Weekly Highlights: Ethereum's 10th Anniversary; Hong Kong's New Stablecoin Policy Launches; Crypto Market Pulls Back, Altcoins Plummet

  • Ethereum's 10th Anniversary: The crypto community celebrated Ethereum's decade-long journey, reflecting on its evolution from the founding team to a decentralized ecosystem. Key narratives include its role as a "world computer," narrative shifts, and future challenges like balancing security with performance ("Lean Ethereum").

  • Hong Kong's Stablecoin Policy: New regulations took effect on August 1, emphasizing compliance and risk control. Licenses for stablecoin issuers are expected by early 2025, with identity verification required for holders. The policy aims to position Hong Kong as a Web3 hub, potentially rivaling Singapore.

  • Crypto Market Trends:

    • Bitcoin’s dominance remains near its 12-year average, while altcoins face significant declines.
    • Whales show long-term bullishness on mainstream assets but short-term bearishness on altcoins.
    • US crypto ETFs gained regulatory approval, with standardized listings likely within 60 days, boosting market liquidity.
  • AI and Meme Coins:

    • Bittensor’s xTAO listed on TSX Venture Exchange, bridging on-chain and off-chain value.
    • Web3 AI projects shift from fair launches to attention-based capital models.
    • Spheron’s revenue-first token launch model sets a potential benchmark for AI infra projects.
  • Key Developments:

    • Kraken’s Q2 revenue hit $412M, with an IPO anticipated.
    • Solana’s ecosystem expands beyond speed, focusing on market depth.
    • Tether’s US Treasury holdings surpass $127B, with $4.9B Q2 profit.
  • Regulatory Updates:

    • The White House released a crypto regulatory framework, embracing DeFi and innovation.
    • Algeria banned all crypto activities, while PayPal enabled US merchants to accept 100+ cryptocurrencies.
  • Notable Events: China-US trade talks resumed, and eToro plans to tokenize US stocks on Ethereum.

Summary

PANews Editor's Note: PANews has selected this week's high-quality content to help you catch up on any missed content over the weekend. Click on the title to read.

Ten Years of Ethereum

Ten Years of Ethereum Mainnet Launch: From the Founding Eight to the Key Players of the Decentralized Community

Looking back on Ethereum's ten-year journey, from the founding eight to the rise of the decentralized community, we can see that behind it lies a group of key individuals filled with ideals and immense talent.

Ten Years of Ethereum

Ten years ago, Ethereum ignited the imagination of decentralization with a white paper. Ten years later, it remains at the heart of the crypto world, but it's no longer its sole platform.

Ethereum: A Decade of Narrative Transformation

What truly brought Ethereum to billions of users wasn't just what it could do, but what the real world chose to do with it.

Ten Years of Ethereum's Genesis Block: The World's Computer Myth in Progress

Looking back on Ethereum's 10-year journey, we've sailed through countless mountains and rivers.

Ethereum Foundation: Defining the Next Decade with "Lean Ethereum"

How does Ethereum maintain security and decentralization while pursuing extreme performance?

For more on Ethereum's 10th anniversary, please check out the new feature: "Ethereum's Turbulent Decade"

Hong Kong's New Stablecoin Policy

Interpreting Hong Kong's Stablecoin Application Guidelines: The First Batch of Licenses Expected to Be Issued Early Next Year, Holders Require Identity Verification

The Hong Kong Monetary Authority recently released a series of supporting regulatory documents for the Stablecoin Ordinance. These documents not only provide a clear application path and compliance standards for the stablecoin market, but also demonstrate that Hong Kong is strengthening risk prevention and control while leaving policy space for the innovative development of stablecoins. This article will review the key points of the relevant stablecoin guidelines and provide an in-depth explanation of the regulatory requirements and practical approaches.

From Sandbox to Licensing: Understanding Hong Kong's Upcoming Stablecoin Policy

Hong Kong's stablecoin policy is live; all you need to know is this.

With the Stablecoin Ordinance about to take effect, the Hong Kong market is surging.

Since the passage of the Hong Kong Stablecoin Bill, the Hong Kong stock market has seen unprecedented enthusiasm for stablecoins.

A Conversation with Zheng Di: Will Hong Kong Replace Singapore as the Asia-Pacific Hub for Web3?

"I believe Hong Kong has at least become the Asian Web3 hub and is on its way to becoming a global hub."

A Macro Perspective

Full Text of the US SEC Chairman's "Crypto Initiative" Speech: Fully Bringing Financial Markets to the Blockchain, Building a Global Crypto Capital

Analyzing Hyperliquid Whale Positions: Long-Term Bullish vs. Short-Term Bearish, Sticking to the Mainstream Markets but Bearish on Altcoins?

As of July 30th, whales on the Hyperliquiquit leaderboard had opened positions worth a total of $4.6 billion, with long positions dominating at $3 billion. However, beneath this seemingly optimistic overall data lies a stark divergence of strategies.

A 12-Year Historical Evolution of Bitcoin's Market Share

Bitcoin has dominated the crypto market for eight years, and its current market share hovers around its 12-year average.

