1. The market is sluggish and the narrative is hopeless. Where is the spiritual pillar of Crypto?

Since BTC fell below $80,000 a week ago, the entire Crypto market has fallen into a slump. This slump is not only due to the market itself, but also because the entire industry seems to have fallen into an endless "void". Since Agent and Desci were shut down at the beginning of the year, the market seems to have no new narratives. In fact, there has been nothing hot that can excite people in the past three months - except for the "falling" copycats. 2. Yield-generating stablecoins: Comparing risks, returns, and market trends Ethena popularized the concept of yield-generating stablecoins through sUSDe, which sparked interest and criticism due to risks such as counterparty risk or negative funding rates. Despite these concerns, USDe has now reached a market cap of $5.8 billion, even after the Bybit hack, which has solidified its product-market fit and demonstrated its ability to scale in the crypto ecosystem. Click to read

3. Multi-agent system - Current situation and prospects

The concept of artificial intelligence agent (AI Agent), which refers to an intelligent software system that can understand its environment and autonomously perform actions on behalf of users or machines to achieve their goals, was proposed as early as the 1980s. However, it was not until the 2010s that the concept began to gain attention with the rise of deep learning and large language models (LLMs), which demonstrated their ability to understand and generate human-like responses. Click to read

4. Market sentiment turns sharply. Trump trade turns into recession trade?

Less than two months into Trump's presidency, speculation that he would inject stimulus into the U.S. economic expansion and continue to put upward pressure on U.S. Treasury yields is quickly being forgotten. Instead, traders have been buying short-term U.S. Treasuries in large quantities, and two-year Treasury yields have fallen sharply since mid-February, with the market expecting the Federal Reserve to resume rate cuts as early as June to prevent the economy from worsening. Click to read

5. New changes in the global financial order: US strategic bitcoin reserves

We look at this from the perspective of the US government. The purpose of the US establishing a strategic bitcoin reserve is to strengthen and consolidate the US's dominant position in the global financial system. The executive order makes it clear: "The U.S. government currently holds a large amount of BTC, but has not yet formulated relevant policies to leverage the strategic value of these BTC in the global financial system. Just as it is in the national interest to properly manage the country's ownership and control of other resources, we must use rather than restrict the potential of digital assets to promote national prosperity."Click to read