Golden Weekly is a weekly blockchain industry summary column launched by Golden Finance, covering key news, mining information, project updates, technological advancements, and other industry dynamics. This article is part of the weekly newsletter, providing an overview of the week's major blockchain industry events. Headlines: ARK Invest Purchases Approximately $162 Million Worth of Solmate Shares on the Open Market. Following its participation in Solana treasury company Solmate's $300 million funding round, ARK Invest purchased approximately $162 million worth of Solmate shares on the open market. The U.S. Treasury Department has initiated the GENIUS Act rulemaking process and is soliciting comments on stablecoin regulation. The U.S. Treasury Department recently launched the Advance Notice of Proposed Rulemaking (ANPRM) process to formally implement the GENIUS Act (U.S. Stablecoin National Innovation Guide and Establishment Act), signed by President Trump. This marks the beginning of the substantive regulatory phase for stablecoin legislation.
The Treasury Department is soliciting comments on details such as issuer restrictions, sanctions compliance, anti-money laundering requirements, the balance between federal and state regulation, taxation issues, and the custody of reserve assets. The public and crypto companies can submit feedback by October 20th. The GENIUS Act, the first crypto legislation to become law, aims to further refine the regulatory framework and complement the currently under discussion Digital Asset Market Clarity Act. Vitalik: Low-risk DeFi is to Ethereum what search is to Google. On September 21st, Vitalik stated in a post that as of this year, Ethereum has become what search is to Google: low-risk DeFi. Its goal is to democratize global payment and savings channels across valuable asset classes (such as major currencies, stocks, and bonds with competitive interest rates).
The analogy between low-risk DeFi and search for Ethereum is as follows:
Google has done many interesting and valuable things for the world: the Chromium browser family, Pixel phones, their work in AI (including the open-source Gemini model), the Go language, and countless other projects.
But in terms of revenue generation, these are almost negligible, and may even be a burden. The real biggest revenue sources are search and advertising. Low-risk DeFi can play a similar role for Ethereum. Other applications (including non-financial and more experimental ones) are crucial to Ethereum's role in the world and its culture, but they don't have to be a source of revenue.
In fact, I hope Ethereum can do better than Google. Google is often criticized for losing its way, becoming the antisocial, profit-focused company it sought to replace. Ethereum, on the other hand, has decentralization naturally embedded at a deeper technical and social level. I believe that low-risk DeFi use cases create a high degree of alignment between "doing well" (success) and "doing good" (goodwill), an alignment that doesn't exist in the advertising model.
▌Vitalik: Staking means defending the blockchain, and exit mechanisms need to balance flexibility and chain trust
During the community discussion on staking, Vitalik stated that staking means taking on the solemn responsibility of defending the blockchain, and that friction in the exit process is part of the protocol design. "If any percentage of its members could suddenly leave at any time, the military would be unsustainable."
Vitalik added: "This is not to say that the current staking queue design is perfect, but rather that simply reducing the constant value would significantly undermine the blockchain's credibility from the perspective of nodes that are not frequently online." Crypto Czar David Sacks Denies Allegations of Exceeding the 130-Day Limit as a Special Government Employee According to Cointelegraph, under scrutiny from Senator Elizabeth Warren, cryptocurrency and artificial intelligence "Czar" David Sacks has denied allegations that he exceeded the 130-day limit as a Special Government Employee (SGE). His spokesperson stated that Sacks strictly manages his SGE workdays to ensure he does not exceed the stipulated limit.
Policy
▌Analyst: Final Approval of an Ethereum Collateralized ETF Could Be Bring Forwarded to October 2025
The Ethereum (ETH) staking entry queue has fallen to its lowest level in four weeks, raising concerns about a potential sell-off due to a surge in exit queues. The market is finding that continued accumulation and buying by Ethereum treasuries and spot ETH ETFs are absorbing selling pressure. Most of these institutions have already or plan to stake their assets for additional returns, which could drive an increase in the staking entry queue in the coming weeks. Another positive expectation is the potential launch of an ETH collateralized ETF, which suggests that some investors may release liquidity and re-enter related products in the future to adjust their market exposure, rather than exiting the ETH market entirely. The deadline for final approval by the U.S. Securities and Exchange Commission (SEC) is April 2026. According to analyst Axel Bitblaze, approval could be brought forward to October 2025. He added, "BlackRock's next deadline for ETH staking approval is in October, and I think approval is very likely to happen." The Hong Kong AI Efficiency Enhancement Group will formulate a work plan and timetable in November this year. The Chief Executive of the Hong Kong Special Administrative Region (HKSAR) delivered his latest Policy Address on September 17. At a press conference this afternoon (20th), Deputy Secretary for Administration of the HKSAR Government, Cheuk Wing-hing, announced the work arrangements for the "AI Efficiency Enhancement Group." The group will proactively review departmental business processes and technology applications, and provide targeted AI applications, digital transformation, and process reengineering solutions to improve service efficiency and quality, promote innovative service applications, and optimize resource utilization. Zhuo Yongxing stated that the "AI Efficiency Enhancement Group" will develop a work plan and timetable in November this year and submit a report to the Chief Executive. The goal is to launch related projects next year, including launching AI tools covering 100 government departments in 2026, and launching flagship AI projects in 2026-2027 and 2027-2028. (Voice of the Greater Bay Area) Grayscale Submits Revised Dogecoin ETF Application, NYSE Arca Simultaneously Seeks to Amend Its Ethereum Trust According to the latest disclosure documents, Grayscale submitted a revised S-1 registration statement to the U.S. Securities and Exchange Commission (SEC) on September 19, planning to convert its closed-end Dogecoin Trust into an exchange-traded fund (ETF). If approved, the fund will be listed on NYSE Arca under the ticker symbol "GDOG," with Coinbase designated as its principal broker and custodian.
