Morning Report | Vitalik outlines Ethereum's long-term roadmap, Lean Ethereum will become the third major iteration; SK Hynix seeks to attract more AI investors by listing in the U.S
July 5 Market Important Events OverviewCompiled by: ChainCatcher
What important events have occurred in the past 24 hours?
Citi: Reasons for rate hikes have disappeared, expects the Fed to restart rate cuts in October
According to ChainCatcher, Citi Research stated in its U.S. Economic Weekly published on July 2 that the U.S. non-farm payroll data for June showed a significant weakening, strongly refuting the necessity for rate hikes. Citi believes that several factors that previously supported a hawkish stance, including rising oil prices, accelerated wage growth, and core PCE above target, have gradually faded, stating that "the reasons for rate hikes have disappeared." Data shows that in June, the U.S. non-farm payrolls added only 57,000 jobs, far below expectations, and the data for the previous two months was revised down by a total of 74,000 jobs. After revision, the average monthly growth of non-farm payrolls over the past three months dropped to about 111,000, significantly down from over 180,000 before the revision. The unemployment rate in June fell from 4.296% to 4.189%, but Citi believes this is mainly due to the labor participation rate dropping from 61.8% to 61.5%. If the participation rate remains unchanged, the unemployment rate would actually rise to above 4.5%. Regarding inflation, Citi stated that multiple factors are jointly lowering price pressures. Oil prices have fallen back to pre-conflict levels, and July CPI and PCE data are expected to show a month-on-month decline; further slowing in housing rents will also drag down core CPI and core PCE. Additionally, the revision of the core PCE methodology will adopt a more reasonable price adjustment method for AI-related goods, with Citi estimating that the year-on-year growth rate of the revised core PCE may be adjusted down by 20 to 30 basis points, which will be officially reflected in September. Citi maintains its baseline forecast, expecting the Fed to remain on hold at the July and September FOMC meetings, with the first rate cut of 25 basis points at the meeting on October 28, and another 25 basis points cut in December, bringing the federal funds rate range down to 3.0% to 3.25% by the end of the year. Citi also expects the Fed to cut rates three more times in 2027, with a terminal rate range of 2.75% to 3.0%.
Opinion: The next phase of tokenization will be "personalized portfolios," rather than just improving settlement efficiency
According to ChainCatcher, Thomas Sy, head of multi-asset solutions at New York Life Investment Management (NYLIM), stated in a report by CoinDesk that the core application of the next phase of tokenization will be to achieve "personalized portfolio construction," rather than merely improving settlement efficiency or extending trading times. NYLIM manages approximately $807 billion, with about $11 billion managed by Sy's team. He pointed out that blockchain technology is expected to allow asset management institutions to customize complex portfolio strategies for different investors on a large scale, a capability that is currently difficult to achieve in the traditional financial system. Sy stated that the core of asset management will shift towards "highly customized" solutions, and blockchain is the only technological path that can achieve this at scale. He believes that tokenization is not just about bringing ETFs, bonds, or private credit onto the blockchain, but more importantly, it is about reconstructing the way portfolios are built. He also noted that current asset portfolios typically involve a mixed allocation of ETFs, bonds, and private assets, but due to operational complexities, personalized strategies are difficult to scale, whereas tokenization is expected to "embed customization logic into the assets themselves," reducing operational costs and enhancing efficiency. Additionally, Sy mentioned that stablecoins have become a key entry point for traditional finance into the blockchain, with the current scale of stablecoins exceeding $300 billion, being used for cross-border payments and fund management. He believes this trend will gradually drive institutional demand for on-chain yield-bearing assets. In the decentralized finance (DeFi) space, NYLIM is still researching related applications, but Sy emphasized that institutional participation still requires more mature infrastructure, including tokenized collateral, clearing mechanisms, and a well-developed prime brokerage service system.
Security Company: Wallet vulnerabilities from 2018 led to $3.14 million stolen last month
According to ChainCatcher, security company Coinspect Security stated on the X platform that through analyzing cryptocurrency wallet seeds generated with insecure code since 2018, they discovered that thousands of seeds had been actively used. Just last month, it was found that these wallets had been stolen amounts totaling $3.14 million, most of which had not been reported. Some funds were concentrated into a single address and exhibited money laundering patterns, with one affected address transferring out $2 million just hours after the alert was issued, leaving uncertainty about whether it was theft. Coinspect warned that many users who believe their assets are still at risk may be located in China.
