Author: chelson Source: X, @chelsonw_
To start with the conclusion: The next three years will be a bull market led by institutions, marking the official entry of crypto and blockchain technology into Wall Street balance sheets, with mass adoption finally achieved through a top-down revolution.
Mass adoption of crypto will not be the anti-central bank revolution originally envisioned by Satoshi Nakamoto, but rather a top-down upgrade of global financial infrastructure.
Retail investors are the tide, institutions are the sea.
The tide may recede, but the sea remains.
Looking back at 2025: Why is this bull market the "dawn of the institutional era"?
Reason up front: Almost all BTC/ETH funds come from institutions, while retail investors are speculating on memes and altcoins.
In 2025, all major coins will hit new all-time highs:

Source: “Hong Kong Economic Journal” Published
The renminbi has significant room for appreciation. Here are two simple examples: The Hong Kong dollar is pegged to the US dollar, and all Hong Kong residents know that shopping and consumption in Shenzhen is at least half the price compared to Hong Kong. The British magazine "The Economist" occasionally publishes the "Big Mac Index" for various countries' currencies against the US dollar. A McDonald’s Big Mac sells for $5.69 in the US, but only 22.6 yuan (about $3.18) in China. This means that the renminbi exchange rate would need to be nearly 4 to 1 against the dollar to reach purchasing power parity, i.e., the renminbi is undervalued by about 44%.
Of course, the "Big Mac Index" is a somewhat humorous and rough estimate. The International Monetary Fund (IMF) officially estimates the renminbi's purchasing power parity index at 2.04, meaning the renminbi is undervalued by about 50% against the US dollar. Although academia debates to what extent the renminbi exchange rate truly reflects its real

Author: Zhixiong Pan
In the second decade of blockchain technology development, the industry is facing a fundamental philosophical and technical paradox: while Ethereum has successfully established itself as a trustless value settlement layer as the "World Computer," its radical transparency is evolving into an obstacle to mass adoption. Currently, every on-chain user interaction, asset allocation, payroll flow, and even social relationship is exposed in a permanent, immutable public panopticon. This "glass house" mode of existence not only infringes on individual sovereignty but also excludes the vast majority of institutional capital due to the lack of protection for trade secrets.
The year 2025 marks a decisive turning point in industry consensus. Ethereum co-founder Vitalik Buterin has explicitly stated that "privacy is not a feature, but a hygiene factor," defining it as the foundation of freedom and a necessary condition for social order. Just as the internet evolved from plaintext transmis

With the development of Web3 and cryptocurrencies, an increasing number of investors and practitioners are facing an important question: Is Web3 income subject to taxation? This is a complex legal issue involving tax regulations in different regions, the nature of the income, and factors such as international tax information sharing. This article provides a brief overview of the relevant tax obligations by combining the main provisions of Chinese tax law with specific Web3 business scenarios.
I. Web3 Income and Chinese Tax Regulations
In China, individuals are required to proactively pay taxes on overseas income, which is an indisputable conclusion. On one hand, our country has established a relatively comprehensive legal system for taxing overseas income; on the other hand, the deepening development of international tax information sharing mechanisms has made it increasingly difficult for residents to conceal their overseas income. Since 1998, China has gradually clarified the taxation rules for residents' overseas income, gradually based on the "Interim Measures for the Administration of the Collection of Individual Income Tax on Overseas Income,"

Author: AJC, Research Manager at Messari; Source: X, @AvgJoesCrypto; Translated by: Shaw, Jinse Finance
Cryptocurrency Drives Industry Development
Refocusing on cryptocurrency is crucial because it remains the ultimate target where most of the industry’s capital is trying to invest. The total market capitalization of cryptocurrencies has reached $3.26 trillion. Of this, Bitcoin accounts for $1.80 trillion, or 55%. Of the remaining $1.45 trillion, about $0.83 trillion is concentrated in other Layer-1 protocol (L1) tokens. In total, approximately $2.63 trillion (about 81% of all crypto capital) is allocated to assets that the market already considers money or believes may acquire a monetary premium.
Given this, whether you are a trader, investor, capital allocator, or developer, it is critical to understand how the market allocates and withdraws monetary premiums. In the cryptocurrency sector,

Authors: Wang Manhua, Chen Mei
1,572 times offline subscription multiple, fastest STAR Market approval in 88 days, most expensive “100-yuan stock” of the year... As a string of records are broken, Moore Threads, known as the “Chinese NVIDIA,” has officially landed on the STAR Market today.
On the trading board, Moore Threads opened at a high of 688 yuan/share, up 502% from its issue price of 114.28 yuan/share. As of press time, the company’s market value is 280 billion yuan.
Looking back at Moore Threads’ financing journey, the company has attracted significant capital attention since its inception, quickly becoming a “collective consensus” in the primary market—completing two rounds of financing just three months after its founding in 2020, then steadily proceeding with one round per year. Its cumulative financing scale has exceeded 10 billion yuan, and the number of shareholders reached 86 before the IPO.
As one of the earliest investors, if calculated roughly based on the latest 280 billion yuan market value, Peixian Qianyao's initial investment of 1.9 million yuan has grown to about 118

The focus of Ethereum's Fusaka upgrade is on engineering optimization, aiming to improve network efficiency and activity through measures such as reducing L2 costs, normalizing blob fees, increasing the gas limit, and lowering the threshold for decentralized validators. This series of improvements is designed to create favorable conditions for high-frequency application activation, enhance institutional participation, promote parallel development of L1 and L2, and restore Ethereum's deflationary expectations, signifying Ethereum's maturity and stability.

Reading history (specifically, history before the Industrial Revolution), it feels like only students of the humanities could truly be considered talented individuals. Almost all the famous figures in Chinese history books are scholars. Confucius, of course, was a humanities student. Even those emperors and generals who rose to power through warfare needed to master poetry and prose if they wanted to be remembered in history. What did the imperial examination test? Writing essays.
If you try to recall a few "famous scientists" from ancient China, apart from the handful of names like Zu Chongzhi and Zhang Heng, you’d probably have to turn to ChatGPT to put together a complete list.
The West was actually quite similar. Plato, Socrates—the beacons of Western civilization were mostly philosophers (students of the humanities).
But in modern times, things changed drastically. Science students started to shine.
Names like Einstein, Newton, and Turing became household names. Even entrepreneurs liked to present themselves as science students. For example, Musk is clearly a management talent, yet he loves to convey to the world that...

After taking a general look at some of the winning projects from the @solana x402 hackathon, I found that there isn’t much hype around narrative layers like Facilitator or Launchpad. Instead, most focus is clustered around service layer tools that make it easier for Agents to call payment functions:
- Galaksio aims to solve the problem of on-demand access to GPU computing resources to optimize the cost of computing services;
- PayPerPrompt is working on API aggregation for LLM models, allowing Agents to pay per prompt when using various models like GPT, Claude, Gemini, etc.;
- Triton Gateway packages Solana’s historical data into a x402 paid API, so developers pay per query instead of running full nodes themselves;
- x402