Huobi HTX Platform Asset Weekly Review (9.14—9.20): Confidential Trading and Tokenization Narrative Heat Up, ZAMA and NEAR Lead the L1 Sector

Last week, the crypto market faced two negative factors: the blockage of the CLARITY Act in the Senate and the Federal Reserve's first interest rate hike in three years, causing Bitcoin to briefly fall to around $75,000. However, the SEC subsequently issued a five-year exemption for on-chain trading of tokenized stocks, and the CFTC submitted crypto market regulatory rules for White House review, alleviating concerns about legislative stagnation, and Bitcoin climbed back above $80,000. According to data from the Huobi HTX platform, from September 14 to 20, the L1 and DeFi sectors performed outstandingly, with ZAMA leading with a weekly increase of 72%.

L1: Confidential trading products concentrated on the ground, institutional assets accelerating on-chain

ZAMA and NEAR launched new products for confidential trading in the same week, while AVAX welcomed the entry of traditional asset management institutions' tokenized funds and regulated infrastructure.

ZAMA: Increased by 72%. ZAMA, based on fully homomorphic encryption technology, allows smart contracts on existing public chains to directly process data in encrypted states. On September 15, ZAMA opened 16 confidential vaults on Morpho, allowing depositors to participate in on-chain yields without disclosing their positions and strategies; simultaneously, the ZAMA Swap protocol launched to support exchanges between confidential assets. The price of ZAMA subsequently rose continuously, reaching a historical high over the weekend.

NEAR: Increased by 70%. On September 17, NEAR launched confidential perpetual contracts through integration with Hyperliquid, where traders' position information is no longer publicly disclosed; during the same period, the scale of confidential funds in NEAR Intents exceeded $70 million. The price of NEAR rose to a nearly one-year high on September 18.

AVAX: Increased by 54%. On September 17, New York Life Investment Management, with approximately $807 billion in assets under management, deployed its first tokenized fund HYB to Avalanche through Centrifuge, investing in U.S. high-yield corporate bonds. On the same day, regulated blockchain infrastructure provider Paxos announced the integration of Avalanche into its platform, supporting AVAX and Avalanche's native USDC, allowing over 650 institutions it serves to build products directly on Avalanche. Additionally, the Helicon mainnet upgrade will activate on September 22, reducing the staking lock-up period from two weeks to 48 hours. The price of AVAX subsequently broke through $10.

DeFi: SEC tokenized stock exemption implemented, ARB and UNI strengthen simultaneously

On September 17, the SEC released an innovative exemption allowing eligible platforms to trade tokenized U.S. stocks through licensed AMM liquidity pools, with related tokens granting holders the same rights as the underlying stocks. This arrangement is directly related to the business directions of Arbitrum and Uniswap, both of which saw concentrated increases.

ARB: Increased by 46%. Arbitrum is one of the Ethereum Layer 2 networks with a concentration of tokenized assets. On September 17, the market capitalization of tokenized funds on Arbitrum One reached a new high, covering government bonds, credit funds, and various yield strategies. After the SEC exemption was implemented, the market expects Arbitrum to become one of the settlement networks for tokenized securities, with the price of ARB rising to its highest level since January this year.

UNI: Increased by 39%. The licensed AMM model adopted by the SEC exemption aligns with the licensed pool design of Uniswap v4, which can limit trading participants to verified wallet addresses. The SEC did not directly endorse any specific platform, but the market generally views this as an opportunity for Uniswap to expand into tokenized securities trading.

Meme, storage, and launch platform assets rise simultaneously

Lobster: Increased by 65%. Lobster is a meme asset on the BNB Chain, inspired by the lobster graphic released by Binance's Chinese official account, and its name resonates with the AI field's OpenClaw topic. This marks the second consecutive week Lobster has entered the list of top gainers, with its market capitalization surpassing $240 million last week, setting a historical high. The price of meme assets is highly dependent on community sentiment, and pullbacks often occur as quickly as rises, so participants should fully assess the associated risks.

AR: Increased by 60%. Arweave is a network providing permanent on-chain data storage, and the AO network running on it offers a decentralized computing environment for applications like AI Agent.

STONK: Increased by 40%. StonkFun is a token issuance platform on Solana, where new tokens can choose tokenized stocks, ETFs, or other crypto assets as trading pairs, with STONK itself paired with the SPYx tracking the S&P 500 index. The platform repurchases and destroys STONK with its revenue, having destroyed over 14% of the supply by mid-September.

After legislative stagnation, tokenization becomes an entry point for regulatory advancement

The increases in AVAX, ARB, and UNI last week were all related to tokenized assets. New York Life chose to deploy its fund on Avalanche, and the scale of tokenized funds on Arbitrum set a record, coinciding with the SEC outlining a trading path for tokenized stocks in the same week. During the days of legislative stagnation, the regulatory side provided more specific arrangements in this direction, and the market reacted accordingly.

How far the rebound can go remains uncertain. The Federal Reserve's interest rate forecast indicates a possible further rate hike within the year; Glassnode pointed out that the growth of stablecoin market capitalization is slowing, and the pace of public companies increasing their Bitcoin holdings is weakening, with insufficient new funds entering the market. Whether Bitcoin can continue to break through above $80,000 will affect whether this round of market momentum can spread to more assets. Huobi HTX will continue to follow the progress of various sectors, providing users with timely asset information and stable trading services.