1. Bankless: Can Bitcoin Thrive on-chain?

For more than a decade, Bitcoin has been the cornerstone of the crypto ecosystem—praised for its decentralization, censorship resistance, and provable scarcity. However, despite its dominant market capitalization and recent resurgence in popularity, Bitcoin remains largely disconnected from one of the most active sectors in the crypto space: DeFi (decentralized finance). Click to read

2. After soaring 100 times, it crashed 90%. Binance and OKX responded in succession: Who is behind the "demon coin" OM?

To talk about OM, let's first briefly introduce MANTRA. OM is the native token issued by MANTRA. The predecessor of the project was MANTRA DAO, which was established in 2020. At the beginning of its establishment, it was based on Polkadot and focused on staking and lending. In short, it is Defi. Later, it transformed into an L1 blockchain with RWA as the core. According to Rootdata data, the project also has a number of luxury investors, including Waterdrop Capital and Lede Capital. Just last March, it also completed a $11 million financing led by Shorooq Partners. RWA's business is also progressing quite well. In January this year, MANTRA signed an agreement with the UAE real estate developer Damac Group, planning to tokenize the assets of the DAMAC Group worth at least $1 billion this year. Regardless of how the project develops, at least the operation continues. For a token, being able to exist for 5 years is already a bit of a story. OM has also been listed on OKX and Binance, which can also indirectly show that the team behind it is strong. Click to read

3. Are mining machines also securities? Review of the Green United case

In 2023, the U.S. Securities and Exchange Commission (SEC) filed a landmark lawsuit against the crypto company Green United LLC, accusing it of massive fraud by selling cryptocurrency mining machines called "Green Boxes", involving an amount of up to $18 million. In the complaint, the SEC explicitly requested that the defendants be permanently prohibited from participating in the alleged securities transactions and business activities, that their illegal gains be confiscated, and that Krohn and Thurston be prohibited from participating in any unregistered securities offerings (including crypto-asset securities). According to the ruling on September 23, 2024, Judge Ann Marie McIff Allen determined that the SEC had sufficiently proved that Green Boxes, combined with the custody agreement, constituted securities, and that the defendants created the illusion of investment returns through false statements, and ultimately supported the SEC's request for penalties. The core of this scam is to build a seemingly perfect investment trap: after investors pay $3,000 to buy mining machines, the defendants promise to earn $100 per month, with an annualized return rate of up to 40%-100%. However, the truth is far from so beautiful: Green United did not use the mining machines for actual mining, but disguised them as income by purchasing unmined "GREEN" tokens, and eventually these tokens completely lost their value due to lack of secondary market liquidity.  Click to read

4. Looking back at the past three years at the Hong Kong Carnival: fanaticism, disenchantment and time travel

Those who only use the technical achievements of web3 as a casino, relying on the screenshots of pulling three bananas in each cycle, influence the overall direction, build more slot machines, lure more gamblers, and siphon the builders' new customer results. Click to read

5. The end of US dollar seigniorage and the super cycle of stablecoins

The financial crisis in 2008 gave birth to the earliest believers of Bitcoin. The “suicide” of the legal currency system in 2025 will also promote the growth of on-chain stablecoins, especially non-US dollar, non-fully-reserved interest-bearing stablecoins (YBS, Yield-Bearing Stablecoins). However, non-full reserve stablecoins are still in theoretical conception, and the aftermath of the collapse of Luna-UST in 2022 is still there, but under the urging of capital efficiency, partial reserve stablecoins will certainly become the mainstream of the market. Click to read