1. CEX popular currencies
CEX top 10 trading volume and 24-hour rise and fall:
BNB: 1.5%
BTC: -3.46%
ETH: -2.65%
SOL: -2.49%
DOGE: -4.44%
PEPE: -6.82%
CREAM: -2.52%
TRUMP: 2.64%
MDT: 29.94%
XRP: -0.01%
24 H increase list (data source: OKX):
LBR: 16.76%
ACA: 5.68%
NC: 4.98%
GODS: 4.68%
MANA: 3.67%
ID: 3.59%
BZZ: 3.28%
Trump: 2.93%
KP 3 R: 2.89%
MERL: 2.19%
2. Top 5 popular memes on the chain (data source: GMGN ):
ATLAS
YODA
PIPE
WTFO
ELONM
3. 24-hour hot search currencies
ANGLERFISH: A deep-sea anglerfish-themed Solana chain meme coin that combines the peculiar imagery of nature with the humorous culture of the crypto community. Its origins may be related to the meme coin craze of the Solana ecosystem. It is currently in its early stages of development, driven by community narratives and speculation.
Headlines
Top Democrats pressure Treasury to halt Trumps strategic Bitcoin reserve plan
Gerald Connolly, the top Democrat on the Oversight and Government Reform Committee, urged the U.S. Treasury to halt its plans to create a strategic cryptocurrency reserve after President Trump sought a national Bitcoin reserve and personal cryptocurrency holdings. He also pointed out the conflict of interest issues when Trump is involved in certain crypto projects, such as his TRUMP Meme Token and the World Free Finance Project. In the past few months, the words reserve and stockpile have been used interchangeably, but sources pointed out that there is a key difference between the two.
According to Decrypt, people familiar with the matter revealed that the U.S. Treasury Department met with executives of three crypto custody companies this week to discuss how to keep the countrys strategic Bitcoin reserves. Anchorage Digital is one of the institutions participating in the meeting. Anchorage CEO Nathan McCauley said that Treasury officials made detailed inquiries about the best practices of national Bitcoin reserves and digital asset custody, and explored how custody affects stablecoins and market structure. Congressional sources said that the Treasury Department is currently in the research stage and has not yet formed a clear position, but is actively seeking opinions from industry insiders. The current preference is for third-party institutions to custody the governments Bitcoin reserves, and the long-term goal is for the government to eventually achieve self-custody. As for the various types of seized digital assets controlled by the government, they may still need to rely on third-party custody for a long time. The U.S. Treasury Department declined to comment.
CBOE Files XRP ETF Application for Franklin
According to market news, the Chicago Board Options Exchange (CBOE) has submitted an XRP ETF application for Franklin. It is reported that Cboe BZX, a subsidiary of the Chicago Board Options Exchange Group, has submitted a proposed rule change (19 b-4 application document) to the U.S. Securities and Exchange Commission.
Industry News
Bank of New York Mellon (BNY) is expanding its services for stablecoin issuer Circle. People familiar with the matter said that the bank will allow some customers to send or receive money from Circle through BNY to buy or sell Circles stablecoins. Previously, Circles customers had to use small banks in the United States to send money to Circle, which may limit its development scale.
Trump family in talks to buy stake in Binance.US
The Trump family is in talks to take a stake in the U.S. branch of cryptocurrency exchange Binance, a move that would allow Trump to do business with the exchange. Meanwhile, Binance founder Changpeng Zhao has been urging the Trump administration to pardon him after he was sentenced to four months in prison after pleading guilty to a related charge, according to people familiar with the matter.
Negotiations began last year after Binance approached Trump allies with an offer of a business deal with the Trump family as part of a plan to return the exiled company to the U.S. It’s unclear what form the Trump family’s stake would take if a deal were to go through, or if it would be conditional on a pardon.
Project News
Solana SIMD-0228 proposal failed with only 43.6% of votes in favor
Solana’s Epoch 755 has ended, and SIMD-0228 proposal has not passed. Although the on-chain vote reached a quorum, the ratio of yes votes to the total number of yes and no votes (Yes + No) was 61.4%, which is lower than the support rate of 66.67% (i.e. 2/3).
Dune Analytics data shows that 910 validators have voted on the proposal. 43.6% voted in favor of the proposal, 27.4% opposed, and 3.3% abstained.
