” drama unfold, and why did it ripple through both Wall Street and crypto? Let’s break it down step by step. Click to register SuperEx Click to download the SuperEx APP Click to enter SuperEx CMC Click to enter SuperEx DAO Academy — Space The Timeline: Trump’s Attempt to Remove Cook 1. The Trigger: Mortgage “Fraud” Accusation → Trump Strikes The story didn’t begin with monetary policy, but rather with what seemed like a trivial “butterfly” — a home loan. According to media reports, FHFA Director Bill Pulte accused Fed Governor Cook of applying for mortgages on two properties, declaring each as her primary residence to secure lower interest rates. Cases like this aren’t rare in the U.S., but when it involves a high-profile official, it becomes political ammunition. Trump seized the opportunity. On social media, he immediately amplified the report and bluntly declared: “Cook should resign immediately.” Remember, Trump has long held grievances against the Fed. Since taking office, he’s repeatedly blasted the central bank for not cutting rates, even calling out Chair Powell as “slow to act.” After years of stalemate, Trump shifted his sights from Powell to the Governors. Cook — neither his appointee nor free of controversy — became the perfect target. Thus, Trump moved quickly, announcing his intention to remove her. 2. The Fed Pushes Back: Governors Cannot Be Arbitrarily Fired But here’s the key question: Can the President actually fire a Fed Governor? The answer: not so simple. Under the Federal Reserve Act, Governors serve 14-year terms precisely to guarantee central bank independence and shield it from short-term political cycles. Legally, the President can only remove a Governor “for cause.” But what counts as “cause”? The law doesn’t clearly define it. Typically, only serious misconduct or major ethical violations qualify. Whether Cook’s mortgage issue rises to that level is for the courts to decide. The Fed responded swiftly: A Governor’s term is fixed; the President cannot dismiss at will. Cook remains a sitting Governor and will participate in rate decisions unless a court rules otherwise. Cook, through her lawyer, announced plans to sue immediately to defend her rights. This means at the upcoming Sept. 16–17 FOMC meeting, Cook will almost certainly still be present. Even if Trump ultimately prevails, his action won’t take immediate effect. 3. Trump’s Real Goal: Rate Cuts Trump’s public feud with the Fed isn’t really about Cook — it’s about pushing rate cuts. For years, Trump has argued that high rates are shackles on the U.S. economy, hurting stocks and jobs. He wants easier money to fuel growth, lower government debt costs, and — politically — to showcase a booming economy under his watch. Markets understand this logic: rate cuts lower financing costs, boost equities and housing, and ease fiscal stress. For a president who equates prosperity with political strength, this is vital. But Chair Powell and most Governors insist on a “data-dependent” approach: only if inflation subsides and employment holds steady will cuts be considered. This cautious stance clashes directly with Trump’s political urgency. So Trump bypassed policy debate and turned to personnel and public pressure instead. By targeting Cook, he sent a blunt signal: “If you don’t comply, I’ll reshape the Fed’s power structure step by step.” The risks? Market doubts about Fed independence could rise, raising long-term inflation expectations. Wider rifts inside the Fed would make future policy harder to predict, fueling volatility. In short: Trump’s rate-cut gamble is a double-edged sword. Short-term, he may win cheers from markets and voters. Long-term, the Fed’s credibility — and the dollar’s global standing — may quietly erode. Market Reaction: Stocks and Crypto Rally While the political drama unfolded, markets already voted. On the very day Trump declared Cook’s ouster and hinted rate cuts were inevitable: U.S. equities surged: Dow +1.89%, S&P 500 +1.52%, Nasdaq +1.88%. Crypto soared even more: BTC rebounded to $117,000; ETH broke above $4,800, and by Aug. 25 touched a new ATH at $4,956. Why? Because traders read Trump’s move as political pressure that makes rate cuts nearly certain. Liquidity easing = risk assets rally. Both Wall Street and crypto followed the script. Ripple Effects in Crypto: Capital Shifts & New Hotspots For crypto, the impact goes beyond price spikes — it’s about capital allocation. 1. BTC flows into ETH On-chain data shows about $2B in BTC rotated into Ethereum during the dip-and-rally cycle, suggesting institutions see ETH as a stronger play in this environment. 2. Institutions quietly accumulate ETH In the last 12 hours, BitMine received 131,736 ETH from custodians like BitGo, Galaxy Digital, and FalconX — clear evidence of big money doubling down. 3. New project tokens get a boost Liquidity expectations also lifted certain DeFi governance tokens, which spiked in volume and price. This is the butterfly effect in action: one political move, cascading into global crypto flows. Conclusion Some say Trump and crypto are in a “mutual exploitation” relationship: crypto leverages Trump’s publicity and policy shocks, while Trump points to market rallies — stocks and coins alike — as proof he’s “reviving the economy.” This Cook episode is just the latest example. Regardless of how the courts rule, Trump has already succeeded in putting the Fed on the political stage — and dragging crypto into the storm of power struggles. Perhaps that was his real goal all along.

