Blockchain

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.

The chair of the U.S. Securities and Exchange Commission (SEC) unveiled the next phase of "Project Crypto" in a recent speech: establishing a token classification system based on economic substance and emphasizing the legal logic that investment contracts may be terminated. This marks the entry of cryptocurrency regulation into an "era of clarity."

The article analyzes the logic behind this shift and the market reaction through specific cases, revealing the potential risks and opportunities of high-valuation ICOs.

Prior to its Coinbase listing, Monad published an 18-page sales document that provides comprehensive details on token allocation, release schedule, market-making strategy, and associated risks. According to the document, just 0.16% of the market-making supply will underpin a $2.5 billion Fully Diluted Valuation (FDV), underscoring the project's highly disciplined and cautious approach to price discovery and liquidity management.

This article provides a comprehensive analysis of the technical details of the fee switch mechanism, why past proposals failed, and the shifting stances of key stakeholders such as a16z. It further explores how the approval of the proposal could affect the Uniswap protocol and liquidity providers (LPs). It also considers the broader market dynamics.

The article reveals the risk mechanisms underlying these projects, such as high leverage, lack of transparency in asset operations, and complex financial strategies. It also examines the role of Curator within the DeFi lending market and its influence on risk transmission.