BlockBeats will summarize key industry news from the week of April 14 to April 20 in this article, and recommend in-depth articles to help readers better understand the market and grasp industry trends.
Important News Review
RWA sector project MANTRA (OM) drops over 80%, market questions team sell-off; team responds that it was caused by improper liquidation on the platform and will initiate a buyback and burn mechanism
On April 14, early morning, the RWA sector project MANTRA (OM) plummeted 90% in a short time, crashing from $6 to $0.5, with a market cap evaporating over $5.5 billion. Three hours later, the MANTRA team (the issuer of the OM token) released a statement claiming that the drop was due to irrational liquidation and unrelated to the project itself, asserting that it was not the team's doing. Prior to this crash, OM had gone through several violent surges since last November, earning the nickname "strong庄妖币" from the community.
According to on-chain detective ZachXBT, Reef Finance founder Denko and Fukogoryushu attempted to borrow large loans using OM as collateral just days before the OM crash; during the same period, Lookonchain detected that at least 17 wallets transferred 43.6 million OM to centralized exchanges before the collapse, accounting for 4.5% of the circulating supply, with two addresses linked to strategic investor Laser Digital.
At noon on the 14th, Binance responded to the OM flash crash, stating that the drop was mainly caused by cross-platform liquidation. They mentioned that since October of last year, they had implemented risk controls on OM, including reducing leverage and risk warning prompts. In the afternoon, OKX pointed out in an announcement that the crash occurred at 2:28 AM on April 14, initially erupting on other trading platforms and quickly spreading. On-chain data shows that since October 2024, the economic model of the OM token has undergone significant changes, and there have been several large deposit and withdrawal records recently. Additionally, members of HashKey Capital and ArkStream's founding partner revealed that MANTRA is actually an OTC pump project, which was taken over by Middle Eastern capital after its early FDV dropped to the bottom and packaged as an RWAfi concept, continuing to promote OTC chips recently, ultimately leading to a structural liquidation crisis.
On the 15th, MANTRA founder JP Mullin again denied any sell-off by the team or advisors, stating that the tokens are still locked, and the crash was due to improper liquidation on other trading platforms, promising to release a buyback and burn mechanism for OM. On the 16th, MANTRA's official statement reiterated that the team did not participate in any sell-off, confirming that large liquidations during low liquidity periods severely impacted the market, while disclosing that the CEO would destroy the team's allocation. Related articles: “Why did the 'demon coin' OM suddenly drop after evaporating $5.5 billion in 15 minutes and then surge 4 times?”, “Mantra co-founder reveals: $5 billion OM token crash, has it really become 'Luna 2.0'?”, “Timeline | OM drops over 80%, whose 'fault' is it - the team, market makers, or investors?”
Trump's latest crypto project will be a real estate video game
On April 15, according to Fortune, Trump's latest crypto project will be a real estate video game. In 1989, the real estate mogul launched "Trump: The Game," a variant of a board game themed around real estate. In 2006, he considered launching a reality show inspired by Monopoly, but the show ultimately did not materialize. Now, Trump's latest project will be a crypto game branded with his name—according to two insiders, this game will have a Monopoly-like feel. This planned real estate game will become the latest addition to Trump's and his family's growing list of crypto projects. In addition to an NFT series and a MEME coin, there is a decentralized finance project called World Liberty Financial, a stablecoin, and a Bitcoin mining company, in which President Trump's son Eric Trump and Donald Trump Jr. hold significant shares. Related articles: “Three failures, four attempts: Why is Trump obsessed with 'Crypto Monopoly'?”
Ludong BlockBeats initiates a call for major trading platforms to stop promoting contract experience funds to college students
On April 14, Ludong BlockBeats called on major trading platforms to stop promoting contract experience funds to college students, drawing industry attention. Recently, ETHPanda and LXDAO co-founder Brucexu.eth revealed on social media that some crypto trading platforms are distributing so-called "contract experience funds" to college students, which cannot be directly withdrawn, but if profits are made, the earnings belong to the students; if losses occur, there is no need to repay, and sharing high earnings in social circles can also earn additional incentives.
From principal gifts to leverage stimulation to social fission, this entire process is precisely targeting the college student demographic. This behavior is essentially not about popularizing contract knowledge or user education, but rather a gambling inducement disguised as "financial enlightenment," precisely targeting college students with weak risk awareness and insufficient capital management skills. Even though the current crypto trading platforms are facing a bottleneck in user growth, this does not mean that college students can be used as a breakthrough for business expansion; such behavior carries compliance risks and can have a long-term negative impact on the industry's image.