Aptos blockchain exposed to critical vulnerabilities, $70 billion in assets faced systemic risk
According to ChainCatcher, a report by CoinDesk stated that researchers from blockchain security company Hexens discovered a "stale cache" type confusion vulnerability in the Aptos blockchain's Move virtual machine. Attackers only need about $3,000 in server costs to launch attacks in a simulated environment with nearly a 90% success rate, without needing validator permissions or internal knowledge. Researchers ran about 20 simulated attacks, successfully executing 17-18 times, and verified potential control over cross-chain protocol management permissions such as LayerZero, Wormhole, and USDC CCTP. Hexens assessed that this vulnerability directly threatens DeFi, stablecoins, and liquid staking protocols on the Aptos chain, involving low single-digit billion-dollar assets; if spread through cross-chain bridges, stablecoin minting, and centralized exchanges, the systemic risk exposure could reach as high as $70 billion. The Aptos team completed the fix and deployed it to the mainnet within hours of receiving the vulnerability report on February 25, with no user funds harmed.
Mitsubishi UFJ: Walsh's succinct style makes the Fed's June meeting minutes more important
According to ChainCatcher, George Gonçalves, head of U.S. macro strategy at Mitsubishi UFJ Securities Americas, stated that Walsh's concise style makes the weight of the June meeting minutes more significant than usual, providing valuable insights into the differing positions among Fed officials. "The minutes will become more important because so far, we don't know what the Fed is thinking," Gonçalves said. "Seeing how they debate and what they focus on will be very enlightening." He added that some investors have questioned Walsh's "hands-off" approach, with many hoping for greater transparency. Many market participants are unaccustomed to the reduction in information, and there is considerable skepticism about how long the Fed can maintain this. Now we can only interpret the meaning between the lines.
Data: Coinbase Bitcoin premium index has been negative for 48 consecutive days, setting a new record for the longest "negative streak," latest at -0.0911%
According to ChainCatcher, data from Coinglass shows that the Coinbase Bitcoin premium index has been in negative territory for 48 consecutive days (from May 19 to present), with the latest value at -0.0911%. This index measures the deviation of BTC prices on Coinbase (a mainstream compliant platform in the U.S.) relative to the global average price, with sustained negative values indicating heavy selling pressure in the U.S. market, a decline in risk appetite, capital outflows, or rising risk aversion. Historical data shows that prolonged negative premiums are often accompanied by U.S. institutional capital exiting, necessitating caution regarding short-term pullback pressures. The Coinbase premium index is primarily used to assess the demand for Bitcoin among professionals and institutions, and by comparing BTC prices on Coinbase Advanced and Binance, one can directly understand the purchasing behavior of these users. Negative data indicates that the amount sold by institutional investors exceeds that of retail investors, while retail investors are mostly active on the Binance platform, and their behavior has led to the decline in the Coinbase premium index. Previously, this index was in negative territory for 40 consecutive days from January 16 to February 24 this year, setting the longest "negative streak" since the index was launched, surpassing the approximately 30 days of consecutive negative premiums during the "1011 crash."
Michael Saylor: The biggest evolution of BTC in the next decade is the stability of the protocol layer, expanding in capital markets and application layers
According to ChainCatcher, Michael Saylor stated that the biggest evolution of Bitcoin in the next decade will come from fewer changes at the protocol layer and a greater role in other areas. He believes that the foundational layer of Bitcoin will become more solid, capital markets will continue to deepen, applications will expand, institutions will enter, and the world will build on Bitcoin. Bitcoin is not a tech stock, a payment company, or a software platform competing to add features; it is a monetary network whose purpose is not to act quickly and disrupt things, but to move slowly and remain unbroken. Saylor stated that Bitcoin has won the first important battle, and the world is increasingly understanding that Bitcoin is digital capital, possessing attributes of scarcity, durability, portability, divisibility, programmability, and global transferability. The strongest version of Bitcoin is not to "replace all payment rails," but to become a neutral, global, scarce asset around which capital, credit, and commerce are organized. The foundational layer is not optimized for coffee payments but is designed for ultimate settlement, reserve assets, collateral settlement, and ultimate ownership transfer. He believes that the four-year cycle of Bitcoin is still important but no longer the dominant model. In the next decade, Bitcoin's price movements will be less driven by miner issuance and more determined by capital flows from ETFs, corporate treasuries, sovereign reserves, bank credit, derivatives, insurance, collateral, and global savings. Halving will tighten supply, while capital flows will determine growth trajectories. Digital credit will accelerate Bitcoin adoption, connecting Bitcoin capital with the broader financial system. Saylor stated that the main question in the next decade is not whether Bitcoin can survive, but whether economic exposure remains connected to real Bitcoin or whether too much "paper Bitcoin" is formed. Custodial transparency, proof of reserves, risk management, capital structure, and counterparty risk will all become important. He expects that by 2036, Bitcoin will be more widely held, more deeply institutionalized, more politically significant, and become an important collateral asset in the digital credit market; while the foundational protocol itself may change less than everything built around it.
