On the occasion of Ethereum's tenth anniversary, the report analyzes its significance in financial transactions and future investment potential. The rise of trust software has made the digitization of trust possible, supporting the Capital Market with greater efficiency. As the leading platform, Ethereum drives the development of stablecoins and tokenization of assets, with its economic potential still in the early stages, but it will effectively address future demands for algorithm trust infrastructure.

The article outlines solutions for blockchain data availability (DA), including on-chain solutions like Proto-Danksharding and various off-chain solutions such as Validium, DAC, and Volition. It highlights major DA layer projects like StarkEx, zkPorter, EigenDA, Celestia, and Avail. Ethereum plans to drop DA costs through EIP-4844, which may compete with off-chain projects in the future, while also needing to follow potential large-scale airdrop opportunities.

The concept of blockchain dark pools has garnered attention in the crypto assets field, aiming to protect the privacy of large transactions and prevent market fluctuations. Compared to traditional finance, blockchain dark pools need to place greater emphasis on balancing transparency and privacy, involving technologies such as zk-SNARKs. Despite the technical and regulatory challenges, there is hope for achieving a combination of privacy protection and transparency in decentralized finance in the future.

In December 2024, the U.S. economy remained stable, with non-farm employment and inflation data meeting expectations. The Fed's rate cut was lower than market expectations, leading to market fluctuation. The crypto assets market performed remarkably, with Bitcoin breaking the $100,000 mark for the first time. Looking ahead to 2025, the crypto market benefits from clearer regulations and institutional participation, but market risks must still be heeded.

The AAVE ecosystem will implement the Umbrella module in 2025, replacing the security module and improving the yield structure. This module introduces more efficient assets and optimizes incentive distribution, but the GHO stake yield is expected to decrease to about 7.7%, and the issuance of GHO is anticipated to decline. This transformation will enhance capital efficiency and drive new development in the AAVE ecosystem.

The Rise of Decentralized Physical Infrastructure Networks: Exploring the Current Status and Prospects of DePIN
Introduction
The Internet, as a symbol of globalization, actually originated from the products of the Cold War era.
In 1969, the U.S. military needed a network that could avoid single points of failure and autonomously recover to respond to potential nuclear strikes. Therefore, the prototype of the Internet, "ARPAnet" (, was born, adopting a decentralized distributed architecture design.
However, over the past 55 years, from Web1 to Web2, with the rapid development of the internet, a centralized architecture has formed amidst the waves of commercialization and globalization. Web2 giants have monopolized the discourse and value distribution in the online world.
In recent years, the wave of Web3 has emerged, emphasizing Decentralization and de-platforming. However, simple application-layer Decentralization is difficult to solve the fundamental problems; how to transform the internet from the underlying technology stack is the solution.
In this back

The new stablecoin bill proposed in the United States, if passed, will have a profound impact on the history of Crypto Assets. The bill requires stablecoins to have a 1:1 reserve of sufficient assets and frequent information disclosure, implement a licensing system, and clarify the regulation of stablecoins. This bill will enhance the transparency of stablecoins, simplify the flow of funds, promote the maturity of the Crypto Assets industry, and mark an important victory for Blockchain technology.

The new year has brought breakthroughs and innovations in the encryption field, with Blockchain and Web3.0 technology continuously evolving. In the coming year, we will conduct in-depth analysis of market dynamics, provide the latest information, and help readers seize opportunities to explore the infinite possibilities of Web3 together.

Current crypto market dynamics show that Bitcoin is approaching the $110,000 mark and facing intense competition; Ether is nearing a critical resistance level. The market is influenced by U.S. tariff policies and Hong Kong stablecoin regulations, with analysts predicting that the peak of the bull run may occur in 2025. Investors need to follow technical breakthroughs and regulatory dynamics, and approach with caution.

The launch of GMX V2 on the Mainnet has met with a tepid response, reflecting the growth bottlenecks faced by the Perp DEX sector. The volume relies on Token incentives, and the number of real users is difficult to increase, resulting in a lack of natural growth. In the future, it is necessary to improve user experience, drop entry barriers, and improve the situation through means such as Bots trading and account abstraction Wallets.

