XAUt stablecoin rapid rise: a safe haven for investors during the economic crisis
At the end of January this year, Tether issued a gold-backed stablecoin XAUt. The subsequent outbreak of the COVID-19 pandemic and the economic crisis provided fertile ground for its rapid rise in market value. According to data, since its launch more than 4 months ago, the market value of XAUt has climbed to around $8.6 million, with a 24-hour trading volume exceeding $110,000, and it is currently listed on 5 trading platforms.
Each token of XAUt is pegged to one ounce of physical gold. Users interested in this mainly consist of traders looking for convenient access to gold exposure, who have investment interests in both cryptocurrencies and gold. Analysis suggests that the rise of XAUt is related to the aggressive monetary easing policies of global central banks and the economic recession catalyzed by the COVID-19 pandemic, with investors using XAUt to hedge risks.
XAUt has some advantages over traditional gold investment products: no custody fees, can be redeemed.

Rug Pull eyewash: A new type of risk in the Crypto Assets field and preventive measures
In recent years, with the rise of Crypto Assets investment, fraudulent activities have become increasingly rampant. Among them, Rug Pull has become one of the most common eyewash in the crypto world. Data shows that in 2021, Rug Pull scams defrauded victims of approximately $2.8 billion in Crypto Assets, accounting for 37% of all Crypto Assets scam revenue that year. Even more concerning is that in just April 2023, the DeFi industry encountered 32 Rug Pull incidents, resulting in over $6.2 million in losses for investors.
In these events, BNBChain became the most severely affected chain, with losses of approximately $4.5 million, accounting for over 73% of the total losses. Following closely are Ethereum and Arbitrum, with losses of $1.05 million and $182,000, respectively.
Rug

Growth strategies for emerging Web3 markets: Challenges and opportunities of cross-cultural social fission
In the process of globalization of Web3 projects, how to overcome the rise bottleneck caused by regional cultural differences has become a key issue. The social fission model that has repeatedly succeeded in the Asian market has encountered setbacks in the European and American markets, reflecting more complex cultural differences and user psychology.
Asian Market: The Successful Path of Social Fission
The rise of a well-known e-commerce platform has pushed "social fission" marketing to its peak. In just 5 years, the platform's annual active buyer count reached 788 million, making it the second largest e-commerce platform in China.
This success is mainly attributed to the following points:
1. A strong foundation of collectivist culture. Asian societies have dense interpersonal relationship networks, a strong sense of group identity, and sharing favorable information is seen as a way to maintain relationships.
2. A highly digitalized social environment. The integration of comprehensive mobile payments and frequent use of social media.

The development prospects and investment opportunities of the stablecoin market
Stablecoins, as an important component of the cryptocurrency ecosystem, have recently garnered significant attention due to the U.S. Senate's passage of the GENIUS Stablecoin Act. This legislation sets clear operational rules for the stablecoin market, including a dual regulatory system, reserve requirements, information disclosure, and auditing mechanisms, among other aspects.
One of the core contents of the bill is to require stablecoins to maintain a 1:1 reserve ratio, with reserve assets limited to highly liquid and safe assets, such as cash in US dollars and short-term US Treasury securities. This provision not only enhances the safety of stablecoins but also provides the US government with a new avenue for managing short-term debt.
Market analysts predict that by 2028, the global stablecoin market value may reach $2 trillion. This huge market size will make stablecoin issuers significant players in the U.S. Treasury market, second only to the Federal Reserve and foreign central banks. This trend has

A theft case involving Crypto Assets has attracted widespread attention, with victim Nancy Jones accusing her ex-boyfriend Kirk West of stealing $17 million worth of digital assets. West has been arrested by the police, and some assets have been recovered, but $1.5 million in encryption remains missing. The case highlights the importance of security management in Crypto Assets.

The economic model of Web3 applications is still in its early stages, with most exhibiting Ponzi characteristics. The article reviews the development history of business models and points out that the future of Web3 will achieve Decentralization and user autonomy, but currently lacks practical value. It is expected that after the improvement of regulations and infrastructure, the economic model will undergo a qualitative change, which may take more than ten years.

The experiences and lessons from this round of encryption cycle
Recently, we invited two guests - encryption investor Jiang Xin and encryption KOL Yuzhong Kuangshui, to have an in-depth discussion about the current state of the encryption market and investment strategies. Here are the main points of the conversation:
Judgment on the current market stage
Jiang Xin believes that Bitcoin is in the middle of a bull market, but altcoins have entered a deep bear phase and may need more than half a year for adjustment. Yuzhong Kuangshui indicates that the market has moved away from the traditional four-year cycle theory and is showing a chaotic state - BTC stands out, altcoins are sluggish, while encryption concept stocks are soaring. He suggests viewing different asset classes separately.
Change in investment difficulty
Both guests agree that compared to the last bull market, the difficulty of investment has significantly increased in this round. The main reasons include:
1. Insufficient liquidity, lack of large-scale monetary easing
2. Lack of innovative applications to attract external capital
3. Project parties generally lack long-term development.