We must take action from this moment to resist this behavior. If platforms continue to turn a blind eye, we will unite more KOLs and media to continue exposing this until it is all brought to an end. Related articles: “We urge all trading platforms to immediately stop promoting contract experience funds to college students”
White House official: The U.S. may use tariff revenue to buy Bitcoin
On April 15, according to Bitcoin Magazine, Bo Hines, executive director of the White House's presidential digital asset working group, stated that the U.S. may use tariff revenue to buy Bitcoin. Related articles: “29-year-old football player rises to the White House: The rise of Trump's 'crypto strategist' Bo Hines”
Solana spot ETF to launch this week in Canada, supporting token staking
On April 14, Bloomberg ETF analyst Eric Balchunas posted on social media that Canada is set to launch a spot Solana ETF this week, with regulators having already given the green light to several issuers including Purpose, Evolve, CI, and 3iQ. These ETF products will offer staking services through TD Bank.
Community questions HashKey token HSK's failure to buy back and burn as per white paper
On April 15, community users reported that HashKey token HSK's buyback and burn records have never been publicly disclosed. According to the HSK white paper, HashKey employs a burn mechanism to ensure the intrinsic value of HSK. HashKey will regularly use 20% of the group's net profit to buy back circulating HSK and permanently remove it from circulation. After inquiry by Ludong BlockBeats, the "buyback/burn" data on HashKey Group's HSK page was found to be 0. Hashkey trading platform stated that it would announce the burn results on the 11th day of each quarter. HSK was launched in November 2024, and on April 11 of this year, HashKey announced that the HSK token burn plan would be regularly evaluated and disclosed when applicable. The community understands that HSK has not undergone buyback and burn at present. Some opinions suggest that the reason HSK has not undergone buyback and burn is that HashKey Group did not generate net profit in Q1 2025, so the lack of buyback is a reasonable phenomenon.
Powell stated in a speech on Wednesday: The U.S. economy remains "robust" and will not intervene to save the market; proposes establishing a legal framework for stablecoins
On April 17, Federal Reserve Chairman Powell attended an event at the Chicago Economic Club and delivered a speech. He stated that, for now, higher-than-expected tariffs may mean higher inflation and slower growth. Despite increasing uncertainty, downside risks remain, and the U.S. economy is still "robust." The market's hope that the Federal Reserve will intervene to calm volatility may be misplaced. He said, "The market is dealing with a lot of uncertainty, which means volatility. Given the significant changes in President Trump's tariff regime, it is understandable that the market would face difficulties." He also added, "In the short term, we may continue to see market volatility." He emphasized that the Federal Reserve will not be influenced by political pressure. In his speech that day, Powell rarely mentioned cryptocurrency, stating that cryptocurrencies are gradually becoming mainstream, and establishing a legal framework for stablecoins is a good idea. Stablecoins may have broad appeal and should establish consumer protection measures. Related articles: “What positive signals did Fed Chair Powell release regarding cryptocurrency?”
WSJ: Trump privately discussed firing Fed Chair Powell
On April 18, according to the WSJ, Trump privately discussed firing Fed Chair Powell, with sources stating that Trump had talked with former Fed governor Kevin Walsh about replacing Powell. Related articles: “What would happen to the market if Trump fired Fed Chair Powell?”, “Trump names and criticizes three times in one day: The Fed should have cut rates long ago, Powell is playing politics and should have been fired long ago”
WSJ: Musk Once Direct Messaged Crypto KOL Tiffany Fong Asking for a Child, Rejected
On April 17, according to The Wall Street Journal, crypto KOL Tiffany Fong received interaction from Musk due to her reporting on the FTX collapse. As Fong posted more political content supporting Trump, Musk's interactions with her increased, and he began following her last summer. According to insiders, Musk directly messaged Tiffany Fong asking if she would be interested in having a child with him. The two had never met before. Tiffany Fong did not continue her relationship with Musk, and after learning that she had disclosed this request to others, Musk criticized her for being imprudent and unfollowed her. Related articles: “The Girl Who Refused to Have a Child with Musk”
Binance Wallet Launches Lorenzo Protocol TGE
On April 18, Binance Wallet announced an exclusive token generation event (TGE) for Lorenzo Protocol in collaboration with PancakeSwap. Total fundraising amount: $200,000 (BNB); available tokens: 42,000,000 (2% of total supply); subscription limit for each Binance Wallet user: 3 BNB. For this round of TGE, new participant eligibility for Lorenzo Protocol requires users to have made a valid purchase of Binance Alpha tokens through Binance's non-custodial wallet or Binance trading platform 30 days prior to the TGE date.
Base Officially Promotes Meme Coin, Then Clarifies: No Token Launched, "Base is for Everyone" is Not an Official Token
On April 17, the Base official posted "Base is for everyone" and claimed to have minted a token of the same name on Zora. However, the minting time of the token was earlier than the Base official post, and there were three wallet addresses that bought large amounts before the Base post and then dumped, causing the token price to drop over 95%. According to The Block, a Base spokesperson stated that Base did not launch a token, and "Base is for everyone" is not an official Base token, nor did Base sell this token. According to the team's explanation, Base did not launch "Base is for everyone" because it was automatically minted by the Zora platform, and Base only posted a message on that platform. On the same day, the meme coin's market cap surpassed $20 million. Related articles: “Market Cap Drops 95% in 5 Minutes Then Surpasses Previous High: Base's $20 Million 'User Acquisition Plan'”, “Base Officially Promotes Meme Coin, Crashes 90% Then Reverses: The Story of a Mysterious Address's $200,000 Precision Harvest”
Binance's Second Voting Delisting Event Ends, FTT Tops the Delisting List
On April 17, according to official data, Binance's second voting delisting event concluded. FTT topped the delisting list with 11.1% of the votes, followed by four other tokens: ZEC, JASMY, GPS, and PDA. Binance noted that while they value and will consider the voting results, the results will not be the sole factor in the final delisting decision. The projects are still under evaluation, and the final decision will be made by Binance based on its official review process and standards. Additionally, the delisting timeline will depend on Binance's procedures.