The Dominant Position of Ethereum in the RWA Market: How Will the Future Landscape Evolve?
This report analyzes Ethereum's dominant position in the current real-world asset tokenization market, examines the structural challenges it faces, and explores which blockchain platforms are likely to lead the next phase of RWA growth.
Summary of Key Points
- Ethereum currently leads the RWA market thanks to its first-mover advantage, past institutional experiments, deep on-chain liquidity, and decentralized architecture.
- General-purpose blockchains with faster and cheaper transactions, along with RWA dedicated chains designed to meet regulatory requirements, are addressing the cost and performance limitations of Ethereum. These emerging platforms are positioning themselves as next-generation infrastructure by offering superior technical scalability or built-in compliance features.
- The next phase of RWA growth will be led by chains that successfully integrate three elements: on-chain regulatory compliance, and a service ecosystem built around real-world assets.

The stablecoin market is rapidly rising, benefiting from the GENIUS Act passed by the U.S. Senate, which establishes a regulatory framework and requires high liquidity asset reserves. It is expected that by 2028, the global market will reach $2 trillion, driving the growth of issuers like Circle and facilitating the development of protocols such as Decentralized Finance.

Solana ecosystem projects have demonstrated strong potential during the recent adjustments in the crypto market, particularly in the areas of Decentralized Finance, NFT, and liquid staking. Projects like Drift Protocol, a certain DEX aggregator, and Kamino have achieved user growth and an increase in Lock-up Position through diversified products and quality services, attracting capital inflow and indicating a positive development outlook for Solana in the upcoming bull run.

This article discusses three emerging areas in the integration of AI and Web3: Decentralized Physical Infrastructure Networks (DePIN), Decentralized Science (DeSci), and Decentralized Finance Artificial Intelligence (DeFAI). DePIN utilizes Blockchain to build infrastructure, DeSci promotes transparency in scientific research through decentralized platforms, and DeFAI enhances the efficiency of financial projects by combining AI. Despite facing challenges currently, these concepts have the potential to drive profound changes in the digital economy.

After the Ethereum Pectra upgrade, the blob market has undergone significant changes, with daily usage of blobs increasing but not reaching new targets, and prices plummeting. The storage pressure on nodes is rising, with the amount of data expected to be stored reaching 60GB or even higher. Despite the decrease in rollup costs and the increase in profit margins, the amount of ETH burned has significantly decreased. Balancing network expansion with node pressure will be key in the future.

Ethereum is facing multiple challenges such as market expectation mismatches, side effects of technical upgrades, and capital games. Although short-term price performance is poor, it still has growth potential in the long term. If breakthroughs can be found in areas like modularity and compliance, it may return to a growth trajectory in the future.

July Outlook: Market Calm vs Potential Turmoil, Will the Summer Trend Continue?
The market has entered a calm period, with trading volume dropping to a 9-month low and volatility reaching a 21-month low. This suggests that although there will be active dynamics in July, the market may face a slowdown in growth during the summer.
Despite the numerous events and news in July, the market may still fall into a calm state. Based on the experience of the past four years, every July has been accompanied by significant events, but prices have remained strong, and traders seem to prefer to "enjoy life" rather than monitor the market constantly. Is the hope for something different this year just a fantasy?
July Outlook: Another Calm Summer?
A series of busy events is about to come. Trump's actions continue to affect the market, distorting risk sentiment and driving the price of Bitcoin. July will be overshadowed by Trump's potential influence: the budget proposal, the end of the tariff suspension period, and the deadline for the latest cryptocurrency executive order are all approaching.

The article discusses the new era of AI browsers and their impact on the current browser market landscape. With the rise of large language models, traditional browsers are transforming from information display to interactive platforms for AI agents. Entrepreneurs should focus on interface standardization, identification trust, and the reconstruction of traffic mechanisms to promote collaboration with agents in order to adapt to this new trend. Future competition will be about the ability to serve agents, rather than simply attracting user attention.

Recently, Renmin University of China and Southwest University of Political Science and Law conducted research on the judicial disposal of virtual money involved in cases, facing challenges such as property attribute identification and compliance disposal. The seminar focused on inter-departmental cooperation and the transparency of disposal mechanisms, and in the future, it is necessary to strengthen the integration of theory and practice.