The development of meme coin: from joke to phenomenon asset
The core value of meme coin is expressed as "cultural dissemination power × community consensus," rather than relying solely on technology or practical value. Based on its evolutionary characteristics, it can be divided into three key development stages:
1. Breaking ground / Foundation laying (2013-2016)
This period witnessed the original innovative journey of meme coins from zero to one, presenting a unique ecology of wild growth and natural selection coexisting. Marked by the birth of DOGE in December 2013 and ending with the maturity of Ethereum's smart contract technology in 2016, it constitutes the purest and most authentic "Genesis Era" in the history of meme coin development.
Ephemeral
- Mooncoin: As an entertainment meme coin with the slogan "Moon Landing," its short life was unable to bear this grand narrative.

The U.S. Senate has approved the GENIUS Act to strengthen stablecoin regulation, and the House of Representatives will promote related legislation. Meanwhile, Trump has called for Iran's unconditional capitulation, and the market's crypto assets have seen some fluctuation. The Fed plans to discuss relaxing bank leverage requirements, while Thailand has implemented a tax exemption policy for profits from crypto asset sales.

A Study on the Impact of Politically Connected Tokens on the Crypto Assets Market
Recently, a study titled "From Zero to Hero: The Spillover Effects of Meme Coins in the Crypto Assets Market" was published in Economics Letters. This study analyzes the event of a political figure issuing a Meme coin, revealing the heterogenous volatility spillover effects driven by market sentiment and fundamentals. Political signals amplify speculative dynamics, highlighting the increasingly important role of political factors in shaping the crypto assets market and investor behavior.
Introduction
Political dynamics are increasingly influencing financial markets, and the crypto assets market has become a significant arena where politics and finance intersect. The 2024 U.S. presidential election further highlights this relationship, as a Republican candidate has unprecedentedly turned to support digital assets. He claims he will make the U.S. the "crypto capital of the world" and place crypto assets at the core of his economic agenda, market.

The U.S. Senate passed a stablecoin regulation bill, advancing the legislative process for Crypto Assets.
The U.S. Senate recently passed the landmark "GENIUS Act," marking the first time the Senate has passed significant legislation on Crypto Assets. The act aims to promote the federal government's regulatory efforts on stablecoins and lay the groundwork for a national digital asset regulatory framework.
The passage of the bill marks a significant advancement in the regulation of Crypto Assets in the United States. Republican Senator Bill Hagerty, as the bill's sponsor, expressed gratitude to his colleagues who support the bill before the official vote. However, the bill still requires approval from the House of Representatives to ultimately become law.
Currently, the House Financial Services Committee has proposed its own stablecoin legislation in April this year, titled "Stablecoin Transparency and Accountability to Promote a Better Ledger Economy Act." However, the bill has not yet been submitted for a full vote in the House.
Next, the House of Representatives will face how to advance related matters.

Power Transition: The Battle for the Throne in the Encryption World
"The king is dead, long live the king."
This sentence echoed in the Palace of Versailles in 1774. Louis XV had just passed away, and the nobles immediately turned to the new king. This is not cold-bloodedness, but rather a survival instinct.
The French deeply understand a truth about power: power never belongs to anyone. It flows like water, always seeking new vessels. This statement is not a lament for the deceased, but an acknowledgment of the new ruler. Yesterday's monarch may become just a page in history today. The change comes quickly, ruthlessly, and inevitably.
Power requires this indifference. Empires rise on the bones of their ancestors. New rulers inherit the old thrones. This cycle repeats itself. And now, in the memecoin Launchpad sector on the Solana chain, a new version of this ancient ritual is being played out.
A month ago, Pump.fun held 88% of the market share, but now it is left with only 1.

Recently, the crypto assets market has been affected by macroeconomic factors and liquidity constraints, with trends expected to become clearer after September. Demand for Bitcoin has increased, while altcoins are experiencing greater differentiation, with some tokens facing structural risks. The combination of AI and encryption may become a new trend, and projects with practical application value are likely to attract more investors' follow.

A case involving the theft of encryption assets has sparked legal controversy in Shanghai, where the defendant was sentenced for stealing coins by implanting a "backdoor" program. There are disagreements in the legal community regarding the classification of encryption assets, which affects the application of penalties. With technological advancements, there is an urgent need to clarify the legal attributes of encryption assets.

