Blockchain

Ethereum’s price has dropped nearly 40% from its peak as ETF inflows, treasury purchases, and on-chain buying have all cooled significantly. BitMine now serves as the market’s last major buyer. Yet, with its stock price down 80%, unrealized losses nearing $3 billion, and a widening mNAV discount, market participants have grown increasingly concerned about BitMine’s liquidity and long-term strategy. This article systematically analyzes funding sources, staking returns, and institutional trends; it also examines the withdrawal of ETF, treasury, and on-chain ETH buying forces. It further explores whether BitMine is mispriced. Finally, the article discusses how much longer BitMine can remain the primary buyer of last resort for Ethereum.

The article not only discusses the impact of individual psychology and emotions on investment decisions, but also explores how market narratives, beliefs, and collective behaviors influence the cryptocurrency market.

This article systematically examines the technical foundations of decentralized social protocols through three key dimensions: identity systems, data storage, and recommendation algorithms. It delves into the structural challenges that have emerged during the rapid growth of Social Fi applications, such as feature replication, inappropriate token usage, and lack of cultural context. By analyzing examples including Nostr, Farcaster, Bluesky, and Kaito, the article projects the future evolution of decentralized social networks—especially in payment integration and on-chain transaction access. It offers a comprehensive technical and product-level framework to guide the next stage of Social Fi development.

This article provides a thorough analysis of the systemic risks behind the collective collapse of DeFi stablecoins in November 2025, revealing how protocols such as Stream Finance and Elixir led to hundreds of millions in losses and an industry-wide bank run through opaque leverage cycles, "yield optimization" black-box operations, and fragile oracle mechanisms. By presenting detailed case studies and historical parallels, the article highlights fundamental flaws in DeFi's incentive structures, transparency, and security architecture, pointing out how so-called "decentralized finance" is repeating the same mistakes made over the past five years.

This article provides an in-depth analysis of why cryptocurrency asset prices remain sluggish despite improved regulation, institutional adoption, and technological advancements. From perspectives such as valuation, revenue structures, capital flows, and industry cycles, the author identifies the fundamental reasons for the current disconnect between token prices and underlying fundamentals, while proposing future sectors with genuine growth potential and pathways for value capture.

The article offers a thorough analysis of how Ethena employs basis trading strategies to generate yield and maintain stability for its synthetic dollar, USDe. It also explores Ethena’s distinctive positioning and competitive edge within the stablecoin market.

According to Gate Research, the cryptocurrency market has recently weakened overall. On the macro side, cooling expectations of Federal Reserve rate cuts and rising risk-off sentiment have put simultaneous pressure on equities, gold, and crypto assets. Bitcoin broke below key support levels and briefly fell under USD 90,000, erasing its year-to-date gains and declining about 27% from the intraday all-time high set on October 6. Technically, the 50-day moving average has crossed below the 200-day moving average, forming a “death cross,” indicating further bearish momentum in the medium term.

Polymarket is frequently mischaracterized as a speculation platform. In reality, its core function is to aggregate collective human judgment on future events into tradable financial assets. This article starts with the fundamental question of pricing and systematically explores the rigorous framework behind "price as probability." It examines mathematical constraints, the one-dollar payout mechanism, arbitrage-free pricing, and risk-neutral probabilities. The article then covers order book pricing, market maker incentives, and liquidity mechanisms, helping readers understand why Polymarket is both accurate and resilient.

DappRadar has announced its closure. DappRadar, a longstanding data platform that supported Web3 for nearly eight years, ultimately failed to overcome a common commercial dilemma. While it delivered high value while generating low user revenue, this is a challenge common to utility-based products. This article examines DappRadar’s developmental trajectory, impact on users, funding history, and product philosophy. It also thoroughly analyzes why the platform shifted from being an authoritative leader to experiencing rapid decline. Key structural factors include excessive specialization, limited opportunities for commercialization, and escalating costs associated with the era of multi-chain platforms. DappRadar’s exit highlights the ongoing business model challenges facing the entire Web3 tools ecosystem.

The article "Stable Project: 80% Hype? Six Red Flags Revealing Its True Intent" exposes the issuance logic behind Stable's rapid fundraising of $825 million TVL within just 20 minutes, its backing by Tether executives, and its positioning as a native asset for USDT. Although positioned as payment infrastructure, the article points out that its design excessively favors institutions and insiders, while significantly increasing risks for retail investors.

The article not only explains the economic dynamics and design principles of arcade tokens in detail but also demonstrates their application potential in the digital economy through real-world cases.

The article analyzes the main areas of project overview, team background, investor background, tokenomics, and regulatory compliance. It identifies common pitfalls and risks associated with Web3 projects and offers clear approaches for due diligence and assessment criteria.

DeFi is witnessing an unprecedented wave of buybacks, with leading protocols like Uniswap and Lido accelerating their alignment with traditional financial models in fee distribution, token buybacks, and governance weight. This has sparked intense debate over whether decentralization is being replaced by "corporatization." Using the latest buyback policies as a starting point, this report delves into the centralization controversies, governance structure restructuring, and new trends in token economics facing the DeFi sector, offering a critical perspective for understanding the industry's next phase of evolution.

Grayscale's IPO filing on the New York Stock Exchange marks its entry into US capital markets as a $35 billion leading crypto asset manager. The firm manages more than 40 products and over 45 cryptocurrencies. ETP and ETF assets under management reach roughly $33.9 billion. The IPO will use an Up-C structure, allowing the founding team to retain governance control. While both revenue and profit have seen slight declines, Grayscale's net profit margin remains high at 65%, highlighting the strong net profit margin characteristic of its asset management business.

In October 2025, the total cryptocurrency market capitalization exhibited a “rise-then-fall” pattern, reflecting weak market confidence and a stabilizing trend. Driven by the “BTCFi” narrative, Starknet saw new highs in both capital inflows and on-chain activity, with TVL rising from $170 million at the end of September to $245 million. Prediction markets heated up, with Polymarket and Kalshi recording a combined monthly trading volume exceeding $7 billion. Privacy coins made a strong comeback, with ZEC surging more than 440% for the month and leading the rally. On the funding side, the Web3 sector completed 130 deals totaling $5.12 billion, up 28.43% month-over-month, with total capital raised jumping 104.8% — the second-highest level in nearly a year — with funds primarily flowing into DeFi ($2.15 billion) and core infrastructure.