Web3 Security Trading Guide: Protect Your Digital Assets
With the continuous development of the blockchain ecosystem, on-chain transactions have become an important part of the daily activities of Web3 users. User assets are gradually shifting from centralized platforms to decentralized networks, which means the responsibility for asset security is also shifting from the platform to the users themselves. In a decentralized environment, users need to be responsible for every action they take, whether it is importing a wallet, using a DApp, or signing authorizations and initiating transactions. Any careless action may lead to security issues, resulting in serious consequences such as private key leakage, authorization abuse, or phishing attacks.
Although mainstream wallet plugins and browsers have gradually integrated features such as phishing detection and risk alerts, relying solely on passive defense tools cannot completely eliminate risks in the face of increasingly complex attack methods. To help users better identify potential risks in on-chain transactions, we are based on

WOO COO Willy discusses differentiation strategies and the prospects of integrating DeFi and AI.
Willy, the Chief Operating Officer of WOO, recently gave an interview where he shared the company's business layout and future development direction. WOO currently has two major products: the centralized exchange WOO X and the decentralized exchange WOOFi, with a daily trading volume of around 700 million to 1 billion USD.
Willy highlighted the newly launched social trading feature of WOO X. He stated that this feature aims to address the pain points of traders and followers. By introducing innovative functions such as "reverse copy trading", WOO hopes to provide users with more flexible risk management and profit distribution solutions. Willy believes that this differentiated strategy is the key to WOO standing out in the fierce market competition.
When talking about the WOO token, Willy explained the company's recent decision to lock up about 20% of the token supply in the treasury. This move...

Recently, the yield on the 10-year U.S. Treasury bond has consistently exceeded the 4% mark for several days. This high yield makes fixed-income investments in traditional markets more attractive. This may lead some institutional funds from the crypto market to shift towards traditional markets in search of more stable returns.
At the same time, the development of real-world asset tokenization (RWA) has created opportunities to attract incremental users from traditional markets and enhance liquidity. By putting traditional assets on the blockchain and tokenizing them, RWA can provide traditional market participants with more convenient investment avenues, while also opening the door for them to enter the crypto market. This bidirectional liquidity helps to increase overall market liquidity and facilitates a more efficient allocation of capital.
The introduction of RWA tokens has built more liquidity bridges between traditional markets and the crypto market. Traditional market participants can use RWA tokens to participate in the crypto market, while crypto market participants can also access traditional markets through RWA tokens.

Spark Protocol is a decentralized finance protocol launched by the Sky ecosystem (formerly MakerDAO), focusing on stablecoin yields and liquidity. Its core business model is low-cost liabilities and diversified efficient asset allocation, complemented by cross-chain liquidity management, and it is expected to become an important project in the DeFi space in the future.

In September, the cryptocurrency market overall fell, with Bitcoin and Ethereum prices declining by 7.1% and 12.6%, respectively. Despite the poor market conditions, the spot trading volume increased by 6.2% month-on-month, while derivatives trading volume rose by 1.2%. Ethereum outperformed Bitcoin in the derivatives market, reflecting the continued attention of institutional investors.

The research progress of blockchain consensus protocols mainly focuses on asynchronous Byzantine fault tolerance mechanisms, especially the 2PAC protocol and its variants, which significantly improve performance and efficiency by optimizing the consensus process. The newly introduced ultra-fast pipelined block design further drops latency, providing new directions and ideas for the future development of blockchain technology.

The encryption industry has actively lobbied Trump in recent years, trying to change his view on Bitcoin. From initial skepticism to becoming a supporter, Trump has established a close relationship with crypto companies, even promising to create a national Bitcoin reserve. This lobbying effort has brought economic benefits to the encryption industry and influenced U.S. policy.

Web3 games are facing a winter, and the industry is undergoing a reshaping.
Recently, several well-known Web3 game projects have announced their shutdowns, sparking widespread discussions in the industry about the future of the blockchain gaming sector. From the brief surge brought by the launch of "MapleStory N," adapted from "冒险岛," to the sudden closure of a series of highly anticipated projects such as Ember Sword and Nyan Heroes, the Web3 gaming industry is undergoing significant turmoil.
Since 2025, there has been a large-scale phenomenon of project suspension in the Web3 gaming sector. According to statistics, 17 Web3 games have already ceased operations this year, including the blockchain ARPG Tatsumeeko, the NFT game Nyan Heroes, and the blockchain FPS Blast.

Recently, the crypto assets market has experienced a sharp fall, with Bitcoin dropping below $54,000, and Ethereum also suffering heavy losses. Multiple factors, including a certain country's government selling Bitcoin, exchanges repaying debts, and net outflows from ETF funds, have intensified market panic. The lack of new funds getting on board has made it difficult for the market to maintain its momentum.

The Sui Foundation announced a new round of Sui Academic Research Grants, with 17 projects from globally renowned universities receiving $420,000 in funding. The research areas cover cutting-edge technologies such as Blockchain networks and smart contracts. These studies will promote the development of Web3 and the innovation of the Sui ecosystem.

How are AI and encryption technologies changing the future of the internet?
David George, a partner at a16z Growth, had a conversation with Chris Dixon, a partner at a16z crypto, to discuss their vision for the new internet, including the decentralized AI infrastructure of cryptocurrency; the initiation of network effects, and how AI will become the native media form of this era. This dialogue also explored why the original business model of the internet is collapsing, and how the new internet is introducing entirely new business models for creators.
How technology has evolved
David George: You are now focusing most of your time on the encryption field. What is your view on the relationship between encryption technology and AI?
Chris Dixon: My macro view is that technological waves often appear in pairs or threes. Fifteen years ago, mobile internet, social networks, and cloud computing...

HashKey Chain Mainnet successfully deployed SpaceX tokenization special purpose fund shares
HashKey Chain recently announced that it has successfully deployed the tokenized special purpose fund shares of the American aerospace company SpaceX, $SPCX, on its Mainnet. As a public chain focused on financial and real assets (RWA), HashKey Chain is gradually becoming an important platform for institutional asset tokenization. This collaboration with the asset tokenization platform introduces a new asset class of high-quality unlisted equity globally for the first time, providing investors with the opportunity to share in the early growth dividends of top private companies. Currently, $SPCX is deployed only on HashKey Chain and another mainstream public chain.
$SPCX