TokenAlchemist

The Ethereum re-staking protocol EigenLayer has recently launched on the Testnet and completed a $64.4 million financing. Users can obtain ETH on the Goerli Testnet and re-stake stETH and rETH. The project aims to enhance capital efficiency and network security, potentially altering the economic model of the Ethereum ecosystem.

BTC price fluctuates slightly, global economic trends attract market follow.
This week, the price of Bitcoin fluctuated within a narrow range, opening at $96119.99 and ultimately closing at $96265.98, with a slight increase of 0.15% over the week and a volatility of 6.43%. Trading volume has rebounded somewhat, but the price continues to oscillate within the range of $89000 to $110000.
The global economic situation is becoming a key factor influencing the financial markets. Signs of easing in geopolitical tensions may lead to a drop in oil prices, which in turn could affect interest rate cut expectations. However, the latest inflation expectation data has negatively impacted market sentiment, offsetting some of the positive factors.
The US stock market experienced a significant decline on Friday, with all three major indices showing noticeable drops and a renewed downward trend. The cryptocurrency market is also facing challenges, as a large trading platform suffered a major security incident, resulting in losses of over $1.46 billion in crypto assets. This incident, along with inflation data,

Central Bank Digital Money research and development is accelerating, with Alipay and Industrial and Commercial Bank becoming the market makers.
As the Central Bank emphasizes the advancement of the research and development of legal Digital Money again, the Digital Money sector opened high across the board after the holiday, with multiple stocks reaching their daily limit, and the overall increase reaching 7.81%.
Some analyses suggest that the Central Bank Digital Currency may be accelerated post-pandemic, with the first pilot likely to be conducted among the five major banks. This will bring new system demands to the banks, while the existing core systems, databases, ATMs, and other hardware and software will also need to be upgraded. In addition, personal mobile devices and POS machines may also face replacement needs. The issuance of digital money will also promote the popularity of electronic bills, and encryption technology will run through the entire industry chain.
It is reported that the Central Bank may have collaborated with some enterprises to complete the basic functional development of sovereign digital money, and is currently drafting relevant regulations to prepare for subsequent issuance.
Data shows that the Central Bank Digital Money Research Institute has obtained

In-depth revelation: A mysterious payment platform with over 55 billion USDT circulating in one and a half years.
Recently, a platform called 汇旺支付 has attracted widespread attention due to its suspicious financial activities. This platform has been accused of being involved in the reception, transfer, and withdrawal of fraudulent funds, particularly engaging in frequent USDT transactions on the TRON blockchain. This article will analyze the platform's USDT deposit and withdrawal behavior on the TRON blockchain based on publicly available on-chain data.
On-chain capital flow analysis
Total access amount
From January 2024 to June 2025, the platform's capital flow exhibited the following characteristics:
- Total withdrawal amount: 57.247 billion USDT
- Total deposit amount: 54.476 billion USDT
This indicates that there has been a large amount of inflow and outflow of funds on the platform over the past year and a half, with the withdrawal amount consistently exceeding the deposit amount, with a difference of 2.771 billion USDT, showing a clear "assets

The Crypto Assets foundation model is facing challenges, and a restructuring of the governance system is imminent.
In the more than ten years of development in the Crypto Assets industry, the foundation model was once regarded as the gold standard for project governance. However, as the industry continues to evolve, this idealized structure is facing real challenges, and its limitations are becoming increasingly prominent.
Recently, discussions within the industry regarding the foundation model have heated up again. Many people are beginning to reflect on the actual effects of this governance structure and explore alternative solutions that are more suitable for the current industry environment.
Ideally, the foundation should be an important bridge between the project's startup phase and autonomous governance. However, as the project enters the maturity and scaling phase, the foundation mechanism begins to reveal structural problems. Internal conflicts, improper resource allocation, and declining community participation gradually come to the surface, widening the gap between ideals and reality.
Some well-known project foundations have encountered serious governance crises. For example, a certain

The Bank for International Settlements report questions the monetary attributes of stablecoins, arguing that they do not meet the standards of singularity, elasticity, and completeness, which may pose a threat to financial security. Despite the risks, the report remains optimistic about the potential of tokenization, believing it could drive innovation in the financial system.

Overview of Germany's Crypto Assets Taxation and Regulatory System
1. Introduction
Germany has a relatively open and friendly attitude towards Crypto Assets. As early as 2013, the German Ministry of Finance began to pay attention to the development of Crypto Assets and issued relevant policy documents. Germany is the world's first country to officially recognize the legality of transactions involving Bitcoin and other Crypto Assets, with its number of Bitcoin and Ethereum nodes second only to the United States. In addition, the German government encourages banks and financial institutions to actively participate in the development of Crypto Assets, has established a relatively friendly tax system, and provides corresponding regulation and guidance.
2. Overview of the Basic Tax System in Germany
2.1 Germany's Tax System
Germany's tax system is known for its complexity, multi-layered structure, and high efficiency. As a federal country, Germany implements a three-tiered taxation system at the federal, state, and local levels, dividing all taxes into two main categories: shared taxes and exclusive taxes. Shared taxes are levied at the federal, state, and local levels.