Binance CEO: Has Engaged with Many Countries to Help Develop Crypto Regulatory Frameworks and Assist Some Countries in Establishing Strategic Reserves
On April 17, Binance CEO Richard Teng told the Financial Times that under President Trump's leadership, the U.S. has taken a more favorable stance towards cryptocurrencies, including plans to establish a digital asset regulatory framework and national reserves, which is stimulating similar actions from other countries. Binance has engaged with many countries, hoping to help them develop cryptocurrency regulatory frameworks. However, he declined to disclose the list of countries cooperating with the company. Richard Teng stated that Binance is currently assisting some countries in establishing national strategic digital asset reserves. Nearly a quarter of Binance's 6,000 employees are engaged in compliance work, and the company will continue to invest heavily in this area. Earlier this month, both Pakistan and Kyrgyzstan announced that Binance founder CZ has begun advising them on developing crypto regulations and using blockchain technology.
ZKsync Admin Account Hacked, Abnormal Minting of 111 Million ZK Tokens
On April 15, ZK tokens on the ZKsync blockchain reportedly experienced abnormal minting, and the minted tokens were sold off. ZKsync's official account later stated, "The ZKsync security team has discovered a stolen admin account that controlled approximately $5 million worth of ZK tokens—these tokens are the remaining tokens from the ZKsync airdrop that have not yet been claimed. All user funds are safe and have never been at risk. The ZKsync protocol and ZK token contract remain secure, and there is no further risk of ZK tokens. This is an isolated incident triggered by a stolen key, limited to the ZK token airdrop contract."
Later that evening, ZKsync updated the latest developments on the theft incident, stating, "Investigations show that the admin account managing three airdrop distribution contracts was compromised. The attacker minted approximately 111 million unclaimed ZK tokens from the airdrop contract. This increased the total circulating token supply by about 0.45%. This incident is limited to the airdrop distribution contract, and all mintable funds have been minted. Further attacks cannot be conducted through this method. The ZKsync protocol, ZK token contract, all three governance contracts, and all active token cap minters were not affected by this incident and will not be affected. On the 16th, ZKsync co-founder Alex Gluchowski reiterated that there was no leak of code, contracts, or operator keys in the protocol. Related articles: “ZKsync Hacked, $5 Million Tokens Plummet: Once a L2 Star, Now in Disarray”
KiloEx Vault Hacked This Week, Losses Exceed $7 Million; Stolen Assets Recovered Three Days Later
On April 15, the perpetual contract DEX KiloEx vault was attacked, and the platform's functions were immediately suspended. According to Pionex monitoring, KiloEx lost approximately $7.5 million. Preliminary analysis of one of the attack transactions by Pionex indicated that it was a price oracle issue. The attacker exploited this vulnerability by setting the initial ETHUSD price to 100 when opening a position, then immediately closing it at an inflated ETHUSD price of 10,000, profiting approximately $3.12 million from just this transaction. On the same day, KiloEx stated on social media that it was willing to offer a 10% white hat bounty to the hacker. On the 17th, KiloEx reported that it had filed a police report with the Hong Kong police. The security vulnerability has been fixed, and there is currently no risk of position liquidation; all positions will be settled at the snapshot price before the incident. On the 18th, KiloEx announced that all stolen assets from the security incident had been fully recovered, and the attacker's address returned approximately $5.5 million in crypto assets, with a 10% reward to be paid to those who assisted as previously agreed. Related articles: “KiloEx Hacked for $7 Million, Can $7M Market Cap Compensate User Losses?”
Odin.fun Developer Account Hacked, Platform Suspends Trading and Withdrawals
On April 14, Bob Bodily, the developer of the Bitcoin ecosystem trading platform Odin.fun, liquidated all assets on the Odin platform. The developer later responded, stating, "My Odin.fun account has been hacked. I am handling this matter and will update with more information as soon as possible." He announced that "trading and withdrawals have been suspended to ensure this is not a broader issue with the platform."
Bitcoin Network Hashrate Hits All-Time High This Week, Surpassing 1000 EH/s
On April 17, according to CloverPool data, the Bitcoin network hashrate briefly exceeded 1000 EH/s, setting a new all-time high; the current average hashrate over the past seven days is 888.85 EH/s. While the increase in Bitcoin hashrate signifies enhanced network security, it also means that the cost of mining one Bitcoin is rising. Coupled with the reduction in block rewards due to the 2024 Bitcoin halving, the increase in hashrate may lead to the consolidation of smaller mining companies.