On the same day, NYSE Arca also submitted a proposal to amend the listing terms of the Grayscale Ethereum Trust ETF and its "mini" trust in accordance with the SEC's newly approved "common listing standards." The new standards mean that these products will be subject to relatively relaxed regulatory scrutiny.
In its application, Grayscale cited the new regulations, noting that Dogecoin has been trading futures and options on exchanges regulated by the Commodity Futures Trading Commission (CFTC) for over six months, meeting the relevant requirements. The company also stated that the trust should not be considered an "investment company" within the meaning of the Investment Company Act of 1940 and is therefore not subject to its regulations.
If GDOG is approved, it will become the second securitized product in the United States to directly track the price of Dogecoin. On Thursday, the Dogecoin ETF (DOJE), a collaboration between REX and Osprey, received SEC approval for listing. BitGo officially filed its S-1 filing with the US SEC, initiating its IPO process. Cryptocurrency custodian BitGo has officially filed its S-1 filing with the US SEC, initiating its IPO process. Founded in 2013, BitGo is one of the largest cryptocurrency custodians in the United States, storing and safeguarding digital assets for its clients.
BitGo intends to list on the New York Stock Exchange under the ticker symbol "BTGO." Goldman Sachs and Citigroup are the lead underwriters for the offering.
According to the disclosure documents, BitGo's total revenue for the years ending December 31, 2024, 2023, and 2022 was US$3.1 billion, US$926.3 million, and US$2.5 billion, respectively, with net profits of US$156.6 million, US$2.1 million, and US$4.6 billion, respectively. For the six months ended June 30, 2025, the company reported total revenue of $4.2 billion and net income of $12.6 million. U.S. CFTC Appoints JPMorgan Chase's Head of Digital Asset Markets as Co-Chair of GMAC's Digital Asset Markets Panel Acting Chairwoman Caroline D. Pham of the U.S. Commodity Futures Trading Commission (CFTC) today announced new members to the Global Markets Advisory Committee (GMAC) and its subcommittees. Scott Lucas, Managing Director and Head of Digital Assets at JPMorgan Chase, has been appointed Co-Chair of the GMAC's Digital Asset Markets Panel, serving alongside Sandy Kaul, Executive Vice President at Franklin Templeton. GRVT, a hybrid decentralized exchange (DEX) based on ZKsync, has secured $19 million in Series A funding. GRVT, a hybrid decentralized exchange (DEX), has successfully completed a $19 million Series A funding round, further advancing its development in compliant, high-performance crypto trading. The round was co-led by GRVT's technology partner, ZKsync, and Further Ventures, an investment firm backed by the Abu Dhabi Sovereign Wealth Fund. Other major backers include EigenCloud (formerly EigenLayer) and 500 Global.
The GRVT team stated that the majority of the funds raised will be used for product development and engineering to expand its product offerings, including cross-chain interoperability, options markets, and tokenized real assets (RWAs). GRVT is a hybrid DeFi platform designed to combine the user experience and regulatory compliance of centralized exchanges (CEXs) with the self-custody, privacy, and decentralization of traditional DEXs. It positions itself as the world's first licensed and regulated on-chain exchange. The platform, slated to launch its mainnet Alpha version on the Ethereum Layer 2 network ZKsync in late 2024, initially focused on perpetual contract trading and has since expanded to spot and options trading. GRVT is actively pursuing multi-jurisdictional licenses, including the EU MiCA license, the Dubai VARA license, and the Abu Dhabi Global Market (ADGM) capital markets license. PayPal's stablecoin, PYUSD, has expanded to nine new blockchains via the LayerZero cross-chain protocol. These include Abstract, Aptos, Avalanche, Ink, Sei, Stable, Tron, and the automatic integration of Berachain and Flow. Previously, PYUSD was natively issued on Ethereum, Solana, Arbitrum, and Stellar. Since its launch in 2023, the total supply of PYUSD has grown to $1.3 billion, aiming to accelerate entry into new markets and further consolidate its position in the crypto economy. Coinbase launches USDC on-chain lending feature Coinbase announced the launch of a new feature that allows users to lend their USDC stablecoins on the chain. The service is powered by the decentralized lending protocol Morpho, and its allocation is managed through the on-chain vault curated by Steakhouse Financial on Base, the Ethereum Layer 2 network incubated by Coinbase. When a user deposits USDC, Coinbase creates a smart contract wallet that routes the funds between different lending pools to optimize returns. Coinbase said that users can start earning returns immediately and can withdraw them at any time, depending on liquidity. Aave V4, scheduled for release in Q4, will incorporate the ERC-4626 standard for asset accounting. On September 18th, Aave officially announced a roadmap update, stating that V4 will be released in the fourth quarter of this year.