South Korean central bank warns that Samsung and SK Hynix leveraged ETFs may exacerbate market volatility
According to ChainCatcher, South Korean media reported that the Bank of Korea warned that single-stock leveraged ETFs linked to Samsung Electronics and SK Hynix may further exacerbate market concentration, amplify market volatility, and reinforce one-sided trading capital flows. In a written response submitted to National Power Party lawmaker Park Sung-hoon, the Bank of Korea stated: "Given that Samsung Electronics and SK Hynix account for more than half of the total market capitalization and trading volume of the Korean stock market, expanding the investment scale of single-stock leveraged ETFs may further exacerbate market concentration." The Bank of Korea stated that as corporate operating conditions or market expectations change, increased capital inflows and outflows may amplify one-sided trading. Furthermore, if the market experiences a pullback, retail investors' losses may further expand, and increased ETF redemptions or portfolio rebalancing may also exacerbate related stock price volatility. According to the Korea Herald, the Bank of Korea plans to strengthen monitoring of the impact of single-stock leveraged ETFs on the stock market and financial system.
Data: $207 million liquidated across the network in the past 24 hours, with long positions liquidated at $59.98 million and short positions at $147 million
According to ChainCatcher, data from Coinglass shows that $207 million was liquidated across the network in the past 24 hours, with long positions liquidated at $59.98 million and short positions at $147 million. Among them, Bitcoin long positions saw $10.42 million liquidated, Bitcoin short positions saw $50.19 million liquidated, Ethereum long positions saw $18.22 million liquidated, and Ethereum short positions saw $50.63 million liquidated. Additionally, in the last 24 hours, a total of 65,284 people were liquidated globally, with the largest single liquidation occurring on Bybit - BTCUSD worth $6 million.
SK Hynix seeks to attract more AI investors by listing in the U.S.
According to ChainCatcher, SK Hynix is set to list $29 billion in the U.S. stock market next week, which could become the largest foreign company IPO in history, but this is not just about raising funds. More critically, it hopes to compete in the hottest area of the current global stock market, which is the memory chip sector for AI computing. Daniel Morgan, a senior portfolio manager at Synovus Trust, which holds Micron stock, stated that the market is currently in a state of extreme enthusiasm for chip stocks, and now is a good time for U.S. investors to get involved with their stock. Zhou Di, a portfolio manager at Thornburg Investment Management, which holds SK Hynix stock, stated that this issuance is aimed at investors who currently cannot access the Korean stock market. SK Hynix's listing on Nasdaq provides investors with a direct, frictionless opportunity to participate in one of the most attractive pure plays in the AI memory cycle.
Data: Aave's new Monad market surpasses $100 million in deposits within two days, V4 total deposits exceed $250 million, setting a new record
According to ChainCatcher, The Block reported that decentralized lending protocol Aave's deposits on the Monad network surpassed $100 million about two days after launching the V3 market. Aave deployed version V3 on Monad on July 3, introducing lending functions and the GHO stablecoin to the network for the first time, initially supporting 12 assets including USDT 0, USDC, GHO, WETH, and cbBTC. Within 24 hours of launch, deposits exceeded $75 million. According to Aave governance proposals, the Monad Foundation has committed to providing $15 million in incentives over the next 12 months and purchasing and holding 10 million GHO for at least six months; Aave DAO will also provide an additional 500,000 GHO to support the stablecoin ecosystem's development. Additionally, Aave founder Stani Kulechov stated that Aave V4's deposit scale on the Ethereum mainnet has also surpassed $250 million, setting a historical high for this version. He expressed hope that future V4 deposits will further grow to $1 billion and continue to expand into crypto asset collateralized loans and securities collateralized lending.