Wu Jihan Responds to BTDR Short Report: Absurd and Misleading, Will Reserve the Right to Take Legal Action
On April 16, a company called Callisto Research released a short report on Bitdeer Technologies Group (BTDR), stating, "We are shorting the Nasdaq-listed Bitcoin mining company Bitdeer Technologies Group. We have identified warning signs in Bitdeer's disclosures, governance, and related party transactions. Unless Bitdeer undergoes a thorough transparency reform, we believe it lacks investment value." The next day, Bitdeer's chairman Wu Jihan responded to the market's short report on social media, saying, "The report is clearly based on a predetermined stance, piecing together complex but irrelevant facts, using absurd and misleading logic to construct a narrative aimed at manipulating market sentiment for the benefit of short sellers. We will continue to focus on the company's real business fundamentals and long-term value, and we reserve the right to take legal action to protect our reputation and shareholder interests."
Panama City to Accept Cryptocurrency Payments for Taxes, Licenses, and Fines
On April 17, the government of Panama City approved the use of cryptocurrencies to pay taxes, fees, fines, and licensing fees. According to local media, the city will accept Bitcoin, Ethereum, USDC, and USDT. Panama City has now joined the ranks of other global cities that allow the use of cryptocurrencies for municipal payments. Mizrahi stated that the capital of Panama will implement this policy in collaboration with a partner bank, converting cryptocurrencies to dollars at the time of payment without the need for new legislation. Like El Salvador, the U.S. dollar is the legal tender in Panama.
Trump Meets with El Salvador President This Week, No Mention of Bitcoin
On April 15, Cointelegraph reported that U.S. President Trump met with El Salvador President Bukele on Monday to discuss trade and immigration issues. Bitcoin-related topics were not mentioned during the talks.
OpenSea Announces Launch of NFT Trading on Solana Chain
On April 15, OpenSea announced that Solana token trading is now live for select closed beta users on OS2 and will gradually roll out to more users in the coming weeks. Currently, tokens are available for trading, with NFT trading to be launched later.
ai16z Founder: Launchpad Platform auto.fun May Launch This Week
On April 14, ai16z founder Shaw posted on X that the Launchpad platform auto.fun may launch this week, allowing creators to independently claim fees generated from content creation and token issuance. The community can collaboratively initiate content or create CTO tokens based on other platforms. The platform emphasizes "anti-hype" and "pure fun," aiming to create a decentralized, transparent space for content and token releases that truly belongs to creators and the community. Related articles: “ai16z Launches Its Own Launchpad, Can auto.fun's First Project Produce Another Golden Dog?”
Analysis: Bitcoin Daily Chart Forms "Death Cross," Occurred Only 10 Times in History
On April 16, Bitcoin formed a "death cross" on the daily chart on April 6—this is a technical pattern where the 50-day moving average (MA) falls below the 200-day moving average. Historically, this signal is often associated with trend reversals and long-term bearish trading expectations, sometimes indicating a significant market downturn. Since its inception, Bitcoin has experienced 10 such "death crosses," and the 11th is currently occurring. Analyzing the dates and durations of these "death crosses" leads to an important conclusion: every bear market includes a "death cross," but not every "death cross" leads to a bear market. This distinction is key to understanding the current market landscape. CoinShares research director James Butterfill stated that, on average, Bitcoin's price is only slightly lower (-3.2%) one month after a death cross, while it typically rises three months later. Therefore, "the so-called death cross is often a good buying opportunity."
This Week's Major Financing: Optimum Completes $11 Million Seed Round, 1kx Leads; Resolv Labs Completes $10 Million Seed Round, Cyber.Fund and Maven11 Co-Lead; Auradine Completes $153 Million Series C Financing, StepStone Group Leads
On April 15, decentralized high-performance memory infrastructure Optimum announced the completion of an $11 million seed round, led by 1kx, with participation from Robot Ventures, Finality Capital, Spartan, CMT Digital, SNZ, Triton Capital, Big Brain, CMS, Longhash, NGC, Animoca, GSR, Caladan, and Reforge.
On April 16, Resolv Labs announced the completion of a $10 million seed round, co-led by Cyber.Fund and Maven11, with participation from Coinbase Ventures, Susquehanna, Arrington Capital, and Animoca Ventures. The protocol provides crypto-native, delta-neutral yield strategies for USR stablecoin holders.
On the same day, Bitcoin mining manufacturer Auradine completed a $153 million Series C financing, led by StepStone Group, with participation from Maverick Silicon, Premji Invest, Samsung Catalyst Fund, Qualcomm Ventures, Mayfield, MARA Holdings, and GSBackers. This round of financing will be used to develop its Bitcoin mining and artificial intelligence infrastructure business.