#WebX2025 #Japan #Crypto At the end of summer in Tokyo, the WebX 2025 conference arrived as scheduled. Known as “Asia’s most important crypto summit,” the stage once again gathered global regulators, industry leaders, and policymakers. And the highlight this year was undoubtedly a roundtable on “Stablecoin Regulation and Applications in the U.S. and Japan.” On one side sat Heath Tarbert, former chairman of the U.S. CFTC and now Chief Legal Officer of Circle. On the other, Satsuki Katayama, Japanese Senator and Chair of the Budget Committee. Representing the world’s two most important economies, they engaged in a fiery dialogue on crypto regulation and stablecoin development. Some said this dialogue was like a “debate on the future of finance.” Others saw it as a microcosm of the battle between stablecoins and CBDCs. Either way, the signals revealed from this roundtable were enough to make the entire industry hold its breath. The U.S. Perspective: From “War” to “Embrace” If you remember the U.S. crypto environment just a year or two ago, the word was “winter.” Regulators and the industry were locked in confrontation, lawsuits were everywhere, and nearly every emerging project felt the heavy weight of uncertainty. Now, Heath Tarbert delivered a striking line on stage: “For the first time in history, the United States is truly embracing crypto assets.” 1. The Genius Act: Stablecoins Finally Gain Recognition At the core of this “embrace” is the passage of the Genius Act. The significance of this law lies in the fact that, for the first time, stablecoins were legally recognized as equivalent to cash. This means future U.S. dollar stablecoins must meet three requirements: 1:1 High-Quality Reserves: Each stablecoin must be backed by equivalent cash or Treasuries. Transparency and Auditing: Issuers must regularly disclose reserves and undergo third-party audits. Compliance-Only Issuance: Algorithmic stablecoins or those backed by risky collateral are strictly excluded. In short, the U.S. has finally given the industry a clear “moat”: compliance, transparency, and credibility. 2. America’s Dilemma: The Road Is Open, But Details Lag Behind However, Heath also admitted this is just the beginning. The U.S. still faces unresolved issues: Digital asset classification: Which are securities, which are commodities? Custody and exchange rules: Who takes responsibility, and how to protect users? Market structure legislation: How will digital assets be fully integrated into the mainstream financial system? More subtly, although the Genius Act has passed, its implementation rules are not yet in place. It’s like a building framework has been erected, but the wiring and plumbing are not finished. 3. Attitude Toward CBDCs: Cautious, Even Resistant On CBDCs, Heath was blunt: the U.S. is not in a rush. The main reason — privacy and surveillance concerns. In fact, the Genius Act explicitly prohibits the Fed from launching a CBDC in the near term, almost like “sealing off the exit in advance.” In Heath’s view, the future of the U.S. dollar is far more likely to exist in stablecoin form rather than as a CBDC. The Japanese Perspective: Stablecoins First, CBDCs Slowed Unlike the U.S.’s “legislative breakthrough,” Japan’s focus is more on practical applications. 1. Stablecoins vs. CBDCs: Japan Chooses the Former Satsuki Katayama stated firmly: “Japanese society harbors deep skepticism toward CBDCs, with privacy and decentralization being the main concerns.” She admitted that while the Bank of Japan is collaborating with the ECB and others on CBDC research, progress has been slow. Instead, Japan prefers to prioritize stablecoin development. 