In the first half of 2025, the real-world assets (RWA) market achieved significant growth, with a market capitalization of $23.39 billion, mainly dominated by private credit and U.S. Treasury bonds. However, issues such as high market concentration, insufficient liquidity, and low transparency still exist, affecting its potential to become mainstream. Future improvements are needed to address these challenges for further development.

Prediction Market: Analyzing Kalshi and the Competitive Landscape
A prediction market is a type of speculative market that trades based on the outcomes of future events, with its core function being to aggregate dispersed information through contract prices. Under specific conditions, the contract price can be interpreted as a probability forecast for the occurrence of that event. A large number of studies have shown that the accuracy of prediction markets is very high, often surpassing traditional forecasting methods such as polls or expert opinions. This predictive capability comes from "collective intelligence": anyone can participate in the market, and traders with better information have economic incentives to engage in trading, thereby pushing prices closer to the true probabilities.
Modern prediction markets originated in the late 1980s. The University of Iowa established the first academic prediction market, Iowa Electronic Markets(IEM), in 1988. IEM is a small-scale real-money market that mainly focuses on the results of U.S. elections. Despite the regulations...

EigenLayer has launched a new platform, EigenCloud, aimed at addressing the "split" between Blockchain and cloud computing by shifting complex computations to the cloud and leveraging the trust mechanisms of blockchain for efficient development. The core components of EigenCloud include EigenDA, EigenVerify, and EigenCompute, utilizing a dual-token model to enhance system stability. This project marks a step towards a new era of verifiable economy.

Ethereum founder Vitalik Buterin participated in discussions about the digital society of the next century, exploring the long-term applications and potential of Ethereum technology, inspiring imagination for the future, promoting innovative applications, and helping to address humanity's long-term challenges. The evolution of technology will enable Ethereum to play an important role in the future digital society.

The Blur Airdrop has concluded, with a total distribution of 360 million Tokens. Users generally received generous rewards, with 80.15% having been claimed. The total supply of Blur Tokens is 3 billion, and governance rights are granted to Token holders. The token distribution plan shows a focus on community development. The second round of Airdrop has been launched to further strengthen market position.

Bit Deer announced its Q1 financial report for the fiscal year 2025, with revenue of $70.1 million, a year-on-year decrease of 41.3%. The rise in electricity prices led to a negative gross profit, while the net profit of $410 million came from the reversal of convertible notes. The sales of new Mining Rigs have started, and the company plans to assemble them in North America. Future development of Mining Rigs and the production of self-operated Mining Farms will be key observation points, and the overall operating condition is expected to gradually improve.

Bitcoin ( BTC ) pullback to $111,673 is seen as a buying opportunity, the EU and the US reached a trade agreement, and details of a corruption case involving a short video platform were exposed. Investment inflow into digital assets has reached a historical high, with Ethereum Spot ETF net inflow reaching $1.85 billion, and multiple institutions have increased their holdings of Bitcoin. A trading platform has launched Optimism ( OP ), and BNB reached a new high of $860.

Ethereum is currently facing challenges such as low prices and slow development progress, but it is also adjusting its direction, shifting focus to Layer 1 scaling and optimizing performance. Although the adjustment measures bring hope, industry confidence still needs to observe long-term changes and Vitalik's strategic attitude to achieve a balance between efficiency and decentralization.

RWA: The next breakout point for Ethereum after DeFi
Recently, the passage of the "GENIUS Act" has reignited market interest in RWA. In addition to stablecoin and significant legislative progress, the RWA sector has quietly achieved several important milestones: a continued strong growth trend and a series of notable breakthroughs. As market attention reaches unprecedented heights and the broader adoption of traditional finance is just around the corner, it is crucial to thoroughly examine the current RWA landscape. Ethereum-based RWA has demonstrated astonishing month-on-month growth, often maintaining double-digit highs. Another key factor driving this momentum is "Ethereum-ization" ( Etherealize ) as a catalyst for regulatory development, along with the Ethereum Foundation prioritizing RWA as a strategic focus. At this critical juncture, this article will delve into the dynamics of RWA development on Ethereum and its Layer-2 networks.
Data Analysis: Ethereum RWA Growth Overview