Raydium Launches Token Issuance Platform LaunchLab
On April 16, Raydium launched the token issuance platform LaunchLab, designed for creators, developers, and the community. Tokens are released through the JustSendIt model, raising 85 SOL, with liquidity immediately migrating to Raydium's AMM. Create on-chain tokens with no migration fees and no permission review. For tokens launched through the LaunchLab UI, the basic transaction fee is 100 basis points (1%), with 50% allocated to the community pool (for creators + traders), 25% allocated to RAY buybacks, and 25% allocated to project fees (infrastructure and operations).
MELANIA Project Team Sold $14.06 Million Worth of Tokens in the Past Month by Adding Unilateral Liquidity
On April 16, according to Ember monitoring, the MELANIA project team sold a total of $14.06 million worth of MELANIA (20.5 million tokens) in the past month through liquidity addresses and community addresses by adding unilateral liquidity. The average price was approximately $0.686. Community allocation portion: 10.5 million MELANIA sold for 44,013 SOL. 10.5 million MELANIA were transferred to four addresses for unilateral liquidity sales, and then the SOL was transferred to nine wallets. Liquidity allocation portion: 10 million MELANIA sold for 57,407 SOL. 10 million MELANIA were transferred to five addresses for unilateral liquidity sales, and then the SOL was transferred to five wallets.
A Court in Shandong Reviews a Telecom Fraud Case Involving Virtual Currency "Killing Foreign Plates," Amounting to Over 40 Million Yuan
On April 14, the People's Court of the Economic Development Zone in Heze City, Shandong Province, recently reviewed a telecom network fraud case targeting Indian individuals, with an amount involved reaching 517 million Indian Rupees (approximately over 40 million Yuan). The case involved 66,800 victims, and nine fraudsters received prison sentences ranging from five to fourteen years and nine months, along with fines. The fraudsters confessed, "We met an Indian person on a chat app, learned about ** a network investment platform, and communicated with clients through the chat app, luring Indians to invest on the platform with a high return of 8% to 15% for an investment of 1,000 Rupees per month. When the customer's investment amount exceeded the rebate amount, we would close the platform or convert the debt into equity, locking up the funds, and then use a third-party payment platform to purchase 'USDT' virtual currency, converting the virtual currency into Yuan or dollars."
OKX Wallet Independent App Officially Launched in App Store; OKX Announces Entry into U.S. Market
On April 17, according to official news, the OKX Wallet independent app has officially launched on Google Play and in some regions of the Apple App Store, allowing users to search for "OKX Wallet" for download and experience. On April 16, according to an official announcement, the crypto trading platform OKX announced its entry into the U.S. market, establishing a regional headquarters in California and launching a CEX and OKX Wallet for U.S. users. Former OKCoin users will migrate to the OKX platform, and new customers will be accepted in phases, with a full rollout across the U.S. planned for later this year. OKX stated that it will cooperate with U.S. regulators to advance operations in accordance with existing regulatory laws and has established a compliance system covering KYC, AML, risk assessment, and transaction monitoring.
Trump's Son Invited to Attend TOKEN2049 Dubai Conference
On April 15, according to official news, TOKEN2049 announced that Eric Trump, the son of former President Trump, will be invited to attend the TOKEN2049 Dubai conference, which will take place from April 30 to May 1.
This Week's Popular Articles
“Stock Market Inflows into 'Bitcoin Fentanyl'”
An increasing number of companies are incorporating Bitcoin into their balance sheets, evolving from MicroStrategy's (MSTR) "Bitcoin treasury strategy" into a global capital game. Some marginal companies have seen their market value skyrocket and narratives reconstructed through Bitcoin purchases, backed by capital players like Sora Ventures and UTXO, as well as political resources linked to the Trump family. Although Bitcoin brings short-term gains and market attention, companies' reliance on it also exacerbates systemic risks. If Bitcoin prices correct or policies tighten, companies lacking real business support will face significant collapse pressure.
“Spending $80 Million on 'Subsidies' for Growth, Uniswap's Steps May Be Too Big”
The Uniswap Foundation proposed a one-year Unichain and a six-month Uniswap v4 liquidity incentive program, with a total budget exceeding $84 million. Although the proposal was approved by community voting and launched its first round of incentives on April 15, it has sparked considerable skepticism. Some members believe such incentive strategies are outdated and ineffective, failing to address the lack of inherent appeal of the chain itself, and historical data shows that liquidity generally dissipates quickly after the end of activities. Additionally, the transparency and security of participating projects like Gauntlet and Layer0 have also been questioned. However, some argue that while incentives may struggle to retain users long-term, they still serve as an effective starting point for attracting traffic.
“What Would Happen if Trump Fired Fed Chair Powell?”
Trump has repeatedly criticized Powell for the Fed's failure to cut interest rates, accusing him of being slow to respond and damaging the economy, even hinting at considering his replacement. However, according to the law, the dismissal of the Fed chair requires "cause," and political disagreements are insufficient grounds. Forcing a change could not only spark legal disputes but also undermine market confidence, leading to financial turmoil. Although Powell maintains the Fed's independence, his position still faces potential challenges from Trump and the conservative Supreme Court. Economically, if Trump successfully pressures for rate cuts, it may benefit crypto assets in the short term but could lead to stagflation risks in the long term, putting the Fed's policies in a dilemma, with the costs of the entire game likely borne by the market and the public.
