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The founder of BitMEX has frequently commented on the HYPE project, stating that its market capitalization is expected to surpass SOL. However, it has been observed that associated addresses have recently transferred a large amount of HYPE tokens out, suspected of dumping after driving up the price. This incident has sparked discussions in the market about information asymmetry and the consistency of public figures' words and actions, reminding investors to be cautious regarding market sentiments.

The Truth About Liquidity: 2024 Exchange Coin Effect Research Report
1. Research Introduction
1.1 Research Background
In 2024, the crypto market had a heated discussion about VC tokens with high fully diluted valuation ( FDV ) but low circulating market cap ( MC ). The MC/FDV ratio of newly issued tokens has dropped to its lowest in three years, indicating that a large number of tokens will be unlocked in the future. Although prices may rise in the short term due to increased demand, there is a lack of sustainability. As large-scale unlocks occur, the risk of oversupply increases, and investors are concerned that this structure may struggle to support long-term growth.
As a result, investor interest has shifted to Meme coins. Most Meme coins are fully unlocked at TGE, with high liquidity and no selling pressure from future unlocks. This structure reduces market supply pressure and enhances investor confidence. Many Meme coins have an MC/FDV close to 1 at the time of issuance, which means holders will not be affected by further issuance.

Stablecoins are rapidly developing globally, attracting regulatory attention from various countries. The United States, European Union, Hong Kong, Singapore, Japan, and Brazil have introduced corresponding regulatory policies covering issuance, circulation, and compliance requirements, aimed at regulating the market and promoting the sustainable development of stablecoins. Cross-border payments are expected to become a major application scenario for stablecoins.

The Swiss asset tokenization platform Backed Finance has launched a new product, xStocks, which uses a 1:1 actual stock collateral and is aimed at non-U.S. users, supporting round-the-clock trading. Despite the excellent product design, insufficient liquidity and high participation thresholds remain major issues. In the future, breakthroughs may be sought through derivation and the tokenization of equity in unlisted companies.

Regulatory Dynamics
1. The Russian Ministry of Finance plans to relax the tax declaration standards for crypto assets.
The Russian Ministry of Finance recently proposed new amendments to the country's upcoming cryptocurrency asset law, which may reduce the requirements for cryptocurrency taxpayers. According to the latest draft of the bill, individuals will need to declare their holdings when their annual cryptocurrency trading volume exceeds 600,000 Russian rubles (approximately $7,800), a significant increase from the previous proposal's threshold of 100,000 rubles (approximately $1,300). The law is planned to be implemented in January next year, and the Ministry of Finance hopes that taxpayers can complete their asset disclosures for the next tax year by April 30, 2022. The bill also stipulates that the value of declared cryptocurrencies will be calculated by the national tax authority based on the market price at the time of the transaction.
2. New Jersey, USA plans to introduce a regulatory bill for cryptocurrency service providers.
New Jersey in the United States is advancing a cryptocurrency licensing system. Recently, Senator N

ZK technology is widely regarded as capable of bringing security and privacy protection advantages to various fields, with application scenarios including identification, privacy protection, and fraud prevention. However, in practical applications, challenges such as performance, complexity, and standardization still exist, and implementation requires time.

This article explores the narrative science in the Web3 domain, emphasizing the unique positioning of brands in competition, differentiation strategies, and the four levels of effective storytelling. Successful projects need to have clear goals, shape culture, and strive to become the "first" or "only" in the industry through strong community building and value dissemination.

An executive director of a globally leading VC institution shared investment strategies and views in the Web3 field during an interview. They focus on Chinese entrepreneurs and have invested in multiple projects, with an emphasis on infrastructure and Application Layer. Although the market outlook is optimistic, he warned entrepreneurs to maintain capital reserves to cope with uncertainties while emphasizing that Web3 needs to address the user experience gap. Regarding Web2 entrepreneurs entering Web3, he is supportive but also points out industry challenges.

