1. a16z: How to distinguish between network tokens and company-backed tokens Distinguishing between network tokens and company-backed tokens can be challenging, as both types of tokens may have utility and derive some of their value from both the on-chain functionality of the blockchain and the off-chain efforts of the company. However, it is critical to distinguish between the two types of tokens: network tokens and company-backed tokens pose very different risks to holders and should be treated differently under applicable law. So, what is the difference? Click to read

2. From Hong Kong to Denver Ethereum is entering the "Dunkirk moment"

I believe everyone has seen many records of Consensus HK in the past two weeks. I will not repeat them. It can be concluded that most of them are disappointed with the industry and see no prospects for a breakthrough, and believe that we have reached a bear market. That week was also a feast for P-juniors and KOL masters. The impact of my trip to Hong Kong was rationality. Those young masters and masters who worked harder than funds and entrepreneurs deserved so much, and they were surreal investors who could always put a perfect end to every transaction. The trading principle of many P-juniors was 90% or BTC, and 10% active sol positions to keep PVP and sprint at any time. No matter how much profit they made each time, they would execute such position configuration. Because of the meme wave and attention economy, this became the most lively discussion in HK. Click to read

3. Monetary policy analysis - from "prudent" to "moderately loose"

After the Central Political Bureau meeting held on December 9, 2024 proposed to implement a "moderately loose monetary policy", the Central Economic Work Conference held from December 11 to 12, 2024 once again emphasized the orientation of monetary policy. This is the first time in more than a decade that my country's statement on monetary policy orientation has shifted from "prudent monetary policy" to "moderately loose monetary policy", which has attracted great attention from the market. This article analyzes the moderately loose monetary policy orientation, involving several important issues: Why should we implement a moderately loose monetary policy? What policy measures may the central bank take? What impact may a moderately loose monetary policy bring? Click to read

4. Is stablecoin a new financial system or will it be replaced?

Stablecoins account for two-thirds of all on-chain transactions, whether they are used for exchange, DeFi transactions, or simple transfers. Stablecoins first rose to prominence with Tether - the first widely used stablecoin, born out of Bitfinex users seeking a solution to their limited bank accounts. Bitfinex created USDTether, pegged 1:1 to the US dollar. USDT then spread rapidly, with traders using it to arbitrage between different exchanges. Compared to bank wires that take days to process, USDT transactions can be completed in just minutes. Click to read

5. Can Bitcoin return to $100,000? Can the full bull market come back?

In recent times, the crypto market has faced severe pullback pressure, but many early Bitcoin participants (OGs) still believe that the current bull market has not yet been fully launched. Their reason is: Although Bitcoin reached more than $100,000 in early 2025, its performance was not as crazy as in previous rounds of bull markets. Of course, predicting the future is a very difficult thing, but there are four key points in 2025, which may be the main factors that determine whether Bitcoin can reach more than $100,000 again and start a full bull market...Click to read