2. Tax Reform: Bringing Crypto Back to “Reasonable Rates” Another critical issue in Japan is taxation. Currently, crypto income is categorized as “miscellaneous income” with tax rates as high as 55%. This has driven away many young investors. Katayama revealed that Japan plans to reclassify crypto under the Financial Instruments and Exchange Act, reducing the tax rate to 20% — aligning it with stock trading and U.S. standards. The logic is simple: lower barriers → more youth participation → wider stablecoin adoption in daily payments. 3. Youth as the Driving Force In Japan, the crypto user profile is clear: young people. Katayama even pointed out that much of their information comes from “food and fashion idols.” It sounds lighthearted, but it reflects a fact: young people are embracing crypto in their own way. The Global Future of Stablecoin Applications During the roundtable, both U.S. and Japanese representatives emphasized the same point: Stablecoins are not just a crypto trading tool, but the new cornerstone of global finance. 1. Cross-Border Payments: As Simple as Email Currently, cross-border remittance fees average 6–7%, with settlement times of several days. Stablecoins flip this on its head: instant settlement, low cost, no forex fees. Heath even drew a vivid comparison: “Sending stablecoins across borders is like sending an email.” 2. Enterprise Adoption: A Potential B2B Revolution Imagine a Japanese automaker settling parts procurement with stablecoins. No bank settlement delays, no forex losses. The only obstacle is Japan’s current transaction size limits, restricting large-scale B2B adoption. But as Katayama noted, these rules are already under review. 3. Financial Inclusion: A “Dollar Alternative” for Non-G20 Nations In countries suffering severe currency depreciation, stablecoins could become the preferred savings tool. For citizens there, stablecoins = a portable U.S. dollar bank account. Hot Take: Stablecoins vs. CBDCs — The Strategic Divergence The biggest highlight of the roundtable was the strategic divergence between stablecoins and CBDCs. Japan: Skeptical of CBDCs, pragmatic in promoting stablecoin use. U.S.: Legally cementing stablecoins, even blocking short-term CBDC paths. In other words, both economic giants are tilting toward stablecoins — just with different approaches. For the industry, this implies: Clearer regulatory trends: Stablecoin compliance is inevitable. Improving tax environments: Especially in Japan, which may spark new adoption. Faster enterprise adoption: B2B payments and cross-border trade could lead the way. CBDCs left uncertain: Likely to remain “lab projects” rather than mainstream payment tools. Conclusion The WebX 2025 roundtable was not just a “U.S.–Japan dialogue,” but a global crypto regulatory weathervane. Japan showcased its pragmatism and caution: promoting adoption through tax reform and stablecoin use in daily life. The U.S. took a crucial legal step: granting stablecoins unprecedented recognition. Stablecoins and CBDCs may not be absolute opposites, but at least for the next five years, stablecoins will undoubtedly become the most practical and valuable cornerstone of blockchain finance. For investors, what does this mean? Spot the trend: Stablecoin compliance and applications will only grow. Watch the policies: Tax and trading rules directly shape market vitality. Position for the future: Whoever captures stablecoin applications will own the next gateway of financial internet. Tokyo’s discussion has already given us the answer. The rest is up to the market’s performance.