Crypto Assets have become an important tool for dark web crime due to their Anonymity and cross-border characteristics. In 2020, dark web market activities rose significantly, especially with frequent user data breaches. Experts recommend strengthening monitoring of suspicious transactions, collaboration among all parties, and international cooperation to address the criminal challenges posed by Crypto Assets, while also balancing regulation with innovation.

With the development of the Virtual Money market, the compliance of judicial disposal is becoming increasingly important. Legal opinions play a key role in this process, providing professional legal assessments, dropping legal risks, and enhancing trust. Lawyers need to conduct in-depth research on the disposal companies and relevant laws to ensure compliance and support the decisions of judicial authorities. This tool provides professional protection for the compliance disposal of Virtual Money and will become more important in the future.

The Stablecoin Revolution in Progress: Resonance of Technology Architecture and Business Ecology
The global financial system is undergoing profound changes. Traditional payment networks are facing a comprehensive challenge from stablecoins due to outdated infrastructure, lengthy settlement periods, and high costs. These digital assets are revolutionizing cross-border value flow models, corporate transaction paradigms, and the ways individuals access financial services.
In recent years, stablecoins have continued to develop and have become an important underlying infrastructure for global payments. Large financial technology companies, payment processors, and sovereign entities are gradually integrating stablecoins into consumer-facing applications and corporate cash flows. At the same time, a series of emerging financial tools, from payment gateways to deposit and withdrawal channels, and to programmable yield products, have greatly enhanced the convenience of using stablecoins.
This report deeply analyzes the stablecoin ecosystem from both technical and business perspectives. It studies the key participants shaping this field, the core infrastructure supporting stablecoin transactions, and the driving forces.

Bitcoin is transitioning from a mere store of value to an active financial instrument, and the BTCFi ecosystem is gradually taking shape. By activating dormant BTC liquidity, the market size is expected to reach 100s of billions of dollars. Emerging lending protocols and stablecoin projects provide Bitcoin holders with greater liquidity, promoting the development of Decentralized Finance applications and reshaping BTC's role in the financial ecosystem.

Recently, important developments have emerged in the Ethereum ecosystem, with the establishment of a community fund marking the vitality of the ecosystem. Ethereum's strategic focus has shifted towards mainstream applications, and the Fusaka upgrade enhances its on-chain capabilities. The crypto market is gradually diversifying, and TradFi is starting to pay attention to stake yields. Competition in the AI and MEME sectors is fierce, with multiple projects coming to the forefront. The industry needs to strengthen regulation to prevent fraud cases.

Liquid staking revolutionizes PoS network asset management
Liquid staking is fundamentally changing the way assets are managed in PoS networks. Traditional staking typically requires locking up cryptocurrencies to support blockchain operations, resulting in these assets being unusable during the staking period. However, liquid staking allows users to continue using these assets for trading, DeFi operations, or as collateral during the staking period by issuing liquid staking tokens (LST) that represent the staked assets.
A decentralized re-staking protocol further expands this concept. Users can deposit LST into the protocol's smart contract for re-staking, obtaining the liquidity staking token (LRT). LRT not only includes the value of the staked tokens and staking rewards but also grants additional rewards from the protocol's operations, providing users with greater flexibility and higher yield potential.
The total locked value of liquid staking ( TVL ) has surged from 30 million dollars to in less than four years.

Web3 payment, as an emerging cross-border payment solution, utilizes Blockchain technology to address issues such as high costs and slow speeds associated with traditional payments, providing consumers with an instant, low-cost, and secure cross-border payment experience. It is estimated that by 2027, the cross-border payment market will reach 250 trillion dollars, and Web3 payment will play an important role in various scenarios such as e-commerce, travel, and remittances, driving innovation and transformation in global Financial Services.

As an emerging inter-chain communication solution, zkRelayer enhances the security and efficiency of cross-chain bridges through zk-SNARKs technology, meeting users' needs for seamless interaction in a multi-chain ecosystem. It effectively avoids the drawbacks of traditional cross-chain solutions and is expected to promote the development of Web3 technology.