V4 will incorporate the ERC-4626 standard for asset accounting and introduce a modular Hub-and-Spoke framework to manage complexity while maximizing utilization.
ERC-4626 is a token standard that improves the technical parameters of yield-based vaults. It provides a standard API for yield vaults that represent shares of a single underlying ERC-20 token. Wormhole Releases W Token 2.0 Upgrade, Optimizing Token Unlocking Mechanism to Biweekly
On September 17th, Wormhole announced the W Token 2.0 upgrade plan, introducing three core changes: the establishment of the Wormhole Reserve strategic reserve pool, a 4% target base yield, and an optimized token unlocking mechanism from annual to biweekly. Wormhole 2.0 redefines returns. W holders who continuously contribute to governance will soon begin to receive more stable returns. While staking rewards are variable, holders can earn higher rewards by becoming active users of ecosystem applications. Returns will come from a combination of the existing token supply and protocol revenue. W will not introduce inflation.
Regarding unlocking, starting October 3, 2025, the frequency of W token unlocking will be changed from annual, with significant fluctuations, to biweekly, resulting in a smoother and more predictable unlocking schedule. The new plan, which will take effect on October 3, aims to enhance ecosystem value accumulation and token market stability. Notably, the total supply of W tokens remains unchanged at 10 billion, with a current circulating supply of approximately 4.76 billion. Michael Saylor: Bitcoin May Appreciate at an Average Annual Rate of Nearly 29% Over the Next 20 Years. In a recent podcast interview, Michael Saylor, Executive Chairman of Strategy, stated that Bitcoin's recent flat price performance is a sign of strength, not weakness. The market is in a consolidation phase, with long-term holders selling some of their holdings and institutional investors preparing for larger allocations. The fading volatility is a very good sign. Looking ahead, Michael Saylor likened the rise of Bitcoin treasury companies to the early days of the petrochemical industry. During that chaotic but transformative decade, a variety of products, business models, and wealth emerged. He predicted that Bitcoin will appreciate at an average annual rate of nearly 29% over the next two decades, driving the emergence of new credit and equity instruments. Over the past 24 hours, the supply of Ethereum-based stablecoins saw a net inflow of $1.6 billion. Over the past 24 hours, the supply of Ethereum (ETH)-based stablecoins saw a net inflow of $1.6 billion. This is one of the largest single-day net inflows in the sector ever. This week, U.S. Bitcoin spot ETFs saw a cumulative net inflow of $886.5 million. According to Farside monitoring data, U.S. Bitcoin spot ETFs saw a cumulative net inflow of $886.5 million this week. According to a chart released by unfolded., the perpetual contract transaction volume processed by the Orderly chain has exceeded that of the Arbitrum chain in the past 30 days. Economists warn that a rapid interest rate cut by the Federal Reserve may significantly increase the price of cryptocurrencies. According to market news, economists warn that if the Federal Reserve cuts interest rates quickly, it may "significantly increase the price of Bitcoin ($BTC) and other cryptocurrencies," and at least two more interest rate cuts are expected this year. Important Economic Developments Economists warn that a rapid interest rate cut by the Federal Reserve may "significantly increase the price of Bitcoin ($BTC) and other cryptocurrencies." According to market news, economists warn that if the Federal Reserve cuts interest rates quickly, it may "significantly increase the price of Bitcoin ($BTC) and other cryptocurrencies," and at least two more interest rate cuts are expected this year. According to CME's "Federal Reserve Watch" data, the probability of the Federal Reserve raising interest rates by 25 basis points in October is now reported to be 91.9%. Powell poured cold water on the "aggressive rate cut" and U.S. Treasury bonds ended their consecutive rise. After Federal Reserve Chairman Powell dampened market expectations for more aggressive rate cuts, U.S. Treasuries saw their first weekly decline since mid-August. On Friday, Treasury yields across all maturities rose by 1 to 3 basis points, continuing the upward trend that began after the Fed announced a 25 basis point rate cut on Wednesday. The benchmark 10-year Treasury yield edged up to 4.12%, its highest level in two weeks. In a press conference following the decision, Powell stated that policymakers would determine future monetary policy on a meeting-by-meeting basis. This statement dampened market expectations for rapid rate cuts, although interest rate swap markets still favor two more rate cuts from the Fed this year. Amar Reganti, fixed income strategist at Hartford Funds, stated, "Bond market sentiment and positioning were extremely optimistic heading into this Fed meeting. The Fed did implement one rate cut, and there may be several more to come, but this clearly doesn't validate current market expectations." "Previously, although the inflation rate continued to be higher than the Fed's target, the labor market showed signs of weakness, and the market bet that policymakers would quickly reduce borrowing costs, pushing U.S. Treasury prices to continue to rise; the sell-off after the meeting ended this round of gains.
▌Due to the weak job market and reduced inflation risks, the Bank of Canada cut interest rates by 25 basis points
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