Weekly Editors Picks is a functional column of Odaily Planet Daily. In addition to covering a large amount of real-time information every week, Planet Daily also publishes a lot of high-quality in-depth analysis content, but they may be hidden in the information flow and hot news, and pass you by.
Therefore, every Saturday, our editorial department will select some high-quality articles that are worth spending time reading and collecting from the content published in the past 7 days, and bring new inspiration to you in the crypto world from the perspectives of data analysis, industry judgment, and opinion output.
Now, come and read with us:
Investment and Entrepreneurship
Bitcoins market share remains high, is there still a chance for altcoins to explode?
DeFi is accelerating the integration of AMM and money markets, achieving dual utilization of assets and improving capital efficiency. The cross-chain liquidity layer tends to be flatter, and the user experience is smoother. The competition for stablecoin yields is fierce, and institutional yield demand is increasing. At the same time, points and identity verification airdrops have become new means of user growth. The NFT market is weak, and funds are flowing more to Memes with practicality and reward mechanisms. The ecological pattern is gradually evolving.
a16z calls on the industry: It’s time to abandon the foundation model
Today, the foundation model creates more obstacles than it brings to decentralization. As the U.S. Congress proposes a new regulatory framework, the cryptocurrency industry has a rare opportunity to move away from foundations and the obstacles they bring — a chance to build with greater consistency, accountability, and scale.
Under the new regulatory environment, ordinary development companies (builders of networks from conception to implementation) are better vehicles for the continued construction and maintenance of networks. Compared with foundations, enterprises can allocate capital efficiently, attract top talent through a token + equity combination, and adjust strategies in a timely manner through market feedback. Enterprise structures naturally pursue growth and influence without relying on philanthropic funds or vague missions.
Two emerging initiatives—the Decentralized Nonprofit Unincorporated Association (DUNA) and the Blockchain of Cybernetic Organizational Pathways (BORG)—offer lightweight implementation paths.
Also recommended: The Myth of Crypto Infrastructure: Why Build it and they will come doesnt work? In an era where narrative is king, how to use scoring models to find the next 100x narrative?
Policy and Stablecoins
All Unregistered Crypto Companies Must Exit Singapore by the End of the Month! No Transition Period!
The Monetary Authority of Singapore (MAS) has officially released a regulatory response document for digital token service providers (DTSP), marking that the new regulations will take full effect on June 30. This policy not only has no transition period, but also uses extremely limited licensing standards and criminal liability as the bottom line, almost overnight ending the Singapore model that was once regarded as a crypto haven.
Four major changes in the global cryptocurrency market after the South Korean presidential election
South Korea as a core Web3 hub: With $5.4 billion in daily trading volume and 9.7 million active users, South Korea is the world’s third-largest cryptocurrency market after the United States and China. It is a key benchmark for global projects to expand into Asia.
Accelerated taxation could lead to a drop in trading volumes: Although the implementation of cryptocurrency taxes is currently postponed to 2027, the new government is likely to push it forward. Drawing on international precedents, trading volumes could drop by more than 20%.
ETF approval is likely, other reforms may face delays: All major candidates support the introduction of a Bitcoin spot ETF, increasing the likelihood of its early approval. In contrast, regulatory reforms around the Korean won stablecoin and the “one exchange, one bank” policy are expected to be longer-term agenda items.
South Korea’s new crypto situation: New President Lee Jae-myung and his three major crypto policies
The core contents of Lee Jae-myungs commitment to the South Korean confidential industry include:
1. Promote the legalization of virtual asset spot ETFs;
2. Guide the massive Korean National Pension Fund (about $884 billion) to allocate crypto assets;
3. Build a stablecoin system anchored by the Korean won as a strategic tool to prevent capital outflow and strengthen the financial sovereignty of the local currency.
The South Korean government is committed to incorporating crypto assets into the national financial governance system and promoting the markets transformation from laissez-faire to nationalized institutional embedding. This is exactly the vision described by Lee Jae-myung - a digital asset market guided by the government, guaranteed by rules, and driven by innovation.
The long-term slow bull structure of Bitcoin is not linear, nor will it rise every day, but a wave path formed by several policy switches, geopolitical conflicts, technological changes and market sentiment. However, as long as the path of Bitcoins asset attribute evolution continues to be clear, it has the potential to become the most certain target of participation in this round of global capital revaluation.
Artemis: Where will the 240 billion stablecoin supply go?
In order to expand the market, issuers are willing to pay high fees to distributors. For example, Circle paid US$900 million to distributors such as Coinbase in 2023, accounting for more than half of its revenue, in order to attract users to use USDC.