Market Enters Deep Waters: Trends and Divergences After New Highs in the Crypto Market

From capital flows, policy environment, to the performance of various asset classes, this article deeply analyzes the bull market structure and answers the ultimate questions of the community: How long can the market continue to rise? What opportunities remain?

Crypto Market Macro Outlook for the Second Half of 2025: "Coin-to-Stock Strategy" Boosts Market Enthusiasm, but Sustainability Remains to be Seen

The market is like the ocean; we cannot predict storms, but can only adjust our sails amidst them.

Interpreting the White House Digital Asset Report: A "Regulatory Bible" for Cryptocurrency, Embracing DeFi and Innovative Financial Products

This "Bible" may lay the framework for future crypto regulation.

US Crypto ETFs Receive Regulatory Greenlight: Common Listing Standards May Be Implemented Within 60 Days. Which Projects Will Become the Winners?

US crypto ETFs have received the regulatory green light, potentially ushering in a new wave of listings. On the one hand, the US SEC has officially approved the physical subscription and redemption mechanism for crypto ETFs, significantly improving trading efficiency and market liquidity. On the other hand, universal crypto ETP listing standards are imminent, paving the way for crypto assets to enter the ETF market.

AI and Meme

Has Bittensor "Opened a Gas Station"? The TAO Mechanism: An Analysis of xTAO's Listing Logic

xTAO Technologies was listed on Canada's TSX Venture Exchange on July 23, 2025, under the ticker symbol XTAO.U. The company positions itself as a commercial "gas station" for the Bittensor ecosystem: operating validator nodes, providing model integration services for enterprises, and assisting in the deployment of mining nodes, converting on-chain TAO value into off-chain revenue.

When AI Meets Prediction Markets: The Kalshi Trading Revolution Powered by Grok

Polymarket attracts crypto-native users and international traders, while Kalshi is designed for Wall Street.

From Fair Launch to Attention Capital Market, Web3 AI's Primary Market Play is Undergoing a Major Shift

In just one quarter, the Web3 AI sector has shifted directly from a fair launch model (Virtuals) to a medium-volume, medium-FDV strategy (i.e., the Attention Capital Market).

With 13 million in annual revenue, is Spheron's "issuing tokens only after reaching revenue targets" setting a new benchmark in the AI sector?

With revenue generated and the ecosystem established, it's time to discuss TGEs. Will these standards become the standard for TGEs in the AI infra sector going forward?

In-Depth Analysis of Wayfinder: AI Agents Driving the Mass Adoption of DeFi

Making DeFi accessible to everyone.

PANews' [MEME Daily] account will curate trending memes daily for readers to understand the market. Click here to view.

Seizing Opportunities

PA Pictorial | A Look at the Major Web3 Events Worth Watching in August

In August, the crypto industry continued to see parallel developments in policy, projects, and regulation.

The Next Virtuals? Decoding the Narrative Flywheel Behind Zora's 1000% Surprise

Will the Virtual Flywheel Theory moment repeat itself with ZORA?

With the "Fee Switch" activated, will the new stablecoin protocol RESOLV become the next ENA?

Comparing MC/TVL and FDV/TVL, RESOLV offers superior value for money.

Leading NFTs surge 100x in a month. Will the BRC 2.0 upgrade ignite a new wave of BTC ecosystem?

With the BRC 2.0 upgrade imminent, what are the popular pre-BRC2.0 assets?

Kraken's upcoming IPO: How can you seize this opportunity?

Kraken's fundraising has reignited expectations for its IPO. Which stocks should you keep an eye on?

Web3 News

A Conversation with Ethena's Founder: Unlocking the Growth Secrets Behind USDe's Rank as a Top Three Stablecoin

Guy Young reveals the reasons behind Ethena's rapid rise in the stablecoin market and his perspective on the current market landscape.

With the return of Maji Da Ge and Yi Nengjing, is the NFT market truly recovering?

NFT market trading volume is rebounding, and buyers are surging. Is this apparent recovery a sign of true spring, or an illusion amidst a cold winter?

Analyzing the Solana BAM Blockchain Assembly Market: When Speed Is No Longer the Only Thing

Solana is already fast enough, with high trading volumes. But is that really enough?

China's Richest Man Manages BNB Treasury, Unknown Small-Cap Stock Soars 600%

On July 28th, the long-rumored "legitimate" BNB Treasury finally landed on a small nicotine e-cigarette company called VAPE. This small-cap stock, previously valued at less than $10 million, unexpectedly became the lucky winner personally selected by China's richest man.

Kraken's Q2 Financial Report Highlights: Approximately 4.4 Million Users Contributed $412 Million in Revenue, and the Kraken Debit Card and Other New Businesses Are Coming Soon

Q2 revenue and total trading volume increased by 18% and 19% year-over-year, respectively. The number of funded accounts reached 4.4 million, a year-over-year increase of 37%.

Key News

China-US trade talks held in Stockholm, Sweden

PayPal will allow US merchants to accept over 100 cryptocurrencies

eToro will launch tokenized US stocks on the Ethereum blockchain

Algeria bans all cryptocurrency activities; violators face imprisonment and fines

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