#USDT #SuperEx Maybe you’ve noticed that in between trades, there’s always a sum of “idle money” lying quietly in your account. It’s too small to invest, but too wasteful to ignore. This is a common issue for many users, and that’s why more and more people are starting to focus on how to “put their idle funds to work.” Instead of letting USDT sit idle in your wallet, why not use SuperEx’s wealth management products to earn extra returns? SuperEx provides its users with a wide range of wealth management plans, covering both flexible and fixed options. These not only meet the needs of flexible fund management but also help investors secure stable returns. What Is SuperEx Wealth Management? — Assigning a Reliable “Job” for Your Funds SuperEx Wealth Management is a digital asset wealth management service built by the SuperEx platform. Users can deposit idle funds into specific wealth management products to earn interest income and generate profits outside of trading. While building a safer and more trustworthy platform, SuperEx also provides users with diverse asset management options to hedge against market volatility risks. In simple terms, you can think of SuperEx Wealth Management as a kind of “finance company.” You hand over your funds, and it assigns them daily “jobs,” then pays you wages (interest) into your account at fixed times. Its greatest advantages are: Making idle funds stop sleeping and putting them into flexible or fixed “positions”; Helping you hedge against the extreme volatility of the crypto market to create more stable returns; And the process is similar to bank wealth management, but with usually more attractive interest rates. So: If you’re a trader, wealth management can serve as an additional income channel; If you’re a long-term holder, wealth management works like a “steady income net,” collecting interest for you daily. Two Major Sections of SuperEx Wealth Management: Flexible vs. Fixed SuperEx Wealth Management has two major sections: Flexible Wealth Management and Fixed Wealth Management. They are like two different job modes, each with pros and cons. 1. Flexible Wealth Management: The Free-Spirited “Part-Time Bee” Feature: No fixed term, deposit and withdraw anytime, flexible returns. Base interest rate: 2% Bonus interest rate: details available from customer support. Flexible wealth management is like a savings account: funds can be withdrawn anytime, never locked. But unlike a bank’s “barely visible interest,” SuperEx’s flexible rates are several levels higher! 2. Fixed Wealth Management: The Reliable “Full-Time Worker” Feature: Fixed terms, higher returns. Periods: 7 days, 60 days, 60 days (non-redeemable), 180 days, 365 days, 365 days (non-redeemable). Rates: Ranging from 3% to 10%, with longer terms offering higher returns. Detailed rates: 7-day product: 3% annualized, short-term “trial class.” 60-day product: 4.1% or 4.5% (non-redeemable). 180-day product: 6% annualized. 365-day product: 6.5% or 10% (non-redeemable). Reminder: Early redemption counts as “breach of contract,” and interest will be withdrawn. So fixed terms are more suitable for funds you don’t need urgently. How Is Interest Calculated in SuperEx Wealth Management? 1. Flexible Wealth Management Interest Flexible interest is calculated on a T+1 minute basis, distributed T+1 on the hour. Example: User A subscribes to flexible wealth management with 10,000 USDT at 18:37 on August 12, with an annualized rate of 3%. Daily interest = 10,000 × 3% ÷ 365 = 0.8219178082 USDT. Per-minute interest = 0.0055706256 USDT. At 19:00 on August 12, User A receives the first payout of 0.0131278539 USDT. 2. Fixed Wealth Management Interest For fixed-term products, SuperEx provides different yields. After subscription, interest is distributed after T+1 day at 00:00. Daily interest = Subscription Amount × Yield ÷ 365. Example: On August 15, User A subscribes to a 180-day fixed product with 10,000 USDT at 6% annualized. Starting August 16, User A earns 10,000 × 6% ÷ 365 = 1.6438 USDT per day. Is My Capital Safe? The first concern for many users: “Wealth management sounds good, but is my money safe?” SuperEx has never had a fund-theft incident and maintains 100% safety so far. Fund transparency: Every deposit and payout can be viewed in real time in your account. Flexible redemption: Flexible funds can be withdrawn anytime, fixed funds are automatically returned upon maturity. No penalty fees: Early redemption doesn’t incur fines (only interest is canceled, principal is returned). In short, your funds are always under your control — no black-box operations, no forced misappropriation. Who Is SuperEx Wealth Management For? Long-term holders: If you’re just letting funds sit idle waiting for a bull run, why not put them to work earning daily interest? Active traders: Keep a portion of backup funds in flexible wealth management. It won’t interfere with trading, and you still get returns. Steady investors: Prefer long-term holding without chasing quick profits? Go for the 180-day fixed option. Highest rates, peace of mind. Conclusion Many times, we’re busy chasing market ups and downs, but overlook the “quiet money” at our fingertips. SuperEx Wealth Management is like a considerate “funds manager,” arranging every idle dollar into the right role so it creates value. Whether it’s the flexible freedom of short-term deposits, or the steady solidity of fixed terms, there’s always an option that fits your fund’s personality.