The $3.1 trillion annual trading volume is extremely misleading, as 31% of it comes from MEV robots repeatedly using the same funds through thousands of cycles every day. The actual trading volume actually participated in by humans is far lower than the scale implied by the surface data.
Although there are currently 150 million stablecoin wallets, 99% of the wallets have a balance of less than US$10,000, and only 20,000 mysterious wallets control US$76 billion, accounting for 32% of the total supply. These wallets are neither exchanges nor DeFi protocols and are reported to be classified as a gray area, and the meaning behind them is still unclear.
The real explosion in stablecoin growth has been in the past six months.
The criteria we use to measure the success of stablecoins are reversed. A decrease in total locked value (TVL) may not be a decrease in usage, but may instead be a reflection of technological progress and improved efficiency, while an increase in trading volume may simply mean an increase in robot activity. There are fundamental problems with each of the indicators we use to track adoption.
While people are still arguing about the market share of USDC and USDT, the real change is actually happening quietly at the distribution level. As a result, it may lead to a reshaping of the entire stablecoin ecological value chain.
Stablecoins can be seen as a modern version of the Eurodollar, which features a transparent blockchain browser. Unlike the traditional model of storing US dollars in a London vault, today US dollars are tokenized and circulated through blockchain technology. This innovation has brought significant economies of scale. Over time, the demand for stablecoins continues to grow. Investors hope to convert their returns into stable assets to avoid cyclical market fluctuations.
Unlike the violent fluctuations in the cryptocurrency market, the use of stablecoins continues to expand, indicating that their functions are no longer limited to simple trading tools, but are gradually becoming an important financial infrastructure. Although the timetable for different asset classes may vary, the direction of development is clear. Each additional batch of stable dollars will push the Token economy forward one stage.
Cypherpunks see the “stable dollar” as a step backward, meaning a return to the traditional model of bank custody and permissioned whitelists. Regulators are uneasy about permissionless blockchain systems that can transfer billions of dollars in a single block. In fact, the popularity of blockchain has occurred at the intersection of these two extreme discomforts.
Accelerating the velocity of money is the core application of cryptocurrency, and putting real-world assets (RWA) on-chain fits right in with this trend. The faster the value is liquidated, the more frequently funds can be reinvested, further expanding the overall economic scale. When dollars, debts, and data can all circulate at network speeds, business models will no longer rely on charging for the flow process, but will instead create new sources of revenue through the momentum effect.
Circle IPO: The “ChatGPT” Moment for Stablecoins and On-Chain Finance
Circles advantages and barriers: 1) Compliance first-mover and orthodoxy: Benefiting from compliance dividends, it is expected to serve as an in-system stablecoin to carry the on-chain dollar expansion strategy; 2) Open infrastructure and ecological network: USDC has multi-chain support, cross-chain protocols, and is deeply integrated with various exchanges and DeFi, and cooperates with payment institutions to become the hub for cross-border payments and on-chain settlements; 3) Institutional-level trust and mainstream capital access: Assets are safe and transparent, audit reports are published regularly, and it is currently the only product that is widely accepted as an institutional-level stablecoin.
Circles risks and challenges: 1) The revenue structure is highly dependent on the interest of US Treasury bonds, which is interest-sensitive and highly cyclical. The revenue growth is under pressure during the US dollar interest rate cut cycle; 2) It is highly dependent on channels, and currently about 60% of its revenue is distributed to channels such as Coinbase and Binance. Whether it can expand other sources of income (such as transaction commissions, etc.) and improve channel bargaining power in the future is the key to its growth.
Competitive comparison: The competition between USDT and USDC is essentially the competition between black and white dollars in different markets and scenarios. Tether is a money printing machine and Circle is a narrow bank. USDT relies on the liquidity pillar of exchanges, OTC exchange, and gray payments, while USDC focuses on compliant cross-border payments, corporate liquidation, DeFi, and RWA asset underlying currencies. The two form a parallel symbiotic relationship in different scenarios.
Investment analysis: As the first compliant stablecoin leader to go public after the introduction of the Stablecoin Act, Circles IPO benefited from high market sentiment. However, compared with its revenue of US$1.7 billion and net profit of US$160 million in 2024, the current market PE valuation of nearly 50 times has been relatively optimistically priced, and we need to be wary of concentrated profit realization under high valuations. In the long run, the stablecoin track has huge potential for growth. Circle is expected to further consolidate its leading position with its advantages of compliance first-mover, ecological network construction, and mainstream institutional capital access.