Aave Labs launches Horizon project, which may create new revenue sources for Aave DAO
Aave Labs announced the launch of a new program called Horizon, which aims to develop RWA products (such as tokenized securities) to achieve institutional adoption of DeFi. Its goal is to use the Aave ecosystem as a foundation to bridge the gap between traditional finance and DeFi. It is reported that Horizons first product will be a structured real-world asset solution that allows institutions to use tokenized money market funds as collateral to obtain stablecoin liquidity, and the stablecoin GHO will serve as the main source of liquidity. Aave Labs said that this move may create a new source of income for Aave DAO.
Bitcoin staking platform Solv raises $10 million for its Bitcoin reserve offering
Bitcoin staking platform Solv announced that it has raised $10 million for its Bitcoin Reserve Issuance (BRO), aiming to establish a BTC reserve worth $100 million. It is reported that BRO combines the characteristics of traditional convertible bonds with crypto-native functions to promote institutional adoption of BTC finance.
Regulatory trends
U.S. Senate Banking Committee votes to approve bill to regulate stablecoin issuers
The U.S. Senate Banking Committee voted 18 to 6 to pass a bill to regulate stablecoin issuers, the first step toward sending the bill to President Trump to sign into law.
With its initial committee approval, the bill, which would regulate U.S. stablecoin issuers at the federal level, now needs to be passed by the entire Senate, with a similar version awaiting approval in the House of Representatives.
South Korea plans to lift ban on institutional investors investing in crypto assets in Q3
South Koreas Financial Services Commission (FSC) said on the 12th that it plans to issue comprehensive investment guidelines by the third quarter of 2025 to allow institutional investors to invest in crypto assets. The guidelines will regulate cryptocurrency investments by institutional investors, listed companies and non-profit organizations and promote market stability.
South Korea plans to lift its eight-year-old ban on corporate cryptocurrency trading, amid changes in the market environment such as the implementation of the Virtual Currency User Protection Act, which laid the foundation for user protection, and the entry of companies from major overseas countries into the market.
Investment and Financing
PoPP completes $6 million financing, bringing total financing to $12 million
The decentralized user agreement platform PoPP announced the completion of the last round of financing of US$6 million before TGE, with a total financing amount of US$12 million. Investors in this round include Oasis Labs, X-Labs, Becker Ventures, InnoAlpha, Blocklike Ventures, etc.
PoPP provides users with dynamic on-chain identity tags by analyzing on-chain behavior, accurately matches DApps, and provides developers with precise audience targeting with privacy protection.
After the financing is completed, PoPP will promote PoPP AI-Profile, build a Web3 user ecosystem, optimize the smart matching experience, and expand more application scenarios.
Aura, an on-chain AI model verification and leasing market, has completed a $5.5 million seed round of financing, led by Daxos Capital, Manifold Trading and Selini Capital, with participation from Hermeneutic Investments. The new funds will be used to accelerate its technology roadmap and prepare for the next stage of platform development. It will also provide support to AI model users and creators through a decentralized AI market, a verifiable model integrity mechanism, and an incentive-aligned AI deployment ecosystem.
nunu.ai Completes $6 Million Seed Round, Led by TIRTA Ventures and a16z Speedrun
nunu.ai has completed a $6 million seed round of financing, led by TIRTA Ventures and a16z speedrun, with participation from Factorial Funds, Y Combinator, Earthling, Hartmann Capital, FOV Ventures and New Renaissance Ventures.
nunu.ai focuses on the intersection of artificial intelligence, gaming, and robotics, and is committed to building the first AI agent capable of testing and playing games, driving the intelligent development of the gaming industry.
Character Voice
Arthur Cheong, founder and CEO of DeFiance Capital, said that the impact of the Fat Protocol Thesis in the crypto market is fading and the speculative bubble of infrastructure projects has burst.
He pointed out that the price-to-earnings (PE) ratios of DeFi applications are typically between 5-15 times, such as Hyperliquid (7.7x), Ena (7.4x) and Jupiter (3.9x), while infrastructure projects such as Ethereum (694x) and Solana (162x) have seen limited growth in the past two years and their valuations are still in the 150x-1000x price/revenue ratio range.
Cheong believes that as the market reassesses valuations, DeFi and other application-based projects will receive more attention, while the premium for infrastructure projects is being digested by the market.
PitchBook analyst Robert Le pointed out that as PayPal and large banks enter the stablecoin market, Tether and Circles business models are at risk. Although Tether and Circle currently occupy 90% of the stablecoin market, Le believes that this dominance will be weakened by increased competition. PayPals PYUSD has a market value of US$700 million since its launch in 2023, and traditional financial institutions such as Bank of America are also waiting for clear regulation to issue stablecoins. Le predicts that once the stablecoin bill is passed, hundreds or even thousands of stablecoins will emerge in the market, and Tether and Circles market share will be squeezed.