Kraken supports some tokenized stocks and ETFs as collateral for leveraged trading
According to ChainCatcher, Cointelegraph reported that Kraken has begun allowing eligible users to use certain tokenized stocks and ETFs as collateral for futures and margin trading, enabling them to open leveraged positions without selling their related holdings. The first batch supports 10 tokenized stocks and ETFs, including Apple, Nvidia, Tesla, Strategy, SPDR S&P 500 ETF, and Invesco QQQ Trust. This feature is currently only available to eligible users outside the U.S. Kraken has also set collateral limits for different assets, with a maximum collateral value of $1 million for large-cap ETFs, $250,000 for most individual stocks, and $100,000 for tokenized gold and Circle stocks. The platform stated that collateral limits and discount rates will be reviewed regularly and may be adjusted based on market conditions.
Data: Hyperliquid platform whales currently hold $4.877 billion, with a long-short ratio of 0.97
According to ChainCatcher, data from Coinglass shows that whales on the Hyperliquid platform currently hold $4.877 billion, with long positions at $2.404 billion, accounting for 49.3%, and short positions at $2.473 billion, accounting for 50.7%. Long positions have a profit and loss of -$26.9483 million, while short positions have a profit and loss of -$72.198 million. Among them, the whale address 0x082e..88 has taken a 5x leveraged long position on HYPE at a price of $38.6755, currently showing an unrealized profit and loss of $41.7566 million.
Vitalik outlines Ethereum's long-term roadmap, Lean Ethereum will become the third major iteration
According to ChainCatcher, Vitalik Buterin stated that Ethereum researchers recently held a meeting in Berlin to update the protocol's long-term development roadmap (strawmap.org). Vitalik pointed out that "Lean Ethereum" is not a one-time upgrade but a series of improvements that will be phased in over the next three to four years, with importance comparable to the "Merge," covering almost every core module of the protocol. Key content includes: Verification mechanism: introducing recursive STARKs to replace the existing direct re-execution method, becoming a core component at the protocol level; Quantum security: significantly elevated priority, all quantum-vulnerable components will be replaced, and quantum-safe Blob design is in progress; Consensus layer: decoupling usable chains from finality, achieving one to two rounds of finality with better security and lower latency; State layer: the existing dynamic state remains unchanged, but new types of states with stronger scalability (such as UTXO storage, circular buffers, etc.) will be added, with expectations that by 2030 Ethereum will have 2 TB of dynamic state + 100 TB of new state, allowing for over 10 times reduction in Gas fees after applications like ERC20 and NFTs migrate; Privacy: upgraded from an additional feature to a primary goal, permeating designs such as Mempool and state trees; VM: introducing leanISA or RISC-V beyond EVM, with the long-term goal of the protocol layer being direct only.
ZachXBT: A hacker withdrew 3,200 ETH from Tornado, laundering about $5.5 million through Circle's CCTP cross-chain
According to ChainCatcher, on-chain detective ZachXBT disclosed on his personal channel that a hacker withdrew approximately 3,200 ETH through Tornado Cash between July 2 and 3, with the funds related to two private key leak incidents. The address subsequently laundered about $5.5 million in assets through Circle's CCTP cross-chain bridge and further transferred USDC to seven recharge addresses on the Arbitrum network. ZachXBT pointed out that the flow of funds exhibits a typical decentralized money laundering path, utilizing mixing tools and cross-chain infrastructure to reduce tracking difficulty, and the related on-chain assets are still in circulation.
Data: Binance saw a weekly net outflow of $1.23 billion, with ETH withdrawal transactions reaching a three-year high
According to ChainCatcher, Cointelegraph reported that data from DefiLlama shows that Binance experienced a net outflow of $1.23 billion in the week starting June 29, a 207% increase from the previous week's outflow of about $400 million, with a total monthly net outflow of about $3.2 billion. Crypto Quant stated that the number of ETH withdrawal transactions on Binance exceeded 166,000 in a single day, reaching the highest level in over three years. During the same period, ETH rose about 12.5% in the past seven days, trading at $1,766 at the time of writing; BTC rose 4.3% during the same period, trading at $62,925. DefiLlama data shows that Bitfinex had an outflow of $407.5 million in the past week, Gate had an outflow of $214.3 million, OKX had an outflow of $87.1 million, and Bybit had an outflow of $78.4 million; Crypto.com and HashKey Exchange saw net inflows of about $63 million and $53.3 million, respectively, while KuCoin, Gemini, and Bitvavo saw net inflows of $22.1 million, $17.4 million, and $15.8 million, respectively.