Founder of the first stablecoin: How I went all in on stablecoins 7 years ago
Circles listing has allowed everyone to see a new narrative of cryptocurrency - stablecoins are a peer-to-peer electronic cash system.
Airdrop Opportunities and Interaction Guide
This week’s featured interactive projects: VOYA Games, Irys testnet, Nebulai first mine
Kaito, Cookie, and Galxe: A complete guide to the three giants of mouth-sucking
OpenSea finally issues tokens: NFT may be unpopular, but the money-making game is still popular
Ethereum and Scaling
Where does the value of ETH come from? A complete analysis from asset logic to business strategy
The article systematically sorts out Ethereums development trajectory, protocol evolution, expansion path and its positioning in the Rollup era.
From an experimental platform for the developer community to DeFi infrastructure to long-term configuration in corporate finance, Ethereums role is undergoing a profound transformation.
The path of ETH value repatriation: from “maximizing fees” to “maximizing value carrying”.
EF reorganizes its RD team. Can the organizational change of EF become a price booster for ETH?
Maintain the original judgment: It will take another 1-2 years for ETH price to take off.
CeFi DeFi
In the article, the author Jacob King plays the role of a staunch bear on Bitcoin, pointing out that the Bitcoin market is manipulated by insiders such as Tether and Bitfinex, and that the price illusion is maintained through false demand, circular buying, and unlimited money printing. The so-called entry of the government and institutions is a man-made narrative, which is actually a Ponzi scheme. Once a liquidity crisis occurs, the market will face a collapse.
Please be vigilant: this is not the hard currency of the future, but a financial bomb that is counting down.
DeFi derivative products have long been trapped in the identity of CEX imitators: they copied the contract logic and leverage mechanism of centralized platforms, but carried higher risk exposure and lower user experience. There is still a clear gap with CEX in key dimensions such as liquidation mechanism, matching efficiency, and transaction depth. Until the emergence of Hyperliquid, it relied on on-chain characteristics to reconstruct product form and user value, which was a rare possibility for further evolution in this field.
When the long-tail tokens held in users wallets can directly become trading tools without relying on CEX, and when transaction fees and ecological value are distributed to ecological contributors through DAO, on-chain derivatives finally show what DeFi should look like - not only a trading venue, but also a value redistribution network.
Perhaps, the ultimate goal of decentralized derivatives is not to replicate CEX, but to create new demand with the native advantages of the chain (open, composable, and permissionless), and the market has taken a key step.
Which Perp platform on the chain is the best? An article reviews 6 cutting-edge projects
The article introduces Ethereal, StandX, Aster, Levana Protocol, DeriW, and Ostium.
SocialFi
In the era of attention economy, attention itself has value, but its value depends on factors such as retention, consensus, and content quality. Kaito converts attention into users, capital, and markets through products such as Yaps, Earn, and Capital Launchpad.
The value of attention is hierarchical, and it depends on: retention, consensus, the content or product (Subject) it is attached to, and the quality of the content.
The world is moving in a clear direction; influencers who control attention will control monetization capabilities; and technology platforms that control screen time will control distribution rights and user data.
Web3 actually has the ability to build a new network structure that is fairer and empowers more people.
Web3 AI
Crypto AI is gaining popularity again. What is the market hyping recently?
The article briefly introduces Axelrod, Arbusai, AVO, BasisOS, and Meet 48.
Safety
The hacker stole the money, so can Sui rob it?
On May 22, Cetus, the largest decentralized exchange (DEX) in the Sui public chain ecosystem, was attacked by hackers. Liquidity dropped sharply in an instant, prices of multiple trading pairs collapsed, and losses exceeded US$220 million.
After the incident, two official operations were derived: Freeze vs. Recovery, which are divided into two stages: the freezing stage is completed by Deny List + node consensus; the recovery stage requires on-chain protocol upgrade + community voting + designated transaction execution to bypass the blacklist.
Sui Chain itself has a special Deny List mechanism, which enables the freezing of hacker funds. Not only that, Sui’s token standard also has a “regulated token” mode with a built-in freezing function. What’s even more amazing is that Sui not only froze the hacker’s assets, but also planned to “transfer and recover” the stolen funds through on-chain upgrades.
No hacker signature is required, which is a repair method that has never been seen in the blockchain industry. This model will not be forgotten because it subverts the foundation of the industry and breaks the traditional consensus that blockchain cannot be tampered with under the same set of ledgers. In blockchain design, the contract is the law and the code is the referee. But in this incident, the code failed, governance intervened, and power was overwhelmed, forming a model of voting behavior determines the code results.
The historical fork rollback is the users choice of belief; Suis protocol amendment is the chain making the decision for you. The future of a chain is not determined by the technical architecture, but by the set of beliefs it chooses to protect.