#FOMC #Stablecoin #Crypto At the beginning of August, the Federal Reserve (Fed) released the minutes of its July FOMC meeting. This set of minutes was somewhat unusual: if in past years the content was mostly the old themes of inflation, employment, and interest rate balance, then this time, a brand-new “protagonist” kept showing up again and again — stablecoins. According to the full text of the minutes, the term “stablecoin” appeared eight times, its level of attention even exceeding that of some traditional topics. For the Fed, this was not a casual mention, but rather a deliberately bolded signal. One must know, in the traditional central bank lexicon, any word that gets repeatedly mentioned is basically a variable that could potentially shake the financial system. This is not a coincidence. With the passing of the GENIUS Act, stablecoins have already leapt from being a marginal “crypto niche tool” to becoming a variable that could affect monetary policy, the banking system, and even U.S. fiscal policy. This means the Fed is no longer only watching inflation and the yield curve, but has begun turning its gaze toward that crypto field they once glossed over. In other words, stablecoins have now officially entered the Fed’s strategic horizon. So, what exactly did the Fed say? And what does this mean for banks, the crypto market, and ordinary investors? Let’s break it down step by step. Key Highlights of the Minutes: Three Core Themes This meeting’s minutes mainly revolved around three blocks: 1. Macroeconomy and Interest Rates Most members believe that inflation risks still outweigh employment risks. The interest rate level may be approaching neutral, but it is still not safe enough to relax. The effects of tariffs may show up with a lag, and companies could pass the costs onto consumers. In other words, the Fed still worries that “inflation might reignite.” 2. Asset Valuation and Market Bubbles The minutes mentioned “concerns about elevated asset valuations.” This line is quite telling. It reads like a reminder to the markets: don’t just stare at rate-cut expectations, the frenzied rise in asset prices is also entering the Fed’s “watch list.” 3. The Sudden Rise of Stablecoins A considerable portion of the minutes discussed payment stablecoins. Committee members believe stablecoins could improve payment efficiency and increase demand for U.S. Treasuries, but at the same time might also impact the banking system and monetary policy. More critically, they clearly pointed out that the passing of the GENIUS Act means the legitimate scope of stablecoin use is expanding. To sum it up in one sentence: the rate path remains cautious → concerns about asset bubbles are rising → stablecoins became the biggest “keyword” in crypto. If we carefully examine the language of the minutes, we can see the Fed’s attitude toward stablecoins shifting from “peripheral observation” to “core agenda.” Scenarios mentioned: payment systems, demand for supporting assets (U.S. Treasuries), financial stability, monetary policy implementation. Tone shift: no longer just “risk reminders,” but now beginning to analyze their systemic impact on the macro and financial system. This means stablecoins are no longer just a “toy of the crypto circle,” but have entered the central bank’s strategic vision. Fed Governor Waller, in his speech, even directly pointed out: AI + stablecoins = the future of payment innovation. He even used the phrase “technology-driven revolution.” In other words, in official language, stablecoins have upgraded from “potential threat” to “potential opportunity.” The “Subtext” of the Minutes: Who Wins, Who Loses? We can treat the Fed’s minutes like an “official dress rehearsal script.” What’s written isn’t just what the central bank plans to do, but also who might benefit and who might get hurt. 1. U.S. Treasuries: The Winners The minutes explicitly stated that with the possible increase in payment stablecoin usage, this will “boost demand for U.S. Treasuries and other safe assets.” Why is this key? Because stablecoins must have a “backing,” and that backing needs to be both safe and liquid. For global investors, assets that meet both conditions are few and far between, and U.S. Treasuries are almost the “only standard answer.” This means the expansion of stablecoins will naturally drive demand for Treasuries. The subtext of the minutes is: “Treasury Department, you don’t need to worry too much about debt issuance being absorbed, because stablecoins will become new buyers.” Against the backdrop of persistent fiscal deficits and huge debt levels, this is a signal not to be ignored. Stablecoins act like an “automatic augmenter,” quietly propping up U.S. debt. From the crypto perspective, this means stablecoins are no longer just “settlement tools in the crypto circle,” but are now deeply binding with the U.S. Treasury market. In other words, behind one USDC lies not just one dollar, but also one dollar plus the credit of the U.S. Treasury. 