“Bitcoin Ecosystem Sees 10x Growth, What is the New Asset Protocol Alkanes?”
In the Bitcoin ecosystem, the Alkanes protocol has rapidly gained popularity due to its openness and support for smart contracts. Its first fairly minted token, METHANE, has surpassed a market cap of $6 million, generating discussions with over tenfold returns. The protocol was launched by Oyl Wallet, backed by strong capital and active support from the Chinese community, combining three key elements: "mainnet assets, fair minting, and domestic support," along with a long-term plan to build the BTCFi ecosystem, making it one of the most promising projects in the new asset protocols of the Bitcoin ecosystem.
“DARK Surges Over 1500% in a Week, Behind It is the Solana Foundation's Network”
In the Solana ecosystem, the AI meme coin DARK has surged against the backdrop of a sluggish AI sector, with its market cap increasing by 1500% in a week. This is mainly attributed to the high execution ability and continuous delivery of founder Edgar Pavlovsky, as well as the market resources and expectations provided by his team, MtnDAO. DARK combines two popular concepts: Trusted Execution Environment (TEE) and Modular Model Interface (MCP), quickly launching an AI battle game as its first product to attract market attention. Meanwhile, MtnDAO promotes an investment decision-making philosophy based on market prediction mechanisms (futarchy), which aligns closely with DARK's timeline, raising market expectations for their linkage and further boosting the token's value.
The shadow of last year's Dexx crash, which caused massive losses, has not faded, and now the popular trading platform BullX has sparked widespread attention due to rumors of the "team possibly running away." Although community user @Nuotrix raised suspicions about the CEO deleting Telegram, customer service going silent, and abnormal referral rewards, these are mostly indirect evidence. Some community members verified that customer service is still online and the reward system is operational. Currently, BullX has not updated its social media for two months, increasing user concerns and leading to a sharp decline in user numbers and transaction fees. Regardless of the truth of the rumors, competition in the trading bot sector is becoming increasingly fierce, and users should be more vigilant about risks and diversify their assets to ensure fund safety.
“The Girl Who Refused to Have a Baby for Musk”
Tiffany Fong, who entered the public eye by exposing the Celsius scandal and became a "marginal protagonist" at the center of the crypto world due to her deep conversations with FTX founder SBF, has accumulated influence through persistence and chance opportunities without a team or resources. Her rumored relationship with Musk highlights the consumption and misreading of female labeling on social media. After SBF's imprisonment and the heat dissipated, she remains active on Twitter but finds herself in a state of identity loss and existential confusion, becoming a free yet lonely "drifter" in the crypto space.
“How to Mine and Earn Profits on HyperEVM?”
The HyperEVM ecosystem has gained attention due to the HYPE token's value accumulation, sound token economics, and product-market fit. Several protocols, such as Upshift, StakedHype, HyperSwapX, HyperLend, HypurrFi, and Felix, offer strategies like staking, liquidity mining, and lending. Users can earn annualized returns while accumulating ecosystem points and potential airdrop opportunities. However, the ecosystem is still in its early stages, with high risks, so attention should be paid to the proportion of capital invested and the security of the protocols.
“Opinion: Why Bittensor is a Scam and TAO is Heading Towards Zero?”
Although the Bittensor project claims to promote "fair mining," the underlying chain is centrally controlled by the foundation, and its governance structure is highly closed. The early token distribution is opaque, with at least over 60% flowing to internal interest parties. Behind the inflated market cap lies extremely low liquidity and severe inflation pressure, and the dTAO upgrade resembles a Ponzi scheme restructuring that provides an exit channel for early interest groups. The subnet tokens lack real value support, and the chaotic mechanisms lead to project parties and miners effectively working for validation nodes, ultimately undermining the foundation of the entire ecosystem. Bittensor is caught in a dual dilemma of narrative collapse and liquidity exhaustion.
In mid-April, the meme coin RFC on the Solana chain experienced a price surge driven by Musk's endorsement, capital manipulation, and community enthusiasm, with its market cap exceeding $100 million in just two weeks. Behind this is a control game orchestrated by multiple market makers and whales through a sophisticated capital network. Massive funds obscure their true intentions through cross-chain transfers and wallet splits, combined with a narrative of "celebrity interaction + low circulation + decentralization" to achieve efficient accumulation. Meanwhile, the implicit support from the Solana ecosystem foundation has also helped it become an ecological model, but its extremely concentrated chip structure and false liquidity mean it could face a price avalanche risk at any time.
“a16z: Five Principles for Crypto Asset Custody”
Registered Investment Advisors (RIAs) face regulatory uncertainty and custody challenges in crypto asset investments. Due to the unique ownership and governance attributes of crypto assets, traditional custody methods fail to meet the needs. The industry requires a principle framework centered on substantive protection to replace the practice of determining custody eligibility solely based on legal status. It is recommended to allow RIAs to self-custody under necessary protection conditions and ensure they can exercise economic and governance rights over crypto assets. Additionally, custodians should establish complete mechanisms for power separation, asset isolation, auditing, and insurance to safeguard asset security and client rights.
