1. Leviathan eroded by capital barnacles: Deconstructing Ethereum's decentralization dilemma and the road to rebirth

The current L2 token circulation market value is 15.2 billion US dollars, and the scale of unlocked tokens is 30 billion US dollars. From the perspective of liquidity, it is equivalent to forming a 4% invisible inflation pressure on the Ethereum ecosystem. And the relevant tokens have fallen by nearly 50% on average from their highs, and the actual impact may be higher.These L2s generally have nearly 60% of the tokens to be unlocked, that is, at least 30 billion US dollars of funds need to be taken over by Ethereum ecosystem investors. Click to read

2.Arthur Hayes: How the US's Bitcoin Strategic Reserve is most feasible

I intend to discuss the key wishes of many in the global crypto industry regarding the establishment of a Bitcoin Strategic Reserve (BSR) and crypto regulation under US rule. Broadly speaking, many misguided crypto people want the US government to print dollars and buy Bitcoin as part of the national reserve and establish regulatory moats for crypto businesses in which they have a financial interest. I believe these people are asking for the wrong thing. Let's do the difficult thing and ask the genie for something that the next government, regardless of its political affiliation, cannot easily undo. Click to read

3.ARK Big Ideas 2025 Cryptocurrency Overview: BTC is expected to reach 300,000 US dollars and the scale of stablecoins will reach 1.4 trillion US dollars

Famous Wall Street investor Catherine Wood and her ARK Invest have released the "Big Ideas" report at the beginning of each year since 2017, which has always attracted market attention.

For the Big Ideas reports of the previous two years, please refer to Golden Finance’s previous reports “Big Ideas 2023 Report at a Glance: Currency, Finance and Internet Revolutions Are at a Turning Point” and “Big Ideas 2024 Report Crypto Section at a Glance: How Institutional Allocation Will Affect BTC”. On February 4, 2025, ARK Invest released the “Big Ideas 2025” report, which is 148 pages long and consists of 12 sections. Click to read

4. Disenchanting the market conclusion: Rationally look at whether Berachain can become the end of Defi

The end of Defi is essentially the beginning of the next Defi. The ending of most projects going to a dead end is just in line with the natural life cycle of the plate, reaching their own main factors of collapse, and there are other projects to take over their liquidity. From a high-dimensional perspective, the entire Web3 industry is still "enduring", which shows that the relationship between the plates constructed by the Web3 ecosystem is in line with a healthy ecosystem. Observing various ecosystems, projects, and protocols with this logic, we can find that their life cycles will become shorter as the dimension becomes lower, which is a reasonable phenomenon. Therefore, the "turnover rate" of the plate represents the health of the project, and the "turnover rate" of the project represents the health of the ecosystem. Next time, don't just say "no one is taking over". You should be more cautious about each project's reversal, and abstractly decouple the business logic, and no longer be fooled by those seemingly high-sounding concepts. Click to read

5. Why does DeFi benefit from the trade war?

Bitcoin (BTC) plunged over the weekend, falling below $100,000 as markets reacted to the latest escalation in the US trade dispute. The broader digital asset market followed suit, leading to one of the worst sell-offs since the Covid outbreak and FTX crash. Specifically, President Donald Trump announced new tariffs of 25% on goods imported from Canada and Mexico, and 10% on Chinese goods. Click to read