2. Banks: The Anxious Ones The minutes noted that stablecoins could impact banks and the broader financial system. On the surface this sounds bland, but it actually reveals the anxiety within the banking system. The traditional banking profit model relies on two core elements: Deposit sources: people’s money in banks enables lending and investing. Payment channels: banks act as the infrastructure for domestic and cross-border payments, earning fees and spreads. But once stablecoins gain traction, what happens? Consumers and businesses might no longer need bank transfers, instead settling directly with stablecoins. Deposits could partly migrate into the stablecoin ecosystem. A simple example: if a company’s supply chain partners all accept USDC settlements, then it doesn’t need to keep all its funds in bank accounts, and would instead choose to hold stablecoins. Over time, banks’ deposit pools get “hollowed out,” and payment revenues get “diverted.” This explains why the minutes, though not bluntly critical, contained a hidden concern: stablecoins might cut into banks’ bread and butter. So we see an interesting contrast: The U.S. Treasury market is “smiling” because of stablecoins; The banking system is “anxious” because of stablecoins; The Fed itself is the “conflicted one.” 3. The Fed: The Conflicted Arbiter Another concern embedded in the minutes is that stablecoins could have broader effects on monetary policy implementation. Why? Because the Fed’s main tool for adjusting the economy is interest rate policy, which transmits to markets through the banking system. If more and more funds bypass banks and flow directly into the stablecoin system, the Fed’s tools become blunter. Imagine this: the Fed raises rates, intending for higher bank loan rates to reduce corporate and consumer borrowing, cooling down the economy. But if companies’ funds are mostly circulating in the stablecoin system, the sensitivity to bank loans decreases, and the efficiency of rate policy transmission is reduced. That’s the Fed’s dilemma: stablecoins can improve payment efficiency and bring financial innovation, but at the same time might weaken monetary policy effectiveness, making “hikes” and “cuts” less effective. The emphasis in the minutes on “monitoring the assets backing stablecoins” is essentially the Fed leaving itself a back door. The meaning is: I don’t oppose you playing, but I must watch you closely to ensure the whole system remains within my control. Stablecoins = A Double-Edged Sword To summarize in one sentence: stablecoins are like a double-edged sword. On one side, they cut open payment efficiency, bringing new financial imagination. On the other, they cut into the nerves of banks and monetary policy, causing discomfort to vested interests. For the crypto market, this double-edged sword effect means stablecoins won’t be allowed to “grow wild and free,” but will instead “grow with shackles.” From an investment perspective, this isn’t a bad thing. Because as long as the Fed is willing to pull stablecoins into formal discussions, it means they can’t be easily “killed off.” The only question is, in what form will they continue to exist: As Wall Street and the Treasury’s “new tool”? Or as a “decentralized force” preserving the crypto spirit? The answer may slowly emerge over the coming years. Opportunities and Risks for the Crypto Market For the crypto market, the biggest significance of these minutes is that stablecoins have officially been included in the Fed’s core discussion circle. This brings several implications: 1. Legitimacy Enhancement, Wider Applications The passing of the GENIUS Act legitimizes stablecoins. In the future, compliant stablecoins may quickly penetrate U.S. payments and settlement. This is a major boon for projects like USDC. 2. Revaluation of the Assets Behind Stablecoins If stablecoin reserves increasingly allocate to U.S. Treasuries, it means the crypto world and traditional finance will bind more tightly. In a sense, stablecoins could become the “hidden bid” for Treasuries. 3. DeFi and Traditional Finance Interfaces The “monitoring” mentioned in the minutes is not only regulatory pressure, but also potential interface opportunities. If compliant stablecoins become mainstream, DeFi’s legitimacy will also be lifted, since the underlying assets it relies on are more transparent and safer. 4. Risk: Squeezed Space for Decentralized Stablecoins Compared with centralized projects like USDC and USDT, decentralized stablecoins (such as DAI, FRAX) face bigger policy risks. Because clearly, the Fed prefers stablecoins it can control. Conclusion On the surface, the minutes were about discussions of rates and inflation, but the real “Easter egg” this time was undoubtedly stablecoins. Imagine: ten years ago, how could Fed minutes ever mention Bitcoin? Twenty years ago, who could have thought “virtual currencies” would become a central bank research topic? Yet today, stablecoins are already written into FOMC’s official documents. This feels like a “historic freeze-frame”: the crypto world is no longer just a marginal player, but is gradually becoming part of the global financial system. So if you are a participant in the crypto market, whether in Bitcoin, Ethereum, or DeFi protocols, remember this set of minutes. Because it is not an isolated document, but the prelude to the trajectory of the crypto market over the next several years.

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