Railway information technology investment accelerates, AI aids in intelligent progress.
On a macro level, the large-scale equipment renewal cycle for rail transit is imminent, and overall fixed asset investment is expected to reach a turning point, with the industry's prosperity likely to accelerate year by year.
The total investment in railways has reached a "bottom rebound" turning point, and the ten-year updating and replacement cycle will reopen. From 2014 to 2023, railway investments were completed at 808.8 / 823.8 / 801.5 / 801.0 / 802.8 / 802.9 / 781.9 / 748.9 / 710.9 / 765.4 billion yuan respectively. It can be seen that since 2020, railway investment has shown a declining trend year by year, but in 2023, there was a rebound, achieving 764.5 billion yuan, a year-on-year increase of 7.5%; from January to April 2024, the national railway completed fixed asset investment of 184.9 billion yuan, a year-on-year increase of 10.5%.
Fuxing EMU single purchase

In-depth analysis: The income sustainability of the three major public chains, Ethereum, Solana, and Tron.
Introduction
In today's rapidly evolving blockchain technology landscape, the revenue sustainability of public blockchains has become a key indicator for assessing their long-term development potential. This report focuses on the three major mainstream public blockchains in the current market – Ethereum, Solana, and Tron – by analyzing their Gas fee revenue composition, on-chain economic activities, and the sustainability of user income and expenditures, delving into the revenue models and sustainability of these public blockchains.
According to the latest data, in the past 30 days, Ethereum has far outpaced with a total of $99.89 million in Gas fees, followed closely by Solana and TRON with $46.21 million and $38.97 million in Gas fees, respectively. However, this revenue advantage has not been fully reflected in market popularity and user activity. Notably, Solana has surpassed Ethereum in discussion popularity in the past six months.

The global Crypto Assets market reached a historical high of $3.11 trillion on November 12, with Bitcoin prices breaking $89,000, driven by large purchases from a listed company. The overall market rose 6.8%, with active trading, and analysts are optimistic about the future, expecting a friendly regulatory environment that will further push Bitcoin's rise.

The security challenges of cross-chain protocols and the limitations of LayerZero
In recent years, security incidents related to cross-chain protocols have occurred frequently, resulting in significant losses that even exceed the issues brought about by Ethereum's scalability solutions. This highlights the importance and urgency of addressing security issues in cross-chain protocols. However, due to the limited understanding of these protocols among the public, it is difficult to accurately assess their security levels.
Among the many cross-chain solutions, LayerZero adopts a seemingly simple architectural design. It executes inter-chain communication through Relayers, supervised by Oracles. This design eliminates the traditional consensus process of a third chain, providing users with a fast cross-chain experience. However, this simplified architecture also brings potential security risks.
First, LayerZero simplifies multi-node verification to a single Oracle verification, significantly reducing the security coefficient. Secondly, this model is built on R

Circle IPO Analysis: The Rise Potential Behind Low Net Interest Rate
In the stage of accelerated reshuffling in the industry, Circle chooses to go public, hiding a seemingly contradictory yet imaginative story — a continuous decline in net profit margin, but still harboring enormous rise potential. On one hand, it possesses high transparency, strong regulatory compliance, and stable reserve income; on the other hand, its profitability appears relatively modest, with a net profit margin of only 9.3% in 2024. This apparent "inefficiency" does not stem from a failed business model, but rather reveals a deeper growth logic: against the backdrop of gradually fading high interest rate dividends and a complex distribution cost structure, Circle is building a highly scalable, compliance-first stablecoin infrastructure, with its profits strategically "reinvested" into market share enhancement and regulatory leverage. This article will trace Circle's seven-year journey to going public, from corporate governance and business structure to profitability.

The Trade-offs of Web3 Scalability: Polkadot's Solution
In today's blockchain landscape, where there is a constant pursuit of higher efficiency, a key issue is gradually emerging: how to balance security and system resilience while enhancing scalability?
This is not only a technical challenge but also a deep choice in architectural design. For the Web3 ecosystem, a faster system built on the sacrifice of trust and security often struggles to support truly sustainable innovation.
As an important driver of Web3 scalability, has Polkadot's rollup model made concessions in decentralization, security, or network interoperability? This article will delve into the trade-offs and considerations in Polkadot's scalability design, comparing it with solutions from other major public chains, and exploring their different paths in balancing performance, security, and decentralization.

In-depth analysis of the Friend.Tech social platform: discussion on the Token economic model and development prospects
Recently, the Friend.Tech social platform has garnered significant attention in the SocialFi space. The platform allows users to tokenize and trade their social influence. This report delves into the token economic model of Friend.Tech and the challenges it faces through on-chain data analysis.
The main findings are as follows:
1. The Token price is growing exponentially, bringing considerable profits to KOLs, but it also limits the size of the fan base. 99.94% of accounts hold coin amounts in the range of 0-100, and the price is basically below 4 ETH.
2. The rigid pricing mechanism has led to a rapid decline in the trading volume of high-priced Tokens. The average daily trading frequency dropped from 7 times on the first day to below 1 time, with the continuous profit outlook remaining uncertain.
3. Clear arbitrage opportunities attract a large number of speculators, contributing 90.6% of the trading volume. However, only