Vietnam police report on ONUS cryptocurrency fraud case progress: over 350 kg of gold and silver seized and over 300 bank accounts frozen
According to ChainCatcher, Vietnamese media reported that the Ministry of Public Security recently held a press conference to announce the latest investigation results of the ONUS cryptocurrency platform fraud case, having seized over 350 kg of gold and silver, frozen transactions involving eight properties worth 200 billion Vietnamese dong, and suspended transactions on over 300 implicated bank accounts. On March 23 of this year, the police filed criminal charges against eight defendants, accusing them of using computer networks and telecommunications networks to commit property appropriation and money laundering. Since 2018, the involved parties exploited the public's lack of understanding of cryptocurrency by creating digital accounts through applications and packaging them as virtual currencies, establishing trust and attracting investments through circular trading among affiliated companies, ultimately committing fund appropriation, with a total sale of cryptocurrency worth over 70 trillion Vietnamese dong between 2018 and 2021. The case involves numerous individuals and users, with approximately 5 million user accounts opened, and the police have received over 2,000 reports from citizens. The public security authorities are investigating the possible accomplice responsibilities of KOLs and other influencers and continue to strive to recover the stolen funds.
South African Revenue Service releases draft guidelines on cryptocurrency taxation, feedback deadline is August 31
According to ChainCatcher, the South African Revenue Service (SARS) recently released the "Draft Guidelines on Cryptocurrency Taxation," seeking public opinion on how South African tax residents should report and handle income related to cryptocurrency, with a feedback deadline of August 31. The guidelines focus on the provisions in tax law most closely related to cryptocurrency and do not cover all applicable chapters; some provisions, although not explicitly mentioning cryptocurrency, also apply to related trading activities. The guidelines state that South Africa's income tax system is residency-based, and except for specific exceptions, South African tax residents must pay taxes on their global income, including income and capital gains from cryptocurrency listed on foreign exchanges; non-residents may also have tax obligations if their income source is in South Africa or if the disposed assets meet relevant provisions.
Nomura Securities: The current global storage industry still suffers from severe supply shortages, AI-driven structural demand growth has not peaked
According to ChainCatcher, Nomura Securities stated in its latest report that the core contradiction in the current global storage industry is still severe supply shortages, and AI-driven structural demand growth has not peaked. Recent investor concerns about oversupply are significantly overstated, and the market's overreaction may provide a window for re-evaluating valuations in the storage sector. Nomura Securities bluntly stated that market concerns are greatly exaggerated, and the cycle for semiconductor investments to translate into actual capacity is extremely long; South Korea's investment plan of up to 480 trillion won will take at least 5 to 10 years to translate into actual capacity, and the high-profit HBM (high-bandwidth memory) is squeezing general storage capacity, leading to serious supply shortages in the market. Nomura Securities emphasized that Meta's decision is by no means a turning point for reduced demand for AI-related hardware. On the contrary, due to the current shortage of computing power, the price of single tokens is trending upward, and the market entry of Meta's computing power is expected to stabilize token prices downward.
Analyst: Foldable iPhone may replay iPhone X script, launching later with tight supply until the end of the year
According to ChainCatcher, TF International Securities analyst Ming-Chi Kuo stated that the foldable iPhone may replay the iPhone X script, launching alongside other models but with pre-orders and official sales occurring later, and tight supply may continue until the end of 2026. Based on stock levels for the third quarter of 2026, the foldable iPhone is likely to resemble the 2017 iPhone X, which was launched alongside the iPhone 8/8 Plus on September 12, but due to insufficient stock, its pre-order and official sale dates were delayed to October 27 and November 3, respectively. Due to limited shipments in the third quarter, the foldable iPhone may not open for pre-orders and official sales until the fourth quarter of 2026. Kuo stated that after communicating with telecom operators, sales channels, and resale/purchasing agents, he believes that even if the foldable iPhone is priced around $2,300 to $2,500, demand will likely remain strong until the end of 2026. This means that once pre-orders for the foldable iPhone open, it may quickly sell out, and the shipping wait time could rapidly extend to 4 to 6 weeks or even longer, continuing into December. He believes that the initial supply of the foldable iPhone will be scarce, its appearance will be highly recognizable, and it will provide an innovative user experience, which may drive up short-term resale prices; if the resale price exceeds the official price by 50% to 100%, it is not impossible.
