Blockchain

This report highlights that x402 is redefining internet semantics by shifting from the traditional “Request → Response” model to a new financial primitive of “Request → On-chain Atomic Settlement → Revenue Distribution.” This transformation enables native payment settlement and automated revenue splitting, positioning x402 as the execution layer for PayFi and machine-to-machine (M2M) payments. Over the past month, x402 processed more than 47 million transactions with an average value of under one dollar, signaling rapid demand growth yet still far from penetrating high-value commercial use cases. The ecosystem shows strong early concentration: Base chain consistently captures over 60% of market share, while major players such as Coinbase, Cloudflare, and Gate are accelerating infrastructure-level adoption. Short-term value continues to be driven by leading facilitators, whereas long-term potential hinges on whether x402 can establish a cross-chain revenue settlement network capable of powering per-use payment

A comprehensive analysis of MegaETH's technical architecture, performance vision, and presale highlights, with an in-depth exploration of its positioning in the Ethereum scaling roadmap, potential advantages, competitive landscape, and future development prospects.

The article points out that evaluating blockchain projects using short-term price-to-earnings ratios and revenue frameworks constitutes a significant misjudgment. The crypto industry inherently follows an exponential growth curve, meaning the long-term value of ETH and SOL is being undervalued. Market sentiment and linear thinking are obscuring their true growth potential.

This article provides an in-depth analysis of the evolution of Launchpads against the backdrop of the resurgence of ICOs, tracing the structural shift from the era of surging capital inflows to the "selected investors" era. Through the deconstruction of the mechanisms of new platforms such as Echo, Legion, MetaDAO, Kaito, and Buildpad, the article presents the advancement in fundraising logic from "first-come, first-served" to "allocating only to the right individuals." It reveals how the next generation of token offerings can achieve more precise capital allocation through on-chain reputation, community engagement, and governance design.

The crypto industry is shifting from speculative altcoins to equity-like tokens. As retail investors retreat and token supply surges, the market now values projects with real revenue streams. Case studies show sustainable tokens must have viable business models—marking the end of pure speculation.

This article begins by examining Upbit's repeated security breaches occurring on the same day, offering a systematic overview of nation-state hacker attacks targeting South Korean exchanges from 2017 to 2025. It explains why the South Korean crypto market has become a cash machine for North Korea's Lazarus Group: massive hot wallet assets fueled by the kimchi premium, a high success rate for Korean-language phishing attacks, and structural security weaknesses shaped by ongoing geopolitical tensions. The article provides a thorough analysis of the evolving attack methods. It also traces the flow of stolen assets to North Korea's nuclear program. South Korean exchanges are defending themselves against nation-state cyber forces with budgets typical of commercial companies. This signals that the crypto industry is entering a new era of global cyber warfare.

This article traces Bitcoin’s 17-year journey, charting its transformation from a censorship-resistant asset to a catalyst for mainstream adoption. The article provides a comprehensive narrative, spanning Satoshi Nakamoto’s early responses, the approval of Bitcoin ETFs, and the migration of stablecoins across multiple blockchains.

文章从身份、存储到搜寻推荐，梳理去中心化社交的三大核心，并说明为何开放又高效的发现层是下一阶段最重要的突破点。

This article offers a comprehensive analysis of the structural transition in the global asset system from a single-dollar anchor to a multi-asset anchor, highlighting gold’s strategic resurgence amid high debt levels, geopolitical cycles, and reserve diversification. It explores the long-term motivations driving central banks to increase their gold reserves. The article also systematically details how on-chain gold is evolving into the foundational infrastructure for gold in the digital age. As asset allocation advances toward a cross-system and multi-anchor era, gold’s role remains constant, but its underlying form is being redefined through digital transformation.

This article debunks the misuse of "Metcalfe's Law" in crypto valuation, arguing that prices have run ahead of real utility and revenue. It systematically exposes the lack of a self-reinforcing ecosystem—compared to networks like Visa—by highlighting structural flaws like low user loyalty and forkable competition.

This article explores Ethereum's distinct strengths in Digital Asset Treasuries (DATs) and discusses its pivotal position in the decentralized finance (DeFi) ecosystem.

The article not only delves into key aspects such as community building before token issuance, market sentiment management, and tokenomics design but also reveals the fundamental differences between successful and failed projects through real-world case studies and data.

This article explores payment scenarios in Tokyo, Vietnam, and Nigeria to reveal the stark contrast in global financial experiences. It demonstrates how Web3 and stablecoins are transforming cross-border payment infrastructure, moving beyond conventional narratives. The analysis focuses on the challenges faced by emerging markets, such as limited access to bank accounts, high cross-border transaction fees, and underdeveloped payment networks. Stablecoin wallets can directly integrate with local instant payment systems. This allows users to send and receive funds instantly at low cost, all without relying on traditional banks. By examining QR payments in Vietnam and off-chain bank transfers in Nigeria, the article delves into the future direction of PayFi and considers the potential for wallets to function as "invisible banks."

This article offers a comprehensive analysis of the challenges MicroStrategy faces during Bitcoin's downturn, including the rapid narrowing of its mNAV premium, the stock trading at a negative premium, executive share sell-offs, the risk of being removed from market indexes, and reduced capacity to increase Bitcoin holdings. It also examines key market debates—such as whether the company's debt risk is overstated, if forced Bitcoin sales are likely, the safety of its convertible bond structures, and the implications of its latest financing strategy (perpetual preferred stock) for its liquidity. Drawing on multiple perspectives, the article presents a well-rounded view: while market confidence is under strain, MicroStrategy’s debt burden remains manageable, institutional investors continue to add to their positions, and the possibility of S&P 500 inclusion still exists.

The article not only provides a detailed analysis of privacy-preserving technologies but also explores practical application scenarios of privacy protection in blockchain applications.