“Web3 Carnival Short Essay: A Winter Amidst Prosperity, Yi Pin Chicken Pot Becomes Jerusalem”
This year's Hong Kong Web3 Carnival has a somewhat subdued atmosphere, yet it still gathers many core industry builders, with discussion topics expanding from technology and finance to cultural philosophy. Compared to the past's excitement and hype, attendees are generally more rational, focusing on product-market fit, sustainable business models, and real user needs. Applications like RWA and PayFi have gained recognition, while VCs have lost their voice, and GameFi and empty narratives are gradually retreating. The market is entering a transition period from "dream to reality," leaving behind builders who pay more attention to technological depth and user value. Although the bear market is cold, it provides space for true builders to grow and break through.
“Tariff Suspension, Market Recovery, Which AI Projects Might Become the Next Explosive Point?”
The crypto market has warmed up 90 days after the tariff suspension, with a total market cap growth of 25% and significant increases in smart interactions, indicating rising user interest in AI projects. Mode Trade has launched a trading platform that integrates AI, perpetual contracts, and predictive data, using LLM and synthetic data to innovate the trading experience. Meanwhile, projects like Bio Protocol are promoting the combination of AI agents and open science through hackathons, while Virtuals Ventures explores on-chain monetization in the agent economy, showcasing the vigorous development of the fusion of Web3 and AI.
“Is Solana About to Revive? Analyzing the Whale Movements in On-Chain MEME”
Since mid-March, some MEME coins on the Solana chain, such as Fartcoin and RFC, have seen significant rebounds, attracting market attention. Fartcoin has increased by over 340% within a month, with large whales entering at a cost of approximately $0.62. Data analysis shows that large holders exhibit cross-holding behavior across multiple coins, particularly evident in RFC and DARK, with their buying timing closely aligning with the tokens' price surges, suggesting possible signs of main force rotation or coordinated manipulation. Overall, this round of MEME hype shows a non-universal increase, mainly concentrated on specific coins with MEME culture or AI themes, exhibiting characteristics of a "manufactured bull market."
“AERGO Price Rollercoaster: What Happened from a 10x Surge to an 80% Drop?”
In mid-April 2025, $AERGO was first delisted from spot trading on Binance and then suddenly launched futures, leading to a dramatic price surge of 10 times in a week, followed by an 80% intraday crash. Speculative funds and community enthusiasm drove its rise, but severe discrepancies in market cap data, extreme fluctuations in funding rates, and high concentration of holdings led to the crash, raising strong doubts about Binance's operational transparency and calls for investor protection. This incident exposed deep risks of speculative mechanisms and information asymmetry in the crypto market.
“In-Depth Insight into BlackRock's Rise: How the $11.5 Trillion Asset Management King Was Forged?”
BlackRock, leveraging its powerful risk management system "Aladdin" and the foresight and experience of its founder Larry Fink, successfully built a vast capital network globally, starting from reflections after the 1987 financial crisis. Through tools like ETFs, it deeply embedded itself in the equity structures of thousands of listed companies, becoming a behemoth in the asset management field. Due to its key role in multiple financial crises, it has formed close ties with power institutions like the Federal Reserve, gradually evolving from a financial giant to a "capital order lamp-lighter" influencing the global economic landscape.
The U.S. financial market has recently experienced severe volatility, with U.S. stock market volatility unusually surpassing that of emerging markets and Bitcoin. U.S. Treasury bonds have also seen significant fluctuations, leading investors to question the safety of U.S. assets. Trump's tariff policies, deteriorating liquidity in long-term bonds, and dramatic changes in risk-free interest rates have caused market turmoil similar to emerging markets rather than a global safe haven, raising concerns about a potential financial crisis. Funds are rapidly flowing into safe-haven assets like gold and the yen, and Wall Street is beginning to call for Federal Reserve intervention to prevent more severe systemic risks.
“Unveiling the Crypto VC Network: Who is Collaborating to Create the Next Unicorn?”
The cryptocurrency venture capital landscape exhibits a highly concentrated and closely-knit network structure, with a few large funds dominating seed to Series A financing and tending to co-invest with fixed partners. These patterns significantly influence the likelihood of startups securing follow-up financing. Research shows that investor performance, relationships among partners, the presence of growth funds, and historical co-investment records are all important factors affecting financing success rates. Understanding these capital flows and relational networks can help founders develop more effective financing strategies and improve their chances of success.
“Crypto Entrepreneurs, Don't Just Copy: How to Stand Out with Your Unique Advantages?”
This article explores the entrepreneurial journey in the crypto industry, emphasizing that entrepreneurs need to define their development direction based on their unique advantages and personal strengths, rather than blindly following conventional industry paths. The author notes that successful founders are not just excellent salespeople; they also need to have faith and confidence to bring their stories to life. The article also points out that the current entrepreneurial environment is fairer than in the past, especially with the power of AI tools, token democratization, and online distribution, giving founders around the world opportunities for success.