U.S. tech companies' data center leasing commitments reach a record high of $850 billion
According to ChainCatcher, The Kobeissi Letter cited Bloomberg news on the X platform stating, "U.S. tech companies have committed a record $850 billion for data center leasing over the next few years, an increase of $570 billion year-on-year, a growth rate of 204%, and a quarter-on-quarter increase of $200 billion, a growth rate of 31%. It is reported that Meta added a commitment of $79 billion in the first quarter of 2026, a quarter-on-quarter increase of 76%, bringing its total commitment to about $183 billion. Microsoft added $41 billion during the same period, a quarter-on-quarter increase of 26%, with a total commitment of about $197 billion. Oracle leads with a total commitment of about $250 billion, having locked in several key sites to fulfill its contract with OpenAI."
Data: Ethereum Foundation funds Argot with 2,469 stETH, approximately $4.34 million
According to ChainCatcher, on-chain analyst Yu Jin monitored that one hour ago, the Ethereum Foundation funded the non-profit Ethereum development organization Argot with 2,469 stETH, valued at approximately $4.34 million. Last July, the Ethereum Foundation provided Argot with a three-year operational funding grant totaling 7,000 ETH. After receiving it, Argot sold 4,826.6 ETH at an average price of $3,194, obtaining 15.417 million USDC. Today, Argot received the fourth-year funding from the Ethereum Foundation, amounting to 2,469 stETH. Next July, Argot will also receive the final fifth-year funding, also for 2,469 stETH. On-chain transactions show that the funds have been transferred to Argot's related address.
Data: Huang Licheng's 25x leveraged Ethereum long position is nearing liquidation, with only $28 space triggering liquidation
According to ChainCatcher, monitoring by Onchain Lens shows that Huang Licheng's 25x leveraged Ethereum long position appears to be in a highly tense state. Data shows that his position size is about 9,000 ETH (approximately $15.84 million), with an opening average price of $1,721.04, and the current price is about $1,760.3, with an unrealized profit of about $353,000, a return rate of about 55.7%. However, his liquidation price is at $1,731.95, only about $28 away from the current price, and if the market experiences a slight pullback, he may face the risk of forced liquidation. In the highly volatile crypto market, the risk exposure of this position has quickly attracted attention, and the market is also observing whether he will choose to take profits early or continue to hold and gamble.
Hyperliquid founder: Africa's largest exchange VALR chooses to utilize Hyperliquid's on-chain liquidity as support for perpetual products, marking a milestone in defining the next generation of financial applications
According to ChainCatcher, Hyperliquid founder Jeff stated on the X platform that Africa's largest cryptocurrency exchange VALR will directly utilize Hyperliquid's on-chain liquidity to support its core perpetual contract products. This is a significant milestone that will redefine the way next-generation financial applications are built. The breakthrough in cloud computing is that any startup can quickly test its ideas and be assured that the infrastructure will scale with business expansion. As the most liquid global venue for assets like BTC, Hyperliquid will play a similar role in the global economy. By leveraging the deepest on-chain liquidity, builders can focus on their products and users. Congratulations to the VALR team. We are honored that they chose to build on Hyperliquid. Looking forward to expanding together.
Data: BSC chain meme coin HEYI briefly surpassed a market cap of $4.3 million, with a daily increase of over 59 times
According to ChainCatcher, data from GMGN shows that the BSC chain meme coin HEYI briefly surpassed a market cap of $4.3 million, currently reported at $3.8 million, with a daily increase of over 59 times. Meme coin prices are highly volatile, driven by market sentiment and hot events, lacking actual value support, and investors should be aware of the risks.
Michael Saylor: Strong consensus is BTC's immune system, protocol changes require overwhelming consensus
According to ChainCatcher, Michael Saylor stated on the X platform that strong consensus is BTC's immune system, with transaction fees pricing block space, nodes setting policies, miners building blocks, and holders allocating capital. Protocol changes must achieve overwhelming consensus, so bad ideas will fail before they become interventionist bad protocol changes.
