Topics of Crypto World

Strategy pioneered the DAT model, and by 2025, Ethereum DATs have sparked a new wave of staking activity. The core logic of the DAT model is a “finance–buy–refinance” cycle, forming a self-reinforcing flywheel. The attractiveness and risk profile of a DAT in capital markets are jointly determined by per-share token holdings, underlying asset prices, and mNAV. The Ethereum DAT model has evolved from merely being a token holder to becoming a network participant and yield generator. Based on the DAT Sustainability Five-Force Model, the conclusion is that only DATs with robust capital structures, transparent financial disclosure, and clear strategic positioning can truly survive market cycles.

Gate Research Daily Report: On October 17, the crypto market came under pressure, with major assets broadly declining. BTC fell 1.87%, while ETH dropped 1.70%, both maintaining weak, range-bound structures. A few thematic tokens, however, bucked the trend — XPIN surged 133.33% driven by multi-chain collaboration and mainnet expectations; ZKC rose 56.23% on mainnet progress and real-time proof updates; and KGEN gained 43.22% following its token launch and ecosystem partnership news. Meanwhile, Ethereum remained the top ecosystem by developer count, Tokenized Gold hit a new market cap high, and Chainlink launched its real-time oracle integration, marking further innovation in DeFi infrastructure.

Gate, a global leading digital asset trading platform, has released its September 2025 Transparency Report, revealing remarkable growth across its core trading business, ecosystem development, brand influence, and user base. The report highlights Gate’s accelerated execution of its "All in Web3" strategy, signaling another milestone in its evolution toward a fully integrated Web3 ecosystem.

On October 17, the crypto market came under pressure, with major assets broadly declining. BTC fell 1.87%, while ETH dropped 1.70%, both maintaining weak, range-bound structures. A few thematic tokens, however, bucked the trend — XPIN surged 133.33% driven by multi-chain collaboration and mainnet expectations; ZKC rose 56.23% on mainnet progress and real-time proof updates; and KGEN gained 43.22% following its token launch and ecosystem partnership news. Meanwhile, Ethereum remained the top ecosystem by developer count, Tokenized Gold hit a new market cap high, and Chainlink launched its real-time oracle integration, marking further innovation in DeFi infrastructure.

In September 2025, Solana and Base continued to dominate high-frequency on-chain activity, while Ethereum saw slight declines in transactions and active addresses but remained the leader in fee revenue, reinforcing its position in high-value scenarios. Arbitrum, boosted by the DRIP incentive program, recorded over $500 million in net inflows, with ecosystem activity rebounding and on-chain dynamics continuing to shift. Bitcoin consolidated at high levels, with weakening capital activity and reduced long-term holdings, though market pressure remained mild. Plasma gained traction rapidly with an integrated stablecoin architecture and aggressive incentives, surpassing $5.4 billion in TVL within its first week; MYX Finance surged on mechanism innovation and strong community momentum, emerging as a rising star in the derivatives sector.

This article examines the ADL (Auto-Deleveraging) mechanism debate sparked by Hyperliquid and Binance during the October 11 market plunge. It contrasts the two platforms’ approaches in trigger logic, transparency, mechanism design, and execution processes, and explores how risk management philosophies fundamentally differ between decentralized and centralized exchanges.

The9 Limited has unveiled its Web3 gaming platform, The9bit, with plans to build a "Web3 version of Steam" that merges tokenomics, user-generated content, and esports ecosystems. This article reviews The9's strategic transition from crypto mining to gaming, and examines the platform's mechanisms, token architecture, and prospective business models.

Monad is launching an airdrop for roughly 225,000 cryptocurrency community members and 5,500 Monad users. The claim period is open until November 2025. This article explains the six eligibility routes for the airdrop and outlines anti-sybil protocols. It details both on-chain and off-chain qualification standards—including high-frequency trading, DeFi deposits, NFT holdings, and social identity verification. The article also breaks down the claim process and node architecture.

As the launch of Base's native token is imminent, leading ecosystem project Zora has made several strategic moves, notably introducing a livestream feature that has generated market attention. This article examines Zora from four perspectives: product innovation, tokenomics, ecosystem status, and potential risks. It analyzes how Zora is evolving from an NFT platform to the primary platform for the creator economy on Base, and discusses the important role it may play in the forthcoming Base token distribution.

During a $19 billion mass contract liquidation event, several major CEXs that dominate trading volume exposed significant concentration risks inherent to centralized platforms. As a result, market funds rapidly migrated to on-chain platforms, giving perpetual contract DEXs a prime opportunity to showcase their structural advantages. The article examines differences among platforms like Hyperliquid, Grvt, and Aster in maker fee rates, yield on balances, margin returns, and vault investment strategies. This showcases how DEXs become "yield battlegrounds" during liquidation periods.

The article thoroughly examines ENSO's funding history, team structure, and market positioning, giving readers a well-rounded view to assess the project.

The article also proposes technical solutions to improve market structure, emphasizing the importance of maintaining market stability during periods of stress.

Through numerous case studies and a clear vision, this article gives readers a comprehensive look at how AI and blockchain technology reshape the future of digital assets and the financial industry.

The article not only offers profound insights into market cycles but also provides practical action guidelines for token project founders and investors, helping them understand how to build and identify token projects with long-term value.

The article not only analyzes the competitive landscape of the perpetual futures market but also presents the author’s criteria for identifying investment opportunities, emphasizing the importance of tokenholder alignment, product and revenue growth, and token utility.