Hot Topics of the Week
In the past week, Trump and Musk openly turned against each other and crashed the market . Medvedev: ready to help Trump and Musk reach a peace agreement ; the Trump family denied any connection with the Trump Wallet project and will launch a crypto wallet with WLFI. Magic Eden responded to Trumps eldest sons questioning , saying that the TRUMP wallet uses the official brand and IP ( event review ); Trumps social platform Truth Social submitted an application for a Bitcoin ETF ; Trumps economic adviser disclosed that he holds at least $1 million in Coinbase shares; WLFI adviser responded to shorting TRUMP: the two project entities are independent and hedged when necessary; the review of the CLARITY bill was blocked , and Trumps activities involving cryptocurrencies caused controversy in the House of Representatives;
Circle s first-day increase was 168% , with an after-hours price of $87.71 and a daily turnover of over $47 million ( beneficiary analysis); pump.fun plans to sell $1 billion in tokens with $4 billion in FDV ( interpretation );
(James Wynn’s special section: operation summary ; multiple CEX accounts were banned for no reason , vowing to fight back against centralized manipulation; decided to suspend perpetual contract trading ; tagged Wintermute on X and wrote: Im back ; deleted tweets related to begging for funds after the position turned from loss to profit ; BlackRocks purchase of Ethereum was the standard start before Bitcoins outbreak ; afraid of being laughed at for making 100 million but not being able to keep it, he eventually became a gambler due to greed ; he couldnt return empty-handed , so he would plunder the assets in his old wallet and make a comeback.)
In addition, in terms of policy and macro market, the Federal Reserve Beige Book: tariffs are putting upward pressure on costs and prices , and wages continue to grow at a moderate pace ; the SEC questioned REX-Osprey s launch of Ethereum and Solana pledge ETFs; the SEC formally accepted the Nasdaq 21 Shares SUI ETF listing application ; X will launch XChat and introduce a cryptographic architecture similar to Bitcoin ( cryptographic architecture interpretation ); the Hong Kong Securities Regulatory Commission is considering introducing virtual asset derivatives trading for professional investors ;
In terms of opinions and voices, Bitcoin advocate Max Keiser questioned the stress resistance of the new BTC financial company , saying that it has not experienced the test of a bear market; CryptoQuant: Bitcoin is at a key support level , and the market is waiting for an entry opportunity after a correction; Opinion: Circles NYSE IPO can be seen as the launch of a low circulation + high full valuation token , and its performance is worth looking forward to; CZ: Now may be a good time to launch a dark pool perpetual DEX on the chain ; Hyperliquid co-founder: Transparent trading is not a shortcoming, but an efficiency end ; Salus founder: Chinese law enforcement agencies have cracked 3 money laundering cases using Hyperliquid , and the strategy structure is highly similar to James Wynns path; a16z partner clarified that the token A16ZE was not released , and the latters market value fell from tens of millions of dollars to hundreds of thousands of dollars overnight;
In terms of institutions, large companies and leading projects, South Koreas first institution sold crypto assets after the ban was lifted ; JPMorgan Chase plans to provide crypto ETF financing services and consider accepting crypto assets as loan collateral; Strategy announced plans to issue 2.5 million shares of STRD preferred stock for the purchase of Bitcoin and operations; Tether launched the full-chain gold stablecoin XAUt 0 on the TON blockchain; SharpLink Gaming completed a $425 million private placement financing, led by Consensys; Ripple denied its intention to acquire Circle , saying that the relevant reports were false; The Ethereum Foundation announced the reorganization of the RD team and layoffs , and will focus on network expansion and user experience; The Ethereum Foundation released its latest fiscal policy , emphasizing the Defipunk concept and privacy protection; Sky (formerly Maker) introduced stablecoin incentives for SKY staking ; WLFI airdropped 47 USD 1 to subscribers ; The LOUD token sale ended , and users participating in the two phases are expected to receive 225,000 LOUD and 56,250 LOUD respectively. LOUD, and then launched LOUD tokens and opened them for claiming . Believe: The newly released tokens will increase the proportion of creator fees to 70% ;
In terms of data, Binance CEO: Binance holds nearly 59% of the stablecoin reserves of centralized exchanges ;
In terms of security, the Aptos Move security library co-construction initiative : building trusted infrastructure standards for developers; MegaETH official X account was stolen , reminding users not to click on recent links; TON: problems with on-chain block creation , which then returned to normal ... Well, its another week of ups and downs.
Attached is a portal to the “Weekly Editor’s Picks” series.
See you next time~