“The TPS Scam in the Crypto Industry”
This article criticizes the crypto industry's blind pursuit of high TPS (transactions per second), arguing that this competition is misleading and overlooks real user needs. Project teams exaggerate lab data to attract funding and attention, often sacrificing decentralization, security, and practicality, addressing issues that no one cares about. The author calls for a focus on truly meaningful blockchain applications, building according to actual use case scales rather than chasing superficial numbers.
“From Web2 to Web3: Why Every Company Will Become a Crypto Company?”
This article discusses how the crypto industry can make every company a crypto company through the integration of stablecoins, blockchain, and zkTLS, thus pushing crypto technology into the mainstream. Stablecoins serve as the payment layer, blockchain acts as a new balance sheet, and zkTLS serves as a data bridge between Web2 and Web3, collectively providing cost-effectiveness and user incentive mechanisms for businesses, transforming traditional financial models, and ultimately achieving large-scale adoption.
“Trump's 'Crypto Dream Team' Holdings Unveiled: Vance's BTC Purism vs. Musk's Meme Coin Frenzy”
Among the key officials in the new U.S. government, several hold or have held crypto assets, which may influence the future direction of cryptocurrency policy. Vice President Vance holds Bitcoin, White House crypto chief David Sacks liquidated a large amount of crypto investments before taking office but retains some fund equity; SEC Chair Paul Atkins indirectly holds Bitcoin through funds and owns shares in some crypto companies; Treasury Secretary Scott Bessent has IBIT, with a very low proportion of Bitcoin assets; Commerce Secretary Howard Lutnick holds shares in Tether and Bitcoin, making him an important stakeholder in the crypto market; Musk and his companies hold large amounts of Bitcoin and Dogecoin, deepening market interconnectivity. These holdings may become important references for future crypto regulation and policy-making.
Although Bitcoin dominates in market capitalization, its activity in the DeFi space is far lower than that of Ethereum, primarily due to its lack of programmability, complex user experience, and high barriers to entry. Nevertheless, with the emergence of innovative tools like wrapped Bitcoin, Layer 2 solutions, and smart wallets, BTC is gradually integrating into the on-chain financial ecosystem. In the future, enhancing accessibility, simplifying operational processes, and retaining user self-custody rights will be key to promoting Bitcoin's greater role in DeFi.
“Full Text of U.S. SEC Stablecoin Regulation: What Kind of Stablecoin is Not a Security?”
The U.S. Securities and Exchange Commission's Division of Corporation Finance believes that certain types of stablecoins—specifically those pegged 1:1 to the U.S. dollar, backed by low-risk, high-liquidity assets, and redeemable at any time—are "compliant stablecoins" that do not fall under the definition of securities as defined by the Securities Act during their issuance and sale processes, and therefore do not need to be registered or exempted from registration. These stablecoins are primarily used for payments, fund transfers, or value storage, rather than for investment purposes, do not provide returns or ownership to holders, and do not rely on the efforts of others to generate returns. Their design mechanisms (such as reserve accounts and unlimited redemption) effectively avoid market speculation and exhibit clear risk mitigation characteristics, thus cannot be considered securities under the legal standards of Reves and Howey.
Real Asset Tokenization (RWA) has undergone numerous attempts and failures over more than a decade, but it has never gained traction outside of stablecoins, primarily due to conflicts between decentralized concepts, regulatory requirements, and asset complexity in the on-chain and real-world contexts. As regions like Hong Kong, Singapore, and Dubai gradually introduce regulatory frameworks, the development of RWA is beginning to have an institutional foundation. However, differing standards across jurisdictions lead to fragmentation and poor interoperability of protocols, existing like isolated islands. Nevertheless, leading projects like Ondo are exploring paths for compliance and DeFi integration. RWA essentially serves traditional financial users, offering advantages in improving settlement efficiency, reducing costs, and expanding financing boundaries. If it can achieve more open cross-chain and cross-border collaboration in the future, it may truly become a bridge connecting the real world and the blockchain, reshaping a new paradigm for asset confirmation and financial services.
Alliance DAO has demonstrated strong incubation and investment capabilities in the Web3 consumer application space, with its project layout covering seven categories: lifestyle, gaming, social, speculation, creator economy, finance, and tools. As the market evolves, its preferences have shifted from early gaming and creator economy to SocialFi, crypto speculation, and financial applications. Its investment philosophy emphasizes avoiding PMF biases caused by introducing tokens too early, focusing instead on serving Web3 native users and building sustainable business models. It also identifies three common development paradigms for Web3 consumer applications: optimizing traditional products using Web3 technology advantages, constructing new business mechanisms through crypto assets, and focusing on solving unique needs of Web3 users. Finally, it summarizes methods for evaluating projects and future application directions to watch, such as social, on-chain trading tools, payments, and DeFi.
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