Data: BSC chain meme coin CZ briefly surpassed a market cap of $40 million, with a daily increase of over 220 times
According to ChainCatcher, data from GMGN shows that the BSC chain meme coin CZ briefly surpassed a market cap of $40 million, currently reported at $40.38 million, with a daily increase of over 220 times. Meme coin prices are highly volatile, driven by market sentiment and hot events, lacking actual value support, and investors should be aware of the risks.
Meme Popularity Rankings
According to meme token tracking and analysis platform GMGN data, as of July 6, 09:50,
The top five popular ETH tokens in the past 24 hours are: VITALIK, VITALIK, ETH LABS, ASTEROID, VITALIK
The top five popular Solana tokens in the past 24 hours are: ANSEM, manlet, 0x, ACM, bull
The top five popular Base tokens in the past 24 hours are: $COBIE, BRIAN, SOSO, JESSE, WOLF
What are some noteworthy articles to read in the past 24 hours?
1. Founder of Strategy: The next 10 years of Bitcoin
It will be a global digital capital asset. It will become reserve capital for individuals, businesses, funds, banks, and sovereign nations. It will dominate the collateral assets in the digital credit market. It will be used for the ultimate high-value transaction settlements. It will become the anchor for new types of digital currencies. It will support a continuously growing ecosystem: credit, yield, derivatives, insurance, custody, and structured financial products. And changes to the foundational protocol are likely to be less than everything built around it. This is the paradox of Bitcoin. The world wants digital capital. The world needs digital credit. The world will crave digital currency. The world will build a financial system around Bitcoin. But Bitcoin's mission is not to become everything. Bitcoin's mission is to be that which does not change.
2. Blaming the desolation of the crypto circle on the rise of AI is a form of mental laziness
The rise of giants signifies industry maturity; while it reduces speculative space, it also provides enough room for error, allowing new forces to emerge continuously. We compress time and space, constraining the topic we want to discuss—macro-political changes and the surging wave of AI—has not caused the crypto market to disappear, but the sense of unworthiness has become increasingly severe. From a personal feeling, there is a huge problem with market structure; the entire industry lacks consumption, from introducing stock index futures to trading activities on exchanges, but no one needs retail investors to hold assets long-term; instead, they are constantly "urging" users to leverage. This is actually very disjointed; giving more choices means users must constantly make choices, unable to pause for a moment, or the market will collapse immediately. The market is cold, but capitalization is accelerating, not stagnating; I wonder if crypto can create the next concentrated craze with a thousandfold return.
In contrast, Paxos faces greater pressure. OUSD will weaken the current main selling point of USDG, and as the regulatory framework gradually improves, Paxos may also lose its relative advantage in regulation in the future. Compared to Circle and Tether, I believe the impact of OUSD on Paxos is closer to a survival-level challenge. However, this also explains why Paxos has refocused on brokerage-as-a-service business in the past year.
4. Forbes Special Report: Stablecoin cross-border payments are faster, but not cheaper yet
To avoid relying on intermediaries, this company built its licenses and banking partnerships from scratch. This decision seemed costly in the early stages, but now it increasingly resembles a competitive advantage. Ahmad from Bitso believes that over the past year, stablecoin companies operating in these cross-border corridors have seen astonishing growth; however, considering the structure of this business and its highly regulated nature, he expects a natural elimination will eventually occur. "The growth trajectories of these companies are fascinating," he said, "there hasn't been a 'graveyard' for stablecoin companies yet. But I believe there will be one day." In his view, who can ultimately stand firm depends on three things: licenses, fiat channels, and liquidity. Build these three, and you have a real business. "Otherwise, you're just an intermediary."
But the general direction is already clear. Since the late 1980s, this field has always bet on the same wager: as long as the world model is rich enough, everything an agent needs to see the world, build the world, and act within it is contained within. This wager is now driving a whole generation of research. And what truly adds weight to it is the fusion that is already happening: rendering, simulation, and planning, each of which has already supported industries worth tens of billions of dollars, initially independent research directions, are now beginning to converge. When boundaries disappear, the convergence of the three will redefine a larger matter: the relationship between machine intelligence and the physical world it inhabits, which is the long-term direction of spatial intelligence. Language gives machines a way to talk about this world. The world model is the way for machines to ultimately understand, imagine, reason, and interact with it.
Risk warning
